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. Among the businesses are research platforms seeking to provide investors with real-time data to track their crypto holdings.
SoSoValue is one such company that seeks to provide users with comprehensive crypto market data. The Singapore-based startup announced today that it has raised an additional $15 million in funding led by Hongshan, SmallSpark, Mirana Ventures, and Safepal. The round values the company at $200 million and brings its total funding raised to nearly $20 million.
Jessie Lo, May Wang, and Jivvva Kwan co-founded SoSoValue in 2023 after experiencing the challenges associated with crypto investing for traditional finance investors.
“When the three of us got together, we realized there’s a huge gap in making crypto easy to understand for investors, and there’s even less ways to onboard into crypto investing,” Lo told Fortune in a recent interview.
SoSoValue’s dashboard lets users access a range of information including real-time crypto prices, an AI-curated news feed, and interactive charts. But the platform is best-known for its comprehensive ETF data that tracks daily inflows and outflows.
SoSoValue is not the only company that aggregates crypto market data. CoinGlass and CoinMarketCap are other tools for crypto investors. 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. The protocol uses smart contracts to automatically purchase digital assets and package them into wrapped tokens—a type of cryptocurrency that maintains the value of another cryptocurrency that exists on a different blockchain.
SoSoValue opened four initial indices to investors in late December. Similar to the S&P 500, each index lets investors gain exposure to a basket of cryptocurrencies at their spot or current market price. For example, one token known as MEME.ssi tracks the top 10 memecoins by market cap, allowing investors to make or lose money based on their price movements without owning the tokens directly. SoSoValue charges token holders a 0.01% service fee every 24 hours and plans to introduce more indices in the coming year. However, none are yet available in the United States.
“For ordinary investors, the best approach is index investing. We believe the best solution for everyday investors is a spot-based index that automatically rebalances—as a stress-free, market-tracking investment option,” Kwan said in a statement.
