CoinDesk
Kaiko extended its 2022 Series B funding round to $110 million on Monday, anchoring the raise with a strategic investment from S&P Global. BNP Paribas, Coinbase Ventures, Nasdaq, Royal Bank of Canada and Stellar joined the extension, a roster that captures how quickly the boundary between traditional finance and digital assets has dissolved. Founded in France in 2014, Kaiko will deploy the new capital into data infrastructure for 24/7 digital markets serving more than 150 exchanges and blockchain protocols.
Why it matters
The investor lineup, not the dollar figure, is the actual signal. S&P Global, BNP Paribas, Nasdaq and Royal Bank of Canada are the institutions that price, clear and benchmark global capital markets. Their willingness to underwrite a crypto-native data provider signals that the data plumbing for tokenized equities, stablecoins and on-chain funds is being treated as core infrastructure rather than a niche service.
Kaiko originally opened the Series B in May 2022 at $53 million, tripling its valuation at the time. The undisclosed valuation at the extension means investors are not getting marked down, and extending the same vehicle nearly four years later, rather than opening a fresh round, points to continued conviction in the original thesis from the original backers.
Market impact
For institutional desks weighing tokenized assets, the round is a quiet vote of confidence in the data layer that has historically been the missing piece for TradFi participation. Kaiko's pitch, that digital markets never sleep and neither should the infrastructure behind them, lands more credibly when S&P Global is leading the check rather than a crypto-native fund.
The deal also tightens the feedback loop between TradFi data standards and crypto-native analytics. As tokenized equities and RWA products scale, the venues running them will need reference data, indices and risk metrics that satisfy both regulators used to S&P-style ratings and traders used to on-chain feeds. Kaiko now sits squarely at that intersection with a freshly capitalized balance sheet.
Frequently asked questions
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What does Kaiko do, and why does this funding round matter?
Kaiko is a Paris-headquartered crypto market data provider founded in 2014, serving more than 150 exchanges and blockchain protocols with reference data, indices and analytics for digital assets.
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Why is S&P Global's participation in this round significant?
S&P Global is one of the most influential financial data and ratings firms in TradFi. Its decision to lead a round for a crypto-native data company signals that institutional infrastructure for tokenized markets is being treated as core rather than speculative.
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How much has Kaiko raised in total across its funding rounds?
The Series B extension brought the round to $110M. The original Series B closed at $53M in May 2022, and Kaiko previously closed a $24M Series A in 2021 led by Anthemis and Underscore VC.
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How will Kaiko deploy the new capital?
Kaiko said the funds will expand its data infrastructure for 24/7 digital markets and broaden the product offering for exchanges, protocols and institutions operating in tokenized markets.
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Which TradFi and crypto investors joined the Series B extension?
BNP Paribas, Coinbase Ventures, Nasdaq, Royal Bank of Canada and Stellar joined S&P Global in the extension, a roster that captures the convergence of traditional and digital finance.
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