Crypto data platform SoSoValue raises $15 million in new funding to launch multi-coin indices
Summary
Growth in the number of mom and pop investors plowing their money into spot crypto exchange-traded funds, or ETFs, has created a mini-boom of companies that cater to them. The Singapore-based startup announced today that it has raised an additional $15 million in funding led by Hongshan, SmallSpark, Mirana Ventures, and Safepal. Lo acknowledged the competition and said that SoSoValue works directly with crypto exchanges, rather than third-party data providers which often delay information sharing, to supply users with the most current data.Lo says the company plans to use the new funding to continue rolling out new investment products as part of its so-called SoSoValue Indices Protocol. Similar to the S&P 500, each index lets investors gain exposure to a basket of cryptocurrencies at their spot or current market price. SoSoValue charges token holders a 0.01% service fee every 24 hours and plans to introduce more indices in the coming year.