The cryptocurrency market data provider SoSoValue has secured a Series A funding round worth $15 million, propelling its estimated value to a staggering $200 million before the upcoming release of its tokens and indices.
SoSoValue’s ETF tracking system is planning to debut a crypto spot index system, along with four digital tokens, after successfully completing a $15 million funding round that was primarily headed by SmallSpark.ai and HongShan (formerly known as Sequoia China).
The SoSoValue Indices protocol, a system for providing cryptocurrency market data, enables investment using a variety of tokens issued on Base, a scalability solution for Ethereum supported by the prominent cryptocurrency exchange, Coinbase.
These four wrapping tokens – MAG7.SSI, MEME.SSI, DEFI.SSI, and USSI – are set to make their entrance, offering investors a comprehensive access point to a wide range of prominent cryptocurrencies.
Tracking the leading seven digital assets based on their market value, similar to how Wall Street’s “Magnificent 7” showcases major stocks, is what MAG7.SSI does. On the other hand, investors interested in meme coins can gain access to the top ten such cryptocurrencies ranked by valuation through MEME.SSI.
SoSoValue’s DEFI.SSI concentrates on the realm of decentralized finance, specifically the leading 10 DeFi tokens, whereas USSI follows the foremost seven cryptocurrencies employing a delta-neutral approach aimed at providing consistent returns.
As a crypto investor, I found myself drawn to a particular data provider following the U.S. Securities and Exchange Commission’s approval of spot Bitcoin (BTC) exchange-traded funds in January 2024. This development seemed to spark a surge in interest for their services among the wider community.
As an analyst, I’ve been tracking SoSoValue, a fintech startup that specializes in the crypto sphere. Daily, I monitor their volume, inflows, outflows, and assets under management, specifically for Bitcoin Spot Exchange Traded Funds (ETFs). Recently, they expanded their services to include data and reporting pages for Ethereum Spot ETFs, following their launch approximately a year ago.
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2025-01-08 19:09