The cryptocurrency analytics firm Coin Metrics is in the latest blockchain news for securing a Series A funding round worth $6 million. As an official post on the website’s blog shows, the company noted that the round was led by Highland Capital Partners and that the $6 million investment would be used to grow the team behind the company, expand their product offering as well as “provide enhanced coverage of digital assets.”
There have been other firms participating in the funding round, including the names of Castle Island Ventures, Communitas Capital, Coinbase Ventures and Digital Currency Group. The crypto and blockchain analytics firm Coin Metrics was founded in 2017 by Nic Carter and Aleksei Nokhrin as an open source blockchain network data and analytics project.
Ever since 2017, the firm gained massive popularity and was used as a resource for understanding the operational as well as economic activity occurring on the public blockchains. Highland Capital Partners is a global venture capital firm which also invested in other crypto businesses. Besides the crypto analytics firm Coin Metrics, the Principal at the firm Sean Judge has backed other firms as well. He said:
“Financial institutions require clean and transparent data to make decisions. These same requirements exist for Bitcoin and other crypto assets that have emerged over the last decade. It’s become clear that Coin Metrics is the premier destination for network and market data.”
What’s also worth noting is the fact that the analytics firm Coin Metrics is known for their regular State of Networks report. In these reports, the company highlights the transfer values, volumes and other technical data surrounding cryptocurrencies.
In the latest report on March 23, Coin Metrics highlighted how the transfer value of stablecoins had reached an all-time high of $444 million after the recent Bitcoin crash. The company is known for reports like these and has been featured plenty of times on our cryptocurrency news website.
Speaking of markets, today we can see another positive morning with minimal gains for the Bitcoin and altcoin markets. While BTC is still below $6,700, ETH is pushing towards the $140 level and XRP gained 6% overnight, climbing to $0.17. The total cryptocurrency market cap is now at $186 billion.
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