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Crypto data startup Nomics has just earned $ 3 million in funding from investors, including Coinbase Ventures.
The company announced on Tuesday that the A Series investment will be used to enrich its team of engineers and will continue to work to index 95% of all data relating to the negotiation of cryptographic resources.
Led by Arthur Ventures, the round also saw CoVenture Crypto, Digital Currency Group, co-founder of BitGo Ben Davenport, CityBlock Capital, King Capital, Polymath and TokenSoft.
Nomics' CEO and co-founder Clay Collins told CoinDesk that, at present, almost all startup employees are working full-time on development. This reflects the immense amount of data that Nomics is trying to index, he said, explaining:
"While it is a fairly trivial task to evaluate (and have lists for) 95 [percent] of all cryptoassets, obtaining raw ticks / exchanges, all data on the chain and order data (including historical orders) for these resources can turn out to be a real engineering challenge. "
Exacerbating the challenge is the fact that the team is trying to provide "data without spaces" that normalize information to account for different time zones, ticker symbols, offline market protocols, and other data changes, Collins said.
Users can access data using the Nomics API, which provides both historical and real-time financial data on various tokenised resources. These data can include price quotes and trading indicators and try to merge data from different trades.
There will be "millions of new pages available" after the information has been indexed, according to Collins.
"As for the API / data product for businesses and institutions, it will appear more API endpoints, more data behind existing endpoints, low latency, improved documentation and more aggregate data / indicators (such as the prevailing of the quote currency and the offer future simulation), "he said.
The service will also provide the opportunity to analyze or follow individual orders. The goal is ultimately that hedge funds and other investors should be able to use this data in developing trading algorithms and monitoring market fluctuations.
Nomics has already indexed more than 3.5 billion data points and sees about 35 million API calls every month, according to the figures provided.
Image of the trading data screen via Shutterstock
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