Boston blockchain analytics company Coin Metrics has completed a $6 million Series A funding round, according to a March 26 report from The Block. The successful round was led by Highland Capital Partners and several other investors, including Coinbase, Fidelity, Dragonfly Capital, and Digital Currency Group.
Highland Capital Partners, Fidelity, and Dragonfly Capital had also participated in Coin Metrics’ $1.9 million seed fund round early last year.
The report noted that the Series A round was completed prior to the recent coronavirus-fueled drop in the world’s equity markets. The company’s CEO, Tim Rice, told The Block that the ongoing economic crisis will likely leave the company in the red until next year:
"Given the current global crisis, 2020 will likely not get us to the black. The timing of our fundraise puts us in a good position. We are aiming to extend our brand image and providing the market with unique data to help institutions invest. We believe 2021 will be a turning point.”
The company reportedly plans to use the capital to enhance its sales and marketing campaigns, increase its data coverage, and further expand its team.