Nomics, a so-called “cryptocurrency data company" that delivers “professional-grade, cloud-based data products and ‘APIs’ for institutional crypto investors,” has raised $3 million from its first institutional round of venture capital.
The funding was led by venture capital firm Arthur Ventures and included cryptocurrency industry veterans, such as BitGo Co-Founder Ben Davenport, Coinbase Ventures, CoVenture Crypto and Digital Currency Group.
Nomics, based in Minneapolis and Boston, said it will use the money to develop new products and add people.
“Crypto investors need to make lightning fast decisions based on highly reliable, consistent, normalized and high-fidelity data, which has never been easily attainable for the cryptocurrency asset class,” said CEO Clay Collins of Nomics, in a prepared statement. “Nomics addresses this problem and makes the decentralized financial system more accessible, useful and understandable. We’re developing the data ‘backbone’ for the open financial system and with this additional funding, we plan to build on our success by strengthening our offerings.”
Collins, also a co-founder of Nomics, is chairman of Drip/Leadpages, the Minneapolis firm that has raised $38 million in venture financing.
The Nomics API enables users to access historical and real-time financial data on “tokenized assets,” including price quotes, trading indicators and other types of data through API endpoints.
APIs are “application programming interfaces” that enable software building and communication between programs. In this case, the API is supposed to reduce or eliminate problems with a fledgling crypto market plagued by growing pains.