Goldman Sachs is expanding its presence in the cryptocurrency space. The investment bank led Coin Metrics’ latest funding round to enable the company to expand its operations.
Goldman Sachs invests in Coin Metrics
Coin Metrics has revealed that it has raised $15 million from its latest funding round. The investment would enable the company to accelerate its global expansion. Consequently, Coin Metrics intends to provide services to institutional clients in various parts of the world.
“Coin Metrics, the leading provider of crypto financial intelligence, today announced that it raised $15 million in Series B financing, led by Goldman Sachs. Castle Island Ventures, Highland Capital Partners, Fidelity Investments, Avon Ventures, Communitas Capital, and Collab+Currency are also increasing their investment in the company after participating in previous fundraising rounds,” the press release read.
The firm added that it welcomed new investors Ventures, Morningside Group, BlockFi, and Warburg Serres Investments. This latest development will see Mathew McDermott, the head of Goldman Sachs’ blockchain and crypto expansion efforts, join the Coin Metrics board of directors.
Broadly, Coin Metrics is known for providing network data, market data, indexes and network risk solutions to several institutions in the cryptocurrency space. In fact, Mathew McDermott stated that data is important for the mainstream adoption of cryptocurrencies by traditional investors and financial market players. “Our clients will greatly benefit from Coin Metrics’ institutional-grade data insights and emerging risk management tools,” he added.
McDermott expressed that Goldman Sachs is excited to contribute to the growth of Coin Metrics. Additionally, it supports its mission to become the leading provider of data-driven market insights and intelligence for institutions in blockchain and crypto.
Goldman Sachs getting more involved in crypto
Many traditional financial institutions have previously stayed away from the crypto space. However, the narrative has changed in recent months. As a result, several of them are offering crypto-related services.
Goldman Sachs is slowly becoming one of the top banks involved in the crypto space. In that respect, the bank is set to offer its private clients access to Bitcoin. The company joins Morgan Stanley in adopting cryptocurrency offerings. Thus, the investment vehicle is set to launch the new service in this quarter. Evidently, this is in response to more clients now looking at Bitcoin as a hedge against inflation.