Coin Metrics, a provider of crypto asset market and network data, have announced that they have raised $1.9 million of venture funding. Castle Island Ventures led the financing round with participation from investors including Fidelity Investments, Highland Capital Partners and Dragonfly Capital. Coin Metrics was started in 2017 by Nic Carter and Aleksei Nokhrin as an open source blockchain network data and analytics project.
“All of our investors are bought into the idea that the next phase of crypto asset investing requires robust comprehensive data and infrastructure,” said Tim Rice, co-founder and CEO of Coin Metrics. “Having this premier group as investors is a great vote of confidence”.
For the best part of the past two years, Coin Metrics was funded with donations and some sponsorship. In November 2018, Rice was brought in to assist in the push towards the institutional space.
Lack Of Trustworthy Data Hinders The Crypto Industry
“We are evolving from an open-source community-based project,” Rice said. “We view the next iteration for Coin Metrics is building and advancing our data for institutions”.
Alex Pack of Dragonfly Capital said that his firm works with some of the largest funds, exchanges and traders in the sphere and that they’ve recognised how the “lack of trustworthy data holds back the industry”. He believes that Coin Metrics are bringing a new level of “maturity and professionalism” to the crypto markets.
“We are building a world-class data company from the ground up to ensure the type of support and quality that top tier funds and asset managers expect,” said Rice.
The data feeds will remain operational and free to use, a website post promised. “We will never degrade the quality of the community feed, it will be much enhanced in the coming months and years. Our core objective remains making blockchain data available for the broader community”.
They will also be initiating a research programme for academics where they will give access to their premium data feed for free.