Kaiko

What Kaiko does

Kaiko is an independent digital asset market data and analytics provider founded in Paris in 2014 and serving 260+ institutional clients across financial institutions, hedge funds, regulators, exchanges, and crypto-native enterprises globally. Its platform spans four product layers: Data Feeds (Reference Data, Level 1 and Level 2 market data across spot, derivatives, and lending protocols), Analytics Solutions (Best Execution, Fair Market Value, Portfolio and Risk Management, Derivatives Risk Indicators), Monitoring Solutions (Market Surveyor for manipulation detection, Market Explorer, Blockchain Monitoring for AML/CFT), and Kaiko Data Infrastructure (Data On-Ramp, Data Off-Ramp, and Data Lifecycle Apps for on-chain delivery). The technology stack is anchored by direct licensing with 100+ centralized and decentralized exchanges and covers 200+ exchanges, 20+ blockchains, and 20,000+ digital assets, with APIs and gRPC streaming backed by historical data to 2010. Kaiko Indices operates as a BMR-compliant benchmark administrator publishing reference rates across crypto, equity, fixed income, commodities, FX, and real estate; recent extensions include tokenized benchmarks (e.g., the iBoxx U.S. Treasuries Index on Canton Network) and on-chain oracle infrastructure.

The company monetizes primarily through enterprise subscription licensing for data access, with annual CPI-based price escalators and non-exclusive worldwide rights for internal use, supplemented by usage-based oracle fees (pay-per-request/validation), custom index and calculation agent services, and bespoke data licensing for tokenized asset workflows. Go-to-market is enterprise direct sales via global offices in Paris, New York, Singapore, and the UK, supported by flagship thought-leadership channels including The Agora institutional forum, research publications, and co-development partnerships with Bloomberg, S&P Dow Jones Indices, 21shares, MerQube, and Murex. Distribution is reinforced through Bloomberg Terminal (ticker KKMD) and Deutsche Börse Market Data + Services. Five completed acquisitions (Kesitys 2022, Vinter 2024, Cometh May 2026, Amberdata June 2026, plus one additional per company commentary) have expanded capabilities in quantitative analytics, regulated DeFi infrastructure (including MiCA/CASP licensing via Cometh), and AI-enabled derivatives analytics. Kaiko has raised approximately $76.5M in venture funding across Seed, Series A ($24M, 2021), and Series B ($52M, 2022), with CEO Ambre Soubiran remaining majority shareholder.

Name

Kaiko

Legal name

Kaiko (d/b/a KAIKO)

Website

https://kaiko.com

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

51–100 employees

Short description

Kaiko is an independent digital asset market data and analytics provider serving 260+ institutional clients globally with regulated reference rates, on-chain oracle infrastructure, and analytics products across 200+ exchanges and 20,000+ digital assets.

Ownership category

akta.pro rank

Product category

Digital Asset Market Data and Analytics

NAICS

Securities and Commodity Exchanges (523210), Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (518210), Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (518), Securities and Commodity Exchanges (5232)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211), Asset-Backed Securities (6189)

akta.pro industry

PRIMARYFSAPAIAD

Tokenized Securities & Capital Markets Infrastructure (equities, bonds, funds, ATS/MTF connectivity)

Financial & Insurance/Blockchain & Web3/Enterprise Blockchain & Tokenization (permissioned networks, RWA tokenization)

SECONDARYFSAPAIAC

RWA Tokenization Platforms (asset onboarding, structuring, issuance)

Financial & Insurance/Blockchain & Web3/Enterprise Blockchain & Tokenization (permissioned networks, RWA tokenization)

SECONDARYFSAPAIAH

Compliance, Risk & RegTech for Tokenized Assets (KYC/AML, sanctions, travel rule, reporting)

Financial & Insurance/Blockchain & Web3/Enterprise Blockchain & Tokenization (permissioned networks, RWA tokenization)

SECONDARYFSAFANAO

Digital Asset/Crypto Trade Execution Platforms

Financial & Insurance/Financial Exchanges & Market Infrastructure/Trade Execution Platforms

Keywords

• Crypto market data
• Digital asset analytics
• Reference rates indices
• Blockchain oracle services
• Institutional data infrastructure

Headquarters

HQ city

Paris

HQ country

France

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Infrastructure, Marketing or Sales, Operations

Revenue model

1. Enterprise Data Licensing: Kaiko licenses proprietary data products for digital assets under an enterprise subscription model. Clients pay fees for data access including maintenance and connectivity fees, with annual CPI-based price adjustments. The license grants non-exclusive, non-transferable, worldwide access for internal business purposes including derived works for internal use and de minimis customer-facing display.
2. Oracle Services: Request-response oracle enabling users to request licensed market data on demand, and pull oracle enabling publication of real-time market data from off-chain APIs to blockchain. Oracle service fees structured as marginal pay-per-use fees charged per request or per validation process.
3. Custom Indices and Calculation Agent Services: Fully customizable rates and indices tailored to specific client needs, from methodology design to calculation and administration, partnered with industry leaders for specialized index solutions.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Kaiko provides institutional-grade digital asset market data feeds, analytics, monitoring, indices, and blockchain oracle infrastructure. Its products cover 200+ exchanges, 20+ blockchains, and 20,000+ digital assets, delivered through APIs, gRPC streaming, oracles, and terminals under an enterprise subscription licensing model with direct source licensing from 100+ centralized and decentralized exchanges.

Product overview

Kaiko is a crypto market data and analytics platform offering a multi-module architecture consisting of Data Feeds (Reference Data, Level 1 & Level 2 Data), Analytics Solutions (Kaiko Best Execution, Fair Market Value, Portfolio & Risk Management, Derivatives Risk Indicators), Monitoring Solutions (Market Surveyor, Market Explorer, Blockchain Monitoring), and Kaiko Data Infrastructure (Data On-Ramp, Data Off-Ramp, Data Lifecycle Apps). Kaiko Indices delivers BMR-compliant reference rates and custom indices across crypto, equity, fixed income, commodities, FX, and real estate. Recent acquisitions include Amberdata (derivatives analytics) and Cometh (DeFi infrastructure/MiCA-licensed). The platform serves 200+ enterprise clients with data covering 200+ exchanges, 20+ blockchains, and 20,000+ digital assets.

Differentiator

Problem solved

Functional benefit

Brands

• Kaiko Indices: Enterprise-grade BMR-registered benchmark administrator providing crypto indices and reference rates for institutional financial products.
• Kaiko Data Services (On-Chain)
• Kaiko Stream

Products and services

• Reference Data Crypto asset reference data including identifiers, supply metrics, and derivative specifications for institutional clients.
• Level 1 & Level 2 Data Market data feeds for CeFi and DeFi ecosystems covering spot, derivatives, and lending protocols with high granularity.
• Kaiko Best Execution Market-representative execution benchmark ideal for reporting and demonstrating execution efficiency to clients.
• Kaiko Fair Market Value Accurately values digital assets to meet fair value standards and regulatory requirements for custodians and financial institutions.
• Kaiko Portfolio & Risk Management Analyzes and reports portfolio performance and measures potential investment losses for institutional portfolios.
• Kaiko Derivatives Risk Indicators Forecasts market volatility with implied volatility models and real-time contract-level derivatives data including trading volume, open interest, funding rates, and options Greeks.
• Kaiko Market Surveyor Ensures market integrity with automated monitoring and alerts to detect potential market manipulation.
• Kaiko Market Explorer Assesses the global crypto market via API, including trading volumes, market depth, token metrics, and both on-chain and off-chain transaction data.
• Kaiko Blockchain Monitoring Meets AML compliance requirements with KYC, KYT, and source of wealth checks, plus crypto network analysis of token supply, decentralization, and mining dynamics.
• Kaiko Data Services Institutional-grade centralized oracle services bringing capital markets on-chain and powering the next generation of financial markets.
• Kaiko Data On-Ramp Enables off-chain data providers to distribute various data products on-chain, powering use cases like NAV calculations and mark-to-market accounting for crypto or FX collateral. Supports IP protection and licensing compliance.
• Kaiko Data Off-Ramp Enables network participants and dApp builders to connect on-chain activity with off-chain facilities and systems for reporting, business intelligence, and auditing.
• Kaiko Data Lifecycle Apps Custom-built apps enabling businesses to digitize complex multi-party workflows requiring secure data sharing and private coordination with authorized partners on distributed networks.
• Kaiko Reference Rates Enterprise-grade BMR-compliant reference rates covering crypto, equity, fixed income, commodities, FX, and real estate asset classes. Published 24/7 via oracle or API delivery.
• Custom Rates & Indices Fully customizable rates and indices tailored to specific client needs, from methodology design to calculation and administration.
• Amberdata Digital asset data provider offering derivatives analytics, on-chain data, and AI-powered market intelligence tools, serving major hedge funds, asset managers, banks, and exchanges.
• Cometh MiCA/CASP-licensed European DeFi infrastructure provider specializing in smart contract wallets, account abstraction, and cross-chain integrations with Layer 2 deployment expertise.

Quantifiable outcome

• Stablecoins captured 83.03% of USD-denominated crypto spot trading volume as of late-March 2026
• +5 more outcomes

Named customers8 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

AI capability4 records

Feature6 records

Partnerships

Eight partnerships are on record, tiered core, flagship and minor.

• 21sharescoreStrategic or Co-development Partner · 30 April 202621shares transitioned its index provider for European single-asset crypto product suite to Kaiko Indices. Partnership enables 21shares to leverage Kaiko's deep data expertise for emerging protocols and fragmented crypto markets, enhancing pricing accuracy for institutional-grade products.
• S&P Dow Jones IndicesflagshipStrategic or Co-development Partner · 31 March 2026Collaboration to tokenize the iBoxx U.S. Treasuries Index on Canton Network - the first major financial benchmark available as a native digital asset with embedded licensing, distribution, and permissioning. S&P DJI retains full control over index distribution while Kaiko provides the infrastructure for on-chain delivery.
• BloombergflagshipStrategic or Co-development Partner · 26 February 2026Joint initiative to provide Bloomberg's Data License offerings on-chain via Kaiko's infrastructure, initially targeting tokenized U.S. Treasuries and repo workflows on Canton Network. Collaboration aims to address persistent data inconsistency issues in tokenized asset ecosystems.
• Markets.xyzcoreTechnology or IntegrationKaiko provides commodity pricing data powering Markets.xyz's 24/7 oil trading platform. Kaiko's data enables real-time price discovery during weekends and geopolitical crises when traditional exchanges are closed.
• MurexcoreTechnology or IntegrationTechnology partnership with Murex to integrate digital asset data into existing cross-asset infrastructure for financial institutions. Murex highlighted Kaiko as a key data partner in the digital assets integration space.
• dFusion AI LabsminorStrategic or Co-development PartnerPartnership to develop emotionally intelligent AI agents by integrating Kaiko's EQ+ platform with dFusion's privacy-conscious data layer to enhance AI's emotional awareness and response accuracy.
• Adan (Association for the Development of Digital Assets)coreStrategic or Co-development PartnerKaiko, a founding member of Adan, re-engaged as a full member to advance digital asset markets in France and Europe. Adan brings together 100+ professionals including Societe Generale Forge, BPCE, CACEIS, Bitpanda, and others to shape regulation and promote industry growth.
• MerQubecoreStrategic or Co-development PartnerJoint research partnership producing 'Measuring Risk in Crypto Options' report analyzing tail risk divergence between IBIT and Deribit options markets. Report highlights IBIT's unprecedented adoption with open interest peaking at $53.3bn.

Scale indicators11 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Coin Metrics: Coin Metrics is the closest direct competitor — both offer institutional-grade crypto market data, network analytics, and reference rates. Both serve hedge funds, asset managers, and exchanges with comparable pricing models and product depth, making the head-to-head battle most acute on indices and on-chain data.
• Glassnode: Glassnode competes directly with Kaiko's on-chain analytics and digital asset market intelligence, serving institutional traders and research desks with similar derivatives risk and on-chain metrics. The two are frequently benchmarked together for institutional crypto data subscriptions.
• Chainalysis: Chainalysis overlaps with Kaiko's Blockchain Monitoring product for AML/KYT compliance and regulator-facing market surveillance. Both serve government, regulator, and institutional compliance segments with blockchain analytics infrastructure.
• CryptoCompare (CCData): CCData operates a competing digital asset data platform with reference rates, indices, and institutional-grade market data covering similar exchange and asset universes. The companies compete directly for ETP issuer and institutional benchmarking mandates.

Emerging players

• Messari: Messari provides crypto research and data, including free and paid intelligence products. While positioned more toward research and ratings than raw market data, it competes for institutional budget allocations and increasingly offers indices.
• CoinGecko: CoinGecko is a leading consumer-focused crypto data platform with broad exchange and asset coverage. While not competing in Kaiko's institutional segment directly, it sets the floor for what 'free' crypto data looks like and constrains Kaiko's expansion into retail/mid-market tiers.
• The Tie: The Tie provides institutional crypto market data, derivatives analytics, and news/sentiment signals. It overlaps with Kaiko's analytics modules and serves a similar institutional hedge fund and trading desk segment, though at a smaller scale.

Broad incumbents

• Bloomberg L.P. Bloomberg is both a partner and broad incumbent competitor — its Terminal and Data License products dominate institutional financial data distribution. Bloomberg increasingly bundles crypto data and could expand its own digital asset coverage, pressuring Kaiko's positioning.
• S&P Global Market Intelligence: S&P Global (parent of S&P Dow Jones Indices, Kaiko's flagship partner) is a broad incumbent in financial data and indices. While collaborating on the iBoxx tokenization, S&P could internalize crypto data/indices capabilities over time, making it both enabler and potential competitor.
• LSEG (Refinitiv): London Stock Exchange Group / Refinitiv operates one of the largest institutional financial data and analytics platforms globally and has been expanding digital asset coverage. It competes for the same institutional data budget that Kaiko targets, particularly among banks and asset managers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/kaikodata

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries3 records

Funding overview

Funding rounds5 records

Investors21 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Kaiko