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S&P Global, State Street and CPA.com Invest $15M in Lukka

UTC by Mercy Tukiya Mutanya · 3 min read
S&P Global, State Street and CPA.com Invest $15M in Lukka
Photo: Lukka

Financial data provider S&P Global, Institutional Asset Manager State Street and CPA.com, are part of a $15 million investment in blockchain data company Lukka.

Robert Materazzi, Lukka CEO, told Coindesk in an interview that the three firms participated in Lukka’s series C funding., while State Street is no stranger to blockchain, this is S&P first buy into the crypto world. For Lukka, the investment goes towards “scaling” up its financial software and data products to appeal to traditional businesses and the recent influx of institutions and individuals investing in crypto assets.

The data and software company, based in New York, was founded in 2014 and was previously known as Libra services. It prides itself in turning “blockchain data into easy-to-use information to support business operations.”

Some of their clients include Crypto Native Businesses, Traditional Financial Institutions, CPAs and Chartered Accountants, Government Agencies and Regulators and Retail. Some of their services include data-management software, data-standardization tools, and tax software.

Whatever the product or service, Lukka’s ultimate goal is to sieve through complex blockchain data and package it into information that business and individuals can use.

Materazzi says:

“It all comes down to organizing and managing this very messy crypto data. We are experts in managing incredibly high-volume crypto datasets, across tons of liquidity providers and tons of assets.”

A partnership between Lukka and S&P Dow Jones Indices, a division of S&P Global, was announced last week. S&P is set to use Lukka’s data on 550 of the top traded coins for its upcoming indices, its first cryptocurrency indices, set to be launched next year.

Such data could be of great use to new traders and traditional investors still struggling to understand crypto. It could also alleviate some of the skepticism with which coin traders treat exchange-reported numbers. This new wave of investment is Lukka’s first equity sale since the departure of founder Jake Benson in June. The first two equity rounds saw Lukka bring in $25 million.

Materazzi attributed Lukka’s success to its ability to develop high-quality crypto software that financial traditionalists can use.

The firm is already in business with over 160 active crypto funds. Prior to Series C, Lukka partnered with IHS Markit, the financial research provider that S&P is expected to buy for $44 billion. Lukka also created a crypto gains tax calculator for CPA.com last tax season. Materazzi revealed that State Street’s equity investment is as a result of commercial conversations.

These were all strategic moves by the startup to get their foot in the door to the traditional financial services industry.

Business News, Cryptocurrency news, Investors News, News
Mercy Tukiya Mutanya

Mercy Mutanya is a Tech enthusiast, Digital Marketer, Writer and IT Business Management Student. She enjoys reading, writing, doing crosswords and binge-watching her favourite TV series.

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