Kaiko, the Paris-based digital-asset market data provider, has raised $110 million in a new funding round, The Paypers reported.

The round marks one of the larger capital raises this year for a company in the crypto market-data segment. Kaiko aggregates trading data from centralized exchanges and other venues, selling that information to institutional clients including banks, trading firms and index providers.

What does the raise signal?

The $110 million figure points to continued investor appetite for infrastructure businesses that sit adjacent to trading rather than in it. Market-data firms carry a different risk profile from exchanges or token issuers: revenue depends on subscription contracts with institutional customers, not on trading volume or token appreciation.

For Kaiko, the fresh capital funds operations at a moment when institutional demand for verified, consolidated crypto pricing data is rising. Asset managers launching ETFs and tokenized products need reference prices they can defend to auditors and regulators, and that requirement has pushed data vendors toward the center of the market structure.

Why does consolidated data matter now?

Crypto trades fragment across dozens of venues, with no consolidated tape equivalent to the one that serves US equities. Firms such as Kaiko fill that gap by normalizing order-book and trade data across exchanges into a single feed.

That position becomes more valuable as regulators tighten market-structure rules. The European Union's MiCA framework, which took full effect for crypto-asset service providers in December 2024, increases compliance demands on licensed firms, and verified pricing data forms part of that compliance stack.

What comes next

The company has not disclosed the round's lead investors or its post-money valuation in the initial announcement. Further detail on allocation — whether the round included strategic backers such as exchanges or financial-data incumbents — would clarify how Kaiko intends to deploy the capital.

The raise gives Kaiko runway to expand coverage and product depth as institutional crypto adoption accelerates through 2025.