Yesterday blockchain analytics provider Coin Metrics announced that it has raised $35 million in a Series C funding round. The round was led by investment bank BNY Mellon and venture capital firm Acrew Capital.
BNY Mellon is the world’s largest conventional custodian and last week it became the primary custodian for Circle’s USDC stablecoin. This came after BNY Mellon announced in February that it had created a Digital Assets unit.
Compared to other blockchain analytics firms such as Chainalysis and Elliptic which are known for their law enforcement work, Coin Metrics’ primary focus is on providing data to inform investment decisions.
“Coin Metrics serves as a critical nexus for institutions in the digital asset space and has the potential to scale much further,” said Tim Rice, co-founder and CEO of Coin Metrics. “This financing will enable us to accelerate both our business and product roadmap, including through continued investment in new novel risk, DeFi and other Dapp metrics, and in our world-class infrastructure.”
In May last year, Coin Metrics raised a $15 million Series B funding round led by Goldman Sachs.