Kaiko

Kaiko is a Paris-based independent provider of institutional-grade cryptocurrency market data, benchmarks, and on-chain data infrastructure, and has operated in the space since 2014. The company is led by CEO Ambre Soubiran, who acquired Kaiko in 2016 after a financial markets career at HSBC and has built it into a data vendor that serves 200+ enterprise clients including banks, asset managers, crypto exchanges, and regulators. Market data is distributed through Kaiko's own API and streaming infrastructure, and also through LSEG Workspace and DataScope, bringing crypto market data directly into the terminals and systems already used by traditional finance institutions. The company has raised 82.5 million USD across multiple funding rounds including a 24 million USD Series A in June 2021 led by Anthemis Group and Underscore VC. Kaiko holds SOC 2 Type II and SOC 1 certifications, EU Benchmark Regulation authorization through Kaiko Indices, a MiCA/CASP license (AMF No. A2025-008) acquired through its early-2026 purchase of Cometh, and ISO 27001:2022 certification also via Cometh. This makes Kaiko one of the most comprehensively credentialed data providers operating in digital assets. The core business is aggregating, normalizing, and distributing market data at institutional quality. Kaiko connects to 100+ centralized and decentralized exchanges and protocols, collects raw tick-level market activity, normalizes it across venues, and delivers it through four channels: Stream via gRPC for real-time tick-level data with 72-hour replay; REST API for historical data reaching back to 2010; Cloud Delivery distributing CSV files through AWS, Azure, and Google Cloud Platform with Snowflake and BigQuery data warehouse integrations; and On-Chain deployment pushing verified reference rates directly to smart contracts. The product suite divides into four pillars. Data Feeds provide Level 1 and Level 2 market data for both CeFi and DeFi ecosystems, covering spot markets, derivatives including futures options and perpetuals, and lending protocols. Data types include tick-level trades, order book snapshots, OHLCV candles, VWAP calculations, market depth, bid-ask spreads, price slippage estimates, implied volatility surfaces, funding rates, options Greeks, open interest, and liquidation events, alongside reference data covering asset identifiers, exchange codes, instrument mappings, and contract specifications. Analytics tools deliver Best Execution Pricing benchmarks for post-trade reporting to demonstrate execution quality, Fair Market Value Pricing enabling institutions to mark digital asset holdings to IFRS-compliant standards, Portfolio and Risk Management tools for quantifying potential losses, and Derivatives Risk Indicators providing implied volatility models with real-time data on volume, open interest, funding rates, and options Greeks. Monitoring products include Market Surveyor for automated surveillance with manipulation alerts, Market Explorer providing a global market view combining on-chain and off-chain transaction data, and Blockchain Monitoring addressing AML and CFT requirements with KYC, know-your-transaction checks, source-of-wealth analysis, and crypto network graph analysis. Kaiko Indices is the BMR-authorized benchmark arm. Its flagship Kaiko 10 Index is a rules-based multi-asset benchmark tracking the top 10 digital assets by liquidity and market capitalization, designed for fund benchmarking and financial product settlement. Custom reference rates and index calculation agent services are also available for institutions needing tailored benchmarks or licensing arrangements. The data infrastructure division bridges traditional data feeds with blockchain-native deployment through three products. Data On-Ramp is Kaiko's oracle service pushing institutional-grade reference rates on-chain to support smart contracts that require compliant and auditable pricing for tokenized indices, NAV calculations, structured products, and derivatives settlement. Current chain coverage spans Arbitrum, Ethereum, Hyperliquid, Canton, Hyperledger Besu, and any EVM-compatible environment, with non-EVM chains supported on request. Data Off-Ramp extracts on-chain activity and integrates it into traditional financial system workflows. Data Lifecycle Apps manages the provenance and complete lifecycle of data on-chain. The 2026 Cometh acquisition added engineering depth in smart contract wallets and account abstraction, MiCA/CASP regulatory authorization, and ISO 27001:2022 security certification, positioning the combined entity as the only independent MiCA-regulated end-to-end digital asset data infrastructure provider. Kaiko has no native token. It is a B2B data and infrastructure business; revenue comes from institutional data subscriptions, API access agreements, index licensing fees, and on-chain infrastructure contracts. The Kaiko 10 Index tracks ten leading digital assets but Kaiko itself does not issue or manage any tokenized product. The company's Solana connection operates at the data coverage layer. Kaiko added Solana to its on-chain data coverage in 2025, tracking Solana-native DeFi protocols including Raydium and Orca alongside other Solana DEX venues. This means Solana trading activity including liquidity events, token reserves, swap volumes, and price discovery feeds into the same normalized infrastructure Kaiko delivers to institutional clients for CeFi venues. For Solana ecosystem participants, Kaiko represents a route to institutional-grade data visibility: protocols and token issuers tracked by Kaiko gain inclusion in the datasets used by banks, asset managers, and regulators for valuation, surveillance, and compliance work. LSEG distribution extends this visibility into the terminals and data systems of traditional finance firms evaluating Solana-based assets. Oracle infrastructure today targets EVM-compatible chains but non-EVM support is available on request, keeping Solana-native oracle deployment viable for institutional clients with specific needs.