Coinbase, Fidelity and More Back Coin Metrics in $6M Series A Funding Round

The cryptocurrency data provider will use the new funding to expand its team and improve product offerings.

Mar 26, 2020 at 4:00 p.m. UTC
Updated Sep 14, 2021 at 8:22 a.m. UTC

Cryptocurrency data provider Coin Metrics has raised $6 million in a Series A funding round, with participation from Fidelity Investments and Coinbase Ventures.

Led by Highland Capital Partners, Coin Metrics announced Thursday the round had also received placements from Communitas Capital, Avon Ventures, Raptor Group, Digital Currency Group (DCG), Castle Island Ventures and Collaborative Fund.

Based in Boston, Coin Metrics said the funding will help expand its offerings and team. The company, which provides analytics on open-source blockchain data for institutional clients, said it had also earmarked funding for improving data sets.

Established in 1988, Highland Capital Partners is an early-stage investment fund with a portfolio of 271 companies, and has long had a focus on tech, being a backer for the dot.com era search engine Ask Jeeves. It participated in Coin Metrics' $1.9 million seed round in 2019.

Sean Judge, principal at Highland Capital, said it was imperative the quality of data in crypto improve now that traditional investors are entering the digital asset space.

“Financial institutions require clean and transparent data to make decisions. These same requirements exist for bitcoin (BTC) and other cryptoassets 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."

Coin Metrics CEO Tim Rice said the fact his company already follows strict due diligence processes – to comply with requirements set by its clients – meant his company is in the best possible position to cater to an increasingly institutional space.

The company was founded in 2017 by Rice, Castle Island's Nic Carter and Aleksei Nokhrin.

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
CoinDesk Confidential: Jesse Johnson

The Pixelcraft Studios COO's greatest regret: Not dropping out of school sooner.

The Pixelcraft Studios COO's greatest regret: Not dropping out of school sooner.

CoinDesk - Unknown
2
CoinDesk - Unknown
Defining Cryptocurrency Regulation Important for the Industry to Grow: Morgan Stanley

Disagreement on new legislation would be negative and lead to an extended period of uncertainty, the bank said.

Disagreement on new legislation would be negative and lead to an extended period of uncertainty, the bank said.

CoinDesk - Unknown
3
CoinDesk - Unknown
'Not About Playing It Safe': Krista Kim on How Artists Inspire the Metaverse

As contemporary artist Krista Kim sees it, there are too many corporate executives conceiving these new virtual worlds and not enough genuine creatives.

As contemporary artist Krista Kim sees it, there are too many corporate executives conceiving these new virtual worlds and not enough genuine creatives.

CoinDesk - Unknown
4
CoinDesk - Unknown
StarkWare Reaches $8B Valuation Following Latest $100M Funding Round

The blockchain scaling solution last raised funds in November at a $2 billion valuation.

The blockchain scaling solution last raised funds in November at a $2 billion valuation.

CoinDesk - Unknown