Paris-Based Crypto Market Data Provider Kaiko Raises $53M During Bear Market

Paris-Based Crypto Market Data Provider Kaiko Raises $53M During Bear Market

Despite the fact that bears are still reigning supreme on the crypto market, Kaiko raises a significant amount of money.

Kaiko, the Paris-based digital assets data provider, has reportedly cashed in $53 million in a Series B funding round, which will assist the firm in developing “its position as the global industry reference for centralized and decentralized digital assets data services," as well as boosting its infrastructure.

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

What is Cardano in Crypto? (Easily Explained!)

What is Cardano in Crypto? (Easily Explained!) What is Cardano in Crypto? (Easily Explained!)

According to the official announcement issued on June 28, the funding round was initially led by Eight Roads, a global venture capital firm backed by Fidelity and managing $8 billion of digital assets. The fundraiser also saw participation from 5 other well-known partners, including fintech investment organization Anthemis, VC Underscore, Berlin’s VC Point9, French-based VC company Alven, and a growth equity investment fund dubbed Revaia.

Nowadays, a number of big worldwide organizations are exploring the crypto ecosystem more and more, Kaiko stated in the official report. Thus, during such times, it is essential that the information which is transmitted must be transparent and reliable, the crypto exchange added:

"This new round of funding will enable Kaiko to further strengthen its institutional data products and infrastructure, reinforcing the Company as the critical source of centralized and decentralized market information."

On top of that, as mentioned in Kaiko’s statement, the current crypto bear market has caused the firm some trouble after all. The CEO of Kaiko Ambre Soubiran stated that fundraising during such troubling times is difficult, indicating that the company was “really, really under scrutiny," as it had to get "across the finish line in the middle of a minus 80% downturn."

However, it seems as though the harsh conditions in the crypto ecosystem are not stopping various organizations from funding those in need. For instance, earlier in June, crypto derivatives exchange FTX extended a $250 million loan to crypto exchange BlockFi, which will reportedly leverage such a significant amount of capital to develop its platform, as well as boost its balance sheet.

Likewise, centralized-decentralized finance (CeDeFi) crypto exchange Unizen recently collected a $200 million "capital commitment" from Global Emerging Markets (GEM), whereas Solana-based NFT marketplace Magic Eden managed to raise $130 million.

Gyth L. - Crypto Analyst

by Gyth L. - Crypto Analyst, BitDegree