S&P Global Backs Kaiko in $110M Series B Extension
TradFi giants bet on institutional crypto data as BNP Paribas, Nasdaq Ventures, and RBC join the round.
S&P Global led a strategic extension of Kaiko's Series B funding round to $110 million, joined by BNP Paribas, Nasdaq Ventures, RBC, Coinbase Ventures, and DRW Venture Capital, according to The Block.
Why It Matters
The calibre of investors here signals something specific: traditional financial infrastructure giants are betting that institutional-grade crypto data becomes a mandatory input — not a nice-to-have — for markets, compliance, and product teams. S&P Global anchoring the round lends the kind of credibility that accelerates enterprise sales cycles. For iGaming operators and sportsbooks running crypto-denominated products, reliable real-time price feeds and on-chain analytics from a Kaiko-class provider directly affect odds accuracy, treasury risk, and regulatory reporting. Gambling always carries financial risk, and operators using low-quality data amplify that risk for themselves and customers.
Context
Kaiko is a Paris-based crypto market data company that supplies tick-level trade data, order book depth, and reference rates to banks, asset managers, and exchanges. As of September 2026, the firm competes with providers such as CoinGecko and Coin Metrics, but differentiates on institutional data quality and API reliability. The involvement of Nasdaq Ventures and RBC alongside crypto-native Coinbase Ventures illustrates the convergence of TradFi and digital-asset data pipelines that has accelerated through 2025 and 2026.
What's Next
Kaiko will likely deploy capital toward expanding data coverage, headcount in compliance-heavy markets, and deeper integrations with the enterprise systems that S&P Global and its peers already operate. Watch for licensing or white-label data agreements announced with the round's strategic backers within the next two to three quarters.
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