BeInCrypto Institutional Research: 15 Firms Leading On-Chain Finance Infrastructure
Best On-Chain Finance Infrastructure is a category within the BeInCrypto Institutional 100, an annual research-driven program recognising institutional digital asset excellence across 26 categories and six pillars.
This category sits under Pillar 4: Tokenization & On-Chain Finance. The 15 firms below are listed alphabetically and are not ranked. A shortlist will be named in May 2026, with the winner announced at Proof of Talk in Paris on June 2–3, 2026.
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) identifies the infrastructure layer that lets regulated finance operate on public and permissioned blockchains.
The category covers embedded wallet infrastructure, bank-grade on-chain settlement networks, oracle and data middleware, interoperability protocols, developer tooling, programmable key management, embedded crypto payment APIs, staking infrastructure, and integrated financial operating systems.
Custody is covered separately under Category 2.4: Best Custody Provider. Stablecoin issuance and orchestration, tokenization platforms, and pure DeFi protocols are also evaluated in their own categories. BitGo appears here as a partner-override entry because of its federal trust bank charter, Go Network settlement, USD1 stablecoin issuance, and broader integrated infrastructure role.
Methodology
This category is evaluated under Track A of the BeInCrypto Institutional 100 methodology: 50% quantitative metrics and 50% Expert Council scoring.
Assessment spans seven criteria: institutional client roster, regulatory licensure and certifications, on-chain scale and reach, security record and audit history, capital backing and runway, partnership depth with regulated entities, and innovation signal.
Data was verified using SEC EDGAR, FCA, BaFin, FINMA, MAS, Bermuda Monetary Authority, OCC, NYDFS, SOC 2 and ISO 27001 attestations, audited reports, Messari interoperability reports, DefiLlama, on-chain analytics, partnership announcements, and private-market sources including PitchBook, Tracxn, and Crunchbase.
Every firm on the list underwent a May 2026 verification pass to confirm active product status, current funding, and the absence of unresolved material legal or security overhangs.
The post BeInCrypto Institutional Research: 15 Firms Leading On-Chain Finance Infrastructure appeared first on BeInCrypto.
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