We’re excited to launch ratings for crypto custodians. This rating system is designed to bring transparency and rigor to crypto custody risk management.
Crypto custodians have long been critical nodes in the market’s infrastructure. Recent regulatory shifts have accelerated the need for objective, standardized tools to assess their financial and operational resilience. The US GENIUS Act has drawn clearer lines around qualified custodians and fiduciary responsibilities in crypto, while Europe’s MiCA framework mandates more stringent oversight of custodial practices and capital adequacy.
Despite the fundamental role that custodians play, the tools to assess their risks have been limited – and limiting. The market needs standardized and quantifiable metrics to assess and compare custodian risk.
A Quantitative Leap Forward
Our rating system is derived from our proprietary risk model for crypto custodians. We begin by analyzing 5 critical risk factors that combine traditional regulatory and operational indicators with crypto-native data such as including on-chain network centrality, which measures systemic importance in real time.
With over 25 custodians rated across five categories (from exchange-linked to TradFi-backed), our ratings give users a clear lens into where risks are concentrated and where strength lies.
A Rigorous and Transparent Methodology
Every rating is generated through a quantitative methodology that leverages a calibrated baseline probability of default (PD) and weighted risk factors including:
- Regulatory licensing and jurisdictional quality
- Security certifications and incident history
- Financial and operational track record
- Balance sheet and liquidity indicators
- On-chain behavioral data
This product reflects Agio Ratings’ broader commitment to offer data-driven credit risk analytics that covers the most important players in the market.
Explore the Ratings
Our custodian ratings are the product of 18+ months of diligent research and development. Now live on our platform, it’s ready for analysts, allocators, and compliance teams who need defensible, real-time insight into custodial risk.
