Paris-based crypto market data provider Kaiko has extended its Series B funding round to $110 million through a strategic investment led by S&P Global. The round draws participation from a broad group of traditional financial institutions, exchanges, trading firms and blockchain entities, signaling deeper institutional engagement with digital asset data and onchain markets.

Investors in the extension include BNP Paribas, Bpifrance, Broadridge, the Canton Foundation, Coinbase Ventures, DRW Venture Capital, Nasdaq Ventures, Royal Bank of Canada, Stellar and Susquehanna Private Equity Investments. Existing shareholders Anthemis, Point Nine and Revaia also joined. Kaiko did not disclose its valuation or the individual contribution sizes of the participants.

Capital Allocation and Strategic Priorities

Kaiko plans to direct the new capital toward two primary areas: continued growth of its core digital asset market data operations and further development of data infrastructure tailored for onchain capital markets. The latter focus covers services for tokenized Treasury bills, money market funds, equities and bonds.

The company, founded in 2014, supplies institutional-grade pricing, analytics and indices. It tracks data across more than 150 exchanges and protocols and serves banks, asset managers, trading venues and other financial firms. Kaiko holds SOC 1 and SOC 2 Type 2 attestations and operates as a registered benchmark administrator under the EU Benchmark Regulation.

This extension builds on Kaiko’s original Series B, which raised $53 million in 2022. The earlier round occurred amid broader market stress in digital assets. The latest financing more than doubles the capital associated with the Series B and brings additional mainstream financial institutions into the company’s shareholder base.

Industry Working Group and Institutional Collaboration

The new investors will participate in a Strategic Industry Working Group chaired by Kaiko. The group is designed to help shape data standards and infrastructure required for tokenized financial products as more traditional assets move onto blockchain networks.

Kaiko Chief Executive Ambre Soubiran noted that the investor group spans key segments of digital asset markets, including pricing, trading, capital allocation and blockchain development. These participants are positioned as partners in building infrastructure for institutional onchain finance.

S&P Global’s involvement follows prior collaboration between the two firms. They recently launched co-branded digital asset indices and have worked on bringing traditional benchmarks, such as elements of the iBoxx U.S. Treasuries index, onto blockchain networks with appropriate controls for institutional use.

Broader Market Context

The funding arrives as major market operators and infrastructure providers advance initiatives around tokenized securities, 24-hour trading and faster settlement. Recent steps include pilot programs for tokenized equities and exchange-traded funds, production testing of tokenized assets by large clearing entities, and regulatory discussions on preparations for continuous equity trading.

Kaiko has expanded its capabilities through acquisitions in recent years, including purchases of onchain infrastructure and U.S. digital asset data providers. These moves have broadened its coverage and strengthened its position in institutional data services.

The combination of capital from established financial institutions and a structured working group positions Kaiko to address the data requirements of markets that operate continuously and incorporate both traditional and tokenized instruments.