The asset management giant has invested in $1.9 million seed funding round of Coin Metrics.
The round was led by Castle Island Ventures and was also participated by Highland Capital Partners and Dragonfly Capital.
“All of our investors are bought into the idea that the next phase of crypto asset investing requires robust comprehensive data and infrastructure. Having this premier group as investors is a great vote of confidence,” Tim Rice, co-founder and CEO of Coin Matrics, said.
As per the February 28 announcement, the blockchain analytics startup is has released its first suite of commercial products offering the institutional clients customized research report.
“We are building a world-class data company from the ground up to ensure the type of support and quality that top tier funds and asset managers expect. Coin Metrics is leveraging its groundbreaking work in on-chain network data by deploying the same rigor to exchange market data supported by a state-of-the-art data collection and delivery infrastructure,” he added.
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Launched in 2017, the blockchain-based company offers analytics services including the mapping all the operational and economic activity occurring on a public blockchain that can be observed by running a full node.
The Rise in Blockchain Analytics
With the boom in the blockchain sector, massive demand is created in the market for blockchain analytics companies. Leading cryptocurrency exchange Coinbase has recently acquired Neutrino to proactively prevent illegal activities involving the exchange’s accounts.
Earlier this month, CipherTrace, another company in the same sector, raised $15 million in a funding round from venture capital firms.
New York-based Chainalysis recently raised $30 million in its Series B funding round and vowed to expand its reach across the Atlantic by opening a new office in London.
The Lucrative Digital Asset Market
Meanwhile, Fidelity is pushing to enter the digital asset industry with a cryptocurrency trading platform and custodial service. As Finance Magnates recently reported, the asset management giant confirmed that its digital asset services are already in the “final testing” phase.