CryptoReview
Submit listing

DFNS

Paris-based MPC and HSM wallet infrastructure for banks and fintechs, sold as software

Custodian Founded 2020 France
Visit dfns.co
Our score
Good
Be the first to review
Custody model MPCHSMSelf-custody software
Regulated No
SOC 2 report Yes
Insurance $15M per year cyber, E&O and crime cover for DFNS itself (Beazley, Munich Re); DFNS holds no client assets
Staking Yes

What is DFNS?

Company and ownership

Founded in 2020, DFNS is registered in Paris as a simplified joint-stock company under trade register number 888 176 575. Besides its Paris headquarters it lists offices in New York, Geneva, Dubai, Singapore, Hong Kong and São Paulo. Clarisse Hagège is CEO and co-founder, and Christopher Grilhault des Fontaines is co-CEO.

White Star Capital led a $13.5 million seed round in April 2022 that included Coinbase, ABN AMRO, Bpifrance and Susquehanna. Further Ventures, backed by Abu Dhabi's ADQ, led a $16 million Series A in January 2025. The company's 2025 review reported 35 employees, $12.5 million in revenue, 324 clients and $26 billion in processed volume. In June 2026 DFNS rebranded from wallet infrastructure to a core banking platform for digital assets.

Custody model and security

DFNS describes itself as a technology provider only, and custody and client asset protection stay with the institution that deploys its software. Keys are protected with multi-party computation and threshold signatures, so no complete private key exists. Supported schemes include ECDSA, EdDSA, Schnorr and STARK, and the company has open-sourced its audited Rust implementation of the CGGMP21 protocol.

Institutions can instead hold keys in hardware security modules through PKCS#11, including a native Thales integration added in 2025, or in enclaves such as AWS Nitro and Intel TDX. An integration with IBM's Offline Signing Orchestrator adds air-gapped cold signing. Deployments range from DFNS-hosted SaaS to fully on-premises installs, with a hybrid model in between. Since an August 2026 update, the governance engine checks signer permissions before the HSM signs, so a compromised DFNS backend cannot approve actions for users without the rights.

KPMG renewed the SOC 2 Type II report for 2024 after a nine-month audit with no exceptions noted, compared with exceptions on 3% of controls in 2023. The DFNS ISO 27001 certification extends to the cloud-focused 27017 and 27018 standards, and SOC 1 and ISAE 3000 audits are in progress. Kudelski Security, Halborn, Quarkslab, Yogosha and Borg have tested the platform since 2021.

Regulation and insurance

The security page calls DFNS deliberately unlicensed, and the company lists no license or registration with any regulator. Banks and custodians that run the software keep responsibility for their own authorizations and client protections, and DFNS contracts fall under French law. The company carries $15 million a year of cyber, errors and omissions, and crime insurance underwritten by Beazley and Munich Re. This is the company's own cover, since DFNS does not hold client assets.

Products and integrations

Developers work through one REST API with SDKs for TypeScript, Python, Go, Java, Rust, Swift, Kotlin, Flutter and React Native. The documentation names 59 networks, 53 of them Tier-1, including Bitcoin, Ethereum, Solana, Canton, Stellar and the XRP Ledger, while marketing pages claim more than 100 blockchains. Staking covers Ethereum and Iota, and XDC native staking arrived in June 2026 with a 10 million XDC minimum, the same month Babylon bitcoin staking was discontinued. An allocations feature, which reports reward rates per protocol, works with M0 and Yield.xyz as providers.

Published annual prices are $800 for Starter, $8,000 for Basic, $35,000 for Pro and custom quotes for Enterprise, with a 30-day free testnet sandbox. Zodia Custody, backed by Standard Chartered, added DFNS MPC wallets beside its air-gapped HSM platform in December 2024, and IBM launched Digital Asset Haven with DFNS in October 2025. Abu Dhabi's ADX Group agreed to use DFNS wallet infrastructure for tokenization, and PhotonPay announced a stablecoin payments partnership in September 2026.

Founders

Clarisse HagègeCEO
Christopher Grilhault des FontainesCo-CEO
Best for:Banks and licensed custodians building in-house custodyFintechs embedding wallets and stablecoin paymentsInstitutions that must keep keys in their own HSMs or data centersMarket infrastructure operators adding tokenization

Pros and cons

Pros

  • KPMG renewed its SOC 2 Type II report for 2024 with no exceptions noted
  • Named third-party pentests and audits every year since 2021
  • Keys can run on MPC, HSMs, TEEs or bring-your-own-key, hosted or on premises
  • Published pricing from $800 a year and a 30-day free testnet sandbox
  • Chosen by Standard Chartered-backed Zodia Custody and by IBM for Digital Asset Haven

Cons

  • Holds no license and takes no custody, so clients carry custody and regulatory duties
  • The $15 million insurance is corporate cyber, E&O and crime cover for DFNS itself
  • Marketing claims 100+ blockchains while the documentation names 59 networks

Our review

3.5/5
Good

DFNS suits licensed institutions that want audited MPC and HSM tooling for custody they operate themselves. Funds that need a regulated third party to hold assets will still need a separate custodian.

Security4.0
Compliance2.5
Asset support4.0
Features4.0
Support3.5

The audit record is the main strength of the DFNS offer. Its security page names a third-party tester for every year since 2021, from Yogosha black-box pentests in 2021 and 2022 to a 2025 cloud audit by Quarkslab. KPMG's SOC 2 Type II renewal for 2024 found no exceptions, after the 2023 report flagged 3% of controls. Because the CGGMP21 code is open source, security teams can inspect the threshold-signing implementation for themselves.

Flexibility comes next. A bank can start on hosted MPC and later move keys into its own Thales HSMs or an IBM-based on-premises stack. Zodia Custody, for example, kept its air-gapped HSM platform and added DFNS MPC wallets beside it. The August 2026 governance engine change limits what a compromised DFNS backend could approve, and the company reports 99.997% uptime since 2022 against a 99.95% SLA on every plan. Published pricing that starts at $800 a year keeps the cost of a trial low for small teams.

The trade-offs follow from the business model. DFNS holds no license and never takes custody, so the client must hold the custody authorization and carry the regulatory duties that come with it. The $15 million insurance program is the company's own cyber, E&O and crime cover. Funds and advisers that need a regulated third party to hold assets will still need a separate custodian.

Some figures need care. Marketing pages claim more than 100 blockchains, while the documentation names 59 networks. Self-reported client counts went from 324 at the end of 2025 to more than 500 on the homepage in October 2026, served by a team of 35 at the start of the year. Babylon bitcoin staking was dropped in June 2026, and support varies by plan, from a one-week response target on Starter to under an hour on Enterprise.

DFNS reports zero breaches and zero key losses since 2020. It fits licensed institutions and fintechs that want to run custody under their own authorization, with audited key management they can host where their regulator requires.

Listings are researched and drafted with AI assistance from public sources, then checked for accuracy and readability. Spot an error? Tell us. Editorial policy. Facts last checked Oct 28, 2026.
Sources (19)

Specs

Custody model MPC, HSM, Self-custody software · unverified
Clients Institutions, Corporates · unverified
Regulated No · unverified
SOC 2 report Yes · unverified
Insurance $15M per year cyber, E&O and crime cover for DFNS itself (Beazley, Munich Re); DFNS holds no client assets · unverified
Staking Yes · unverified
API access Yes · unverified
MPC Yes · unverified
Qualified custodian No · unverified

Not disclosed by the provider: KYC required, Assets supported, Licenses & charters, Cold storage.

Data from the provider's website and public sources, checked Oct 28, 2026. Fees and availability change; confirm on the official site before you sign up.

Key features

Threshold signing

MPC threshold signatures mean no complete private key exists, and the audited CGGMP21 implementation is open source.

HSM and enclave options

Keys can also sit in PKCS#11 HSMs such as Thales or in AWS Nitro and Intel TDX enclaves.

Flexible deployment

The platform runs as DFNS-hosted SaaS, as a hybrid with shared control or fully on the customer's premises.

Governance engine

On the HSM signing path, the engine verifies each user's permissions before signing, so a compromised DFNS backend cannot approve unauthorized actions.

Staking and allocations

Native staking covers Ethereum and Iota, with XDC added in June 2026, and an allocations feature works with M0 and Yield.xyz.

Developer tooling

A single REST API ships with SDKs for TypeScript, Python, Go, Java, Rust, Swift, Kotlin, Flutter and React Native, plus a 30-day testnet sandbox.

Inside DFNS

Wallets

API-created wallets with transaction signing on 59 documented networks, plus custom EVM networks on request.

Key management

MPC, HSM, TEE and bring-your-own-key setups that DFNS can host or the client can install on premises.

Policies and governance

Unlimited policies from the Basic tier up and an HSM-side governance engine that checks permissions before any signature.

Staking and allocations

Native staking with an XDC option added in June 2026, plus yield allocations through M0 and Yield.xyz.

Stablecoin payments infrastructure

Signing and policy layers for stablecoin payment flows, adopted by PhotonPay in September 2026.

User reviews

No user reviews yet. Have you used DFNS? Share your experience below.

Write a review of DFNS

Your rating
At least 40 characters. Please write about your own experience.

Reviews are moderated before they appear.

FAQ

Is DFNS a qualified custodian?

No. DFNS describes itself as a technology provider only and says it does not provide custody, banking or financial services. Custody and client asset protection stay with the institution that deploys the platform.

Is DFNS regulated?

No. Its security page calls the company deliberately unlicensed and lists no license or registration. The contracting entity, DFNS, is a French simplified joint-stock company registered in Paris under number 888 176 575.

Does DFNS support staking?

Yes. Ethereum and Iota staking are available, and XDC native staking was added in June 2026 with a 10 million XDC minimum. Babylon bitcoin staking was discontinued the same month.

What insurance does DFNS carry?

DFNS carries $15 million a year of cyber, E&O and crime cover underwritten by Beazley and Munich Re. The policy covers the company, and DFNS does not hold client assets.

What does DFNS cost?

Annual plans are $800 for Starter, $8,000 for Basic and $35,000 for Pro, and Enterprise is priced by contract. A 30-day free trial runs on testnets without a credit card.

Who owns DFNS?

DFNS is a venture-backed French company led by CEO Clarisse Hagège and co-CEO Christopher Grilhault des Fontaines. White Star Capital led its $13.5 million seed round in 2022, and Further Ventures led its $16 million Series A in 2025.

Has DFNS been hacked?

DFNS reports zero breaches and zero key losses since 2020. KPMG's SOC 2 Type II report for 2024 found no exceptions.

Latest from DFNS on X

DFNS
@dfnsHQ · 4.4K followers
Follow
With Bitget, the signer trusted the wrong host.

With NEAR Intents, the signer did everything right, but the ledger it trusted was wrong.

The result: $3.87 million stolen ⛓️‍💥

@dfnsHQ CISO, Thibault de Lachèze-Murel, has written another piece on the NEAR hack as a follow-up to his Bitget analysis. Together, the two incidents show two sides of the same problem:

Signers must verify who can authorize a transaction, and they must be able to trust the data behind it.

Here’s what happened to NEAR:
1️⃣ The system tracked what users were owed in an internal ledger, backed by funds held in vaults.
2️⃣ The attacker made 23 deposits that appeared in the ledger but failed to settle onchain.
3️⃣ The tokens were returned to the attacker… but the credits remained.
4️⃣ The attacker then withdrew the fake balance using real funds from the vaults.

The signers ran in secure enclaves and checked the ledger before signing.

But the ledger was wrong and nothing checked that the balances matched the actual funds.

The lessons here are simple:
→ Credit deposits only after onchain confirmation.
→ Continuously check that balances match available funds.
→ Set withdrawal limits that the ledger cannot override.
→ Treat external calls as untrusted and stop when they fail.
→ Monitor the system for inconsistencies, not just individual components.

A signer can control who authorizes a transaction. It cannot guarantee that the balance behind it is real. That needs a separate control.

That’s what onchain core banking is for.

📖 Read more: https://t.co/hQEW0gPD81
⌨️ Start building: https://t.co/EaYdvatcvM
Image attached to the post
1 2 5 315 View on X
Today, @The_DTCC launched its Tokenization Service 🇺🇸

It’s worth pausing on what this day is.

DTC replaced paper certificates with electronic records in 1973. Today, it’s bringing securities 𝗼𝗻𝗰𝗵𝗮𝗶𝗻 while preserving existing rights and protections.

With over $114 trillion in custody, this is how market infrastructure upgrades, and more importantly, this is what leadership looks like 👏

The Tokenizaton Service (DTS) allows DTC to issue tokenized versions of the securities they hold in custody. These tokens have the same ownership rights and investor protections as the initial securities, and can move in between classic and tokenized form.

20 DTC Participants have already signed on as the first batch.

@dfnsHQ is proud to be among the 15 official partners and distributors 🤝

We now support DTS on @CantonNetwork and DTCC’s Besu network:

☑️ On Canton, you can use DFNS-operated validators or connect your own. DFNS indexes and decodes tokenized securities, and enables pre-approved deliveries and settlement against cash.
☑️ On Besu, you can connect your own network and hold, receive and transfer tokenized securities. Every transaction is checked against their policies before signing.
✅ On both networks, financial institutions can track balances and transactions, receive real-time triggers, webhooks and keep a single audit trail for every operation.

Tokenized securities are moving into regulated markets, and institutions need a secure way to manage them under their own controls, no matter the network used for settlement.

We’re honored to work with DTCC and the wider industry to make that possible.

📖 Read more: https://t.co/gkwFPFVRJH
⌨️ Start building today: https://t.co/EaYdvasEGe
Image attached to the post
2 2 13 656 View on X
Two years ago, we published our insurance policy when no one would.

Today, we’re sharing our newest insurance upgrade brought to us by Native.

On October 1, @dfnsHQ moved its insurance program to @LloydsofLondon. Both policies are now backed by Lloyd’s syndicates @Mosaic1609 and @markel_ger.

☑️ Technology and cyber: Coverage increased 4x, from $2.8M to $11.2M with Mosaic.
☑️ Crime: $11.2M in coverage, led by Mosaic and supported by Markel.
✅ Total coverage: Increased from $13.9M → $22.3M worldwide, covering DFNS and its subsidiaries.

Also: The two policies have separate limits, so a claim under one does not reduce the other.

What hasn’t changed? 𝘐𝘯𝘴𝘶𝘳𝘢𝘯𝘤𝘦 𝘩𝘢𝘴 𝘭𝘪𝘮𝘪𝘵𝘴. It is 𝗻𝗼𝘁 𝗮 𝗿𝗲𝗰𝗼𝘃𝗲𝗿𝘆 𝗽𝗹𝗮𝗻 and it 𝗰𝗮𝗻𝗻𝗼𝘁 𝗰𝗼𝘃𝗲𝗿 𝗹𝗼𝘀𝘀𝗲𝘀 𝗼𝗳 𝗮𝗻𝘆 𝘀𝗶𝘇𝗲. Exclusions still apply, and we’re happy to walk clients through the details.

▶️ What’s next: We’re arranging additional coverage and will announce it soon.
We’re also working with leading actors on specie insurance designed for multi-party compitation (MPC).

Clients can request the insurance certificate and policy wording under NDA.

We believe insurance should be clear, verifiable and part of taking responsibility for the risks we manage.

That’s what onchain core banking is for.

📖 Read more: https://t.co/wr1byaabpU
⌨️ Start building: https://t.co/EaYdvatcvM
Image attached to the post
0 3 8 342 View on X
🇯🇵 In Japan, trust is built over decades.

NEC has spent more than 125 years building it with financial institutions.

Today, @NEC_jp and @dfnsHQ are partnering to explore digital asset infrastructure for Japanese financial institutions 🤝

The two companies have signed a Memorandum of Understanding to explore how DFNS can fit into NEC’s systems, including its planned custody offering.

The goal is to help Japanese institutions adopt digital assets without compromising their security, compliance, data residency or existing systems.

The partnership will focus on three areas:
1️⃣ Integrating DFNS wallets, key management, policies and transaction management into NEC’s digital asset infrastructure.
2️⃣ Adapting the platform to Japanese regulations and each institution’s security and operating requirements.
3️⃣ Supporting different deployment models, from SaaS to hybrid and fully on-premises, including air-gapped environments.

Institutions will be able to keep their keys, data and operations in Japan, in line with their requirements.

NEC will also explore support for digital securities alongside crypto assets, helping institutions develop new digital asset services.

That’s what onchain core banking is for.

📖 Read more: https://t.co/RkXosTgRQB
⌨️ Start building: https://t.co/EaYdvatcvM
Image attached to the post
1 3 8 281 View on X
📈 He scaled a core banking platform to nearly 1M transactions a day.

Now he's building @dfnsHQ in Singapore.

Please welcome Zakarya Ali, our first software engineer in APAC.

Zakarya has spent more than ten years building systems where money, data and reliability meet:
→ At Majority in Stockholm, he ran core banking engineering. He lifted payment success and designed a double-entry ledger all under PCI and SOC 2
→ At Thales in Singapore, he led data and machine learning work for SMRT, Singapore's transit operator, and later led AI implementation for 15 engineers across Paris and Singapore
→ In six months there, he architected five production AI products, including a stablecoin payment agent, and an agentic system that cut its own running cost by 41%
→ He began at Accenture in Paris, building for clients such as Orange, La Banque Postale and EDF

Few engineers have worked on both sides of what DFNS does: the core banking systems that keep an institution's books, and the modern platforms that move value at scale. Zakarya has.

In Singapore, he'll work across our core platform and alongside clients in the region, helping institutions design and deploy on DFNS, and helping us build our engineering team in Asia.

Welcome, Zak. 🤝

📖 Read the announcement: https://t.co/iIY40VOimm
📮 See our open positions: https://t.co/CYnMYGTovq
Image attached to the post
2 1 7 468 View on X

Recent public posts from @dfnsHQ, shown as published. Not reviewed or endorsed by CryptoReview.

Alternatives to DFNS

BitGo

NYSE-listed crypto custodian with an OCC-chartered trust bank and up to $250M insurance

KYC requiredQualified custodian · Multi-sig +3Institutions · Funds +3Regulated
4.5

Fireblocks

MPC custody software and NYDFS-chartered qualified custody for institutions

Qualified custodian · MPC +2Institutions · Funds +1Regulated
4.3

Anchorage Digital

Crypto custody through Anchorage Digital Bank, an OCC-chartered national trust bank

Qualified custodian · HSM +1Institutions · Funds +2Regulated
4.1

Coinbase Prime

Coinbase's institutional prime broker, with custody at its NYDFS-chartered trust company

RegulatedSOC 2 reportStaking
4.1

AMINA Bank

FINMA-licensed Swiss crypto bank offering custody for 32 assets plus trading and staking

KYC requiredQualified custodian · MPC +2Institutions · Funds +2Regulated
4.0

Crypto Finance

Deutsche Börse's crypto custodian, supervised by FINMA and BaFin with a MiCA license

Qualified custodian · HSM +1Institutions · FundsRegulated
4.0
DFNS vs BitGo DFNS vs Fireblocks DFNS vs Anchorage Digital DFNS vs Coinbase Prime
Visit DFNS