Kaiko’s Series B extension to $110 million, led by S&P Global and joined by a broad roster of financial and crypto-aligned investors, signals a strategic push into on-chain data and tokenized market infrastructure.

The round funds both Kaiko’s core data operations and its broader infrastructure services for tokenized financial markets, reinforcing Wall Street’s interest in tokenized assets as ongoing infrastructure rather than a passing trend.

An industry working group co-chaired by Kaiko will focus on the data and infrastructure needed to bring tokenized products into production, highlighting a collaborative path toward standardized, regulator-ready systems.

Market observers see the funding as evidence that Wall Street intends to build and scale tokenized markets, not merely experiment with them.

Regulators are turning up activity around 24-hour trading, with the SEC planning a roundtable aimed at assessing readiness, safeguards, and potential expansion to around-the-clock trading for U.S. equities.

The roundtable discussion will address market resilience, investor protection, and how tokenized assets could enable continuous trading and near-instant settlement.

The broader goal is to move tokenized Treasury bills, money market funds, equities, and bonds into production-scale markets, with data quality, regulatory controls, and operational reliability as key hurdles.

Regulators have issued warnings as some exchanges sell stock-based products, including perpetual futures, underscoring ongoing regulatory risk as crypto-enabled products expand.

Expanded crypto products prompt continued regulatory scrutiny into investor risk, particularly around stocks and perpetual futures on exchanges.

The piece references multiple official milestones and press releases to illustrate the evolution of digital asset market infrastructure and on-chain data ecosystems.

There is growing industry activity around tokenized markets, with collaborations among major financial institutions and infrastructure providers spanning bonds, equities, and government assets.