Coin Metrics raises $1.9M to bring crypto data to institutions | A former ConsenSys exec has raised for a fund that’ll squeeze more alpha out of Ether

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“JPMorgan Coin could be internal, could be commercial, it could one day be consumer.” — Jamie Dimon, CEO JPMorgan Chase

The Big Block

Coin Metrics, a cryptocurrency data provider, is growing up.

The firm announced Thursday that it has raised $1.9 million of venture funding. Castle Island Ventures led the financing round with participation from investors including Fidelity Investments, Highland Capital Partners and Dragonfly Capital.

Coin Metrics was founded in 2017 by Nic Carter and Aleksei Nokhrin as an open-source blockchain data and analytics projects. In their blog post introducing Coin Metrics, Carter and Nokhrin note that their original goal was to “equip serious investors with the tools to appraise cryptoassets in a rigorous, careful manner.”

For a majority of 2017 and 2018, Coin Metrics was funded entirely from donations and a few sponsorships. In November 2018, the team brought on Tim Rice, a former Thomson Reuters executive, as its co-founding CEO to lead its push into the institutional space.

“We are evolving from an open-source community-based project,” Rice tells The Block. “We view the next iteration for Coin Metrics is building and advancing our data for institutions.

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Around The Block

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Ether has fallen 90 percent from its all-time highs, but that’s not stopping a former ConsenSys executive from starting a new fund dedicated to the second-largest cryptocurrency by market capitalization.

DARMA Capital, an investment firm led by James Slazas, formerly head of capital markets at ConsenSys, announced the launch of its new ether fund, the so-called DARMA Optimized Long-ETH Fund (DOL-ETH). — More

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