Kaiko has been named a member of the Secondary action group, where market data transparency is the starting point for liquidity in tokenized wholesale markets

Kaiko, the regulated provider of data services for onchain finance, has joined the industry Taskforce supporting the UK’s Wholesale Digital Markets Champion, the initiative led by HM Treasury to build a leading tokenized wholesale financial markets ecosystem in the UK. Kaiko is a member of the Taskforce’s Secondary action group, which focuses on “secondary market liquidity, open / interoperable platforms, messaging protocols, test cross-border trading.”

Kaiko sits alongside banks, asset managers, market infrastructure providers and digital asset firms working toward a shared goal: live, end-to-end use cases for tokenized wholesale markets in the UK.

“Kaiko is proud to join the UK Wholesale Digital Markets Champion Task Force at a pivotal moment for financial markets. The UK has a unique opportunity to move tokenization from promising pilots to scalable, production-ready infrastructure. We look forward to contributing our expertise in market data, liquidity and connectivity to help build digital markets that are transparent, interoperable and trusted by institutions,” said Philippe Redaelli, Managing Director, Strategic Initiatives at Kaiko.

What the Digital Markets Champion sets out to do

Chris Woolard CBE was appointed Wholesale Digital Markets Champion in April 2026. The City of London Corporation acts as delivery partner and secretariat, working with TheCityUK, UK Finance, the Investment Association and Innovate Finance.

The Champion’s inaugural report, published in July 2026, sets out actions for industry, supported by government and UK regulators, to tokenize UK financial markets at scale. These include building secondary markets and tokenizing collateral. Over a 12-month delivery period, the initiative aims to produce a coordinated roadmap, industry standards and best practice, and to show what is possible through live use cases, including an end-to-end repo transaction onchain.

The economic case is significant. The initiative cites estimates that the tokenized real-world assets market could reach $88 trillion by 2035, and that UK implementation could add £33 billion a year to economic output and £14 billion in tax revenues by the same date.

Why liquidity starts with market data

Liquidity will be a critical determinant of whether tokenized markets can move successfully from pilot projects to institutional-scale adoption. Achieving this will require more than the digitization of existing assets: it will depend on trusted, interoperable data flows across the full market lifecycle. Data must be brought onchain to ensure reliable pricing, reference and market data into tokenized workflows, while onchain activity must be transformed into standardized information for valuation, risk management, reporting and market participants. Together, these new capabilities can support stronger price discovery, more efficient collateral management and deeper secondary-market liquidity, helping connect digital assets with the wider financial system.

As part of the Task Force Action Group 2, Kaiko will contribute its expertise in institutional-grade market data and data infrastructure to the development of practical secondary-market use cases. This includes providing access to Kaiko’s Data On-Ramp, which brings licensed and trusted offchain information such as prices, reference data and market signals into tokenized platforms and workflows. It also includes access to Kaiko’s Data Off-Ramp, which transforms onchain transactions and activity into standardized information for valuation, risk management and reporting. Kaiko’s data infrastructure is already deployed on the networks where tokenized collateral is issued, including Canton, Stellar, Hyperledger Besu and other EVM blockchains.

Building in tokenized markets and need transparent, institutional-grade market data? Get in touch with the Kaiko team.

Learn more about the initiative on the Wholesale Digital Markets Champion website and the Taskforce page.

About Kaiko
Kaiko provides institutional-grade data, regulated digital asset services, and infrastructure for onchain finance. Founded in 2014, the company supports trading, valuation, risk management, tokenized assets and onchain applications, connecting traditional and blockchain-based markets. Its clients include banks, asset managers, exchanges and leading financial institutions worldwide. For more information, visit www.kaiko.com.