"Goldman Sachs" Bank Leads $ 15 Million Investment in "Coin Metrics"

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Yesterday, May 5, the company “Coin Metrics”, which provides a service for tracking financial data related to cryptocurrencies, announced that it had concluded a financing round of Series B worth 15 million dollars.

In addition to Goldman Sachs, which added the Bitcoin asset to its earnings report last month, the company “Coin Metrics” mentioned some big names in the cryptocurrency arena such as “Castle Island Ventures”, “Highland Capital Partners”, “Fidelity Investments” and “. Avon Ventures and Communitas Capital.

Other investors participating in the second round include Acrew Ventures, Morningside Group, BlockFi and Warburg Serres Investments.

Institutions and crypto data:
Founded in 2017, the company “Coin Metrics” provides crypto industry analysis, data on the blockchain, market insights, and various information about crypto projects.

Coin Metrics has turned into a more institutional client base after the increased interest in investing in digital currencies over the past year.

The company recently announced several new products, including a network risk management offer called “FARUM”, and a comprehensive blockchain explorer dubbed “ATLAS”.

Tim Rice, co-founder and CEO of Coin Metrics, stated that the tremendous interest the company is seeing in these offerings enhances the data value for organizations that participate in cryptocurrency assets.

He added:

“Our data is clearly on the way to becoming an integral part of the infrastructure for the future of finance.

Goldman Sachs’s global head of digital assets, Matthew McDermott, who sits on the Coin Metrics board, commented that the data is essential for the mainstream adoption of crypto assets by traditional investors and major players in financial services.

Major banks eye crypto:
According to Bloomberg, most of the major banks have remained on the sidelines so far, and this bull market was very different from the previous one in 2017/18.

Institutions have become more comfortable with how cryptocurrencies work, especially as the total market value of the cryptocurrency market expands and rises above $ 2.4 trillion.

Tim Rice stated that customer demand has finally lured major banks into the crypto arena, adding:

Having a big name like Goldman Sachs as an investor and customer is not only a big deal for COIN METRICS, but for the industry as a whole.

It is worth noting that Goldman Sachs applied for a license from the SEC last March to launch the Bitcoin ETF.

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