Wall Street banking giant Goldman Sachs Group Inc GS led a $15 million Series B investment round in cryptocurrency data provider Coin Metrics.
What Happened: Other leading investors include Castle Island Ventures, Highland Capital Partners, Fidelity Investments, Avon Ventures, Communitas Capital, Acrew Ventures, Morningside Group, BlockFi, and Warburg Serres Investments.
“Excited to partner with Goldman! Huge validation for Coin Metrics as the full-service crypto data provider for institutions,” said co-founder Nic Carter, who served as Fidelity Investment’s first crypto-asset analyst before founding Coin Metrics in 2017.
Why It Matters: Coin Metrics provides network data, market data, indexes, and network risk solutions to the institutions involved in cryptocurrency.
The new round of funding will help to accelerate the company's global expansion and further product innovation.
"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 and emerging risk management tools," said Mathew McDermott, Global Head of Digital Assets of Goldman Sachs.
See also: JPMorgan's Jamie Dimon Still 'Doesn't Care About Bitcoin,' Even If His Clients Are
Goldman has been increasing its focus in the crypto space of late, after restarting its crypto trading desk earlier this year.
In March, the bank said it plans to offer a “full spectrum” of crypto investments through physical Bitcoin, derivatives, and traditional investment vehicles.
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