SoSoValue to launch crypto indices after $15m funding

Crypto market data store SoSoValue has raised $15 million in a Series A funding round, reaching a $200 million valuation ahead of the launch of tokens and indices.

ETF tracking platform SoSoValue plans to launch a crypto spot index protocol and four wrapped tokens following a $15 million cash raise led by SmallSpark.ai and HongShan, formerly known as Sequoia China.

Called the SoSoValue Indices protocol, the crypto market data provider will allow investments through a collection of tokens issued on Base, an Ethereum scaling solution powered by crypto exchange titan Coinbase.

Four encapsulated tokens, including MAG7.SSI, MEME.SSI, DEFI.SSI, and USSI, will soon be released to provide a broad conduit to major cryptocurrency holdings for investors.

MAG7.SSI ​​will track the top seven digital assets by market cap, representing the crypto version of Wall Street’s “Magnificent 7.” Meme investors can access the top 10 meme coins by valuation through 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 soared after the U.S. Securities and Exchange Commission approved spot Bitcoin (BTC) exchange-traded funds in January 2024.

SoSoValue is noted as a crypto-native startup that records daily volume, inflows, outflows, and assets under management for spot Bitcoin ETFs. The company also introduced data and reporting pages for spot (ETH) ETFs when they launched mid-last year.