SoSoValue ready to launch crypto indices following $15M in funding

SoSoValue, a crypto market data platform, has successfully raised $15 million in a Series A funding round, achieving a valuation of $200 million. The funding round was led by SmallSpark.ai and HongShan, previously known as Sequoia China. The company plans to use the funds to launch a crypto spot indices protocol and four wrapped tokens, expanding its offerings to investors.

The SoSoValue Indices protocol will provide exposure to key cryptocurrency assets by offering an ensemble of tokens. These tokens will be issued on Base, an Ethereum scaling solution supported by Coinbase. The launch includes four wrapped tokens: MAG7.SSI, MEME.SSI, DEFI.SSI, and USSI, each catering to different segments of the crypto market.

• MAG7.SSI will track the top seven digital assets by market capitalization, similar to Wall Street’s “Magnificent 7” index, providing broad exposure to the leading cryptocurrencies.
• MEME.SSI focuses on the top 10 meme coins, giving investors a way to invest in this popular and often volatile segment of the crypto market.
• DEFI.SSI targets decentralized finance (DeFi), tracking the top 10 DeFi coins, reflecting the growing importance of DeFi in the cryptocurrency landscape.
• USSI employs a delta-neutral strategy to track the top seven cryptocurrencies, aiming to deliver stable returns with reduced risk.

SoSoValue’s platform gained attention following the approval of spot Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) in January 2024. The company became notable for providing daily volume tracking, inflows, outflows, and assets under management for spot Bitcoin ETFs. Following this success, SoSoValue expanded its data and reporting services to include spot Ethereum ETFs as well.

By launching these new products, SoSoValue aims to broaden its appeal among investors and traders looking for diversified exposure to the cryptocurrency market. The company’s efforts to create transparent and accessible investment options are likely to contribute to the growing interest in crypto ETFs and other financial products.