S&P Global Leads Kaiko Funding Round as Financial Markets Move Onchain

S&P Global has led a strategic investment that expands Kaiko’s Series B funding round to $110 million, with participation from banks, exchanges and trading firms across traditional finance and the cryptocurrency sector. The investment highlights growing institutional interest in the infrastructure needed to support blockchain-based financial markets.

Financial Institutions Back Kaiko

Nasdaq and BNP Paribas are among the firms backing the expanded round, joining other participants from the banking, exchange and trading industries. The funding brings together companies with established roles in traditional markets and digital assets.

Kaiko provides market data and related infrastructure for digital-asset markets. Its services are used by financial institutions, crypto businesses and market participants seeking data on trading activity, liquidity and pricing.

Institutions Shift From Experiments to Infrastructure

The investment comes as financial institutions increasingly explore tokenization, in which traditional assets are represented and settled using blockchain technology. Rather than focusing solely on pilot projects, institutions are also funding the data, connectivity and market infrastructure required to operate these systems at scale.

Onchain markets can use blockchain networks to record ownership, facilitate settlement and support the trading of tokenized assets. However, their development depends on reliable market data and infrastructure that can connect existing financial systems with blockchain-based platforms.

Broader Significance for Digital-Asset Markets

The participation of S&P Global, Nasdaq and BNP Paribas signals continued convergence between traditional finance and the cryptocurrency industry. It also reflects the importance of independent data and analytics as digital-asset markets become more integrated with the broader financial system.

While the investment does not by itself guarantee a rapid transition to onchain markets, it provides further evidence that major financial firms are positioning themselves for the continued development of tokenized assets and blockchain-based trading infrastructure.