Crypto market data shop SoSoValue has raised $15 million in a Series A funding round, reaching a $200 million valuation ahead of the launch of tokens and indices.
ETF tracking platform SoSoValue plans to launch a crypto spot indices protocol and four wrapped tokens following a $15 million cash raise led by SmallSpark.ai and HongShan, formerly known as Sequoia China.
Called the SoSoValue Indices protocol, the crypto market data provider will allow investments through an ensemble of tokens issued on Base, an Ethereum scaling solution backed by crypto exchange titan Coinbase.
The four packaged tokens, including MAG7.SSI, MEME.SSI, DEFI.SSI and USSI, will debut soon, providing a broad channel to major cryptocurrency assets for investors.
MAG7.SSI will track the top seven digital assets by market capitalization, representing crypto’s version of Wall Street’s “Magnificent 7.” Meme investors can access exposure to the top 10 meme coins through valuation through the MEME.SSI.
SoSoValue’s DEFI.SSI focuses on decentralized finance and the top 10 DeFi coins, while USSI tracks crypto’s seven major currencies with a delta-neutral strategy designed to deliver stable profits.
The data provider’s popularity grew after the US Securities and Exchange Commission approved spot-traded Bitcoin (BTC) funds in January 2024.
SoSoValue was listed as a crypto-native startup that recorded daily volume, inflows, outflows, and assets under management for spot Bitcoin ETFs. The company also introduced data and reporting pages for spot (ETH) ETFs when they launched around the middle of last year.
