According to a news statement issued today by Messari, the firm that collects and discusses data regarding cryptocurrency markets has secured $21 million in Series A funding.
Point72 Ventures, a group of early-stage investors, led the fundraising effort. Also contributing to the project were the exchange’s venture capital arms, which included Coinbase Ventures, Kraken Ventures, and Blockchain Ventures.
Messari, founded in 2018 by former Digital Currency Group and CoinDesk executive Ryan Selkis, has quickly established itself as a leading source of cryptocurrency pricing data and market research.
Its fundraising haul of $21 million, which is above average for a company looking to scale up (though below average for cryptocurrency-related companies), demonstrates the growing importance of market data interpretation as the number of coins and tokens continues to grow.
The company intends to use the funds to develop additional educational content, establish a community of researchers, and develop products for educational institutions. Everything about the company should position it well to compete with a slew of other data analytics companies, including Coin Metrics and Glassnode.
“This new funding reinforces the value we have created for our early crypto-native customers and highlights the opportunity we have to solve some of crypto’s most challenging information and compliance problems for new institutional entrants as well.” Selkis stated in the release.
Previous funding rounds for Messari have raised a total of $5 million in seed and venture funding rounds, which were completed in 2018 and 2019.