Paris-based Kaiko, which offers crypto and DeFi market data to institutional investors and businesses, raised a $53M Series B led by Eight Roads
Blockchain analytics firm Kaiko raised $53 million from new and existing investors in its latest financing round, even as crypto-exposed companies …
Context & Ripple Effects
Kaiko’s $53 million round follows its $24 million Series A for Asian-market expansion a year earlier, marking a larger financing step for the Paris-based provider of cryptocurrency market data and research.
The company’s later reporting on exchange volumes during the FTX collapse shows why its institutional-data position matters: market participants need independent measures of trading activity when exchange conditions change rapidly.
First-order effects
- Kaiko gains $53 million in new financing, with Eight Roads leading the Series B alongside new and existing investors.
- Eight Roads becomes the lead investor in Kaiko’s next growth round, deepening its exposure to institutional crypto-data infrastructure.
Second-order effects
- Kaiko is better positioned to pursue the institutional investors and businesses it serves, building on the Asian-market expansion financed by its earlier Series A.
- Crypto asset-management providers such as Babel Finance face a better-funded market-data supplier as institutional crypto services compete on analysis and decision-making tools.
Third-order effects
- The financing and Kaiko’s subsequent exchange-volume research point to crypto market data becoming a distinct institutional layer of the sector, rather than a feature bundled only with trading or asset-management products.
- If investors continue backing independent data providers through market stress, crypto infrastructure funding may concentrate more on firms that supply measurement and research to institutional customers.
The trend: Crypto markets are developing a dedicated institutional data layer, with financing flowing to providers whose products help businesses assess trading activity and market structure.