Kaiko supplies the prices, analytics and benchmarks that financial institutions use to value digital assets and monitor trading. On September 14, the company announced an S&P Global-led investment extending its Series B to $110 million, backing both that established data business and tools for bringing financial information into blockchain-based markets.
A concrete example is its Fair Market Value product. A firm valuing crypto holdings can obtain a price drawn from a principal trading venue or aggregated exchange activity, with outliers filtered and underlying records available for an audit trail. Kaiko identifies tax-software provider Recap.io as a user of that service for crypto accounting. The useful output is a valuation that can be traced to its inputs, helping connect a traded asset with the records required to account for it.
Kaiko earns money through data subscriptions and benchmark licensing. Its enterprise plans vary with the instruments covered, data type, detail, historical or live access, and permitted usage. It also licenses indices as the basis for financial products and offers custom index work. The company's pricing page says it serves more than 200 enterprise clients, spanning financial institutions and crypto businesses.
Its Data On-Ramp extends the distribution side of that business. A data provider can send its feeds to a blockchain while retaining control over access and licensing; authorized applications can then use those feeds for calculations such as collateral values or a fund's net asset value. Kaiko says the infrastructure carries both its own information and third-party data. That makes rights management part of the product, alongside delivery speed and the quality of the underlying prices.
The financing brings S&P Global together with investors including BNP Paribas, Nasdaq Ventures, Royal Bank of Canada and Coinbase Ventures, alongside returning shareholders. Kaiko's announcement describes an extension to a $110 million Series B total without separately sizing the latest injection. The Block reports that the original Series B raised $53 million in June 2022 and that the latest valuation was undisclosed. Participating institutions have also joined a Kaiko-chaired working group focused on infrastructure for tokenized markets.
Reuters places the investment amid growing institutional interest in tokens representing assets such as stocks and bonds. For Kaiko, that creates a potential expansion from supplying information for analysis to delivering data that financial applications use while operating. The practical question is whether its new institutional backers can help turn the working group's standards into production systems that repeatedly consume licensed feeds.