BeInCrypto Institutional Research released a new report today naming 15 firms leading on-chain finance infrastructure, highlighting the companies building the backbone of the institutional digital asset market. Editor Mohammad Shahid oversaw the “BeInCrypto Institutional 100” program, which screened more than 25 firms before selecting a long list of 15 industry players across several technical layers. The report identifies San Francisco-based Alchemy as a major participant in the sector, noting its $10.2 billion valuation and more than $105 billion in annualized on-chain transaction value.
This selection falls under the “Tokenization & On-Chain Finance” pillar, which is one of six areas evaluated to recognize excellence in the digital asset ecosystem. The firms included in the long list were compiled alphabetically rather than by a specific rank. These companies span diverse operational layers, including bank-grade settlement, oracle middleware, interoperability protocols, and programmable key management. The research team utilized a scoring system split evenly between quantitative data and assessments from an Expert Council to determine the current leaders.
The institutional market continues to evolve as professional entities seek out more reliable ways to interact with digital assets. While some metrics show bitcoin exchange supply maintaining multi-year lows, the focus for the firms in this report is on the technical infrastructure that facilitates every transaction. This layer of the industry is becoming increasingly specialized, focusing on security records and regulatory licensure to meet the demands of corporate clients.
Alchemy leads blockchain developer platform category
Alchemy stands out in the report due to its significant market footprint and its comprehensive product suite for blockchain developers. Their flagship offerings include Supernode, Smart Wallets, and the x402 standard, which provide the tools necessary for building decentralized applications. As a private company headquartered in San Francisco, Alchemy has maintained a valuation of $10.2 billion, reflecting its position in the infrastructure sector.
The firm has expanded its technical capabilities through the launch of the AI Agent x402 standard in March 2026. This follows an earlier move in November 2025 where Alchemy announced a partnership with Sooho.io to support stablecoin infrastructure in Asia. Such developments are becoming critical as the market moves away from speculative trading toward functional utility, a shift often noted when altcoin demand shifts toward new tokens with specific technical purposes.
Beyond its core development tools, the report highlights Alchemy’s Rollup-as-a-Service (RaaS) and NFT/Token APIs as essential tools for the industry. These services allow for stablecoin orchestration and wider adoption of on-chain finance without requiring firms to build their own backend from scratch. This efficiency led to Alchemy processing more than $105 billion in annualized transaction value across its systems.
Rigorous criteria for on-chain finance excellence
The BeInCrypto Institutional Research Team applied a specific methodology to select the 15 firms on the long list. Each candidate was assessed based on several key factors, including their institutional client roster and the maturity of their governance structures. The evaluation also weighed innovation signals and the scale of on-chain activity currently supported by each firm’s infrastructure.
The selection process specifically looked at:
- Regulatory licensure and compliance with financial standards.
- Security record and history of protocol safety.
- Capital backing from established venture or strategic partners.
- Regulated partnerships and commercial integrations.
The research maintains strict boundaries to ensure clear categorization within the Institutional 100 program. Firms focused on custody, stablecoin issuance, and pure DeFi protocols were excluded from this specific list, as they are evaluated in separate research categories. This approach ensures that the “On-Chain Finance Infrastructure” group remains focused on the connective technology that supports payments APIs and financial operating systems.
Upcoming announcement for the Paris event
While the long list identifies the key players, a narrowed shortlist is expected to be released later in May 2026. This list will refine the current group of 15 firms based on their composite scores from the research team and the Expert Council. The selection process remains highly competitive as firms vie for recognition as the leading provider in their technical niche.
The ultimate winner of the On-Chain Finance Infrastructure category will be announced at the Proof of Talk event in Paris. This meeting, scheduled for June 2–3, 2026, serves as a significant hub for leaders in the digital asset space. The announcement will mark the conclusion of the evaluation period for the Tokenization & On-Chain Finance pillar of the broader Institutional 100 research.
For large organizations, selecting the right infrastructure partner is a decision that involves evaluating long-term viability and technical resilience. Even when decentralized exchange activity reports increased growth, the underlying stability of the network depends on the infrastructure layers identified in this report. These 15 firms represent the current standard for technical reliability in the institutional market.