S&P Global has led a strategic investment extending crypto data provider Kaiko's Series B funding to $110 million. The round also included BNP Paribas, Nasdaq Ventures, Royal Bank of Canada, Coinbase Ventures, DRW, Susquehanna, Broadridge, Stellar and Bpifrance, among others. Kaiko had previously raised $53 million in a 2022 Series B round.
The investor composition spans pricing, banking, trading, market infrastructure and blockchain development, illustrating how traditional finance is preparing for assets that trade and settle continuously on blockchain networks.
Data Infrastructure for Institutional Markets
Kaiko provides institutional market data across more than 150 exchanges and protocols. The company's infrastructure business delivers data directly to smart contracts while converting blockchain activity into standardized information that banks and asset managers can use for valuation, trading and risk management.
Kaiko CEO Ambre Soubiran stated that investors are "partners, not just shareholders," and that together they will "define how institutional money moves onchain." Participants are joining a Kaiko-led Strategic Industry Working Group to help shape data standards for tokenized markets.
Expanding Infrastructure and Partnerships
Kaiko has been expanding its capabilities through acquisitions, recently acquiring DeFi infrastructure provider Cometh and rival data company Amberdata. The company has launched digital-asset indices with S&P and is collaborating with Bloomberg on onchain data for tokenized markets.
S&P Global's involvement signals that established financial-data companies expect crypto infrastructure to become part of mainstream capital markets. Cathy Clay, CEO of S&P Dow Jones Indices, cited "Kaiko's strength in crypto market data and analytics" as building "foundational transparency for the digital-asset ecosystem."
Institutional Tokenization Moving Forward
The investment reflects a shift in how financial institutions approach tokenized finance. Banks increasingly require benchmark-quality prices, compliance-ready data, risk analytics and infrastructure capable of operating 24/7, creating what analysts describe as a valuable layer between blockchains and traditional finance.
As Treasury bills, money-market funds, equities and bonds move onto blockchain networks, demand is expected to rise for regulated data providers, oracle infrastructure, settlement networks and blockchains capable of handling institutional activity.
