The convergence of traditional capital markets and decentralized finance is moving from theoretical discussion to infrastructure investment as major financial institutions begin funding the underlying data layers required for tokenized assets. S&P Global has led a strategic investment to extend Kaiko’s Series B funding to a total of $110 million, signaling a concentrated effort by market incumbents to secure the data pipelines necessary for 24/7 onchain operations. This capital injection comes as the industry shifts toward tokenizing core assets like Treasury bills, equities, and bonds, which necessitates a transition from legacy periodic reporting to continuous, real-time data flows. By backing Kaiko, these institutions are not merely providing capital but are actively participating in the development of the standards that will govern institutional onchain liquidity and valuation.
S&P Global and Institutional Consortium Expand Kaiko Funding
The $110 million Series B extension is supported by a diverse coalition of global financial entities, including BNP Paribas, Bpifrance, Broadridge, Coinbase Ventures, Nasdaq Ventures, and the Royal Bank of Canada. Other participants include DRW Venture Capital, Stellar, Susquehanna Private Equity Investments, and the Canton Foundation, alongside existing shareholders Anthemis, Point Nine, and Revaia. This group represents a cross-section of the financial ecosystem, covering pricing, trading, capital allocation, and blockchain development. Beyond the financial commitment, these institutions have joined a Strategic Industry Working Group chaired by Kaiko. This group is designed to provide participating members with a direct role in shaping the data and infrastructure frameworks intended to bring tokenized products into professional production environments.
The funding is intended to bolster Kaiko’s dual-track business model: maintaining its core institutional-grade market data services—which currently cover over 150 exchanges and protocols—and expanding its specialized data infrastructure for onchain capital markets. This infrastructure aims to deliver proprietary market data directly to smart contracts, convert onchain activity into standardized off-chain data, and facilitate confidential valuation and analytics. As the scope of tokenization broadens to include money market funds and fixed-income products, Kaiko is positioning its technology to bridge the gap between decentralized execution and traditional institutional requirements for transparency and regulatory compliance.
Scaling Infrastructure Through Strategic Acquisitions and Regulation
Kaiko is leveraging recent inorganic growth to solidify its technical and regulatory standing in the digital asset space. The company recently completed the acquisitions of Cometh, a MiCA/CASP-regulated DeFi infrastructure provider, and Amberdata, a digital asset market data provider that previously served as Kaiko’s largest U.S. competitor. These moves, combined with the launch of the S&P Kaiko Digital Asset Indices suite and an ongoing data collaboration with Bloomberg, are intended to expand the company's North American footprint and technical depth. The integration of these assets suggests a strategy of consolidating fragmented market data providers to create a unified, regulated layer for institutional users.
Regulatory compliance remains a central pillar of Kaiko’s value proposition to institutional clients. The company holds SOC 1 and SOC 2 Type 2 attestations from a Big Four audit firm and operates under several critical regulatory frameworks. Kaiko Indices is authorized as a benchmark administrator under the EU Benchmark Regulation (EU-BMR) and is listed in the ESMA register. Furthermore, through its acquisition of Cometh, the company maintains authorization from the AMF as a crypto-asset service provider (CASP) under the EU Markets in Crypto-Assets Regulation (MiCA). By adhering to the IOSCO Principles for Financial Benchmarks, Kaiko is attempting to meet the rigorous standards required by banks and asset managers to deploy capital into onchain environments with a degree of certainty comparable to traditional markets.
Key Takeaways
- S&P Global led a strategic investment that extended Kaiko's Series B funding to a total of $110 million.
- Participating investors include major institutions such as BNP Paribas, Nasdaq Ventures, and the Royal Bank of Canada.
- Kaiko has established a Strategic Industry Working Group, chaired by the company, to shape data infrastructure for tokenized markets.
FinanceInsyte's Take
In our view, this $110 million extension is less about "crypto" and more about the institutionalization of the data layer required for the next generation of capital markets. The involvement of S&P Global, Nasdaq, and BNP Paribas suggests that the primary hurdle for tokenized assets is no longer the blockchain technology itself, but the lack of standardized, regulated, and continuous data to price and manage those assets. By forming a working group, these incumbents are effectively attempting to "standardize the plumbing" before the market becomes too fragmented to control. This is a defensive and offensive maneuver: they are defending their relevance in a 24/7 market cycle while offensively shaping the regulatory and technical benchmarks that will dictate how institutional money moves onchain. We expect this to accelerate the transition of traditional assets, such as Treasuries, into tokenized formats.
Questions & Answers
How does the new funding impact Kaiko's technical capabilities?
The capital is earmarked to strengthen Kaiko's core market data business and expand its data infrastructure offering, specifically focusing on delivering proprietary data to smart contracts and converting onchain activity into standardized off-chain data.
What role do the participating financial institutions play beyond providing capital?
Participating institutions have joined a Kaiko-chaired Strategic Industry Working Group, which allows them to play a direct role in shaping the data and infrastructure standards used to bring tokenized products into production.
What regulatory frameworks does Kaiko currently adhere to?
Kaiko holds SOC 1 and SOC 2 Type 2 attestations, is authorized under the EU Benchmark Regulation (EU-BMR), is listed in the ESMA register, and through Cometh, is authorized by the AMF as a CASP under the EU MiCA regulation.
Which recent corporate actions have expanded Kaiko's market presence?
Kaiko recently acquired Cometh, a DeFi infrastructure provider, and Amberdata, a digital asset market data provider, while also launching the S&P Kaiko Digital Asset Indices suite.
Source: Businesswire
