Tokenized cash-fund provider Spiko announced a $90 million Series B on October 6 led by New Enterprise Associates, with participation from Index Ventures, Bpifrance, Speedinvest, Flourish Ventures, Wintermute Ventures and other investors. Business Wire
The round brings Spiko’s disclosed funding to approximately $120 million. The company plans to use the capital to expand into additional European markets, launch new cash-fund products and grow its operating team.
Spiko issues tokenized cash funds backed primarily by short-duration sovereign instruments and related collateral structures. The company operates under French financial-market oversight and offers products denominated in multiple currencies. Altcoin Buzz
The financing is more consequential than a routine crypto venture round because tokenized money-market and cash products are increasingly competing with stablecoins for institutional treasury balances. They offer onchain transferability while passing through yield from underlying short-duration assets rather than relying solely on issuer reserve economics.
Spiko says its funds have reached multibillion-dollar scale. Those company-reported asset figures should be evaluated against independent RWA datasets as the business expands.
TOKEN RECON ASSESSMENT
The $90 million round shows that institutional capital is funding the asset-management layer of tokenization, not only exchanges and stablecoin issuers. The strategic question is whether tokenized cash funds become collateral and settlement assets across multiple networks or remain primarily digital wrappers around conventional money-market exposure.
The next confirmation is growth in independently measured assets, cross-platform integrations and secondary transfer activity after the funding round.
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