The BeInCrypto Institutional 100—a yearly, research-based program that highlights top companies in the digital asset space—includes a category for the best on-chain finance infrastructure. This program evaluates excellence across 26 categories and six key areas.
I’m keeping a close eye on a group of fifteen companies working on tokenization and on-chain finance – it’s a really exciting area. They’re all listed alphabetically, so there’s no ranking yet. The organizers will narrow it down to a shortlist in May 2026, and then announce the winner at a conference in Paris in June 2026. I’m looking forward to seeing who comes out on top!
Key Facts
- Long list: 15 firms across embedded wallets, bank-grade settlement, oracle middleware, interoperability protocols, developer platforms, programmable key management, payments APIs, staking infrastructure, and financial OS platforms
- Initial pool: More than 25 firms screened; 15 advanced to the long list
- Order: Listed alphabetically, not ranked
- Scoring: 50% quantitative data · 50% Expert Council
- Criteria assessed: Institutional client roster, regulatory licensure, on-chain scale, security record, capital backing, regulated partnerships, governance maturity, innovation signal
- Boundary scope: Custody, stablecoin issuance, tokenization platforms, and pure DeFi protocols are evaluated in separate categories
| Firm / Flagship Product | HQ & Listing | Reach | Infrastructure Layer | Representative Work |
|---|---|---|---|---|
| Alchemy — Supernode, Smart Wallets, x402 | San Francisco, USA
Private |
$10.2B last priced valuation
$105B+ annualized on-chain transaction value |
Blockchain developer platform
Supernode, Smart Wallets, RaaS, NFT/Token APIs, stablecoin orchestration |
AI Agent x402 standard launched in Mar 2026
Sooho.io Asia stablecoin infrastructure partnership announced in Nov 2025 |
| Apex Group — Apex Digital 3.0, Tokeny | Bermuda
Private; $3T+ AUA |
13,000+ professionals across 50+ jurisdictions
Tokeny has $32B+ RWAs tokenized via ERC-3643 |
Institutional financial OS
Fund administration, custody, tokenization, and ERC-3643 infrastructure |
Apex Digital 3.0 launched in Jul 2025
SkyBridge $300M tokenization on Avalanche announced in Aug 2025 |
| BitGo — Bank & Trust, Go Network, USD1 | Sioux Falls / Palo Alto
NYSE: BTGO |
Assets on platform: $63B
Assets staked: $11.8B |
Federally chartered digital asset infrastructure
Go Network settlement and Mint and Burn Center |
Derivatives offering launched in Q1 2026 with $3B notional volume
HYPE custody and staking added in May 2026 |
| Blockdaemon — Builder Vault, Earn Stack | United States
Private |
$110B+ digital assets secured
400+ institutions; 60+ protocols supported |
Institutional Web3 gateway
Staking, validators, RPC nodes, and self-hosted MPC wallet |
Taurus partnership announced in Feb 2026 for banking custody
Earn Stack staking-as-a-service launched in Jun 2025 |
| Chainlink — CCIP, Data Feeds, CRE | Cayman Islands / Global
LINK publicly traded |
CCIP processed $18B+ Q1 2026 cross-chain volume
$30T+ cumulative transaction value enabled |
Oracle and cross-chain interoperability platform
CCIP, Data Streams, Proof of Reserves, CRE |
SWIFT integration went live in Nov 2025
Sibos 2025 corporate-actions work involved 24 institutions |
| Fnality — £FnPS, EUR/USD expansion | London, UK
Private; UK FMI |
$136M Series C in Sep 2025
£FnPS live since Dec 2023 |
Bank-led wholesale on-chain payment system
Central-bank-money-backed DLT settlement |
Series C led by BofA, Citi, WisdomTree, KBC, Temasek, and Tradeweb
Broadridge intraday repo collaboration announced in Mar 2026 |
| Hyperlane — ISMs, Warp Routes | United States
Private; HYPER publicly traded |
150+ chains supported
10,000+ cross-chain messages validated daily |
Permissionless cross-chain messaging framework
Interchain Security Modules and Warp Routes |
TRON Network integration added in Apr 2026
V3 modular mailbox launched with Hyperlane Hooks in Sep 2025 |
| J.P. Morgan Kinexys — JPMD, TCN, MONY | New York
Operated by JPMorgan Chase |
Daily volume of $5B–$7B in Apr 2026
More than $3T cumulative volume since 2020 |
Bank-grade on-chain settlement unit
Deposit tokens, tokenized collateral, and fund-flow infrastructure |
JPMD live on Base and moving toward Canton integration
Cross-chain DvP work with Ondo Chain and Chainlink CCIP |
| Magic Labs — Embedded Wallets, Newton Protocol | San Francisco, USA
Private |
50M+ wallets created since 2018
200,000+ developers across 180+ countries |
Email and SSO-based embedded wallet infrastructure
TEE-based API wallets with no seed phrases |
Primary wallet provider for Polymarket
Newton Protocol integration added programmable compliance in Nov 2025 |
| Mesh — SmartFunding, Crypto Payments | San Francisco, USA
Private |
$1B valuation after Jan 2026 Series C
About $10B monthly payments volume |
Unified crypto payments network
SmartFunding: any asset in, preferred stablecoin out |
Series C led by Dragonfly Capital and Paradigm
Partners include PayPal, Revolut, Ripple, Paxos, and Rain |
| Partior — Unified Ledger | Singapore
Private; MAS-anchored |
USD, EUR, and SGD live
Founding shareholders include DBS, JPMorgan, Standard Chartered, and Temasek |
Singapore bank-consortium blockchain settlement
Atomic PvP settlement across tokenized instruments |
Deutsche Bank platform agreement signed in May 2025
Nium became first PSP on the Partior network |
| Privy — Embedded Wallets, AgentCore | New York, USA
Stripe subsidiary |
120M+ accounts
2,000+ developer teams |
Embedded wallet infrastructure for fintech and treasury
Custodial and non-custodial wallets via single API |
AWS Bedrock AgentCore Payments integration in May 2026
MAJORITY digital asset accounts launched on Solana with Privy |
| Pyth Network — Pyth Pro X, Lazer, Data Marketplace | Cayman Islands / Global
PYTH publicly traded |
100+ blockchains supported
3,000+ low-latency price feeds |
Institutional-grade price oracle network
Pull-oracle model, Pyth Lazer, and Pyth Pro X |
Pyth Data Marketplace launched in Apr 2026
US Department of Commerce GDP data brought on-chain in Mar 2025 |
| Turnkey — Programmable Key Management | New York, USA
Private |
Powers 50M+ embedded wallets
Millions of weekly transactions |
TEE-only key management in AWS Nitro Enclaves
Programmable signing and QuorumOS |
Series B closed in Jun 2025 led by Bain Capital Crypto
Flutterwave integration added merchant stablecoin balances in Jan 2026 |
| Wormhole — NTT, Guardian Network | United States
Private; $2.5B valuation |
40+ chains supported
$60B+ cumulative value transferred; 1B+ cross-chain messages |
Cross-chain messaging and Native Token Transfers
Guardian validator network and ZK proofs |
Tokenized asset corridors support BUIDL, ACRED, VBILL, and SCOPE
NTT adopted by Sky/MakerDAO, Agora, Lido, and Ethena |
About This List
The BeInCrypto Institutional 100 – On-Chain Finance Infrastructure (2026 Long List) highlights the foundational technologies enabling traditional, regulated financial systems to function on both public and private blockchains.
This includes the foundational technologies powering Web3 finance, like digital wallets, secure on-chain payment networks, data feeds, tools for different blockchains to work together, software for developers, secure key storage, payment processing APIs, staking platforms, and complete financial systems built for the decentralized web.
Information about custody services can be found in the “Best Custody Provider” section (Category 2.4). We also evaluate stablecoin creation and management, tokenization platforms, and DeFi protocols separately. BitGo is included here because it operates as a federally chartered trust bank, handles Go Network settlements, issues the USD1 stablecoin, and provides a wide range of integrated services. It’s considered a special case due to these combined capabilities.
Methodology
This category’s score is determined using the BeInCrypto Institutional 100 methodology’s Track A, which combines data-driven measurements (50%) with assessments from our Expert Council (50%).
We evaluate projects based on seven key areas: their client base, necessary licenses and credentials, how widely used they are on the blockchain, their security history and audits, financial stability, partnerships with established companies, and their potential for new ideas.
We confirmed the information using a variety of reliable sources, including financial regulators like the SEC, FCA, and BaFin, as well as industry reports from Messari and DefiLlama. We also analyzed blockchain data directly and reviewed announcements of partnerships. Finally, we consulted private market databases like PitchBook, Tracxn, and Crunchbase, and verified security certifications such as SOC 2 and ISO 27001.
In May 2026, each company on the list was checked to make sure its products were still active, it had current funding, and there were no significant legal or security issues outstanding.
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2026-05-17 20:47