Coin Metrics, the leading provider of Cryptoasset Data
and Infrastructure for institutional investors ,
announced today that it completed a $6 million round of funding .
The funding round was led by Highland Capital Partners with
participation from Fidelity Investments, Castle Island Ventures, Communitas
Capital, Collaborative Fund, Avon Ventures, Raptor Group, Coinbase, and Digital
Currency Group. The capital will be used
to continue to strengthen and grow Coin Metrics’ team, expand our product
offering and provide enhanced coverage of digital assets.
Coin Metrics is setting the standard for institutions by
providing the most comprehensive and informative suite of cryptoasset data
products to enable institutional investors to make informed investment
decisions. “Our ability to distill operational
and economicactivityoccurring on a blockchain network, by
running full nodes and performing deep analytics, is imperative for
broader institutional investment in this space. Recent cryptoasset volatility and
the insights we have been able to provide customers highlights the importance
of the work we are doing,” commented Tim Rice, CEO of Coin Metrics.
Coin Metrics was created in 2017 by Nic Carter and Aleksei
Nokhrin as an open source blockchain network data and analytics project. It has
become a major industry resource for understanding network data – all the
operational and economic activity occurring on a public blockchain that can be
observed by running a full node. In November 2018, Tim Rice joined as
co-founding CEO to drive the commercialization of Coin Metrics. Rice brings over
30 years of experience in traditional capital markets data. He has held
executive positions at Tradeweb, Moneyline Telerate, Thomson Reuters and Markit
(now IHS Markit) where he built out large scale,
institutional-grade pricing and reference data businesses.
In year one as a commercial entity, Coin Metrics secured enterprise contracts with tier one
traditional asset managers, bulge bracket global investment banks, traditional
hedge funds, crypto hedge funds, crypto native asset managers and crypto
exchanges. Coin Metrics is the go-to provider for cryptoasset network and
market data. The company has emerged as the trusted brand for building
institutional grade cryptoasset infrastructure and providing valuation
frameworks for investors. “The foundation we’ve laid to become a provider to
traditional capital markets is a key advantage for Coin Metrics, as assets like
Bitcoin continue to draw interest and investment from these institutions”, said
Rice. “These firms have strict due diligence processes before onboarding a data
provider, and I am happy to say we have been able meet their requirements. This
is a major hurdle for any vendor, much less a
start-up, and is key to our continued success.”
The raise comes on the heels of adding top financial
services talent to bolster Coin Metrics in the years to come. Recent additions to the management team are Kerry
Yndestad (CIO) and Katie Chase (COO).
Kerry was the Head of Rights Management Technology at Refinitiv and has
over 30 years of experience as a technology leader in traditional capital
markets data. This includes working in both startup and enterprise
organizations. Rice and Yndestad worked together at Thomson Reuters, where
they built out the Datascope pricing and reference data platform that grew from
$90 million in ARR to $300 million in ARR over a five-year period. Kerry brings
deep technical expertise and experience working with enterprise clients. Katie was
the Head of Strategy in Fidelity’s Center for Applied Technology (FCAT). She
brings over 20 years of experience and has held many senior roles, including
SVP of Corporate Planning and Strategy at Fidelity. For the past five years, Katie has been
actively involved in defining and building Fidelity’s strategies relating to
crypto and other emerging technology plays. In addition to her strategy
role in FCAT, she also led the Blockchain Incubator for the past two
“Financial institutions require clean and transparent data
to make decisions. These same requirements exist for Bitcoin and other
cryptoassets that have emerged over the last decade. It’s become clear that
Coin Metrics is the premier destination for network and market data.” said Sean
Judge, Principal at Highland Capital Partners.
In addition to Sean Judge, Bob Davis, General Partner at
Highland Capital Partners, has joined Coin Metrics’ Board of Directors.
About Coin Metrics:
Coin Metrics (www.coinmetrics.io) is a leading
venture-backed provider of transparent and actionable cryptoasset market and
network data. Coin Metrics delivers mature data across multiple formats to
various industry stakeholders, including
financial enterprises, funds, media and research outlets, and data/application
providers. Coin Metrics’ data empowers its clients and the public to better
understand, value, use, and ultimately steward public crypto networks.
About Highland Capital Partners:
Founded in 1988, Highland Capital Partners is a global venture capital firm focused on putting the entrepreneur first. With offices in Palo Alto, San Francisco, Boston and New York, Highland has raised over $3.5 billion in committed capital and invested in more than 271 companies, resulting in category-defining businesses across consumer and enterprise technology. Investments include Gigamon, Carbon Black, Malwarebytes, Harry’s, Rent the Runway, and many, many others. For more information, visit www.hcp.com.
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