The startup provides cryptocurrency market data, feeds, indices and network risk solutions with clients such as Fidelity Investments, Osprey Funds and BlockFi. It was founded in 2017 by Nic Carter (now of Castle Island Ventures and formerly Fidelity Investments) and Tim Rice, the current CEO.
“Data is critical for the mainstream adoption of cryptoassets by traditional investors and financial services players. Our clients will greatly benefit from Coin Metrics’ institutional-grade data insights and emerging risk management tools,” said Mathew McDermott, Global Head of Digital Assets of Goldman Sachs, who joins the Coin Metrics board.
TradeBlock, which provides similar services, was acquired by CoinDesk earlier this year. Coin Metrics is not the first blockchain analytics firm to attract institutional investment. However, several other analytics firms have a greater focus on anti-money laundering and risk management. For example, Santander invested in Elliptic and MUFG invested in Chainalysis, which raised a $100 million Series C in late 2020.
Goldman reopened its institutional crypto trading desk after shuttering it in 2018. It’s also preparing to offer Bitcoin exposure to clients of its wealth division but is awaiting regulatory approval.
McDermott is responsible for both the crypto side and institutional digital assets for Goldman. The bank was recently involved in the tokenized €100 million bond issue for the European Investment Bank. It’s an investor in HQLAX, the blockchain-based digital collateral registry, as well as Axoni, which runs several capital markets applications, including a DLT-based equity swap solution.