Coin Metrics Raises $6 Million In Series A Funding Round

Coin Metrics, a cryptocurrency analytics firm, has recently closed off its Series A funding round. This round was worth $6 million at the closing date.

Led By Highland Capital Holdings

Through a blog post published on the 26th of March, Coin Metrics divulged that Highland Capital Partners was the leader in this funding round. The company stated that it managed to gain $6 million in investments, which will subsequently be used to grow the team of the firm. Furthermore, Coin Metrics plans to provide enhanced coverage on digital assets as a whole, while also expanding their product offerings.

Communitas Capital, Castle Island Ventures, Digital Currency Group, and Coinbase Ventures were all participants in the funding round.

A Demand For Quality Data

Coin Metrics was created by Aleksei Nokhrin and Nic Carter, all the way back in 2017. It was developed as an open-source blockchain network analytics and data project. As time went on, it became a popular resource for the industry in order to understand the economic and operational activity occurring within the public blockchains.

As it stands now, Highland Capital Partners is a global venture capital firm. It had already pushed substantial investments into other crypto businesses, as well. Sean Judge stands as the Principal at Highland Capital Partners and gave a public statement regarding this investment.

Judge explained that financial institutions as a whole are in need of transparent, clean data to make the proper decisions. He reaffirmed that these requirements are the same within the crypto industry that’s been growing for the past decade. Judge stated that his company considers Coin Metrics the premier destination when it comes to market and network data.

Amid Trying Times

Coin Metrics has a prevalent report system they post on the regular: The State of the Network reports. These reports, through their most recent Issue on the 23rd of March, 2020, have highlighted the current transfer value of stablecoins. As it stands now, it’s reached an all-time high, totaling in at $444 million. This comes due to the recent Bitcoin Crash, which caused the majority of the crypto industry to halve in value in the span of a week.

Amid the coronavirus and the market collapse it had caused, the reliance on accurate data has become more critical than ever. Coin Metrics stands at a place where they can expand their business to the next level. However, whether or not it will happen is still left to be seen.