A European fintech startup that puts everyday cash to work on blockchains just raised 90 million — and its funds now hold 2.7 billion in assets, growing more than fivefold in a year. Spiko, a company with offices in London and Paris, announced on October 6 a Series B round led by New Enterprise Associates that lifts its total funding to 120 million. For regular investors, this is the clearest signal yet that tokenized cash funds — think of them as money-market funds whose ownership records live on a blockchain — are moving from crypto experiment to mainstream treasury tool.
By Priya Sharma | October 6, 2026
The Hook: Real Yield, Around the Clock
The core pitch behind Spiko is simple enough to fit on a napkin: the roughly 50 trillion of cash sitting in Europe and the United States earns next to nothing, while regulated money-market instruments pay meaningful interest. Spiko issues shares in regulated cash funds on public blockchains — the same type of infrastructure used by stablecoins and smart contracts — so businesses can park spare cash in products covering euros, U.S. dollars, British pounds and Swiss francs, and watch yield accrue without converting to crypto first.
Paul-Adrien Hyppolite, Spiko’s co-founder and CEO, described the company’s long-term objective as making cash generate yield “by default, around the clock.” Continuous hourly yield accrual is not yet available across its funds, but the company says it plans to introduce that feature as the platform develops — meaning your idle balance could earn interest every hour of every day, including weekends, instead of waiting for monthly settlement cycles.
On-Chain Evidence: The Numbers Behind the Round
The growth figures in the October 6 announcement are what turned venture capitalists’ heads:
- 90 million — the Series B amount, led by New Enterprise Associates (NEA), lifting total funding to 120 million
- 2.7 billion — assets under management across Spiko’s tokenized cash funds, after growing more than fivefold over the past twelve months
- More than 10,000 — businesses and individuals using Spiko funds directly or through integrated financial platforms, across over 25 jurisdictions
- Four currencies — euros, dollars, sterling and Swiss francs, spread across multiple public blockchains
The investor list reads like a bridge between traditional finance and crypto: Index Ventures, Bpifrance, Speedinvest, Flourish Ventures, White Star Capital, Blockwall, Frst, EQNX, Mirana Ventures and Wintermute Ventures all participated, with former Bundesbank President Axel Weber and the founders of Qonto joining as angel investors. When a former central bank president backs a blockchain-treasury startup, the Overton window has officially moved.
The Core Conflict: DeFi Promise Meets Fund-World Rules
Here is the honest tension in Spiko’s model: it is a DeFi-flavored wrapper around a very traditional product. Spiko’s flagship offerings are UCITS funds — Europe’s most tightly regulated fund category — authorized by France’s Autorité des Marchés Financiers. The original euro and U.S. dollar Treasury-bill funds launched in 2024 invested in government bills and remained subject to conventional fund regulation; the blockchain tokens are simply the share register. That regulatory moat is exactly what appealed to NEA. Philip Chopin, NEA’s Managing Director and Head of Europe, said the venture firm had examined “dozens of companies” working on parts of the same market — though his claim that Spiko has solved both the regulatory and product sides of tokenized cash management is the investor’s assessment, not an independent finding.
The trade-offs are equally real. Access can be restricted depending on jurisdiction, withdrawal options vary by product and currency — instant bank withdrawals are currently available only for certain euro-denominated products, with transfers of up to 500,000 per day supported through SEPA Instant — and other redemptions follow each fund’s standard settlement cycle. This is not the instant, permissionless world of a decentralized exchange; it is regulated finance with better plumbing.
Market Implications: The Tokenized Treasury Race Heats Up
Spiko now claims to be the world’s largest issuer of tokenized cash funds, citing RWA.xyz data, and says its combined assets rank ahead of comparable products from BlackRock and Franklin Templeton — a comparison that applies specifically to tokenized cash funds, not the giants’ total assets under management. BlackRock launched two more tokenized money-market products in August, while Franklin Templeton’s BENJI fund became available in September as off-exchange collateral for eligible Bybit institutional customers, letting fund shares support trading credit lines while sitting outside the exchange.
Spiko’s expansion was turbocharged by its work with Amundi, Europe’s largest asset manager. The Spiko Amundi Overnight Swap Fund (SAFO) launched in March with share classes in dollars, euros, pounds and Swiss francs; by July it had passed 1 billion in assets and attracted more than 6,500 users within roughly four months. The fund was extended to Solana in May, and Spiko’s earlier integration with Morpho and Société Générale-Forge allowed eligible investors to pledge fund shares as collateral to borrow stablecoins without first redeeming their money-market holdings — providing around-the-clock stablecoin liquidity.
The Verdict: Why This Matters Beyond the Venture World
For everyday investors, Spiko’s 90 million round is a preview of where yield is heading: blockchains are quietly becoming the record-keeping layer for regulated funds, and the boundary between “crypto” and “cash management” is dissolving from both sides. The new capital is earmarked for new fund launches, market expansion and hiring, with local teams planned in Germany, Italy, Spain, the Netherlands and the Nordic countries. What has not been disclosed: which products launch first, or when hourly yield accrual actually ships. If you hold stablecoins, the competitive implication is direct — tokenized cash funds are emerging as the institutional-grade alternative for money that would otherwise sit flat. If you simply hold a bank account, the longer game is that banks and fintechs integrating Spiko’s API may start passing this kind of on-chain, around-the-clock yield to you. The cash that used to earn nothing is being drafted into the workforce — and the 2.7 billion already on-chain suggests plenty of treasurers saw it first.
The cryptocurrency market remains highly volatile. This article is for informational purposes only and does not constitute financial advice.
everyone celebrating 24/7 settlement forgot the fine print on gates. if the underlying fund suspends redemption the chain does not save you, it just tells you faster
gates exist in every mmf prospectus, the chain just makes nav and redemption flow visible. visibility is an upgrade even when the gate clause survives
the gate risk is real but that fine print exists in every mmf, chain or not. what the chain adds is watching redemption health in near real time instead of finding out by friday email
the gate point is why i split across two of these funds now. chain settlement tells you faster but it does not unlock the gate, spreading the counterparty at least buys optionality
splitting across two funds is smart but both probably hold the same underlying bills. real diversification means different issuers, not different chains
2.7b aum growing 5x in a year and people still call tokenized funds a demo. the mmf use case was always the boring winner
boring winner is right. nobody apeing into a tokenized t-bill fund, thats the point. actual yield from actual assets
boring winner until a weekend nav dislocation stress tests the redemption flow. thats when we learn which tokenized funds are actually real
2.7B in tokenized money market funds growing 5x in a year while my bank pays 0.1% on deposits. the gap is just embarrassing at this point
tbh the yield comes from the underlying bills, the chain is just the ledger here. 24/7 settlement versus T+2 is the actual selling point for me
at least these are regulated funds instead of a yield farm that dies the moment an oracle misprices something. completely different risk class
the quiet stat is 5x aum growth in twelve months with zero regulatory blowups. boring until it isnt, but the track record is getting harder to hand-wave
the gate point keeps getting hand waved. 5x aum growth in a calm year tells you nothing about redemptions in a stressed one
regulated sure, but check what happens to redemptions when a fund gates mid-stress. the 24/7 part tends to only apply in calm markets
redemption gating kept me out of tokenized funds for a year. then i actually read my bank mmf terms and the same clause is buried on page 40. at least this one settles t+0 when nothing is broken
0.1% at the bank vs around the clock mmf yield on chain. that comparison does more for adoption than any marketing budget
^ exactly. one spreadsheet with 0.1% vs mmf yield converted our CFO faster than any crypto conference ever did
NEA leading a 90 million round for money market funds on chain. Two years ago this pitch got laughed out of the room. The 24/7 settlement angle is what sells it to treasuries.
24/7 is underrated. tried moving cash out of a traditional mmf on a friday evening once, took until tuesday. this settles while you sleep
hourly accrual is the sneaky big deal here. on a seven figure treasury the gap between monthly compounding and hourly actually shows up on the books
hourly accrual is what finally got our treasury committee to sign off. monthly compounding on idle cash was leaving real money on the table at our scale
hourly accrual got our board too, though the honest pitch was t+0 settlement. compound frequency is a rounding error next to liquidity access
NEA leading a 90M Series B for on-chain treasury rails says more about where institutional money is heading than any ETF flow chart
90 million raised for the plumbing layer of tokenized cash. settlement rails never trend but they print
50 trillion sitting at near zero yield while regulated tokenized funds do 5x aum growth in a year. the migration has barely started and the banks still think its a demo