Kaiko Buys Amberdata and Cometh to Push Beyond Crypto Market Data
Louis Tellier
June 08, 2026
Acquisition spree: Last Tuesday, digital asset data and infrastructure firm Kaiko announced the acquisition of Amberdata, a leading U.S.-based data provider. The deal came just two weeks after Kaiko acquired Cometh, a MiCA/CASP-licensed European DeFi infrastructure provider.
Why it matters: The acquisitions expand Kaiko’s geographic footprint and deepen its technical capabilities, but in different ways. Amberdata gives Kaiko a major foothold in the U.S., brings its combined client base to more than 260 institutional clients, and strengthens its market data, derivatives analytics, onchain data, and market intelligence offering. Cometh, by contrast, was already a technology partner to Kaiko, but the acquisition brings its smart-contract engineering, onchain execution capabilities, and MiCA-regulated infrastructure fully in-house.
Business expansion: Together, the deals help Kaiko move beyond the crypto market data products that have historically defined its offering. Founded in 2014, Kaiko first built its business around collecting and structuring crypto market data for traders, banks, asset managers, brokers, and regulators. It later expanded into indices and benchmark-regulated pricing for ETFs, ETPs, derivatives, and other financial products, a segment where the company says it works with a majority of European ETP issuers.
Next frontier: More recently, driven by the growth of tokenized assets and institutional participation in onchain markets, Kaiko has been building out a third pillar around data infrastructure. The goal is to bring traditional financial data onchain and extract blockchain data back into institutional systems, targeting a market Kaiko views as significantly larger than the market for crypto-native asset data.
“We started by building infrastructure and expertise around crypto market data. That foundation now positions us to expand into tokenized assets, where the opportunity is significantly larger. While the crypto market represents roughly $2-3 trillion today, the addressable market for tokenized traditional assets is expected to exceed $200 trillion,” Elodie de Marchi-Chouard, Kaiko’s Chief Operating Officer, told Blockstories.
Market validation: Early signs of this transition have emerged throughout the year. In February, Kaiko partnered with Bloomberg to make licensed financial data directly accessible onchain, while preserving entitlement checks, licensing, and compliance.
From feeds to assets: A similar announcement followed in March, when Kaiko collaborated with S&P Dow Jones Indices to bring the iBoxx U.S. Treasuries Index onchain. Unlike a traditional index feed distributed through a platform, the index was tokenized as a native digital asset, allowing licensed product issuers to access benchmark data directly through the token, with distribution, licensing, and permissioning embedded into the asset itself. According to Kaiko, this points to a broader shift in how financial data will be distributed and consumed in tokenized markets.
"With tokenization, data is no longer accessed solely through platforms but can be embedded directly into a token, as with tokenized indices, or delivered directly onchain, as Bloomberg is now doing via Kaiko, which requires technical capabilities that Cometh brings to us," added de Marchi-Chouard.
Cristiano Ventricelli is Vice President of Decentralized Finance and Digital Assets at Moody’s Ratings. In March, the credit rating agency became the first to deliver credit insights onchain through its Token Integration Engine (TIE).
How does tokenization change the way asset data is structured, accessed, and used?
In traditional financial markets, data often sits in separate systems: credit insights, legal documents, ownership records, pricing, settlement instructions, and compliance information are usually managed through different channels. Tokenization changes this model by making it possible to embed data directly into the asset itself, allowing it to move seamlessly across networks, venues, and counterparties.
This does not mean that all information should be public or stored directly onchain. Much institutional data will remain permissioned or off-chain. What matters is that relevant data is reliable, machine-readable, standardized, updatable, and available to the right parties within digital workflows.
With the Token Integration Engine (TIE), our approach is not to hard-code static ratings into tokens. Because credit ratings evolve over time, we aim to connect tokenized assets to credit insights that can be governed, updated, and consumed within digital workflows. This enables credit information to be seamlessly integrated into processes such as investment screening, collateral management, compliance, settlement, and risk monitoring.
Timm Reinsdorf is CEO and Co-Founder of Particula, a German digital asset risk intelligence firm. In 2025, the company launched its Digital Asset Risk Passport (PDARP), enabling risk ratings and alerts to be published onchain.
From a data perspective, what is still missing today to support the development and broader adoption of tokenized assets?
The most pressing gap is standardization. There is no universal taxonomy for tokenized asset data, and risk metrics, asset classifications, and disclosure formats vary widely across issuers and platforms, making institutional-grade due diligence at scale extremely difficult.
There is also a structural shortage of trusted, independent data validation. Much of what is available today is either self-reported by issuers, with obvious conflicts of interest, or produced by automated models that process onchain metrics without the broader context needed to truly understand an asset: its legal structure, the issuer's credibility, its regulatory standing, or the operational risks that do not show up in transaction data alone, yet are often decisive for institutional investors.
Beyond data quality, the "last mile" problem of reliably linking onchain records to off-chain legal and operational realities remains largely unsolved. And across the board, compliance-related information such as investor eligibility, KYC/AML status, and jurisdictional restrictions still travels separately from the assets themselves, creating friction that directly suppresses secondary market liquidity.