About ONFI 100 ® The World’s Leading Onchain Finance Companies, Platforms & Networks
ONFI 100 is an independent ranking recognising the companies, financial institutions, platforms and technology leaders shaping the future of onchain finance.
A dedicated global ranking and benchmark for the organisations building onchain finance.
A ranking of the 100 organisations most influential in the transition of financial services onto blockchain infrastructure.
Finance is changing and moving onchain.
Traditional financial assets, payments, markets, lending and investment are increasingly moving onto blockchain infrastructure. At the same time, crypto native technology is becoming increasingly integrated with the global financial system.
Blockchain is the technology that enables money and financial assets to move securely on a shared digital network.
We believe this convergence represents one of the most significant developments in finance for a generation.
ONFI 100 exists to identify the organisations leading that Onchain Finance transformation.
What is Onchain Finance?
The next generation of financial markets, built on the blockchain.
Onchain finance is the use of blockchain infrastructure to create, move, manage and settle financial assets and transactions.
It extends beyond traditional crypto and DeFi to encompass areas such as tokenised assets, stablecoins, digital payments, onchain capital markets, lending, investment, wealth management, custody, settlement and financial infrastructure.
Our focus is therefore not simply on the biggest crypto companies.
We look at the organisations that are helping to build the next generation of financial markets and financial services onchain.
The Building Blocks of Onchain
1. Finance Tokenised Assets
Funds, bonds, securities, credit, deposits and other real world financial assets can be represented as digital tokens on a blockchain. This can make ownership, transfer, administration and reporting more efficient, while retaining the legal, regulatory and custody structures required by financial markets.
2. Digital Money
Stablecoins and tokenised deposits enable value to move onchain. They can be used for payments, settlement, collateral and treasury activity, providing a digital form of money that can operate across blockchain-based financial services and markets.
3. Onchain Settlement
Onchain settlement allows payment and ownership to update through a shared digital record. This can reduce reconciliation, manual processing and settlement delays — with the potential for transactions to be completed more quickly, transparently and continuously.
From Traditional Finance to Onchain Finance
Traditional finance is built around banks, brokers, exchanges, custodians, clearing systems and multiple separate databases.
Onchain finance introduces a shared digital infrastructure where assets, money and financial rules can interact more directly. A tokenised fund can be issued onchain, purchased using digital money and settled through programmable rules — while still operating within appropriate compliance, identity, custody and legal frameworks.
Onchain Finance Is Not Just Crypto
Crypto often refers to digital assets such as Bitcoin, Ethereum and other blockchain based tokens.
Onchain finance is broader. It includes the financial infrastructure, institutional workflows and regulated products moving onto blockchain rails — including tokenised investment funds, stablecoins, tokenised deposits, payments, lending, trading, custody, settlement and market infrastructure.
In simple terms:
Crypto is digital assets.
Onchain finance is finance moving onchain.
Each quarter, ONFI 100 identifies 100 of the world’s leading participants in onchain finance.
Our universe can include global banks, asset managers, fintech companies, payment providers, exchanges, blockchain networks, tokenisation platforms, stablecoin companies, financial infrastructure providers and innovative onchain protocols.
We believe the future of finance will not belong exclusively to traditional financial institutions or crypto native companies.
It will be shaped by the organisations that successfully bring the two worlds together.
Independent. Evidence led. Global.
ONFI 100 is designed to provide a clear and accessible view of a rapidly evolving industry.
Our rankings are based on defined criteria and publicly available evidence, rather than popularity or market size alone.
We consider factors including scale, growth, onchain adoption, institutional adoption, innovation, financial significance, liquidity and infrastructure impact.
Our philosophy is simple:
Quality over size.
Evidence over opinion.
Rules over emotion.
More than a ranking
ONFI 100 is intended to become a reference point for the global onchain finance industry — helping investors, financial professionals, businesses, entrepreneurs and the wider public understand the companies and technologies shaping its development.
As financial activity increasingly moves onchain, we aim to provide an independent lens on who is leading the transformation, where it is happening and what comes next.
ONFI 100 The World’s Leading Onchain Finance Companies
Why Onchain Finance Matters
Traditional financial markets are built around multiple systems, intermediaries, databases and settlement processes.
OnFi applies blockchain technology to the wider financial system - not just crypto native markets.
It includes tokenised money market funds, bonds, private credit, deposits, stablecoins, payments, collateral, securities, fund units and other real world financial assets. These assets can be issued, transferred, administered and settled using blockchain networks and programmable rules.
OnFi often retains the elements institutions need: verified identity, compliance controls, regulated custody, legal ownership records, reporting and risk management. The goal is not necessarily to remove every intermediary; it is to make financial markets more efficient, transparent, interoperable and programmable.
Blockchain technology introduces a different model.
Assets and transactions can be represented on shared digital ledgers, financial logic can be programmed into smart contracts, and settlement can increasingly occur directly between digital assets and digital money.
This creates the potential for:
24/7 financial markets
Markets and financial infrastructure that can operate continuously.
Faster settlement
Transactions can move towards near real-time and atomic settlement.
Greater transparency
Shared ledgers can provide a common, verifiable record of activity.
Programmable finance
Financial rules, payments, distributions and collateral management can increasingly be automated.
Lower friction
Blockchain infrastructure has the potential to reduce reconciliation, intermediaries and operational complexity.
Global financial infrastructure
Onchain rails can connect financial assets, money and markets across borders.
Finance is evolving from traditional, institution-led systems toward programmable, blockchain-based infrastructure. TradFi, DeFi and OnFi represent three distinct models - each with a different approach to assets, access, trust and settlement.
Traditional Finance
Traditional Finance, or TradFi, is the established financial system of banks, asset managers, insurers, brokers, exchanges, custodians and payment networks.
It is built around regulated institutions, account-based access and long standing legal protections. TradFi manages the vast majority of global financial activity, but its infrastructure can be fragmented, costly and slow to move assets between organisations, markets and borders.
Decentralised Finance
Decentralised Finance, or DeFi, uses blockchain networks and smart contracts to provide financial services directly through code.
Users can typically access DeFi through a digital wallet rather than a conventional bank account. Its strengths are open access, transparent rules, programmable transactions and around the clock markets - but it has often been centred on crypto native assets and can carry smart-contract, liquidity and user-protection risks.
Onchain Finance
Onchain Finance, or OnFi, brings financial assets, transactions and market infrastructure onto blockchain rails.
It extends beyond crypto native markets to include tokenised funds, bonds, private credit, deposits, stablecoins, payments, collateral and other real-world financial assets. OnFi aims to combine blockchain efficiency—faster settlement, transparency and programmability - with the safeguards institutions require, including identity verification, compliance, regulated custody, reporting and legal ownership.
Where They Converge
TradFi provides the assets, institutions and regulatory foundations.
DeFi demonstrates the potential of open, composable financial technology.
OnFi brings these worlds together by enabling real financial products and infrastructure to operate onchain.
TradFi is finance as it has operated. DeFi is finance rebuilt as open code. OnFi is finance moving onchain.
The Ranking Methodology Behind ONFI 100
The ONFI SIGNAL Score ® is the proprietary scoring framework used to assess the organisations considered for the
ONFI 100 — The World’s Leading Onchain Finance Companies.
The methodology is designed to balance financial strength today with the ability to shape finance tomorrow.
25% Scale
20% Institutional Adoption
20% Growth
15% Network Activity
10% Access to Liquidity
10% Leadership in Innovation
The principle is simple:
Quality over size.
Onchain relevance over hype.
Evidence over opinion.
The highest scoring organisations form the ONFI 100 — The World’s Leading Onchain Finance Companies, Platforms and Networks.
It is designed to measure not simply how large an organisation is today, but how significant it is to the development and adoption of onchain finance.
The ONFI SIGNAL Score combines Scale, Institutional Adoption, Growth, Network Activity, Access to Liquidity and Leadership in Innovation to produce a score out of 100.
Our approach is designed to identify organisations that are not only participating in the evolution of finance, but helping to shape it.
ONFI SIGNAL Score ® asks: Which organisations are meaningfully advancing onchain finance?
The ONFI SIGNAL Score ® brings together six key signals into one clear, comparable score—revealing which organisations are making the most meaningful contribution to the growth of onchain finance. By assessing scale, institutional adoption, growth, network onchain activity, access to liquidity, and leadership in innovation and resilience, the score moves beyond headline announcements to identify real world progress.
Each organisation receives a 0–100 ONFI SIGNAL Score ® and a rating band, from Early Signal to Leading Signal, making it easier to understand its current strength, momentum and influence in the transition of financial services onto blockchain infrastructure.
80–100 — Leading Signal
Exceptional scale, verified onchain activity and durable leadership.
70–79 — Established Signal
Credible, influential and well-rounded participant.
60–69 — Emerging Signal
Clear strengths with growing onchain relevance.
50–59 — Developing Signal
Demonstrable participation with further proof of maturity needed.
Below 50 — Early Signal
Early stage or limited evidence participant.
ONFI SIGNAL Score ®
Six signals. One score.
The evidence led scoring framework behind ONFI 100.
Six signals measure the factors that matter most to the development of onchain finance:
Scale. Institutional Adoption. Growth. Network Activity. Access to Liquidity. Leadership in Innovation.
Together, they produce a single ONFI SIGNAL Score ® from 0–100, providing a consistent way to assess organisations operating across the rapidly developing onchain financial system.
1 — Scale
25%
Scale is the largest component of the ONFI SIGNAL Score.
We assess an organisation’s overall financial significance and market presence, considering factors such as assets, revenues, transaction volumes, users, market value, capital deployed and the scale of financial activity it supports.
Scale is an important indicator of market influence, resilience and ability to shape the future of onchain finance. However, size alone does not determine an organisation’s ONFI ranking.
Smaller organisations can achieve a strong score where they demonstrate substantial adoption, growth, innovation or contribution to onchain financial infrastructure.
2 — Institutional Adoption
20%
Institutional adoption measures an organisation’s relevance to established financial markets and real-world financial infrastructure.
We assess the extent to which an organisation is adopted, integrated, supported or used by banks, asset managers, payment companies, insurers, corporates, governments and other institutional participants.
Relevant evidence can include institutional customers, strategic partnerships, integrations, regulated products, enterprise deployments, asset issuance, payment use cases and real-world transaction activity.
Institutional adoption is a key indicator that onchain finance is progressing beyond experimentation and becoming part of mainstream finance.
3 — Growth
20%
Growth measures how quickly and sustainably an organisation is expanding its position within the onchain financial ecosystem.
We consider growth in areas such as users, customers, assets, transaction volumes, revenues, market share, product adoption, geographic reach and institutional participation.
The ONFI SIGNAL Score prioritises sustained, meaningful progress rather than short term spikes, promotional activity or market driven fluctuations.
Strong growth indicates that an organisation is building momentum, attracting demand and strengthening its long-term relevance to onchain finance.
4 — Network Activity
15%
Network activity measures the scale and importance of financial activity taking place onchain.
We assess the activity that an organisation conducts, facilitates or enables through blockchain networks. Depending on the organisation, this may include tokenised assets, stablecoins, payments, trading, lending, staking, settlement, custody, asset transfers and other onchain financial transactions.
We focus on meaningful activity rather than raw transaction counts alone. High volumes of low-value or non-financial activity may carry less weight than activity linked to genuine financial use, asset movement, settlement or economic value.
Greater meaningful network activity can indicate a stronger contribution to the development and use of onchain financial infrastructure.
5 — Access to Liquidity
10%
Access to liquidity measures how effectively an organisation, its users or its assets can access deep, reliable and efficient financial markets.
We assess factors such as trading liquidity, market depth, available counterparties, settlement capacity, exchange access, interoperability, redemption mechanisms and the ability to move financial assets efficiently.
For infrastructure providers, this may include the liquidity their networks, products or services enable for others. For asset issuers and platforms, it may include the quality, depth and accessibility of markets for their products.
Strong access to liquidity improves usability, market efficiency and resilience across onchain finance.
6 — Leadership in Innovation
10%
Leadership in innovation measures an organisation’s contribution to advancing onchain finance through products, infrastructure, technology, standards or new financial models.
We consider whether an organisation is creating meaningful improvements in how financial assets are issued, traded, transferred, managed, secured or settled.
This can include leadership in tokenisation, stablecoins, payments, interoperability, privacy, compliance technology, smart-contract infrastructure, custody, identity, market structure or other core areas of OnFi.
Innovation is assessed on substance, execution and potential impact — not novelty alone.
How the ONFI SIGNAL Score Works
The six signals combine to produce the ONFI SIGNAL Score, a score between 0 and 100.
The weighting reflects our view that the leading organisations in onchain finance should demonstrate a combination of financial significance, genuine onchain activity, growth, institutional adoption and long-term capability.
25% Scale
20% Institutional Adoption
20% Growth
15% Network Activity
10% Access to Liquidity
10% Leadership in Innovation
The resulting score provides a consistent framework for comparing organisations across different areas of onchain finance.
A global bank, stablecoin issuer, tokenisation platform, blockchain network or emerging financial technology company may operate in very different markets — but each can be assessed against the same fundamental principles.
Measuring the Future of Onchain Finance
The ONFI SIGNAL Score is designed to look beyond traditional measures of size and popularity.
Our objective is to identify the organisations that matter most to the transition of financial activity onto blockchain infrastructure.
Quality over size.
Evidence over opinion.
Rules over emotion.
ONFI SIGNAL Score
The methodology behind ONFI 100.
The ONFI 100 is organised across ten categories representing the key components of the emerging onchain financial ecosystem.
1. ONFI Banking
Banks and banking infrastructure moving financial activity onchain.
Traditional banking is beginning to move onto blockchain-based infrastructure.
ONFI Banking recognises banks and banking infrastructure providers developing or adopting onchain financial services, including tokenised deposits, digital assets, blockchain settlement, custody and onchain banking infrastructure.
Examples: banks, digital banks, banking platforms and financial institutions.
2. ONFI Markets
Exchanges, brokers and trading infrastructure.
Financial markets are increasingly becoming programmable and available through blockchain-based infrastructure.
ONFI Markets recognises exchanges, brokers, trading platforms and market infrastructure enabling the issuance, trading, clearing and settlement of financial assets onchain.
Examples: digital asset exchanges, tokenised securities platforms, brokers and trading infrastructure.
3. ONFI Assets
Tokenised securities, funds, commodities and other real world assets.
Tokenisation brings traditional financial and real-world assets onto blockchain networks.
ONFI Assets recognises the companies and platforms creating, managing and distributing tokenised securities, funds, bonds, commodities, real estate and other real-world assets.
Examples: tokenisation platforms, asset managers and issuers of tokenised financial products.
4. ONFI Money
Stablecoins, tokenised deposits and digital money.
Money itself is becoming programmable.
ONFI Money covers the organisations developing the next generation of digital money, including stablecoins, tokenised bank deposits and other blockchain-based forms of money.
These technologies have the potential to transform how money is issued, transferred and settled globally.
Examples: stablecoin issuers, digital-money platforms and tokenised-deposit providers.
5. ONFI Payments
Payments and settlement.
Blockchain infrastructure can enable money and financial assets to move continuously across borders and between counterparties.
ONFI Payments recognises companies developing onchain payment, settlement and transaction infrastructure for consumers, businesses and financial institutions.
Examples: payment networks, payment providers, stablecoin payment platforms and settlement infrastructure.
6. ONFI Wealth
Asset managers, wealth platforms and investment infrastructure.
The investment industry is increasingly exploring how blockchain technology can improve access, distribution, ownership and settlement.
ONFI Wealth recognises asset managers, wealth platforms and investment infrastructure providers bringing investment and wealth management onchain.
Examples: asset managers, investment platforms, fund providers and digital wealth infrastructure.
7. ONFI Credit
Lending, private credit and collateral.
Credit is one of the fundamental building blocks of finance.
ONFI Credit recognises companies and platforms using blockchain infrastructure to create new forms of lending, borrowing, private credit, collateral management and credit markets.
Examples: onchain lending platforms, private-credit networks and collateral infrastructure.
8. ONFI Infrastructure
Custody, compliance, data, APIs and financial infrastructure.
The transition to onchain finance requires an entirely new layer of financial infrastructure.
ONFI Infrastructure recognises the companies providing the technology, security and services that allow institutions and financial markets to operate safely and efficiently onchain.
Examples: custody, compliance, blockchain analytics, APIs, data providers, security and institutional infrastructure.
9. ONFI Networks
Blockchain networks providing financial rails.
Onchain finance requires reliable networks on which financial assets and transactions can operate.
ONFI Networks recognises blockchain networks and protocols providing the underlying rails for financial activity, including the issuance, movement, trading and settlement of onchain assets.
Examples: public blockchains, financial networks and specialised blockchain infrastructure.
10. ONFI Innovators
Emerging companies transforming financial markets.
The future of onchain finance will not be built exclusively by today’s largest financial institutions.
ONFI Innovators recognises emerging companies, platforms and technologies introducing new ideas, products and business models that could fundamentally change how financial markets operate.
This category provides a place for the next generation of OnFi leaders to emerge.
Beyond Crypto
The ONFI 100 is deliberately different from a traditional crypto ranking
We believe the defining question is not:
“How important is this company to crypto?”
It is:
“How important is this organisation to the future of finance onchain?”
That distinction allows the ONFI 100 to bring together banks, asset managers, fintechs, payment companies, exchanges, blockchain networks, stablecoin issuers, tokenisation platforms and emerging innovators within one global framework.
The result is a broader view of the financial transformation taking place as traditional finance and blockchain technology converge.
ONFI 100 — Potential Companies by Category
1. ONFI Banking
Banks and banking infrastructure moving financial activity onchain.
Potential candidates include:
JPMorgan’s Kinexys, for example, has become a significant institutional onchain money operation, while HSBC and Standard Chartered are developing tokenised-deposit infrastructure.
2. ONFI Markets
Exchanges, brokers and trading infrastructure.
Potential candidates include:
This category is particularly interesting because traditional exchanges and crypto native markets are beginning to converge. Nasdaq’s recent $100m investment in Kraken’s parent specifically highlighted infrastructure for tokenised-equity trading.
3. ONFI Assets
Tokenised securities, funds, commodities and other real-world assets.
Potential candidates include:
This could become one of the most important ONFI categories. Franklin Templeton’s tokenised money market fund and Securitize’s role in BlackRock’s BUIDL are examples of traditional assets moving onto blockchain infrastructure.
4. ONFI Money
Stablecoins, tokenised deposits and digital money.
Potential candidates include:
This category could arguably become the largest single battleground in OnFi, because stablecoins and tokenised deposits are becoming financial infrastructure rather than simply crypto assets. McKinsey describes an emerging monetary stack incorporating stablecoins, tokenised bank deposits and central bank money.
5. ONFI Payments
Payments and settlement.
Potential candidates include:
Visa, Mastercard and Circle are particularly interesting because they are building bridges between existing payment networks and blockchain based settlement. The Clearing House and major banks are also developing infrastructure for tokenised commercial bank money to move across onchain and traditional rails.
6. ONFI Wealth
Asset managers, wealth platforms and investment infrastructure.
Potential candidates include:
This category gives ONFI 100 an important connection to the enormous global asset management industry.
7. ONFI Credit
Lending, private credit and collateral.
Potential candidates include:
This category should cover both institutional private credit and genuinely onchain lending. Figure, for example, has originated more than $20bn in loans through Provenance Blockchain, demonstrating how substantial onchain credit can become.
8. ONFI Infrastructure
Custody, compliance, data, APIs and financial infrastructure.
Potential candidates include:
This could be one of the most strategically important categories because infrastructure providers may not be consumer-facing, but they can become the plumbing of onchain finance.
Chainlink, for example, is already involved in institutional interoperability initiatives with organisations including Swift, UBS, Mastercard and DTCC.
9. ONFI Networks
Blockchain networks providing financial rails.
Potential candidates include:
The important distinction here is that ONFI Networks would not simply rank the “best blockchains”. It would assess which networks are becoming important financial rails for payments, tokenisation, stablecoins, trading and settlement.
10. ONFI Innovators
Emerging companies transforming financial markets.
Potential candidates include:
The ONFI 100 ® is the annual benchmark recognising the world’s leading onchain finance leaders - these are companies, platforms and networks building the future of finance onchain.
Each onchain finance company, platform & network is assessed using the ONFI SIGNAL Score ® - a transparent, evidence led framework designed to measure financial significance, onchain activity, growth, institutional adoption, liquidity, innovation and governance.
The result is a clear way to understand not only who is included in the ONFI 100, but why they matter.
ONFI SIGNAL Score ®
The ONFI SIGNAL Score ® is our proprietary score out of 100.
It assesses each onchain finance organisation against the factors most important to the development of onchain finance:
Scale — 25%
Institutional Adoption — 20%
Growth — 20%
Network Activity — 15%
Access to Liquidity — 10%
Leadership in Innovation — 10%
The higher the ONFI SIGNAL Score, the stronger an onchain finance leaders overall contribution to the transition of financial activity onto blockchain infrastructure.
ONFI Rank
The ONFI Rank shows an onchain finance organisation’s position relative to its peers.
An onchain finance leader with an ONFI Rank of #1 is the highest ranked participant in the overall ONFI 100 universe.
Rankings can also be shown within each specialist category, including ONFI Banking, ONFI Markets, ONFI Assets, ONFI Money and ONFI Infrastructure.
Example
This provides a simple, consistent way to compare onchain finance organisations operating across different parts of the emerging financial system.
Why it works
ONFI Rank can apply across the overall table, individual 10 categories, live updates and historic performance:
• Overall ONFI Rank: #9 out of 100
• ONFI Assets Rank: #2 out of 10
• ONFI Money Rank: #5 out of 10
• 2026 ONFI Rank: Up 14 places
• Top 10 by ONFI Rank
• ONFI Rank methodology
It’s not a popularity list, but an evidence led assessment of which organisations matter to the future of finance onchain.
The Difference
ONFI SIGNAL Score ® measures the strength of an onchain finance company, platform or network
ONFI Rank shows its position in the table.
ONFI 100 ® is the benchmark of the 100 onchain finance companies, platforms & networks selected as leaders in onchain finance.
Together, they provide a clearer picture of the onchain finance leaders shaping the future of money, markets and financial infrastructure onchain.
Our Approach
The ONFI 100 is not simply a list of the biggest crypto companies.
We look beyond market size and popularity to identify the onchain finance leaders creating meaningful financial activity on blockchain infrastructure — from tokenised assets and stablecoins to payments, markets, lending, custody, settlement and financial networks.
Quality over size.
Evidence over opinion.
Rules over emotion.
• Not a market cap ranking.
• Not “how important is this firm to crypto?”
• The intended question is: how important is this company, platform or network to the future of onchain finance?
That is why banks (JPMorgan, Revolut, HSBC), asset managers (BlackRock, Franklin Templeton), payment networks (Visa, Mastercard), stablecoin issuers (Circle, Tether), and crypto native platforms can sit in the same framework.
About Our Family of Crypto Brands
The cryptocurrency industry continues to evolve at an extraordinary pace. With new technologies, projects, regulations and investment opportunities emerging every day, finding reliable information has never been more important.
To help address this challenge, we have developed a family of specialist crypto brands, each designed to serve a distinct purpose while sharing the same commitment to transparency, education and trust.
Together, these platforms help users learn about cryptocurrency, monitor market developments, conduct research and make more informed decisions.
One Mission, Multiple Specialist Crypto Brands
Each of our brands has a unique focus, allowing readers to access information tailored to their specific needs.
CRYPTO 100 ® (crypto100.co.uk)
CRYPTO 100 ® is our flagship cryptocurrency index and research platform.
The platform focuses on:
The goal of CRYPTO 100 ® is to provide structured, transparent and accessible market intelligence that helps readers better understand the evolving digital asset landscape.
Crypto Owl (cryptoowl.co.uk)
Crypto Owl is our dedicated cryptocurrency free beginner education platform.
Its purpose is to simplify complex topics and provide clear, easy to understand learning resources for beginners and experienced users alike.
Topics include:
Crypto Owl serves as a comprehensive learning hub for anyone looking to build a deeper understanding of digital assets.
coinradar (coinradar.co.uk)
coinradar is a dedicated free cryptocurrency comparison platform designed to help crypto beginners, investors, traders, and crypto enthusiasts make informed decisions. We compare the best cryptocurrency exchanges, wallets, trading platforms, staking opportunities, and other crypto related services, providing clear insights into fees, features, security, and usability.
Our goal is to simplify the crypto landscape by offering independent comparisons, educational content, and up to date market information so users can confidently choose the products and services that best suit their needs.
CryptoXpert (cryptoxpert.co.uk)
CryptoXpert is a specialist resource focused on cryptocurrency taxation, compliance, and UK regulatory guidance. We help individuals and businesses understand their crypto tax obligations, including capital gains tax, income tax, record keeping, and reporting requirements.
We also provide free educational content covering Financial Conduct Authority (FCA) regulations, crypto compliance updates, and practical guidance to help users navigate the evolving UK cryptocurrency regulatory environment.
Whether you’re a crypto beginner, casual investor, active trader, or crypto business owner, CryptoXpert aims to make complex tax and regulatory topics easier to understand through clear, reliable, and accessible information.
Why We Created Multiple Crypto Brands
Trust is built through clarity and expertise.
Rather than attempting to cover every aspect of cryptocurrency on a single website, we believe readers are better served when each platform has a clearly defined purpose.
This approach allows us to:
While each platform serves a different audience and objective, they work together to provide a broader ecosystem of trusted crypto information.
Our Commitment to Transparency
Across all of our brands, we follow the same core principles:
We believe that trustworthy information is essential for the growth and adoption of digital assets. Our goal is to help readers make informed decisions based on facts, research and a clear understanding of the opportunities and risks involved.
Building a Trusted Crypto Information Network
Cryptocurrency is transforming finance, technology and digital ownership. However, understanding this rapidly changing industry requires access to reliable educational resources, quality research and transparent analysis.
Through CRYPTO 100 ® (crypto100.co.uk), Crypto Owl (cryptoowl.co.uk), coinradar (coinradar.co.uk) and CryptoXpert (cryptoxpert.co.uk), we are building a network of specialist crypto platforms designed to support everyone from complete beginners to experienced market participants.
Whether you are learning about cryptocurrency and blockchain for the first time, researching digital assets, following market developments or exploring industry trends, our Crypto Owl family of crypto brands is committed to helping you navigate the world of cryptocurrency with confidence.
Please reach us at hello@cryptoowl.co.uk if you cannot find an answer to your question.
Onchain finance is the use of blockchain technology to issue, move, manage and settle money and financial assets. It includes stablecoins, tokenized funds and securities, payments, lending, trading, custody and financial-market infrastructure.
A company sends a supplier payment using digital dollars, with the payment and settlement recorded on a blockchain network.
What problem does it solve?
Financial activity is often spread across disconnected systems, creating delays, duplication and manual reconciliation.
Why ONFI matters: ONFI helps make sense of the organizations building this new financial infrastructure—separating meaningful, real-world activity from hype.
Onchain means that transactions, ownership records or financial rules are processed and recorded on a blockchain network. This can give authorised participants a common record of what has happened and who owns what.
Example:
When an investor transfers a tokenized fund unit, its ownership record can update directly onchain.
What problem does it solve?
Traditional systems often require multiple institutions to maintain and reconcile their own versions of the same records.
Why ONFI matters:
ONFI identifies the companies creating the infrastructure, platforms and standards that make onchain records useful, trusted and scalable.
Traditional finance, or TradFi, typically uses separate systems run by banks, brokers, exchanges, custodians and clearing houses. Onchain finance can connect parts of those processes through shared, programmable digital infrastructure.
It does not mean that banks or regulated institutions disappear. It gives them new ways to issue assets, move money and automate settlement.
Example: A traditional securities transaction can take days to fully settle, while an onchain transaction can be structured so that payment and ownership transfer together.
What problem does it solve? TradFi can be slow, fragmented and expensive, particularly when transactions pass through several intermediaries or cross national borders.
Why ONFI matters:
ONFI provides a benchmark for the organisations making financial systems more connected, efficient and digitally native.
DeFi, or decentralised finance, usually describes crypto native financial services operated through smart contracts, often with limited reliance on traditional intermediaries.
Onchain finance is broader: it includes DeFi, but also regulated stablecoins, tokenised funds, bank issued digital money, custody and institutional payment infrastructure.
Example: A decentralised lending protocol is DeFi. A regulated asset manager issuing tokenized fund units is onchain finance, but it is not necessarily DeFi.
What problem does it solve?
DeFi alone does not address every requirement of mainstream finance, including regulation, identity, consumer protection, institutional custody and legal accountability.
Why ONFI matters:
ONFI recognizes the full onchain finance ecosystem—not only crypto-native protocols, but also the organisations connecting blockchain innovation with real financial markets.
Financial services can involve slow settlement, expensive cross border transfers, disconnected records and manual administration. Onchain finance can make assets and payments easier to transfer, verify, automate and settle.
Example: A business payment can be programmed to release only when delivery conditions have been verified.
What problem does it solve?
It reduces unnecessary friction between payment, ownership, compliance and settlement processes.
Why ONFI matters:
ONFI tracks the companies addressing these real financial problems, rather than focusing only on token prices or short-term market attention.
Onchain finance can support faster settlement, around the clock transfers, clearer records and programmable financial rules. It may improve the way money and assets move within and across financial markets.
Example: A tokenised bond could pay interest automatically to eligible holders according to pre defined rules.
What problem does it solve?
Many financial processes still rely on manual checks, batch processing and systems that only operate during working hours.
Why ONFI matters:
ONFI offers a clear way to follow the organizations creating practical improvements in how finance operates.
No. Crypto usually refers to digital assets such as Bitcoin, Ethereum and other tokens. Onchain finance is broader: it is the use of blockchain technology to improve how money, payments, investments, lending, trading, custody and settlement work.
Example:
Buying Bitcoin is a crypto transaction. A regulated asset manager issuing tokenised units in a money market fund is onchain finance.
What problem does it solve?
Crypto markets can be difficult to understand and are often viewed mainly through price speculation. Onchain finance focuses attention on practical financial uses of blockchain technology, including moving money, issuing assets and settling transactions.
Why ONFI matters:
ONFI helps distinguish organisactions building useful financial infrastructure from projects driven mainly by short term token hype. It provides a clearer view of the companies making finance more digital, connected and programmable.
Yes. Funds, bonds, shares and other financial assets can potentially be issued, held and transferred as digital tokens, subject to the relevant legal, regulatory and investor-protection requirements.
Example:
An investment firm could issue tokenised fund units, allowing eligible investors to receive distributions and transfer holdings through an approved digital platform.
What problem does it solve?
Traditional investment administration can involve paperwork, separate record keepers, delayed settlement and limited access outside normal market hours.
Why ONFI matters:
ONFI highlights the asset managers, tokenisation platforms, custodians and market infrastructure firms building credible onchain investment markets.
Blockchain technology can improve transparency and automate certain processes, but it cannot guarantee that an issuer holds sufficient reserves, that an asset is legally enforceable or that a provider will act responsibly. Those issues still require governance, regulation, audits, custody and clear accountability.
Example: A stablecoin may move quickly onchain, but users still need confidence that it can be redeemed and that the assets supporting it are properly safeguarded.
What problem does it solve?
Technology alone cannot remove fraud, poor governance, cyber risk or weak consumer protections.
Why ONFI matters:
ONFI is designed to recognise organistactions combining onchain innovation with financial credibility, real adoption, sound governance and long-term relevance.
Onchain finance includes stablecoin issuers, payment networks, banks, asset managers, tokenistation platforms, exchanges, custodians, blockchain infrastructure providers and compliance technology companies. Together, they help build the systems needed to move money and assets onchain.
Example: A tokenisation platform may help an asset manager issue a digital fund, while a custodian safeguards the assets and a payment network enables settlement.
What problem does it solve?
Finance has traditionally been built around separate specialist firms and disconnected systems. Onchain finance can help these services work together more efficiently through shared, programmable infrastructure.
Why ONFI matters:
ONFI provides a clearer view of the organisations shaping this market—across payments, assets, infrastructure and financial services—rather than treating onchain finance as just another crypto category.
Not exclusively.
ONFI 100 is designed to cover the broader Onchain Finance ecosystem.
Its universe can include:
The focus is on a companies, platforms or the networks contribution to finance moving onchain, rather than simply its importance to cryptocurrency.
Traditional crypto rankings often focus on cryptocurrency market capitalisation, price, trading volume or other asset-level measures.
ONFI 100 instead evaluates organisations participating in the development of financial infrastructure and financial activity onchain.
This allows a global bank, asset manager, payment company, stablecoin issuer, blockchain network or emerging fintech to be considered within the same broader framework.
The two indexes address different parts of the digital asset ecosystem.
CRYPTO 100 ® Index is a cryptoasset index designed to track 100 leading cryptoassets using the quality weighted VALT Score.
ONFI 100 ® Index focuses on the leaders building and operating the emerging Onchain Finance ecosystem.
In simple terms:
CRYPTO 100 Index = cryptoassets
ONFI 100 Index = organisations shaping Onchain Finance
The distinction allows the two benchmarks to complement one another rather than compete for exactly the same universe.
The resulting score is designed to provide a consistent framework for assessing organisations operating across different areas of Onchain Finance.
The ONFI SIGNAL Score ® is the scoring framework used to assess organisations considered for the ONFI 100.
It combines seven criteria:
Criterion Weight
Scale 25%
Institutional Adoption 20%
Growth 20%
Network Activity 15%
Access to Liquidity 10%
Leadership in Innovation 10%
Because size alone does not measure the importance of an organisation to Onchain Finance.
Scale represents 25% of the ONFI SIGNAL Score, making it an important factor, but 70% of the score comes from other measures including institutional adoption, growth, network activity, access to liquidity and leadership in innovation.
This means the methodology can recognise organisations making significant contributions to Onchain Finance even when they are not among the world’s largest financial companies.
ONFI 100 is organised into ten categories representing major areas of the Onchain Finance ecosystem:
ONFI Banking covers banks and banking infrastructure moving financial activity onto blockchain based infrastructure.
This can include tokenised deposits, digital assets, blockchain settlement, custody and other forms of onchain banking infrastructure.
ONFI Markets covers exchanges, brokers, trading platforms and market infrastructure involved in the issuance, trading, clearing or settlement of financial assets onchain.
ONFI Assets covers organisations involved in bringing financial and real world assets onto blockchain infrastructure.
This can include:
ONFI Money covers organisations developing blockchain based forms of digital money.
This includes:
ONFI Payments covers organisations developing onchain payment, settlement and transaction infrastructure.
This can include payment networks, payment providers, stablecoin payment platforms and settlement infrastructure.
ONFI Wealth covers asset managers, wealth platforms, investment businesses and infrastructure bringing investment and wealth management onchain.
ONFI Credit covers organisations involved in onchain lending, borrowing, private credit and collateral infrastructure.
ONFI Infrastructure covers the technology and services that allow financial institutions and markets to operate onchain.
This can include:
ONFI Networks covers blockchain networks and financial rails supporting onchain financial activity.
The category can include networks providing infrastructure for:
The focus is therefore on the network’s role as financial infrastructure, rather than simply its cryptocurrency market capitalisation.
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ONFI Innovators recognises emerging organisations developing new technologies, products and business models that could influence the future of financial markets.
This category provides a place for emerging Onchain Finance leaders to be recognised alongside established financial institutions.
Organisations are assessed using the ONFI Score and the defined eligibility, diversification and index construction rules.
The objective is to identify 100 organisations with significant roles in the development of Onchain Finance.
Yes.
ONFI 100 is deliberately designed to include traditional financial institutions where they are making meaningful contributions to Onchain Finance.
Banks can potentially participate through areas such as tokenised deposits, digital assets, blockchain settlement, custody and onchain financial infrastructure.
Yes.
Blockchain networks can be considered under ONFI Networks where they provide important infrastructure for financial activity onchain.
The assessment is based on their role in Onchain Finance rather than simply the value of their native cryptocurrency.
Yes.
ONFI 100 is not restricted to organisations that issue cryptocurrency tokens.
A bank, asset manager, payment company, technology provider or other financial organisation can contribute to Onchain Finance without having its own token.
Potentially, yes.
The key consideration is its role in Onchain Finance.
For example, a blockchain network, financial infrastructure provider or onchain financial platform may be considered where it demonstrates meaningful financial activity and relevance under the methodology.
No.
Inclusion represents an assessment under the published ONFI 100 methodology.
It should not be interpreted as an endorsement, investment recommendation or guarantee of future performance.
ONFI 100 is designed around its published methodology and assessment framework rather than popularity or applications alone.
Organisations must satisfy the applicable eligibility requirements and be assessed under the methodology.
ONFI 100 is designed as an independent, evidence led ranking based on defined criteria and publicly available evidence.
Its stated principles are:
Quality Over Size.
Evidence Over Opinion.
Rules Over Emotion.
ONFI 100 is intended to provide a reference point for:
Not exactly.
Tokenisation is one important component of Onchain Finance.
Onchain Finance also includes payments, digital money, lending, trading, settlement, custody, wealth management, financial infrastructure and blockchain networks.
Tokenisation brings assets onto blockchain infrastructure; Onchain Finance encompasses the broader financial ecosystem developing around those assets and the underlying infrastructure.
Financial Scale is intended to measure the overall financial significance of an organisation.
Depending on the type of organisation, relevant evidence can include factors such as:
The appropriate measures can differ between different types of organisations.
Onchain Activity measures the scale and significance of financial activity an organisation conducts, facilitates or enables on blockchain networks.
Depending on the organisation, this may include:
The objective is to measure meaningful financial activity onchain, rather than simply blockchain activity for its own sake.
Institutional Adoption considers evidence that an organisation’s products, infrastructure or technology are being adopted, integrated or used by established financial institutions and other major organisations.
Evidence can include:
The criterion is intended to distinguish experimentation from meaningful adoption.
Growth considers evidence that an organisation is expanding its position within Onchain Finance.
Depending on the organisation, this can include changes in:
The methodology is intended to consider sustained growth rather than isolated short term increases.
Liquidity measures the depth and accessibility of markets, assets, products or infrastructure associated with an organisation.
Depending on the organisation, this can include:
Liquidity is particularly relevant to organisations operating financial markets and financial infrastructure.
Innovation considers an organisation’s contribution to the development of new financial technology, products, infrastructure and business models.
The emphasis is on meaningful innovation and potential financial impact rather than novelty alone.
Governance & Risk considers factors relevant to the reliability and resilience of financial infrastructure.
These can include:
The criterion recognises that financial infrastructure needs to operate with appropriate levels of trust and resilience.
Yes.
Stablecoins and other forms of digital money are an important part of the Onchain Finance ecosystem.
Relevant organisations can be assessed within areas including ONFI Money and ONFI Payments, depending on their activities.
No, not at the moment. Maybe in the future.
The ONFI 100 is an independent ranking and the ONFI 100 Index is a benchmark designed to measure the performance of its constituents.
It should not be interpreted as investment advice, an offer to buy or sell securities, or a recommendation concerning any particular organisation.
No.
A company does not necessarily need to be a blockchain-native business to qualify.
A bank, asset manager, payment network, exchange, fintech or other financial organisation can be relevant if it is making a significant contribution to the development of Onchain Finance.
The ONFI 100 and ONFI 100 Index are reviewed and rebalanced quarterly:
At each review, eligibility, ONFI Scores and index weights are reassessed according to the published methodology.
Yes. Being publicly listed is not a requirement for inclusion. Eligible private companies can be considered where sufficient information is available to assess them against the ONFI methodology.
An organisation may operate across several areas of Onchain Finance. The ONFI 100 methodology determines the most appropriate primary category for presentation within the ranking.
Yes. Constituents are subject to the eligibility and review requirements of the methodology. Changes in an organisation’s activities, data, eligibility or relative position can affect its inclusion during future reviews.
Market capitalisation rankings primarily measure size.
ONFI 100 considers a broader set of factors, including financial scale, onchain activity, growth, institutional adoption, liquidity, innovation and governance and risk.
To make a better assessment of the onchain finance fundamentals.
Don’t invest unless you’re prepared to lose all the money you invest.
This is a high risk investment and you should not expect to be protected if something goes wrong.
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