Cryptocurrency data provider, Coin Metrics has announced that it has raised $6 million in a Series A funding round, led by Highland Capital Partners.
Other participants of this round were FMR, LLC, Castle Island Ventures, Communitas Capital, Collaborative Fund, Avon Ventures, Raptor Group, Coinbase Ventures, and Digital Currency Group.
While making the announcement, Coin Metrics said that it would use the fund for expanding its offering and team. That’s not it, the Boston-based company has designated some funds to improve data sets.
In the year 2017, Nic Carter and Aleksei Nokhrin, developed Coin Metrics, with an aim to provide analytics to its clients on the open-source blockchain network. Since then it has become very popular in the industry, as it helps its clients to understand the operational and economic activity taking place on the blockchain.
According to the reports, Highland Capital Partners is a big fan of crypto businesses, therefore, it keeps investing in it. Earlier it invested $27 million in the Series A funding round of Bitwise. In the year 2019, when Coin Metrics organized a seed round the global venture firm invested $1.9 million.
Sean Judge, principal at Highland Capital Partners, while talking about the firm’s investment in the digital asset said, “Financial institutions require clean and transparent data to make decisions. These same requirements exist for bitcoin (BTC) and other crypto-assets that have emerged over the last decade," he said. "It’s become clear that Coin Metrics is the premier destination for network and market data”.
After the analytics company raised funds, the CEO of Coin Metrics, Tim Rice, said that his company believes in carrying out the action on time strictly for their clients. They fulfil all the requirements set by the clients. He added that presently, the company is in the best position to provide services to its client.
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