Blockchain analytics firm, Coin Metrics, raised $6M in its latest Series A funding round from renowned investors: Fidelity, Coinbase and Highland Capital.
Coinbase, owner of one the top cryptocurrency exchanges, has been investing in crypto-related projects through its “Coinbase Ventures” branch. Of the most popular investments they’ve made are Messari, Bitso, Matic, BlockFi, Compound and now Coin Metrics.
Fidelity International, one of the largest investment funds worldwide with over $2 trillion in assets under management (AUM), has been one of the frontrunners from the legacy community to get into crypto. The investment firm even initiated “Fidelity Digital Assets” to bring forward this new asset class to their clientele.
Highland Capital Partners, founded in 1988, has a deep focus on early-stage investments. Coin Metrics fits right into that portfolio and gives them good exposure to the blockchain space without entering the volatility of crypto-assets.
This new asset class is unlike others in the sense that public information is flooding the markets, especially as these public networks and the data is up for grabs. Data without classifications and proper auditing is not useful however and that is exactly where Coin Metrics come in.
“Our ability to distill operational and economic activity occurring on a blockchain network, by running full nodes and performing deep analytics, is imperative for broader institutional investment in this space. Recent crypto asset volatility and the insights we have been able to provide customers highlights the importance of the work we are doing” stated Tim Rice, CEO of Coin Metrics.
The new asset class did not only bring forward cryptocurrencies to invest in, it has also created thousands of new jobs and a new business type for investors such as blockchain-focused businesses.
Image ℅ Coin Metrics