S&P Global Leads $110M Series B Funding in Kaiko as Tokenized Market Infrastructure Expands
S&P Global has led a strategic investment round in Paris-based crypto market data provider Kaiko, bringing the Series B funding to $110 million. The capital will support expansion into data infrastructure for tokenized financial markets such as Treasury bills, money market funds, equities, and bonds. Participants include major market players and financial institutions who will collaborate in an industry working group focused on developing data standards and infrastructure for tokenized financial products.
Investors and Funding Objectives
The Series B round led by S&P Global featured prominent investors including BNP Paribas, Bpifrance, Broadridge, Canton Foundation, Coinbase Ventures, DRW Venture Capital, Nasdaq Ventures, Royal Bank of Canada, Stellar, and Susquehanna Private Equity Investments. Kaiko CEO Ambre Soubiran noted that these investors represent key areas of digital asset markets such as pricing, trading, capital allocation, and blockchain development, positioning them as partners for building institutional onchain finance infrastructure.
Kaiko intends to utilize the funds to bolster its core digital asset market data services while expanding onchain data services for tokenized financial products ranging from Treasury bills to bonds. Participating investors will join a Kaiko-led industry working group dedicated to developing data standards and infrastructure for tokenized products.
Kaiko's Institutional Data Expansion and Acquisitions
In 2023, Kaiko has made several strategic moves to increase its footprint in institutional digital asset data: acquiring MiCA-regulated onchain infrastructure provider Cometh in May, buying US digital asset data provider Amberdata in June, and partnering with Bloomberg in February to deliver licensed financial data onchain.
These steps indicate Kaiko's ambition to strengthen its position in digital asset data and prepare for the growing tokenization market.
Wall Street's Growing Embrace of Tokenization
Amid moves by major US market players toward blockchain, firms are expanding use of tokenization for trading, settlement, and collateral management. In March, Intercontinental Exchange (ICE), the parent of the New York Stock Exchange, signed an agreement with Securitize to build infrastructure and standards for tokenized securities, aiming for 24/7 trading and instant settlement.
That same month, Nasdaq received SEC approval to pilot trading of tokenized stocks and ETFs alongside traditional securities and partnered with Payward, parent company of Kraken, to build infrastructure connecting regulated equity markets with onchain tokenized equities.
In July, the Depository Trust & Clearing Corporation (DTCC) ran production trades using DTC-tokenized assets with over 30 financial firms ahead of a planned October launch of its tokenization service. DTC, a DTCC subsidiary, provides custody and asset servicing for $114 trillion in securities.
Meanwhile, the SEC is preparing a September 17 roundtable to discuss US equities market readiness for 24-hour trading, addressing operational resilience, investor protections, and potential further expansion into continuous trading.
Why it matters
S&P Global's investment in Kaiko highlights growing commitment by major financial institutions to developing infrastructure for tokenized financial markets. This not only strengthens the institutional foundation of digital assets but also acts as a catalyst for standardization and broader adoption of onchain solutions for securities, bonds, and other instruments. Alongside SEC approvals and pilot programs from Nasdaq and DTCC, this movements outside established traditional markets in the U.S. signal imminent changes in the financial landscape where 24/7 trading and instant settlements become the norm. With strong partners and significant funding, Kaiko is well positioned to play a key role in this transformation.
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