Goldman Sachs Raises $15M for Coin Metrics

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.

By
Utulu Hope
on
May 6, 2021
Category:
Blockchain News

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

Source

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.


Closing Thoughts 

Goldman Sachs continues to stake a claim in the crypto market, which will likely lead to further collaborations in the future. Last week, the firm disclosed that 19 stocks from crypto and blockchain firms had outshined the S&P500 at this time for the year. Understanding the values of cryptocurrency, their goal for the remainder of the year is to increase crypto adoption. The financial giant looks set to make crypto available to its customers in the second quarter of 2021 to achieve this goal. This is a major win for crypto enthusiasts, as it proves that the relevancy of crypto is not going away any time soon.

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Utulu Hope

UC Hope is a passionate fan of crypto who could weave the latest event into sparks of inspiration and information. He leaves no stone unturned to get to the core of a story. Aside from writing, he spends his hours poring over algorithms and protocols, preparing for a future career as a computer programmer.

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