S&P Global Backs Kaiko as Series B Reaches $110M

The notable signal here is not the round size but the identity of the backer: a major index and ratings provider attaching itself to crypto market data infrastructure. That points to a maturing thesis — that tokenized securities and on-chain markets need the same grade of reference data traditional finance already relies on, and that the incumbents would rather invest in that layer than build it. The open question is whether institutional backing of data providers translates into broader adoption of tokenized products, or simply positions these firms for a market that arrives later than the funding implies.