Coin Metrics, a cryptocurrency intelligence provider, announced it has raised $15 million in Series B financing, led by Goldman Sachs. According to a press release, Castle Island Ventures, Highland Capital Partners, Fidelity Investments, and many other investors are also participated in the fundraising round.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
With the investment, Mathew McDermott, Managing Director at Goldman Sachs, will join Coin Metrics' Board of Directors. The company says the investments will boost its global expansion and add new cryptocurrency networks and markets for analysis. McDermott believes that data will drive the mainstream adoption of the cryptocurrency market by traditional investors and financial services players.
"Our clients will greatly benefit from Coin Metrics' institutional-grade data insights and emerging risk management tools," he added.
In February this year, auditing giant KPMG teamed up with crypto data firm Coin Metrics and cryptocurrency custodian BitGo to meet the demand for cryptocurrencies from institutional investors. As part of the partnership, the three companies decided to launch a combined suite of their products aimed at fostering the adoption of cryptocurrencies by institutions and banks.
The offering combines KPMG's Chain Fusion services and accelerators, BitGo's custody tech and Coin Metrics' data and intelligence products through a "deeply integrated combined offering."
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.