The company dealing with analytical data for bitcoin investors and traders – Coin Metrics – completed an initial investment round with the funds reaching about $1.9 million. The bulk of the investments came from Fidelity Investments, Highland Capital Partners and Dragonfly Capital.
According to the press release, the project is aimed at providing the crypto accurate and transparent analytical data to the market, while the figures can be useful for different market players, including financial companies, media, funds as well as other data providers. Coin Metrics plans to bring to the market deeper understanding of the cryptos, their cost, value, use.
"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," reads the report.
Coin Metrics released a set of commercial products for institutional investors that are interested in customized research reports.
The company’s co-founder and chairman Nick Carter reportedly believes the available are services incapable of covering the needs of that institutional investors as of today since they do not distinguish between different data sets. At the same time, large investors believe that higher-level investment activities in the crypto market require "robust comprehensive data and infrastructure."
Pursuant to him, apart from the operations of exchanges and prices, CoinMetrics also analyzes the blockchain data, using a methodology aimed at helping traders to obtain only the necessary information.
In the meantime, the company's CEO Tim Rice notes that CoinMetrics is mulling over an idea to begin applying the metrics used for traditional securities markets to the crypto segment.
Coin Metrics was launched in 2017 as an open source, hobby project. Since then its founders Nick Carter and software engineer Alex Nokhrin have been engaged in its development. Today, a startup is followed by more than 12,500 people on Twitter and offers a few free tools.
Notably, currently, there are several other analytical blockchain startups in the market which are focusing on detecting suspicious transactions within the Bitcoin network, like Chainalysis and Neutrino, unlike Coin Metrics, which is targeting traders and investors.