Crypto market data provider SoSoValue has raised $15 million in a Series A funding round, a money shot that blows up its valuation on its way to $200 million. SmallSpark.ai and HongShan (formerly Sequoia China) have led the funding, which will be used to support the company’s plans to launch a crypto spot indices protocol and four wrapped tokens.
Under the new initiative, called the SoSoValue Indices protocol, investments will be made through tokens on Base, a scaling solution for Ethereum run by Coinbase. Four wrapped tokens will be introduced by the protocol, providing exposure to various important sectors of the cryptocurrency market.
MAG7.SSI is one of them: it monitors the top seven digital assets by market capitalization, a crypto rendition of Wall Street’s ‘Magnificent 7.’ MEME.SSI, to fuel the growing popularity of meme-based digital assets, will focus on the top 10 meme coins by valuation, respectively.
For people interested in decentralized finance, it will target the top 10 DeFi coins as the sector gets into the crypto ecosystem. At the same time, USSI is aimed at producing a delta-neutral strategy, betting on the top seven cryptocurrencies, and delivering stable, risk-adjusted returns.
SEC Approval Propels SoSoValue’s ETF Data Leadership
The U.S. Securities and Exchange Commission (SEC) approval of spot Bitcoin exchange-traded funds (ETFs) earlier this year in January 2024 helped accelerate the rise to prominence of SoSoValue. These ETFs turned to the company as the go-to source for data on daily trading volumes, inflows, outflows, and assets under management. In mid-2024, SoSoValue took its product across the finish line with dedicated data and reporting pages for spot ETFs that solidified its position as a reliable resource for institutional and retail investors alike.
Base is used to provide scalability and security for the launch of the new protocol, the SoSoValue Indices, simplifying access to crypto investments. Innovation by offering tokenized investment methodology, intended to draw in a diverse range of investors, from skilled players to newcomers, who are looking to explore the cryptocurrency market.
SoSoValue’s latest funding milestone and ambitious plans to become a leading digital asset force and blend robust market data with investment solutions is poised to elevate the digital asset landscape.
SoSoValue was founded as a crypto-native startup aiming to quickly establish itself as a leading player in the digital asset industry by providing exceptional market insights as well as embedding unique investment opportunities. In keeping with the company’s policy of making crypto more accessible and innovative, its upcoming token launches are set to make more waves.
