S&P Global backs Kaiko as Series B reaches $110M
The investment brings together major financial institutions as Kaiko expands its data infrastructure for tokenized securities and onchain financial markets.
Asanat Analysis — Why it matters
S&P Global's backing of Kaiko signals institutional validation of onchain market data as infrastructure, not speculation. S&P Global—which owns FactSet and dominates traditional financial data licensing—entering crypto data suggests tokenized securities and RWA infrastructure have crossed a credibility threshold. This is distinct from earlier crypto data plays; it reflects incumbents recognizing they risk disintermediation if they don't own layers of the emerging stack.
A $110M Series B with major financial institutions indicates Kaiko is positioning itself as the Bloomberg/Reuters analogue for decentralized finance. The focus on tokenized securities data is material: regulated markets are moving onchain (see Euroclear's recent tokenization plays, Singapore MAS pilots), and whoever controls reference data for those markets controls pricing, risk models, and settlement assumptions. Kaiko's expansion suggests the market believes this transition is imminent enough to fund at scale.
This also reflects a broader shift: the narrative around crypto infrastructure moved from 'retail trading tools' to 'institutional market plumbing.' Kaiko's institutional backing reduces counterparty risk concerns and signals that traditional finance no longer views onchain data as a niche vertical—it's core infrastructure they must own stakes in to remain competitive.