Goldman Sachs backs institutional crypto data firm in $15 million fundraising 

Series B funding round led by Goldman Sachs raised $15 million for institutional crypto financial intelligence firm Coin Metrics.

US investment bank Goldman Sachs has participated in a $15 million funding round for a crypto market data and blockchain technology provider as it looks to offer clients more insights and tools for digital assets.

Goldman Sachs led the Series B funding round for the crypto firm, Coin Metrics, which raised $15 million. Fidelity Investments also participated in the fund raising, alongside Castle Island Ventures, Highland Capital Partners and others.

Coin Metrics provides data, indexes and risk solutions to financial institutions trading cryptocurrencies and digital assets. It recently underwent a process of institutionalising its network, claiming to service several major institutions. 

“Data is critical for the mainstream adoption of crypto assets by traditional investors and financial services players. Our clients will greatly benefit from Coin Metrics’ institutional-grade data insights andemerging risk management tools, said Mathew McDermott, global head of digital assets of Goldman Sachs, who will also join the board of directors at Coin Metrics. 

Coin Metrics added the recent financing will accelerate its global expansion and enable further product innovation.

Several cryptocurrency related initiatives have been launched in recent months as institutional investors continue to dabble in the market.

Most recently, exchange group Deutsche Börse and Commerzbank outlined a new partnership with FinTech, 360X, to develop a next-generation digital asset trading platform. The firms will create new blockchain-based digital marketplace and ecosystem for existing real asset classes such as art and real estate.