S&P Global Leads Strategic Investment in Kaiko, Extending Series B to $110M

Traditional exchange and bank participation in crypto data infrastructure signals that institutional demand is shifting from speculative exposure toward the plumbing that makes markets legible and auditable. Kaiko sits in a sensitive spot: its benchmarks and reference data increasingly underpin products and risk models at regulated firms, so ownership by venues and banks raises questions about governance and conflicts of interest. Whether that concentration of strategic backers accelerates standardisation or invites scrutiny over impartiality is the open question.