Cryptocurrency market intelligence provider Messari has concluded a $21 million fundraise that was supported by some of the biggest venture firms in blockchain, once again highlighting growing investor appetite for budding crypto startups.

The new funding volition aid Messari in expanding its product suites as well as hiring and retaining more than engineering and inquiry talent. The visitor also plans to expand its enterprise offerings targeting institutional players. Ryan Selkis, Messari's co-founder and CEO, further explained to Cointelegraph how the funds volition be deployed:

"We haven't however burnt through our seed majuscule from 2022, and have been highly capital efficient to date. Nosotros expect this majuscule to assistance the states expand for the next several years, and allow u.s.a. to pursue selective Yard&A opportunities as well [...] With our funding, we plan to triple downward on products that organize and contextualize crypto information for our global users and fulfill our mission to power smarter participation in the booming crypto economy."

The funding round was led by Point72 Ventures, with participation from previous investors Coinbase Ventures, Uncork Capital and Underscore VC. The Serial A also attracted new investors, including Alameda Research, Blockchain Ventures, CMS Holdings, Gemini Borderland Fund, Kraken Ventures and Nascent.

Related: $22B hedge fund Point72 reportedly searching for a 'head of crypto'

Messari was launched by entrepreneur Ryan Selkis in 2022 to provide reliable analytics for the nonetheless-underdeveloped cryptocurrency industry. The firm's research and analytics tools have expanded considerably over that period, reflecting the growing demand for crypto intelligence products. Some of Messari's biggest customers include Coinbase, Blocktower and Chainalysis.

When asked near how the crypto analytics market has changed since Messari's inception in 2022, Selkis told Cointelegraph "Fundamentals actually affair!" He explained:

"When nosotros started, crypto was at the height of ICO euphoria with express quantitative data available for pre-launch projects. Today, major protocols are seeing real economic activity, and their tokens have predictable value accrual mechanisms."

Venture upper-case letter has flooded the crypto manufacture this year, with major companies contributing billions of dollars in combined funding to boot first promising blockchain plays. In June of this yr, Andreessen Horowitz launched the biggest-ever crypto venture fund at $2.2 billion. More than recently, blockchain unicorn Fireblocks raised $310 meg in strategic investments, bringing its cumulative funding to $489 meg.