Crypto market data store SoSoValue raised $15 million in a Series A funding round, reaching a valuation of $200 million ahead of a token and index launch.
ETF tracking platform SoSoValue plans to launch a spot crypto index protocol and four wrapped tokens following a $15 million fundraising round led by SmallSpark.ai and HongShan, formerly known as name Sequoia China.
Called the SoSoValue Indices protocol, the crypto market data provider will allow investing via a set of tokens issued on Base, an Ethereum scaling solution backed by crypto exchange titan Coinbase.
The four wrapped tokens, including MAG7.SSI, MEME.SSI, DEFI.SSI, and USSI, will soon debut to provide investors with a broad channel to access major cryptocurrency assets.
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 gain exposure to the top 10 meme coins by valuation via MEME.SSI.
SoSoValue’s DEFI.SSI focuses on decentralized finance and the top 10 DeFi coins, while USSI tracks the top seven crypto currencies with a delta neutral strategy designed to generate stable gains.
The data provider’s popularity increased after the United States Securities and Exchange Commission approved Bitcoin (BTC) spot exchange-traded funds in January 2024.
SoSoValue was considered a crypto-native startup recording daily volume, inflows, outflows and assets under management for spot Bitcoin ETFs. The company also integrated data and reporting pages for spot ETFs (ETH) when they launched around the middle of last year.
