S&P Global Leads $110 Million Series B for Kaiko, Marking Wall Street’s Move Into On‑Chain Infrastructure

S&P Global led a strategic investment that expands Kaiko’s Series B to $110 million, with participation from Nasdaq Ventures, BNP Paribas, Royal Bank of Canada, Coinbase Ventures, DRW, Susquehanna, Broadridge, Stellar and Bpifrance. The round follows Kaiko’s 2022 $53 million Series B and reflects a broader shift of Wall Street firms from experimental tokenization to funding the infrastructure that underpins 24/7 digital‑asset markets.

Broad Institutional Support

The investor list spans pricing, banking, trading, market‑infrastructure and blockchain development, indicating that traditional finance is preparing for assets that trade and settle continuously. Participants will also join a Kaiko‑led Strategic Industry Working Group to help shape data standards for tokenized markets.

Kaiko’s Role in On‑Chain Data

Kaiko supplies institutional market data across more than 150 exchanges and protocols. Its newer infrastructure business delivers data directly to smart contracts and converts blockchain activity into standardized information for valuation, trading and risk management. Recent acquisitions include DeFi infrastructure provider Cometh and data competitor Amberdata, and Kaiko has launched digital‑asset indices with S&P and collaborates with Bloomberg on on‑chain data.

Implications for the Crypto Ecosystem

The funding underscores a growing demand for benchmark‑quality prices, compliance‑ready data, risk analytics and 24/7 infrastructure as Treasury bills, money‑market funds, equities and bonds move onto blockchain networks. While the round does not guarantee tokenization scale, the collective backing by major financial firms suggests that on‑chain markets are increasingly viewed as core infrastructure rather than a niche trend.