• Coin Metrics has announced that it has attracted 1.9 million USD during a seed funding round
• The list of companies funding it includes Fidelity Investments, which is currently working on its own cryptocurrency trading and storage platform
• The companies believe that the cryptocurrency has the potential to transform the financial sector

Coin Metrics has announced that it has attracted 1.9 million USD during a seed funding round. The companies involved include blockchain-focused Castle Island Ventures, Highland Capital Partners, Dragonfly Capital, and, importantly, Fidelity Investments, one of the largest asset managers.

Delivering crucial data

Coin Metrics is concentrated on delivering relevant information to numerous industry stakeholders such as financial enterprises, funds, media and research outlets, and data/application providers. The information it delivers helps their clients and the wide audience to improve their understanding of blockchain world by helping them use and engage with blockchain based assets.

Bringing maturity to crypto

According to Alex Pack of Dragonfly Capital the lack of trustworthy data is one of the major factors holding back the industry; the company has experienced it when working with large funds, exchanges, and traders. He believes that Coin Metrics will make crypto markets more mature and professional.

Tim Rice, co-founder and CEO of Coin Metrics, believes that the key to solving the problem of untrustworthy data is using the guiding principles from the IOSCO Benchmark for Financial Benchmarks. It will allow the company to bridge the crypto market data by translating fair value measurements, thus providing a credible confidence level assessment of fair value pricing for any certain market. Nic Carter of Castle Island Ventures commented:

“I am thrilled to be handing off executive leadership of Coin Metrics to Tim Rice and the team we have assembled.”

Is crypto the future of financial assets?

More and more financial institutions embrace crypto. Fidelity Investments is one of them as well, with plans on launching a crypto trading and storage platform, which is currently undergoing final testing, launching in the near future. The company recognizes the transformative potential Bitcoin has created and will work with its clients on improving the platform in the next several months.

Nic Carter of Castle Island Ventures thinks that the crypto is here to stay. He said:

“I truly believe cryptoasset data is the richest economic dataset on the planet today.”