Goldman Sachs (NYSE:GS) has invested in Coin Metrics – a crypto-asset data and risk analysis firm. The $15 million Series B was led by Goldman along with the participation of previous investors Castle Island Ventures, Highland Capital Partners, Fidelity Investments, Avon Ventures, Communitas Capital, and Collab+Currency. New investors include Acrew Ventures, Morningside Group, BlockFi, and Warburg Serres Investments.
According to Coin Metrics, Mathew McDermott, Managing Director at Goldman Sachs, who is leading the blockchain and crypto charge at the bank, will join Coin Metrics’ Board of Directors.
McDermott commented on the funding round:
“Data is critical for the mainstream adoption of cryptoassets by traditional investors and financial services players. Our clients will greatly benefit from Coin Metrics’ institutional-grade data insights and emerging risk management tools.”
Marianna Lopert-Schaye, in Firmwide Strategy at Goldman Sachs, said that Coin Metrics is at the forefront of innovation and institutionalization in the digital asset markets.
“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.”
Coin Metrics was founded in 2017 as an open-source project seeking to determine the economic significance of public blockchains. Coin Metrics says it has “institutionalized their network and market data offerings over the past 18 months.”
Coin Metrics services are in use at some of largest names in the cryptoasset ecosystem, including Fidelity Investments, Osprey Funds and BlockFi.
Coin Metrics has recently announced several new products, including a network risk management offering, FARUM, and a universal block explorer, ATLAS, both of which leverage the infrastructure of the existing data business.
Tim Rice, co-founder and CEO of Coin Metrics, said the tremendous interest they are seeing in these offerings reinforces the value of on-chain data to institutions engaging in cryptoassets.
“I couldn’t be more proud of what the team has built over the past 12 months. Our data is clearly on a path to becoming an integral part of the infrastructure for the future of finance.”