Crypto Data Provider SoSoValue Raises $15 Million in Series A Funding Round

Crypto market data shop SoSoValue has secured $15 million in a Series A funding round, propelling the company to a $200 million valuation as it prepares to launch a token and indices platform.

ETF tracking platform SoSoValue has unveiled plans to introduce a crypto spot indices protocol and four wrapped tokens following a successful $15 million funding round led by SmallSpark.ai and HongShan, formerly known as Sequoia China.

The SoSoValue Indices protocol, set to launch soon, will enable investors to access a diverse range of tokens issued on Base, an Ethereum scaling solution supported by leading cryptocurrency exchange Coinbase.

Among the four wrapped tokens that will be introduced, MAG7.SSI will monitor the top seven digital assets by market cap, offering investors exposure to crypto’s equivalent of Wall Street’s “Magnificent 7.” MEME.SSI will cater to meme investors, providing exposure to the top 10 meme coins by valuation.

Additionally, DEFI.SSI will focus on decentralized finance, tracking the top 10 DeFi coins, while USSI will follow the top seven cryptocurrencies with a delta-neutral strategy aimed at delivering stable returns.

Regulatory Approval Boosts SoSoValue’s Popularity

SoSoValue has seen a surge in popularity following the approval of spot Bitcoin exchange-traded funds by the U.S. Securities and Exchange Commission in January 2024. The company, a crypto-native startup, has been actively tracking daily volume, inflows, outflows, and assets under management for spot Bitcoin ETFs.

In addition to Bitcoin ETFs, SoSoValue also provides data and reporting services for spot Ethereum ETFs, which were launched in the middle of last year.

The successful funding round and upcoming product launches mark an exciting period of growth for SoSoValue as it continues to establish itself as a prominent player in the crypto market data space.