Startup Blockworks wants to become the crypto equivalent of Morningstar. How it plans to do it

Crypto startup Blockworks plans to use the proceeds from its previously unreported fundraise to scoop up some of its rivals and become a kind of Morningstar for digital assets, co-founder Jason Yanowitz told CNBC. The company aims to build out its crypto-focused data platform for traders of on-chain assets, which include cryptocurrencies as well as digital representations of equities, commodities and real-world assets that live on blockchains. Its goal is to serve as a destination for the kind of high-quality tools that have long benefited traders of stocks and bonds but have so far eluded their crypto counterparts. "We're so behind on data and research and information [for digital assets]," Yanowitz said. "In traditional finance you have Morningstar … but also like FactSet ... and Moody's and S&P Global Research. "Those don't exist yet for assets that are coming onto [the blockchain]," he added. To realize that vision, the firm plans to scoop up a few of its competitors with the proceeds from its Series A extension round that closed earlier this year. Co-led by ParaFi Capital and Reciprocal Ventures with support from Coinbase's venture capital arm, the extension round valued Blockworks at $192 million. Yanowitz declined to disclose the dollar amount of funds raised in the extension round. …