Nomics announced on Tuesday that it has raised $3 Million in its Series A funding round, Twin City Business reports. Investors included Arthur Ventures, Coinbase Ventures, Digital Currency Group, CoVenture Crypto, and BitGo co-founder Ben Davenport. Nomics CEO Clay Collins told TCB that his company plans to use the funds to further expand the crypto data in its index.
As TCB reports,
Nomics, which splits its headquarters between Minneapolis and Boston, started out with the aspiration of becoming the “Yahoo Finance for cryptocurrencies” like Bitcoin. In a little over a year since its founding, Nomics has grown to become a favorite source for investors and enthusiasts in need of cryptocurrency trading data, real-time price monitoring and other services required to make educated decisions in a market that’s been notoriously volatile.
Collins says that the goal is to increase the company’s data while maintaining the depth that differentiates Nomics’ product offerings from those of its rivals. He said, “Part of the purpose of this fundraise was to go as wide as we can while maintaining this level of depth. A lot of our competitors started very wide but without much depth.”
Arthur Ventures’ Patrick Meenan praised Nomics’ services and the company’s impact on the market:
“The Nomics API is well-equipped to keep pace with growing investor demand for accurate, gapless crypto market data. Some of largest industry players are Nomics customers and investors. The API product has made an impression on the market and with our investment, the company is well-positioned to accelerate growth and continue to meet growing demand.”