SoSoValue to launch crypto indices after $15m funding
Crypto market data shop SoSoValue has raised $15 million in a Series A funding round, reaching a $200 million valuation ahead of a token and indices launch.
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, previously 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 wrapped tokens, including MAG7.SSI, MEME.SSI, DEFI.SSI, and USSI, will soon debut to provide a broad channel into major cryptocurrency assets for investors.
MAG7.SSI will track the top seven digital assets by market cap, representing crypto’s version of Wall Street’s “Magnificent 7.” Meme investors can access exposure to the top 10 meme coins by valuation through the MEME.SSI.
SoSoValue’s DEFI.SSI focuses on decentralized finance and the top 10 DeFi coins, while USSI tracks crypto’s top seven currencies with a delta-neutral strategy designed to deliver stable gains.
The data provider’s popularity grew after the U.S. Securities and Exchange Commission approved spot Bitcoin (BTC) exchange-traded funds in January 2024.
SoSoValue was noted as a crypto-native startup recording daily volume, inflows, outflows, and assets under management for spot Bitcoin ETFs. The company also onboarded data and reporting pages for spot (ETH) ETFs upon their launch around mid-last year.
