Fidelity Investments, one of the largest financial companies in the world, invested in an analytical startup of Blockchain Coin Metrics, which specializes in the research of the cryptocurrency market and blockchain.
According to representatives of the company, institutional investors are not satisfied with the quality of existing price aggregation services, in which the division of various data sets is not taken into account. Therefore, analysts will offer business reference rates based on real data exchanges, excluding futures trading and other distorting information.
In addition, the startup is engaged in an analysis of the blockchain, which will allow to identify an artificial overestimation of these transactions. Coin Metrics has already presented the first set of individual commercial tools to assess the market situation.
In addition to Fidelity Investments, the project was supported by Highland Capital Partners and Dragonfly Capital. In the closed round of financing, $ 1.9 million was collected.
Fidelity is interested in qualitative analytical instruments, because it is being prepared to offer institutional investors to store and trade in virtual currency.
Increasing demand for qualitative data stimulates the rapid growth of startups in this direction. In early February, Chainalysis attracted $ 30 million and intends to start working on the European market, in November, Flipside Crypto received 4.5 million, and the Italian company Neutrino recently was redeemed by Coinbase cryptoche.
The major Swiss Commercial Bank Julius Baer also plans