Kaiko, a cryptocurrency market data provider, announced on Wednesday it had closed a $24 million Series A funding round led by Anthemis and Underscore VC, global financial services investors. According to the press release, Point Nine, Alven, and Hashkey Capital also joined the round.
As part of the Series A funding round, Sean Park, the Founder of Anthemis, will be joining Kaiko’s board, the crypto data firm stated. With the announcement, the company aims to accelerate its expansion into North American and Asian markets, as it coincided with the launch of Kaiko Stream, a data service designed to connect institutional market participants with crypto data feeds.
“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 firm noted.
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Moreover, Richard Dulude, the Founder of Underscore VC, will also join Kaiko’s board. “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,” Ambre Soubiran, Kaiko’s Founder, commented on the funding round.
Bolstering Hirings in Different Areas
Additionally, the crypto data firm stated that they are expecting to hire more workforce in the areas of product, institutional sales, business development and engineering.
Early this year, Object Management Group (OMG) tapped Kaiko as the certified provider of Financial Instruments Global Identifier (FIGI) that will standardize the crypto assets in the data market. Additionally, Bloomberg was a party in the partnership as a registration agent.
FIGI issues open standard unique identifiers for financial instruments, reducing confusion with several financial market data providers.