Cryptocurrency analytics firm Coin Metrics has raised $15 million in funding led by Goldman Sachs.
The Series B financing, led by one of the world’s largest investment banks, will be used to fund Coin Metrics’ global expansion, according to a statement from the company.
BlockFi, Acrew Ventures, Morningside Group and Warburg Serres Investments also joined the funding round. While Castle Island Ventures, Highland Capital Partners, Fidelity Investments, Avon Ventures, Communitas Capital, and Collab+Currency each increased their respective stakes in the company.
Mathew McDermott, managing director at Goldman Sachs, will now serve on Coin Metrics’ board of directors, the company said.
“Data is critical for the mainstream adoption of crypto assets by traditional investors and financial services players,” McDermott said in a statement. “Our clients will greatly benefit from Coin Metrics' institutional-grade data insights and emerging risk management tools.”
Marianna Lopert-Schaye, firmwide strategy at Goldman Sachs, added: “We are excited to be leading their [Coin Metrics] Series B, thereby enabling their growth and supporting their mission to be the leading provider of data-driven market insights and intelligence for institutions in crypto."
Coin Metrics works to provide data to investors about movements in the cryptocurrency world. The company is known for going against the grain of commonly applied metrics.
The company this year announced it would be tracking the “real” supply of Bitcoin, for example. And last year, the firm’s lead analyst Karim Helmy suggested a new technique to measure miners’ activity.
Goldman Sachs, one of the biggest investment banks in the world, has shown greater interest in cryptocurrency as of late. The firm was previously skeptical but has since restarted its cryptocurrency trading desk and is keeping a close eye on the Bitcoin market, according to recent comments by CEO David Solomon.