Kaiko, a provider that focuses on supplying reliable cryptocurrency-related data, has announced that it has raised $24 million in Series A funding that was led by the investors Anthemis and Underscore VC among others.
The cryptocurrency started off in a very disparate and unorganised manner with tokens and chains being launched almost every one week or so. This did not give time for the market to mature but the data coming out from it , due to all the trading and the development, was huge and unorganised as well. It is only now that investors and companies are beginning to take cryptos as a serious asset class and hence the need for reliable data from the crypto domain has become very important.
Kaiko’s mission is to provide stable and reliable data and be a one-stop-shop for all kinds of cryptocurrency data. The data also needs to be of high quality and clean as well as this is what Kaiko plans to achieve as it supplies data to major financial services companies around the world.
“The immense interest we have received from institutional investors over the past year has bolstered our core mission and we are more motivated than ever to continue building data infrastructure that enables interoperability between digital finance and the traditional financial sector,” said Kaiko’s Founder and CEO Ambre Soubiran.
The funding is expected to help the company expand into the North American and Asian markets and also accelerate the new upgrades and the features that are planned for the various data products that the company offers.
Sean Park, Anthemis founder who will be joining Kaiko’s board said, “Anthemis is excited to be a lead investor in Kaiko for a second time. We believe that Kaiko is providing invaluable information on the depth and structure of the market––data that is usually scattered, and even when publicly accessible, is technically challenging, time-consuming, and costly to meaningfully ingest. For any capital markets transformation to take place, reliable and machine-readable data is necessary.”
The company also announced that it has launched a new data product called Kaiko Stream that connects institutional investors with crypto price feed which is stable, reliable, and transparent as well. The investors would hope that the crypto boom would help to carry the various data products to the customers as the market begins to mature and more investors, who need reliable data, start coming in.