Dinari
Dinari is a Palo Alto-based fintech that issues 1:1 backed tokenized U.S. stocks, ETFs, and other securities on multiple blockchains via its dShares protocol, serving global investors and B2B partners in 85+ non-U.S. jurisdictions as an SEC-registered transfer agent.
- Company typePrivate
- Founded2021
- HeadquartersPalo Alto, United States
- Headcount11–50
- GTM typeB2B and B2C
- OfferingSoftware
What Dinari does
Dinari, Inc. is a Palo Alto-based fintech founded in 2021 that builds compliant infrastructure for tokenizing U.S. publicly traded securities on blockchain networks. Through its proprietary dShares protocol, the company issues 1:1 backed tokens for individual stocks, ETFs, commodity ETFs, and now private equity, with each token representing a real share held in a custodial brokerage account. Economic rights (cash dividends paid in USD+, stock splits, market-value redemption) are enforced via smart contracts. Dinari has been a registered SEC transfer agent since 2022, which underpins its ability to operate within U.S. securities law while serving customers in 85+ non-U.S. jurisdictions.
The product portfolio includes dShares (350+ tokenized equities), the USD+ and stUSD+ yield-bearing stablecoin (backed 1:1 by USD and short-term Treasuries), and the S&P Digital Markets 50 Index ($SPDM), a benchmark developed with S&P Dow Jones Indices combining 35 blockchain-related equities with 15 digital assets. Underlying technology spans a multi-chain architecture deployed on Arbitrum One, Ethereum mainnet, Blast L2, Avalanche, Base, and HyperLiquid, with cross-chain interoperability via Chainlink CCIP and LayerZero. Distribution is API-first, reaching partners through SDKs in JavaScript, Java, Python, and Go, a white-label widget, and a direct consumer trading app.
The business model combines transaction and trading fees, B2B API/SDK and white-label licensing, and potential yield economics from USD+. The go-to-market targets three primary segments: global retail investors seeking U.S. equity access, neobanks/fintechs/exchanges seeking compliant tokenization infrastructure, and trading firms/market makers (including Flow Traders for 24/7 liquidity). Customer logos include S&P Global, Flow Traders, Avalanche, HyperLiquid, Gemini, Bitcoin.com, Alpaca, Fasset, Meru, Cadana, and Roxom. The company has raised approximately $22.65 million in venture funding across seed (August 2023) and Series A (May 2025) rounds and operates with 11-50 employees.
Dinari firmographics
Firmographics- Name
- Dinari
- Legal name
- Dinari, Inc.
- Website
- https://dinari.com
- Company type
- Private
- Founded year
- 2021
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Dinari is a Palo Alto-based fintech that issues 1:1 backed tokenized U.S. stocks, ETFs, and other securities on multiple blockchains via its dShares protocol, serving global investors and B2B partners in 85+ non-U.S. jurisdictions as an SEC-registered transfer agent.
- Ownership category
- akta.pro rank
Dinari industry classification
Industry- Product category
- Tokenized Securities Infrastructure
- NAICS
- Securities and Commodity Contracts Intermediation and Brokerage (5231), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Finance Services (6199)
- akta.pro primary industry
- Enterprise Payments & Tokenized Money (stablecoins, tokenized deposits, CBDC rails) (FSAPAIAJ)
- akta.pro secondary industries
- Mint/Redeem, Issuance APIs & Treasury Operations Platforms (FSADADAE), Stablecoin Issuers (Fiat-Backed) (FSADADAA), On-Chain Payments & Stablecoin Infrastructure (Issuance, Rails, Treasury) (FSAGAMAD), Stablecoins & On-Chain Money (fiat-backed, crypto-backed, algorithmic; issuance/redemption) (FSAPAEAB)
Keywords
Where Dinari is headquartered
LocationHeadquarters
- HQ city
- Palo Alto
- HQ country
- United States
- HQ region
- North America
Markets served
Dinari business model
Business model- GTM type
- B2B and B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales, Others
Revenue model
- Transaction and Trading Fees: Fees charged on trading of tokenized equities, including buy/sell spreads and trading commissions on the platform.
- API and SDK Licensing: Revenue from licensing developer APIs and SDKs to B2B partners for embedding tokenized equity trading capabilities.
- White-Label Solutions: Revenue from providing white-labeled tokenization infrastructure to exchanges, brokerages, and financial platforms.
- USD+ Stablecoin Revenue: Potential yield generation and revenue from the USD+ yield-bearing stablecoin integrated into the platform ecosystem.
Go-to-market motion3 records
Distribution channels5 records
Marketing channels9 records
Dinari product offering
Product offeringCore offering
Dinari issues dShares, which are blockchain-based tokens representing 1:1 ownership of U.S. stocks, ETFs, commodity ETFs, and indices, with each token backed by the underlying security held in a custodial brokerage account and offering real economic rights including cash dividends (paid in USD+ stablecoin), stock-split mirroring, and market-value redemption. The company also operates the USD+ yield-bearing stablecoin protocol and provides a REST API plus white-label widget enabling B2B partners—neobanks, fintechs, brokerages, exchanges, wallets, and trading firms—to embed tokenized equity trading into their own products.
Product overview
Dinari operates as a multi-chain tokenized securities infrastructure platform offering SEC-registered transfer agent services. The core product portfolio centers on dShares (1:1 backed tokenized stocks, ETFs, and commodities), USD+ (yield-bearing stablecoin), and the S&P Digital Markets 50 Index (jointly developed with S&P Dow Jones Indices). These products are delivered through multiple channels: a direct-to-consumer trading app, a white-label widget for partners, and a B2B API with managed account services. Dinari's infrastructure spans multiple blockchains (Arbitrum One, Ethereum, Blast, Base, Avalanche, Hyperliquid) with cross-chain capabilities powered by LayerZero and Chainlink CCIP.
Differentiator
Problem solved
Functional benefit
Brands
- dShares: Tokenized stocks and ETFs backed 1:1 by real-world assets, allowing global access to U.S. equities through blockchain technology.
- USD+
- S&P Digital Markets 50 Index
Products and services
- dShares Tokenized U.S. stocks and ETFs backed 1:1 by underlying securities held in custodial brokerage accounts. Each dShare carries real economic rights including dividends paid in USD+ stablecoin, stock-split mirroring, and market-value redemption, available to global investors in 85+ jurisdictions outside the U.S.
- USD+ Stablecoin Yield-bearing stablecoin protocol backed 1:1 by U.S. dollars and short-term U.S. Treasury bills, offering guaranteed redemption at par value plus yield generation, with stUSD+ enabling yield accrual through staking. Used for dShare dividend payouts and as DeFi collateral across multiple chains.
- S&P Digital Markets 50 Index ($SPDM) Tokenized benchmark index developed with S&P Dow Jones Indices, combining 35 blockchain-related public equities with the top 15 digital assets to provide diversified onchain exposure to the digital markets economy.
- dShares API REST API with SDKs in JavaScript, Java, Python, and Go that enables B2B partners to integrate tokenized stock trading, order processing, real-time price feeds, KYC, wallet management, and corporate actions into their own products.
- White-Label dShares Widget Fully white-labeled application widget allowing neobanks, fintechs, brokerages, exchanges, and wallets to deploy dShares trading to their customers with zero development time required, enabling fast compliant market entry.
- Managed Account Services Streamlined digital asset management solution for B2B customers that simplifies order management and wallet creation, enabling partners to focus on customer-facing innovation without managing complex Web3 infrastructure.
- Dinari Trading App Direct-to-consumer trading application for buying, selling, and managing dShares and USD+, featuring market data, portfolio tracking, order management, and wallet connectivity for global end users.
- Dinari Financial Network Omni-chain orderbook infrastructure powered by Avalanche that enables cross-chain trading of tokenized equities across multiple blockchain networks for partners and end users.
Quantifiable outcome
- 350+ stocks tokenized on the platform
- +2 more outcomes
Companies that use Dinari
Customer profileNamed customers8 records
Segments6 records
Ideal customer profiles4 records
Dinari technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration21 records
Feature7 records
Dinari partnerships and signals
Strategic signalPartnerships
Eleven partnerships are on record, tiered core, flagship and minor.
- HyperliquidcoreLaunched SpaceX tokenized equity on HyperLiquid, the first tokenized equity on HyperCore. Strategic integration for trading tokenized equities on the HyperLiquid L1 blockchain.
- RoxomcorePartnership to bring tokenized U.S. equities to Bitcoin-native financial market. Roxom integrates Dinari's tokenized equity infrastructure into its Bitcoin-focused financial ecosystem.
- Flow TraderscorePartnership for 24/7 trading of tokenized U.S. equities. Flow Traders provides liquidity and market-making services for Dinari's tokenized equity products.
- LayerZerocoreIntegration with LayerZero to enable transfer and settlement of tokenized U.S. equities across multiple blockchain networks using omnichain interoperability protocol.
- ChainlinkcoreCollaboration with Chainlink to bring real-time verifiability to the S&P Digital Markets 50 Index, enabling on-chain price feeds and data verification for tokenized index products.
- S&P Dow Jones IndicesflagshipPartnership for the S&P Digital Markets 50 Index, enabling on-chain trading of the index tracking 50 companies significant in digital asset adoption.
- AvalanchecoreDinari Financial Network powered by Avalanche, deploying tokenized equity infrastructure on the Avalanche blockchain for improved scalability and speed.
- GeminicorePartnership to offer tokenized stocks in Europe through Gemini's regulated cryptocurrency exchange and custody platform.
- Bitcoin.comcorePartnership to bring tokenized U.S. equities and ETFs to global investors through Bitcoin.com's platform and ecosystem.
- Chainlink CCIPcoreCross-chain transfers of USD+ stablecoin using Chainlink's Cross-Chain Interoperability Protocol, enabling multi-chain stablecoin transfers.
- Camelot DEXminorCOIN.dw and USDC trading pair listing on Camelot DEX, providing decentralized exchange liquidity for Dinari's tokenized equities.
Scale indicators6 records
Recent moves6 records
Expansion highlights7 records
Dinari competitors and assessment
Company assessmentBroad incumbents
- WisdomTree: Traditional asset manager with tokenized fund initiatives and a real-world asset digital strategy; competes as a much larger incumbent moving into tokenization.
- 21Shares: Large crypto ETP issuer offering exchange-listed products tracking crypto and blockchain themes; adjacent in bridging traditional finance products with crypto rails.
Direct peers
- Backed Finance: Swiss-regulated issuer of tokenized equities and ETFs (backedTokens) backed 1:1 by underlying securities — the closest direct competitor to Dinari's dShares product in the tokenized US equities space.
- Securitize: Tokenization platform offering end-to-end issuance, transfer agent, and compliance services for digital securities — overlaps with Dinari on the tokenized securities infrastructure layer, though broader across asset classes.
- Ondo Finance: Issuer of tokenized US Treasuries and yield-bearing products (OUSG, USDY); competes in the same RWA/tokenized traditional-finance category with a stronger Treasury focus but similar tokenized securities approach.
- Swarm Markets: Regulated (BaFin-licensed) DeFi platform issuing tokenized stocks and ETFs comparable to dShares; both target the same cross-border tokenized US equities use case.
- tZERO: SEC-regulated security token trading platform and transfer agent offering infrastructure for tokenized securities; directly comparable regulatory and infrastructure positioning.
Emerging players
- RealT: Tokenization platform focused on US real estate via fractionalized tokens; comparable as an RWA tokenization issuer but in a different asset class (real estate vs equities).
- Maple Finance: On-chain credit marketplace tokenizing private loans; comparable as an RWA tokenization issuer but focused on private credit rather than listed equities.
Others
- Alchemy: Web3 infrastructure provider integrated with Dinari for managed wallet services; not a direct competitor but an enabling infrastructure peer in the onchain financial stack.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights6 records
Customer concentration
Dinari social profiles
Digital presenceDinari compliance and trust
Trust signalCompliance4 records
Dinari financial estimates
Financial estimateRevenue estimate
Valuation estimate
Dinari leadership team
Management profileNumber of profiles
Profiles5 records
Dinari funding detail
Funding detailFunding overview
Funding rounds6 records
Investors15 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Dinari M&A and investment
M&A and investmentM&A
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Dinari
What does Dinari do?
Dinari issues dShares, which are blockchain-based tokens representing 1:1 ownership of U.S. stocks, ETFs, commodity ETFs, and indices, with each token backed by the underlying security held in a custodial brokerage account and offering real economic rights including cash dividends (paid in USD+ stablecoin), stock-split mirroring, and market-value redemption. The company also operates the USD+ yield-bearing stablecoin protocol and provides a REST API plus white-label widget enabling B2B partners—neobanks, fintechs, brokerages, exchanges, wallets, and trading firms—to embed tokenized equity trading into their own products.
Is Dinari a public or private company?
Dinari is a private company. It is classified as venture growth investor backed and is currently operating.
When was Dinari founded?
Dinari was founded in 2021. It employs 11 to 50 people.
Where is Dinari based?
Dinari is headquartered in Palo Alto, United States, in the North America region.
How does Dinari make money?
Four revenue lines are on record. Transaction and Trading Fees are the primary driver. The others are API and SDK Licensing, white-Label Solutions and USD+ Stablecoin Revenue.
Who are Dinari's main competitors?
Broad incumbents on record are WisdomTree and 21Shares. Direct peers are Backed Finance, Securitize, Ondo Finance, Swarm Markets and tZERO. Emerging players are RealT and Maple Finance. Alchemy is listed as an others.
Does Dinari have an API?
Yes. Dinari offers a public REST API enabling partners and developers to integrate tokenized stock trading, order processing, real-time price feeds, and account management. The API supports both crypto-native and traditional developers with endpoints for order placement, entity management, identity verification (KYC), wallet management, account funding, stock data, pricing, quotes, corporate actions, trading hours, and fees. Available via sandbox environment at partners.dinari.com with production deployment available upon request. Developer documentation is at docs.dinari.com.
What industry is Dinari in?
Dinari's product category is Tokenized Securities Infrastructure. Its primary akta.pro industry code is FSAPAIAJ, Enterprise Payments & Tokenized Money (stablecoins, tokenized deposits, CBDC rails), with a secondary code of FSADADAE, Mint/Redeem, Issuance APIs & Treasury Operations Platforms. Its NAICS code is 5231 and its SIC code is 6200.