Kaiko Expands Tokenized-Market Infrastructure With $110M Raise

S&P Global has led a strategic investment that extends crypto market data provider Kaiko‘s Series B funding round to $110 million. The Paris-based company said it is expanding data infrastructure for tokenized financial markets while continuing to support its core digital-asset market-data business.

The funding brings together financial institutions, exchanges and investment firms around Kaiko’s work on data services for onchain financial products. Kaiko said the capital will support its existing market-data operation as well as infrastructure and services for tokenized Treasury bills, money market funds, equities and bonds.

The announcement comes as major US market operators and financial infrastructure firms pursue blockchain-related systems for trading, settlement and collateral management. Kaiko’s investor group will also take part in a company-led working group focused on data and infrastructure for tokenized financial products.

Kaiko’s $110M Series B Extension

S&P Global led the investment, which brought Kaiko’s Series B funding to $110 million. The round also included BNP Paribas, Bpifrance, Broadridge, Canton Foundation, Coinbase Ventures, DRW Venture Capital, Nasdaq Ventures, Royal Bank of Canada, Stellar and Susquehanna Private Equity Investments.

Kaiko said the funding supports two parts of its business. One is its established digital-asset market-data operation. The other is its push into onchain financial infrastructure, including data services for tokenized Treasury bills, money market funds, equities and bonds. Those categories place the company’s data work alongside products that represent traditional financial instruments in tokenized form.

All participating investors are set to join a Kaiko-led industry working group. According to the company, the group will focus on developing data and infrastructure for tokenized financial products. The arrangement links the funding round to a continuing forum involving the investors and Kaiko’s work on the underlying infrastructure.

Kaiko CEO Ambre Soubiran said the investor group spans pricing, trading, capital allocation and blockchain development. She said the participants would serve as partners in building infrastructure for institutional onchain finance. The investor list includes firms associated with several of those areas, from market data and banking to exchanges, venture investing and blockchain networks.

The funding follows a series of moves by Kaiko to expand its institutional data business. The company acquired MiCA-regulated onchain infrastructure provider Cometh in May and US digital-asset data provider Amberdata in June. Those moves came after Kaiko partnered with Bloomberg in February to bring licensed financial data onchain.

Together, the funding and the working group place Kaiko’s digital-asset data business alongside its stated expansion into services for tokenized financial products. The company has identified tokenized Treasury bills, money market funds, equities and bonds as areas covered by that infrastructure effort.

Wall Street Moves Closer to Tokenization

Kaiko’s funding arrives as US market operators and financial infrastructure firms expand their use of blockchain technology for trading, settlement and collateral management. In March, New York Stock Exchange parent Intercontinental Exchange signed an agreement with Securitize to develop infrastructure and standards for tokenized securities.

The ICE agreement built on the company’s January plan for a tokenized-securities trading platform designed to support 24/7 trading and instant settlement. The initiatives describe infrastructure and standards as part of the work required for tokenized securities markets.

Also in March, Nasdaq received SEC approval to pilot trading of tokenized stocks and ETFs alongside traditional securities. Nasdaq separately partnered with Kraken parent Payward to develop infrastructure connecting regulated equity markets with onchain tokenized equities. These efforts involve both the trading of tokenized products and the systems intended to connect onchain products with regulated equity markets.

In July, the Depository Trust & Clearing Corporation conducted production trades using DTC-tokenized assets with more than 30 financial firms. The trades took place ahead of a planned October launch of its tokenization service. DTC, a DTCC subsidiary, provides custody and asset servicing for $114 trillion in securities.

The production trades and planned service launch add another infrastructure initiative to the developments surrounding tokenized securities. Kaiko’s stated focus on data and infrastructure for tokenized financial products fits within a wider set of efforts involving trading, settlement, custody, servicing and market standards.

Regulatory and Structural Implications

The push toward round-the-clock markets has also drawn attention from US regulators. The SEC is scheduled to hold a roundtable on Sept. 17 on preparations for 24-hour trading in US equities. The topics include market readiness, operational resilience, investor protections and potential future expansion toward 24/7 trading.

The SEC discussion concerns US equities and preparations for extended trading, while Kaiko’s industry group is focused on data and infrastructure for tokenized financial products. Both developments highlight the operational subjects identified in the source material: readiness, resilience, investor protections, data and infrastructure.

Kaiko has said its funding will support its core digital-asset market-data business and its push into onchain financial infrastructure. Its participating investors will join the working group focused on developing data and infrastructure for tokenized products, creating a formal forum connected to the company’s stated expansion.

The market-operator initiatives described by ICE, Nasdaq and DTCC cover different parts of the broader infrastructure landscape. ICE has outlined a platform designed for 24/7 trading and instant settlement, Nasdaq has received approval for a tokenized trading pilot, and DTCC has conducted production trades ahead of a planned tokenization-service launch.

What Comes Next

The SEC’s Sept. 17 roundtable is scheduled to address preparations for 24-hour trading in US equities, including market readiness, operational resilience and investor protections. Separately, DTCC’s tokenization service is planned for an October launch following the July production trades using DTC-tokenized assets with more than 30 financial firms.

For Kaiko, the company said it is expanding data infrastructure for tokenized financial markets and will use the funding to support its core digital-asset data operation and its onchain financial infrastructure efforts. Its services include data for tokenized Treasury bills, money market funds, equities and bonds.

The Kaiko-led working group will give participating investors a role in work focused on developing data and infrastructure for tokenized financial products. The group includes backers from the $110 million Series B extension led by S&P Global, tying the investment round to Kaiko’s stated infrastructure priorities.

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