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S&P Global leads $110M Kaiko round for onchain data infrastructure

S&P Global leads $110M Kaiko round for onchain data infrastructure

Money Moves

Wall Street institutions back the data layer for tokenized markets

Yesterday: S&P Global leads $110M Kaiko Series B extension

Overview

Updated Yesterday

S&P Global led a $110 million investment in Kaiko, a crypto data provider, on September 14. The round includes BNP Paribas, Nasdaq, Royal Bank of Canada, Coinbase Ventures, and DRW Venture Capital.

The investors joined a Strategic Industry Working Group chaired by Kaiko to shape data standards for tokenized markets — putting traditional assets like Treasury bills and stocks on blockchain rails. The bet: Kaiko's data infrastructure becomes the standard layer for onchain finance.

Why it matters

If tokenized markets scale, Kaiko's data infrastructure could become as essential to onchain finance as Bloomberg terminals are to traditional trading.

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Key Indicators

$110M
Series B extension total
Total raised across the Series B round, led by S&P Global.
10+
Strategic investors in the round
Includes BNP Paribas, Nasdaq, Royal Bank of Canada, Coinbase Ventures, and DRW Venture Capital.
150+
Exchanges and protocols covered by Kaiko
Kaiko's data coverage spans centralized and decentralized venues.
250+
Financial firms supported by Kaiko
Includes banks, asset managers, exchanges, and regulators worldwide.

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People Involved

Organizations Involved

Timeline

2014 September 2026

4 events Latest: Yesterday
Tap a bar to jump to that date
  1. S&P Global leads $110M Kaiko Series B extension

    Latest Funding

    S&P Global led a strategic investment extending Kaiko's Series B to $110 million.

  2. S&P Kaiko Digital Asset Indices suite launched

    Product Launch

    S&P DJI and Kaiko launched a co-branded digital asset index suite for 24/7 markets.

  3. S&P DJI and Kaiko tokenize iBoxx U.S. Treasuries Index

    Partnership

    S&P DJI and Kaiko tokenized the iBoxx U.S. Treasuries Index on the blockchain, a first for a major index provider.

  4. Kaiko founded in France

    Founding

    Kaiko was founded in France as a crypto market data provider.

Scenarios

1

Kaiko becomes the data backbone of tokenized markets

Likely Resolves by End of 2027

Discussed by: Reuters, Bloomberg

If tokenization of Treasury bills, money market funds, and equities accelerates, Kaiko's data infrastructure becomes the standard layer for onchain finance. The working group's standards get adopted by major exchanges, and Kaiko's data infrastructure revenue grows significantly.

2

Tokenization stalls, Kaiko's expansion fizzles

Possible Resolves by End of 2027

Discussed by: Crypto Briefing

Regulatory uncertainty or lack of demand slows tokenized asset adoption. The working group produces little, and Kaiko's data infrastructure business remains a small part of its revenue.

3

Working group sets industry standards adopted by regulators

Possible Resolves by Q2 2027

Discussed by: Kaiko press release, PRNewswire

The Strategic Industry Working Group produces data standards that get adopted by a major exchange or regulator, making Kaiko's approach the default for tokenized markets.

Historical Context

3 moments from history that rhyme with this story — and how they unfolded.

December 1981

Bloomberg Terminal (1981)

Michael Bloomberg launched the Bloomberg Terminal to give bond traders real-time price data. The terminal became the essential infrastructure for fixed income markets, and Bloomberg's data standards became the industry default.

Then

Bloomberg's terminals spread rapidly through Wall Street trading desks.

Now

Bloomberg became the dominant data provider for global financial markets, with its standards shaping how bonds, equities, and derivatives are priced and traded.

Why this matters now

Kaiko is positioning its data infrastructure similarly for onchain markets, aiming to become the default data layer for tokenized assets.

2018-2020

CF Benchmarks and crypto derivatives (2018-2020)

CF Benchmarks became the first FCA-regulated crypto benchmark administrator in 2018. Its indices became the settlement reference for CME's bitcoin futures, making the data provider a gatekeeper for institutional crypto derivatives.

Then

CME's bitcoin futures launched using CF Benchmarks indices as the settlement reference.

Now

Regulated crypto benchmarks became the standard for institutional crypto products, and data providers became gatekeepers for the market.

Why this matters now

Kaiko's regulated index arm, authorized under the EU Benchmark Regulation, follows a similar path to becoming the reference for tokenized asset products.

1970s

DTCC and securities settlement (1970s)

The Depository Trust Company was created in the 1970s to handle the paperwork crisis in securities settlement. It became the essential post-trade infrastructure for US markets.

Then

The DTCC centralized securities settlement, reducing the paperwork backlog that threatened to halt trading.

Now

The DTCC became the backbone of US securities markets, processing trillions in trades daily.

Why this matters now

Tokenized markets need similar infrastructure, and Kaiko is building the data layer that could become as essential as DTCC's settlement infrastructure.

Sources

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