SoSoValue Raises $15 Million in Series A Funding Round, Plans to Launch Crypto Spot Indices Protocol

Crypto market data shop SoSoValue has secured $15 million in a Series A funding round, reaching a valuation of $200 million. This significant investment will pave the way for the launch of a crypto spot indices protocol and four wrapped tokens.

Key Features of the SoSoValue Indices Protocol

The SoSoValue Indices protocol will enable investments through an ensemble of tokens issued on Base, an Ethereum scaling solution backed by Coinbase. This development is expected to broaden the investment channels into major cryptocurrency assets for investors.

The four wrapped tokens, including MAG7.SSI, MEME.SSI, DEFI.SSI, and USSI, will soon be launched. Each token has a specific focus:

  • MAG7.SSI: Tracks the top seven digital assets by market cap, often referred to as crypto’s “Magnificent 7.”
  • MEME.SSI: Provides exposure to the top 10 meme coins by valuation, catering to meme investors.
  • DEFI.SSI: Focuses on decentralized finance and the top 10 DeFi coins.
  • USSI: Tracks crypto’s top seven currencies with a delta-neutral strategy designed to deliver stable gains.

SoSoValue’s popularity grew significantly after the U.S. Securities and Exchange Commission approved spot Bitcoin exchange-traded funds in January 2024. The company was recognized as a crypto-native startup, recording daily volume, inflows, outflows, and assets under management for spot Bitcoin ETFs.

SoSoValue also onboarded data and reporting pages for spot Ethereum ETFs upon their launch around mid-last year. This development showcases the company’s commitment to providing comprehensive data and insights to the cryptocurrency market.

For more updates on the cryptocurrency market, stay tuned to Global Crypto News for the latest news, trends, and insights.

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