Coin Metrics, a Boston tech startup that provides crypto data to financial institutions, announced Wednesday it closed on a $40 million Series B led by Goldman Sachs.
“Coin Metrics is at the forefront of innovation and institutionalization in the digital assets markets,” Marianna Lopert-Schaye, the VP of Goldman Sachs’ firmwide strategy group, said in a statement. “We are excited to be leading their 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.”
Founded in 2017, Coin Metrics started as an open-source project to determine the economic significance of public blockchain technology. Over the last 18 months, it has expanded into crypto data, and rolled out several new products, including FARUM, a network risk management tool, and ATLAS, a universal blockchain explorer. The company’s co-founder and CEO Tim Rice says these two products are “perfect complements” to its other market and data products.
“The tremendous interest we are seeing in these offerings reinforces the value of on-chain data to institutions engaging in cryptoassets,” Rice said in a statement. “Our data is clearly on a path to becoming an integral part of the infrastructure for the future of finance.”
Today, Coin Metrics provides crypto-related intelligence to some of the biggest names in the space, including Fidelity Investments, BlockFi and, now, Goldman Sachs.
“Data is critical for the mainstream adoption of cryptoassets by traditional investors and financial services players,” Mathew McDermot, the global head of digital assets at Goldman Sachs, said in a statement. He has joined Coin Metrics’ board of directors and will also be heading up Goldman Sachs’ blockchain and crypto expansion, adding that the firm’s clients will “greatly benefit from Coin Metrics’ institutional-grade data insights and emerging risk management tools.”
This latest round comes a little more than a year after the company announced its $6 million Series A, and will be used to accelerate its global expansion and further innovate its product. Coin Metrics also plans to grow its team, and has a dozen open positions listed now.
