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, USAPrivate	$10.2B last priced valuation$105B+ annualized on-chain transaction value	Blockchain developer platformSupernode, Smart Wallets, RaaS, NFT/Token APIs, stablecoin orchestration	AI Agent x402 standard launched in Mar 2026Sooho.io Asia stablecoin infrastructure partnership announced in Nov 2025
Apex Group — Apex Digital 3.0, Tokeny	BermudaPrivate; $3T+ AUA	13,000+ professionals across 50+ jurisdictionsTokeny has $32B+ RWAs tokenized via ERC-3643	Institutional financial OSFund administration, custody, tokenization, and ERC-3643 infrastructure	Apex Digital 3.0 launched in Jul 2025SkyBridge $300M tokenization on Avalanche announced in Aug 2025
BitGo — Bank & Trust, Go Network, USD1	Sioux Falls / Palo AltoNYSE: BTGO	Assets on platform: $63BAssets staked: $11.8B	Federally chartered digital asset infrastructureGo Network settlement and Mint and Burn Center	Derivatives offering launched in Q1 2026 with $3B notional volumeHYPE custody and staking added in May 2026
Blockdaemon — Builder Vault, Earn Stack	United StatesPrivate	$110B+ digital assets secured400+ institutions; 60+ protocols supported	Institutional Web3 gatewayStaking, validators, RPC nodes, and self-hosted MPC wallet	Taurus partnership announced in Feb 2026 for banking custodyEarn Stack staking-as-a-service launched in Jun 2025
Chainlink — CCIP, Data Feeds, CRE	Cayman Islands / GlobalLINK publicly traded	CCIP processed $18B+ Q1 2026 cross-chain volume$30T+ cumulative transaction value enabled	Oracle and cross-chain interoperability platformCCIP, Data Streams, Proof of Reserves, CRE	SWIFT integration went live in Nov 2025Sibos 2025 corporate-actions work involved 24 institutions
Fnality — £FnPS, EUR/USD expansion	London, UKPrivate; UK FMI	$136M Series C in Sep 2025£FnPS live since Dec 2023	Bank-led wholesale on-chain payment systemCentral-bank-money-backed DLT settlement	Series C led by BofA, Citi, WisdomTree, KBC, Temasek, and TradewebBroadridge intraday repo collaboration announced in Mar 2026
Hyperlane — ISMs, Warp Routes	United StatesPrivate; HYPER publicly traded	150+ chains supported10,000+ cross-chain messages validated daily	Permissionless cross-chain messaging frameworkInterchain Security Modules and Warp Routes	TRON Network integration added in Apr 2026V3 modular mailbox launched with Hyperlane Hooks in Sep 2025
J.P. Morgan Kinexys — JPMD, TCN, MONY	New YorkOperated by JPMorgan Chase	Daily volume of $5B–$7B in Apr 2026More than $3T cumulative volume since 2020	Bank-grade on-chain settlement unitDeposit tokens, tokenized collateral, and fund-flow infrastructure	JPMD live on Base and moving toward Canton integrationCross-chain DvP work with Ondo Chain and Chainlink CCIP
Magic Labs — Embedded Wallets, Newton Protocol	San Francisco, USAPrivate	50M+ wallets created since 2018200,000+ developers across 180+ countries	Email and SSO-based embedded wallet infrastructureTEE-based API wallets with no seed phrases	Primary wallet provider for PolymarketNewton Protocol integration added programmable compliance in Nov 2025
Mesh — SmartFunding, Crypto Payments	San Francisco, USAPrivate	$1B valuation after Jan 2026 Series CAbout $10B monthly payments volume	Unified crypto payments networkSmartFunding: any asset in, preferred stablecoin out	Series C led by Dragonfly Capital and ParadigmPartners include PayPal, Revolut, Ripple, Paxos, and Rain
Partior — Unified Ledger	SingaporePrivate; MAS-anchored	USD, EUR, and SGD liveFounding shareholders include DBS, JPMorgan, Standard Chartered, and Temasek	Singapore bank-consortium blockchain settlementAtomic PvP settlement across tokenized instruments	Deutsche Bank platform agreement signed in May 2025Nium became first PSP on the Partior network
Privy — Embedded Wallets, AgentCore	New York, USAStripe subsidiary	120M+ accounts2,000+ developer teams	Embedded wallet infrastructure for fintech and treasuryCustodial and non-custodial wallets via single API	AWS Bedrock AgentCore Payments integration in May 2026MAJORITY digital asset accounts launched on Solana with Privy
Pyth Network — Pyth Pro X, Lazer, Data Marketplace	Cayman Islands / GlobalPYTH publicly traded	100+ blockchains supported3,000+ low-latency price feeds	Institutional-grade price oracle networkPull-oracle model, Pyth Lazer, and Pyth Pro X	Pyth Data Marketplace launched in Apr 2026US Department of Commerce GDP data brought on-chain in Mar 2025
Turnkey — Programmable Key Management	New York, USAPrivate	Powers 50M+ embedded walletsMillions of weekly transactions	TEE-only key management in AWS Nitro EnclavesProgrammable signing and QuorumOS	Series B closed in Jun 2025 led by Bain Capital CryptoFlutterwave integration added merchant stablecoin balances in Jan 2026
Wormhole — NTT, Guardian Network	United StatesPrivate; $2.5B valuation	40+ chains supported$60B+ cumulative value transferred; 1B+ cross-chain messages	Cross-chain messaging and Native Token TransfersGuardian validator network and ZK proofs	Tokenized asset corridors support BUIDL, ACRED, VBILL, and SCOPENTT 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.