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Kaiko, a startup that provides market data about the digital asset ecosystem to financial institutions, has secured $53 million in fresh funding to support growth initiatives.
The company announced the funding round this morning. The lead investor was Eight Roads, while Revaia, Alven, Point9, Anthemis and VC Underscore participated as well.
Paris-based Kaiko, incorporated as Challenger Deep SAS, operates a cloud platform that provides data about the cryptocurrency market. The platform offers access to information such as the price of popular digital assets and the value of recent trades. Kaiko says that its customers include Bloomberg LP, Deutsche Börse AG and other leading financial institutions.
Kaiko collects information on 100,000 financial instruments across more than 100 cryptocurrency exchanges. The startup offers real-time data about individual cryptocurrency transactions, as well as higher-level metrics such as the current trading price of a digital asset. Kaiko customers with more advanced requirements can access up to 10 years of historical market activity data.
The startup enables organizations to access its data in multiple ways. Kaiko provides an application programming interface that makes it possible to automatically load market information into a company’s financial applications. For customers that require the ability to download large amounts of historical data in bulk, Kaiko’s platform can package records into a spreadsheet.
According to Kaiko, its platform lends itself to a wide range of use cases. A cryptocurrency startup could use the platform to build a feature that helps customers track the value of their digital assets. Financial institutions, meanwhile, can consult Kaiko’s historical market data to inform their investment decisions.
The startup helps its customers with more specialized tasks as well. As part of its feature set, Kaiko offers a tool that enables financial institutions to track and optimize risk in their investment portfolios. The startup furthermore promises to simplify certain regulatory compliance tasks.
“The blockchain industry has experienced tremendous institutional interest and with it, the need for high-quality data has never been greater,” said Kaiko Chief Executive Officer Ambre Soubiran. “Over the next year, we will solidify our position as an industry leader of institutional data solutions, serving as a critical bridge between centralised and decentralised financial marketplaces.”
Following its newly announced funding round, Kaiko plans to enhance both its market data portfolio and the infrastructure powering its platform. There’s a possibility that Kaiko will use some of the funding to acquire other startups. Kaiko has made two acquisitions since the start of the year to extend its product portfolio to additional parts of the financial technology segment.
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