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    Home » Analytical blockchain startup CoinMetrics raised $ 1.9 million with the support of Fidelity Investments

    Analytical blockchain startup CoinMetrics raised $ 1.9 million with the support of Fidelity Investments

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    By BlockchainJournal on February 27, 2019 News
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    CoinMetrics, a startup specializing in analytical data for bitcoin investors and traders, has closed a round of seed investments, having collected $ 1.9 million, according to CoinDesk .

    Financial support based in Cambridge, Massachusetts, was provided by Fidelity Investments, Highland Capital Partners and Dragonfly Capital.

    At the same time, CoinMetrics presented the first set of commercial products for institutes interested in obtaining customized research reports.

    As co-founder and chairman of the board of directors Nick Carter insists, institutional investors are not satisfied with the services available today that do not distinguish between different data sets.

    “For example, we want to create a white list of stock exchanges so that benchmarking market rates are based on data provided by trustworthy exchanges, not stock exchanges that deal with laundering trading and other such nonsense, ” said Nick Carter.

    According to him, in addition to the activity of exchanges and prices, CoinMetrics also analyzes the data of the blockchain, using a methodology aimed at helping traders to weed out unnecessary noise.

    Meanwhile, the company's CEO Tim Rice noted that CoinMetrics plans to start applying metrics for the traditional securities market to the cryptocurrency market.

    “We will offer not only network data, but also market data and indices. Every week about 15 thousand unique users come to our site, and we believe that we can convert 20% of them into paying customers, ”he said.

    CoinMetrics was launched in 2017 as an open source hobby project, and all this time its founders, Nick Carter and software engineer Alex Nokhrin, have been working on its development. Today, a startup has more than 12,500 followers on Twitter and offers several free tools.

    Note that currently there are several other analytical blockchain startups on the market, however, unlike CoinMetrics, which is aimed at traders and investors, they focus more on detecting suspicious transactions on the Bitcoin network. Among them are Chainalysis, which recently attracted $ 30 million in new investments, as well as the Italian Neutrino, which Coinbase announced its purchase earlier in February.

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