Global segment ranking · Fintech › Crypto & digital assets

The world’s most valuable institutional custody startups

Custodians, wallet infrastructure and digital-asset security providers serving banks, funds, exchanges and fintechs. Ranked worldwide by AI-estimated valuation. The market sets the value; our AI estimates it.

Edition 0 (beta) · Published September 29, 2026 Twice a yearNext edition: January 1, 2027· Claude · multi-AI consensus in a future edition· Published method· Order never changed by a human

Key metrics for this segment: assets under custody, transaction volume, institutional clients. Figures as published by each company or the press, dated, not recalculated. The AIs weigh them alongside funding history and comparables.

Not in this segment. Crypto exchanges, hardware (cold) wallets, stablecoin issuers and blockchain infrastructure each have their own segment. A company appears in one segment only. Method

The segment at a glance

10companies ranked

1companies on the radar

7countries in the ranking

1listed benchmarks

Sources: Bloomberg, CoinDesk, DL News, The Block, Fintech Futures, Finextra, PR Newswire, BusinessWire, company announcements. Intention counters will be shown above a threshold of amount and number of Backers.

Rankings by region

Filter the ranking and the Radar. Ranks stay worldwide.

Global ranking · Institutional custody

Top 10 Radar Challengers

First edition: no movements yet.

World · 10 ranked companies

#	Company	Last round · Key metrics	Estimated valuation (AI, order of magnitude)	Confidence	Invest
1	FireblocksUnited States · North AmericaSources: 1 · 2Is this your company? Report an error	Series E · USD 550M · Jan 2022Key metrics not disclosed	Last known equity round: Series E · USD 550M · Jan 2022 (co-led by D1 Capital and Spark Capital) Published valuation: USD 8bn (Jan 2022) Confidence index: MediumMethod	Partial sources	Declare an intent
2	Anchorage DigitalUnited States · North AmericaSources: 1 · 2Is this your company? Report an error	Strategic equity investment (with employee tender) · USD 100M · Feb 2026Key metrics not disclosed	Last known equity round: Strategic equity investment (with employee tender) · USD 100M · Feb 2026 (Tether) Published valuation: USD 4.2bn (Feb 2026) Confidence index: HighMethod	Solid sources	Declare an intent
3	KomainuUnited Kingdom · EuropeSources: 1 · 2Is this your company? Report an error	Series B · USD 75M (paid in bitcoin) · Jan 2025well over $10B · Transaction volume: n/d · Institutional clients: n/d · 2025	Last known equity round: Series B · USD 75M (paid in bitcoin) · Jan 2025 (Blockstream Capital Partners) No confirmed published valuation Confidence index: MediumMethod	Partial sources	Declare an intent
4	TaurusSwitzerland · EuropeSources: 1 · 2Is this your company? Report an error	Series B · USD 65M · Feb 2023Assets under custody: n/d · Transaction volume: n/d · 25+ financial institutions and corporates · Feb 2023	Last known equity round: Series B · USD 65M · Feb 2023 (led by Credit Suisse, with Deutsche Bank, Pictet) No confirmed published valuation Confidence index: MediumMethod	Partial sources	Declare an intent
5	Hex TrustHong Kong · Asia-PacificSources: 1 · 2Is this your company? Report an error	Strategic round · undisclosed · Feb 2025$5B+ · Transaction volume: n/d · 300+ institutional clients · Feb 2025	Last known equity round: Strategic round · undisclosed · Feb 2025 (led by Morgan Creek Digital); last disclosed round: USD 88M Series B, March 2022 (Animoca Brands, Liberty City Ventures) No confirmed published valuation Confidence index: MediumMethod	Partial sources	Declare an intent
6	UtilaIsrael · Middle East & North AfricaSources: 1 · 2Is this your company? Report an error	Series A extension · USD 22M · Sep 2025Assets under custody: n/d · $15B+ per month · 200+ institutions · Sep 2025	Last known equity round: Series A extension · USD 22M · Sep 2025 (led by Red Dot Capital Partners) No confirmed published valuation Confidence index: LowMethod	Weak sources	Declare an intent
7	CopperUnited Kingdom · EuropeSources: 1 · 2Is this your company? Report an error	Equity round · undisclosed (300M+ raised in total) · 2021Assets under custody: n/d · $50B+ monthly notional (ClearLoop) · 1,000+ active counterparties · Aug 2026	Last known equity round: Equity round · undisclosed (300M+ raised in total) · 2021 (not verified) Published valuation: up to USD 2.5bn (reported peak) (2021) Confidence index: LowMethod	Weak sources	Declare an intent
8	TurnkeyUnited States · North AmericaSources: 1 · 2Is this your company? Report an error	Strategic round · USD 12.5M · May 2026Key metrics not disclosed	Last known equity round: Strategic round · USD 12.5M · May 2026 (Archetype, Circle Ventures); June 2025: USD 30M Series B led by Bain Capital Crypto No confirmed published valuation Confidence index: LowMethod	Weak sources	Declare an intent
9	CoboSingapore · Asia-PacificSources: 1Is this your company? Report an error	Series B · USD 40M · Sep 2021Key metrics not disclosed	Last known equity round: Series B · USD 40M · Sep 2021 (not verified) No confirmed published valuation Confidence index: LowMethod	Weak sources	Declare an intent
10	DfnsFrance · EuropeSources: 1Is this your company? Report an error	Series A · USD 16M · Jan 2025Assets under custody: n/d · Transaction volume: n/d · 130+ fintechs plus institutions · Jan 2025	Last known equity round: Series A · USD 16M · Jan 2025 (led by Further Ventures (ADQ)) No confirmed published valuation Confidence index: LowMethod	Weak sources	Declare an intent

Ranking in descending order of AI-estimated valuation, based on public information, following a published method, with no human intervention on the order. Valuation ranges are indicative editorial estimates: neither a financial valuation, nor an offer, nor investment advice. Only the market sets a company’s value, through a funding round or a sale. Edition 0: produced by Claude (Anthropic); a consensus of several AI models will apply in a future edition. Eligibility: at least $1M raised including one equity round, non-listed company, main activity in this segment (custody and wallet infrastructure for institutions). Country shown is the country of main operations. Request a correction

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How to read this ranking

Rank

Companies are ranked by AI-estimated valuation, highest first. The market sets the value; our AI estimates it.

Range

An order of magnitude, never a figure.

Hundreds of k$
Millions $
Tens of M$
Hundreds of M$
Unicorn
Decacorn

Confidence

High: recent published valuation or round (under 24 months).
Medium: older data.
Low: single or unconfirmed source.

Full method →

Invest in institutional custody, together

Uback aggregates investment intentions from business angels, family offices, corporates and sector specialists worldwide. Every ranked company already has professional investors on its cap table, who have negotiated a shareholders’ agreement: you don’t start from a blank page.

Strength in numbers

Alone, a small ticket opens no doors. Together, Backers carry weight.

Declare an intention

On a company or a sector, with a ticket range. Paid, to show you are serious; transferable as long as it has not been converted.

Critical mass is reached

When the number of Backers and the total of their intentions cross a threshold, the licensed partner contacts the company and presents this demand.

The licensed partner structures

If the company’s expectations and the Backers’ converge, the partner builds a transaction and presents it directly to the Backers concerned.

Closing

Capital raise or sale of existing shares: small tickets are pooled in a common vehicle set up by the licensed partner. Each Backer decides whether to take part.

Uback does not advise, does not negotiate, collects nothing. Each transaction is run by the licensed partner of the company’s country, under the law that governs its shares.

Get notified when intentions open What happens after my declaration? Intention declarations open once the licensed partner signs · price per ticket band · valid 12 months · transferable credit

Challengers

A registered company raising funds that is not in the ranking will be able, for a fee, to appear in a separate list labelled “Challengers”, for a set period, with a memo available to verified Backers. The listing has no effect on the ranking. Not open yet.

Sponsored space · no Challenger listed yet

Radar · known eligible companies, not ranked

Sorted by date of last round, with no judgement and no AI call.

Onramp · United States · North AmericaMay 2026 · USD 12.5M

Listed benchmarks

Not ranked: no intention is possible on a listed company.

BitGo · United StatesNYSE · BTGO

Sources and method for this segment

Calendar. Global segment rankings are published twice a year. Next edition: January 1, 2027.

Eligibility. At least $1M raised including one equity round, non-listed company, main activity in this segment (custody and wallet infrastructure for institutions). A company appears in one segment only.

Sources. Bloomberg, CoinDesk, DL News, The Block, Fintech Futures, Finextra, PR Newswire, BusinessWire, company announcements.

Method and rules, common to all rankings →