Coin Metrics, a Blockchain analytics firm, has gained a massive boost in funding led by Goldman Sachs. Let’s take a look at why the banking giants decided to fund the project.
Introduction
Goldman Sachs, an American investment bank, is in the news today for positive reasons for crypto enthusiasts. The New York City-based investment firm intends to make cryptocurrencies available for all its customers in the second quarter of 2021. An investment round was put in place to raise funds for other financial enterprises, including crypto technology. The latest to profit from this funding led by Goldman Sachs is blockchain analytics firm, Coin Metrics.
Coin Metrics Profits from Funding Led By Goldman Sachs
Coin Metrics have raised $15M from a funding round led by the US-based financial giant Goldman Sachs. The company announced the funding in an official statement made on May 5th. Coin Metrics disclosed that Goldman Sachs and other financial organizations, including Fidelity Investments, Avon Ventures, Capital Partners among others contributed to its growth. The group raised $15M to accelerate the company’s expansion while promoting its acceptance in the crypto market.
Co-founder of Coin Metrics, Nic Carter stated that the funding is a “huge validation” for the firm. He later added that this should improve their position as a solid crypto data provider for many institutions.
Mathew McDermott, Head of Digital Assets at the investment bank, was full of praise for Coin Metrics. As he is set to take a position on the board of directors, he was especially enthused for the company’s future. In his words:
“Data is critical for the mainstream adoption of crypto assets by traditional investors and financial services players.”
About Coin Metrics
Coin Metrics is a data organizing project that analyzes financial decisions on blockchains. Originally founded to speculate public blockchain worth, the project has evolved into a full scale data organizing protocol. The platform maintains neutrality in all of its advice, simply analyzing the data and making predictions. Their ATLAS product allows users to search transaction data using an API that allows simultaneous address requests, with a variety of parameters that enable users to narrow their requests down.
Source : bsc.news
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