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Digital Asset Finance

Every Crypto Coin Show story tagged Digital Asset Finance, newest first, alongside the guides and interviews that give it context.

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BeInCrypto Institutional 100: Top 12 Enterprise Blockchain Firms Leading Digital Asset Adoption
Blockchain

BeInCrypto Institutional 100: Top 12 Enterprise Blockchain Firms Leading Digital Asset Adoption

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BlockchainJune 2, 2026·5 min read

Broadridge’s repo settlement platform processed $8 trillion in April 2026 with 268% year-over-year volume growth, anchoring a new wave of institutional blockchain deployments now handling trillions in real daily transactions. The BeInCrypto Institutional 100 Awards identified 12 enterprise blockchain firms across three categories, signaling that blockchain infrastructure has moved from pilot phase into production settlement at scale.

  • Broadridge’s Distributed Ledger Repo platform recorded $368 billion daily average volume and $8 trillion in April 2026 transactions.
  • Canton Network processes over 1 million transactions daily with 700-plus institutional participants including DTCC, J.P. Morgan, Goldman Sachs, and Visa.
  • SWIFT and Chainlink CCIP integration now enables 11,000+ member banks to settle tokenized assets across public and private blockchains in production.
  • $8 trillion Broadridge repo volume in April 2026 versus $3 trillion annually just three years prior
  • 268% Year-over-year volume growth for Broadridge Distributed Ledger Repo platform
  • 700+ Institutional participants on Canton Network infrastructure versus approximately 50 in early 2024

The BeInCrypto Institutional 100 Awards 2026, announced June 2 at Proof of Talk in Paris, narrowed enterprise blockchain recognition to 12 shortlisted firms operating across three distinct pillars: live production deployments, base-layer infrastructure, and ecosystem funding programs.

The awards reflect a fundamental shift in how institutions approach blockchain adoption: no longer pilot projects or proofs of concept, but operational systems now settling institutional-scale transactions in repo markets, bond issuance, and cross-border payments.

The shortlist spans firms that have moved blockchain from laboratory environments into live clearing and settlement workflows handling trillions of dollars monthly.

Broadridge Reaches $8 Trillion April Volume on 268% Annual Growth Trajectory

Broadridge Financial Solutions stands as the institutional volume leader among shortlisted firms, with its Distributed Ledger Repo platform processing an average of $368 billion daily and totaling nearly $8 trillion in April 2026 alone.

The 268% year-over-year volume increase places Broadridge ahead of peer implementations in transaction throughput and demonstrates sustained institutional adoption across major financial centers. The platform now settles repurchase agreements, a core wholesale funding mechanism, on distributed ledger infrastructure rather than traditional centralized clearing venues.

The May 2026 strategic investment in HQLAX expanded Broadridge’s capability into digital collateral management, extending its blockchain footprint beyond repo settlement into the broader post-trade ecosystem.

This positioning allows Broadridge to offer institutions an integrated suite for both transaction settlement and collateral optimization on the same distributed infrastructure, reducing operational complexity and settlement risk. The firm’s April volume represents not a single-month spike but evidence of sustained institutional migration away from legacy clearing models.

Goldman Sachs Prepares GS DAP Spin-Out with Tradeweb as First Strategic Partner

Goldman Sachs’ Digital Asset Platform, built on Canton technology, has issued digital bonds for high-profile institutional issuers including the European Investment Bank and Hong Kong authorities, marking entry into sovereign and multilateral development bank financing.

GS DAP now stands at the intersection of primary issuance and secondary settlement, handling both bond tokenization and delivery-versus-payment mechanics on the same infrastructure. The platform’s architecture demonstrates that blockchain settlement can support regulatory requirements for state-backed financial instruments, not merely private corporate transactions.

Goldman Sachs announced preparation for an industry-owned spin-out of GS DAP in mid-2026, with Tradeweb Markets named as its first strategic partner. The move toward independent governance signals confidence in the platform’s viability while distributing control to a neutral operator with deep relationships across institutional trading venues.

Tradeweb’s participation as strategic partner creates a bridge between primary issuance (on Goldman’s current model) and secondary market distribution, essential for tokenized bonds to achieve true market liquidity.

J.P. Morgan’s Kinexys Exceeds $5 Billion Daily Volume Across Five Continents

J.P. Morgan’s Kinexys platform processes more than $5 billion in daily transaction volume and has accumulated over $3 trillion in cumulative volume since its 2020 launch, making it one of the longest-running institutional blockchain deployments.

Kinexys serves a multinational corporate base spanning automotive (BMW, Mitsubishi), financial services (FirstRand), and industrial manufacturing (Siemens), each operating across multiple continents. The platform’s client portfolio demonstrates that blockchain settlement appeals across industry verticals and geographies, not merely within traditional financial services.

The $5 billion daily throughput and six-year operational track record position Kinexys as evidence of production-grade stability in enterprise blockchain infrastructure. Unlike experimental networks or limited pilots, Kinexys has sustained operations through multiple market cycles, regulatory changes, and technology iterations.

Its client roster signals that multinational corporations now view tokenized settlement as operationally superior to traditional wire and nostro account models for cross-border payments.

SWIFT-Chainlink Integration Reaches Production for 11,000+ Member Banks

The SWIFT and Chainlink Cross-Chain Interoperability Protocol integration entered production in late 2025, creating the first infrastructure layer that connects 11,000-plus SWIFT member banks to both public and private blockchain ecosystems.

This partnership represents a bridge between legacy correspondent banking rails and tokenized settlement, allowing institutions to transact digital assets using the message standards they already operate. The integration reached a major tokenized bond settlement milestone in April 2026, confirming that institutional-grade settlement now works across the SWIFT-blockchain interface.

The April 2026 tokenized bond settlement through SWIFT-CCIP validates a critical use case: institutions can settle digital securities using their existing banking infrastructure and compliance frameworks.

Rather than requiring banks to run separate blockchain nodes or operate separate settlement windows, SWIFT’s integration with Chainlink enables institutions to route tokenized asset transactions through their current messaging systems. This design substantially lowers operational friction for mainstream financial institutions adopting blockchain settlement.

Canton Network Hosts 700-Plus Participants Including DTCC, Visa, and Goldman Sachs

Canton Network stands as the largest institutional blockchain network by participant count, with over 700 registered institutional participants including the Depository Trust and Clearing Corporation, Broadridge, J.P. Morgan, HSBC, Goldman Sachs, and Visa.

The network processes more than 1 million transactions daily and approximately $9 trillion in monthly settlements, making it a core infrastructure layer for institutional asset settlement. Canton’s recent addition of Visa as a super validator signals that payments infrastructure providers now view institutional blockchain settlement as core to future financial plumbing.

The 700-plus participant base reflects Canton’s neutral, permissioned architecture: institutions operate nodes without running a public blockchain or token, reducing regulatory uncertainty and operational risk. The network supports privacy-preserving institutional transactions while maintaining full transparency and auditability for compliance purposes.

Canton’s scale, both in participants and monthly volume, demonstrates that institutional blockchain adoption follows a hub-and-spoke model centered on permissioned, interoperable infrastructure rather than permissionless public ledgers.

Chainlink CCIP Secures $33.6 Billion Across 60 Blockchains for Cross-Chain Settlement

Chainlink’s Cross-Chain Interoperability Protocol now secures $33.6 billion across more than 60 blockchains, establishing itself as the dominant cross-chain settlement layer for institutional asset flows.

CCIP powers settlement across a roster of heavyweight financial institutions: SWIFT, UBS, DTCC, Euroclear, and Coinbase, each using the protocol to move tokenized assets between private and public networks. The $33.6 billion in secured value across 60 distinct blockchains reflects a shift from siloed settlement networks toward interconnected, cross-chain infrastructure.

Chainlink Runtime Environment posted 50% month-over-month sign-up growth during the evaluation period for the awards, indicating accelerating adoption among developers and institutions building on cross-chain infrastructure. This growth trajectory suggests that cross-chain settlement demand is outpacing infrastructure supply,

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Figure Technology files for Nasdaq IPO after 22% revenue surge
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Figure Technology files for Nasdaq IPO after 22% revenue surge

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Figure Technology Solutions, a blockchain-based lending platform, has filed for a Nasdaq IPO after posting a 22% revenue surge in the first half of 2025, signaling continued institutional momentum in digital asset finance. The New York company disclosed its registration statement with the Securities and Exchange Commission on Monday, planning to trade under the ticker “FIGR” with Goldman Sachs, Jefferies, and Bank of America Securities serving as lead underwriters.

Strong Financial Performance Drives Public Market Entry

Figure reported $191 million in revenue for the six-month period ending June 30, representing a substantial increase from the prior year. More significantly, the company returned to profitability with a $29 million net gain, a sharp reversal from a $13 million loss during the same period in 2024.

Since its founding in 2018, Figure has originated more than $16 billion in home equity loans through its blockchain infrastructure. The company’s financial turnaround reflects growing institutional and retail demand for blockchain-enabled lending products and tokenized financial services.

Key Metric

Figure generated $191 million in revenue during H1 2025, up 22.4% year-over-year, while achieving $29 million in profit after posting losses the previous year.

Tokenization as a Market Strategy

Figure’s core thesis centers on using blockchain technology to unlock liquidity in traditionally illiquid markets. The platform tokenizes assets—converting loans and other financial instruments into digital representations—to reduce intermediary costs and broaden investor access.

Figure’s blockchain platform allows the company to introduce liquidity to traditionally illiquid markets, reducing costs and expanding access to financial products through asset tokenization.

— Figure Technology, SEC Filing

This approach directly addresses a long-standing inefficiency in financial markets. By removing intermediaries and enabling direct settlement, blockchain infrastructure can theoretically lower borrowing costs for consumers while improving returns for lenders. Smart contract platforms have made this infrastructure increasingly practical at scale.

The home equity lending market, Figure’s primary focus, represents approximately $1.2 trillion in outstanding balances across the United States. Traditional origination processes involve multiple intermediaries—mortgage brokers, underwriters, appraisers, title companies—each adding cost and processing time. Figure’s approach consolidates these functions on a single blockchain-enabled platform, potentially reducing loan origination timelines from 30-45 days to under two weeks while lowering costs by 20-30 basis points.

This efficiency advantage has attracted institutional capital. Figure announced in its IPO filing that institutional investors now represent approximately 65% of its lending volume, up from 40% two years prior. This shift reflects growing confidence from pension funds, insurance companies, and other large capital allocators in blockchain-based financial infrastructure.

The Broader IPO Landscape

Crypto Companies Accelerate Public Market Access

Figure’s IPO filing arrives amid a notable wave of digital asset companies pursuing listings. Circle, operator of the widely-used USDC stablecoin, completed one of the largest crypto-industry stock offerings in January 2025. Last week, the Winklevoss twins’ Gemini exchange filed for a New York IPO, further validating public market interest in blockchain enterprises.

Market observers anticipate additional filings from infrastructure providers, tokenization platforms, and other blockchain-adjacent businesses in coming months. The momentum reflects a confluence of improving financial results and shifting regulatory sentiment. Data from Renaissance Capital indicates that blockchain and digital asset companies represent approximately 8% of all IPO filings in 2025, compared to less than 2% historically.

Josef Schuster, founder of IPOX, characterized cryptocurrency as “one of the main pillars of the IPO market” while noting that several companies are also exploring de-SPAC mergers as faster alternatives to traditional IPO processes. Recent developments suggest investor appetite extends beyond fintech to infrastructure and trading venues.

Crypto has become one of the main pillars of the IPO market, with companies pursuing both traditional listings and de-SPAC mergers to access capital markets.

— Josef Schuster, Founder, IPOX

The acceleration in public market access has important implications for the broader blockchain ecosystem. Public market listings provide liquidity for early-stage investors and employees, establish transparent valuation methodologies, and create regulatory clarity that benefits the entire sector. Companies that successfully navigate the IPO process tend to attract top talent, institutional partnerships, and expanded distribution channels.

Regulatory Climate Shifts in Favor of Digital Assets

A fundamental driver of this IPO activity is the changing regulatory environment. Trump administration officials have adopted a more accommodative stance toward digital assets and blockchain innovation compared to prior government positions. This shift has reduced regulatory uncertainty that previously deterred public company listings.

Traditional financial institutions, once hesitant to engage with crypto companies, now actively participate in digital asset financing. Goldman Sachs, Jefferies, and Bank of America Securities—all underwriters on Figure’s offering—have substantially expanded their blockchain-related service offerings. This institutional embrace represents a notable departure from the industry skepticism of prior years.

Market Shift

Major Wall Street banks including Goldman Sachs, Jefferies, and BofA Securities are now underwriting crypto company IPOs, providing custody solutions, and backing financing rounds—a significant reversal from prior years.

The regulatory clarity extends beyond banking partnerships. The SEC’s approach to blockchain companies has evolved from enforcement-focused to framework-oriented. Rather than blocking listings outright, regulators now engage constructively with companies to ensure compliance with existing securities law. This pragmatic regulatory posture has shortened IPO timelines and reduced legal costs for blockchain enterprises.

The opening of traditional investment banking to crypto enterprises has practical implications. It provides digital asset companies with legitimate channels to raise capital, improves valuation methodologies, and potentially attracts institutional investors who previously avoided the sector. Bitcoin and broader digital assets benefit from this institutional acceptance even as individual companies pursue public listings. When legacy financial institutions validate blockchain infrastructure through underwriting relationships, it signals reduced systemic risk and increased confidence in the underlying technology’s utility.

Long-Term Implications for Valuation and Investment

Analysts suggest this wave of crypto company IPOs will establish new benchmarks for how investors value blockchain enterprises. Trading comparables from companies like Circle and Figure will inform future fundraising rounds, M&A transactions, and capital allocation decisions across the sector. Initial public offerings create transparent pricing mechanisms that private market investors previously lacked.

Equity research coverage from major investment banks will accompany these public listings, introducing blockchain companies to millions of retail and institutional investors who lack direct cryptocurrency exposure. This democratization of access could drive substantial capital inflows into the sector, particularly if public company performance validates the underlying business models.

The IPO pipeline also indicates where private capital believes growth opportunities exist within blockchain. Lending platforms, stablecoins, exchanges, and tokenization infrastructure are attracting the most public market interest, suggesting investor confidence in these specific use cases. Infrastructure projects that lack direct revenue streams or clear monetization paths face significantly higher barriers to public market access, creating a natural selection mechanism for mature, profitable blockchain businesses.

Figure’s filing positions the company to capitalize on demonstrated market demand while the IPO window remains open. The combination of improving fundamentals, regulatory tailwinds, and institutional appetite creates favorable timing for the company’s public debut. Success of this offering could accelerate subsequent blockchain company IPOs and establish lasting legitimacy for digital asset finance within traditional capital markets.

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