In the span of a few short years, cryptocurrency has emerged from a once-murky financial niche into a respectable asset class all its own. As institutions like hedge funds and equity firms integrate cryptocurrency into their business models, the need for more specialized technology is becoming strikingly apparent.
Digital Assets Data provides these financial institutions with a combination of software and data feeds that provide them with exactly this type of specialized information. Today, the Denver-based company announced it had raised $3.2 million in equity funding to supercharge the development and distribution of its tools.
“This funding will allow us to grow our team and support and expand our customer base,” explained Mary Alfred, the company’s vice president of operations and legal. “We’ve already begun hiring for a number of exciting positions: software engineers, data scientists, salespeople and customer success. I think this is a particularly exciting opportunity for data scientists to work on interesting problems in a cutting-edge space with a wealth of data to analyze.”
This funding will allow us to grow our team and support and expand our customer base.”
Digital Assets Data was launched as recently as March of 2019 with $6 million in seed funding from Digital Currency Group and Morgan Creek Digital Assets, among others. Today’s round was led by North Island and Glenn Hutchins, the co-founder of equity firm Silver Lake.
Hutchins, whose son James Hutchins joined the Digital Assets Data board as part of the deal, praised the capabilities of the company’s toolkit, saying in a statement, “Digital Assets Data has built a full-stack, institutional-quality data platform that is capable of serving all types of market participants — from data scientists, to quant funds, hedge funds, banks, venture capital funds and more.”
Beyond data, Alfred said the company is increasingly focusing on building tools to help investors understand how and why the numbers move:
“Beyond simply being a data provider, we’ve built a full-stack cryptoasset intelligence platform that provides asset managers and other market participants with highly customizable, sophisticated tools to review and analyze cryptoasset on-chain, market, reference, and customer data from a multitude of sources.”
Cryptocurrency remains a complex world with many innovations yet to come. Digital Asset Data is working to ensure that companies have the data necessary to make those innovations possible.
