What Multipli does

Multipli is a Dubai-based (operating entity BRS Tech Services) yield infrastructure protocol for tokenized real-world assets (RWAs), founded in 2022 and operating across nine or more blockchain networks including Base, Avalanche, Ethereum, Arbitrum, Polygon, Starknet, Mantle, Stellar, and Monad. Its core product suite comprises xTokens (yield-bearing tokens, ERC-4626 compliant in v2, such as xUSDC and xBTC.B) that accrue value through delta-neutral strategies — primarily contango arbitrage and spot-perpetual arbitrage — and the rwaUSD/rwaUSDi credit-backed stablecoin family. rwaUSD consolidates 100+ Treasury-backed stablecoins and 10+ tokenized gold assets into a single composable on-chain dollar with Lloyd's of London peg insurance, while rwaUSDi is a permissioned institutional layer for illiquid and structured RWAs including private credit, asset-backed loans, and project finance. Supporting infrastructure includes MirrorX technology for institutional asset delegation, multi-signature wallets, and an open-sourced Transparency Dashboard on GitHub enabling real-time collateral verification.

Multipli serves three customer segments: institutional investors (asset managers, hedge funds, family offices), retail crypto users, and private credit institutions, with named partnerships spanning BlackRock, Nomura, Pantera Capital, Sequoia, Spartan Group, Coinbase Ventures, Avalanche Foundation, Brevan Howard, and Securitize. The platform reports approximately $300 million in assets under management and 90,000+ investors, with 440+ wallet integrations and eight institutional custodians (Anchorage, BitGo, Fireblocks, Copper, CEFFU, Hex Trust, Ledger Enterprise). Geographic access is global with explicit restrictions for US and Canadian residents.

The business model relies on protocol fees — including tokenization, issuance/redemption, stability, utilization, auto-settle, rebalancing, infrastructure, data, and compliance charges — collected programmatically via smart contracts, plus withdrawal gas fees. There are no deposit fees. The go-to-market is hybrid: a self-serve web application (app.multipli.fi, v2.multipli.fi) for retail and crypto-native users, complemented by direct enterprise sales through the rwaUSDi institutional credit layer and a distribution network that includes embedded DeFi protocol integrations (Curve, Pendle, Euler, Morpho). Total disclosed funding stands at approximately $21.5 million across rounds led by Pantera Capital and Coinbase Ventures, with backing from Sequoia Capital, Spartan Group, and Elevation Capital.

Name

Multipli

Legal name

BRS Tech Services

Website

https://multipli.fi

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

101–250 employees

Short description

Multipli is a Dubai-based yield infrastructure protocol that generates delta-neutral yield on tokenized real-world assets — including stablecoins, tokenized gold, Bitcoin, and private credit — via xTokens and rwaUSD/rwaUSDi products, serving 90,000+ retail and institutional investors across multiple blockchains with approximately $300M in AUM.

Ownership category

akta.pro rank

Product category

DeFi Yield Infrastructure

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Miscellaneous Financial Investment Activities (523999), Commodity Contracts Intermediation (52316)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Finance Services (6199)

akta.pro primary industry

Yield, Vaults & Asset Management (vault strategies, robo-vaults, structured yield) (FSAPAEAG)

akta.pro secondary industries

Yield Aggregators & Strategy Vaults (FSADAMAF), Yield Aggregators, Auto-Compounding & Strategy Vaults (DeFi Yield) (FSADAHAK)

Keywords

• Real-world asset yield
• DeFi yield infrastructure
• Tokenized RWA protocols
• Delta-neutral yield strategies
• Credit-backed stablecoins

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Marketing or Sales, Operations, Infrastructure, Others

Revenue model

1. Protocol Fees: Multipli charges various protocol fees including third-party tokenization & asset costs, issuance and redemption charges, stability and utilization fees, auto settle and rebalancing costs, infrastructure and data fees, and compliance and administrative costs. Fees are deducted programmatically through smart contract logic.
2. Yield Generation Services: Revenue generated through delta-neutral trading strategies (contango arbitrage, spot-perpetual arbitrage) applied to user-deposited tokenized assets. The protocol generates yield that is distributed to users while the protocol captures fees.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels7 records

Core offering

Multipli operates a DeFi yield infrastructure protocol that generates risk-adjusted yield on tokenized real-world assets (RWAs) including gold, stocks, stablecoins, and Bitcoin. Its core offerings are xTokens (yield-bearing ERC-4626 tokens) and rwaUSD/rwaUSDi (credit-backed stablecoins), which deploy delta-neutral strategies such as contango and spot-perpetual arbitrage to deliver yield while aggregating 100+ Treasury-backed stablecoins and 10+ tokenized gold assets into a single composable on-chain interface.

Product overview

Multipli is a unified yield infrastructure platform designed to generate yield on tokenized real-world assets (RWAs) including Gold, Stocks, Stablecoins, and Bitcoin. The platform operates through two core products: xTokens (yield-bearing ERC-4626 compliant tokens) for retail yield generation, and rwaUSD/rwaUSDi (credit-backed stablecoins) for institutional DeFi composability. xTokens generate delta-neutral yield via contango and spot-perpetual arbitrage strategies, while rwaUSD aggregates 100+ Treasury-backed stablecoins and 10+ tokenized gold assets into a single composable token. rwaUSDi serves as an institutional permissioned layer for illiquid structured assets like private credit. Supporting infrastructure includes MirrorX technology for institutional asset delegation, multi-sig wallets for security, and an open-sourced Transparency Dashboard for real-time collateral verification.

Differentiator

Problem solved

Functional benefit

Brands

• rwaUSD: Credit-backed stablecoin designed to represent value backed by highly liquid tokenized real-world assets, consolidating 100+ Treasury-backed stablecoins and 10+ tokenized gold assets into a single composable on-chain dollar.
• rwaUSDi
• xTokens (xUSDC, xBTC.B)

Products and services

• xTokens (xUSDC, xBTC.B) Yield-bearing ERC-4626 compliant tokens (xUSDC, xBTC.B) that generate delta-neutral yield through contango and spot-perpetual arbitrage strategies. The value per token increases over time based on APY. Can be used across DeFi protocols for additional composability. Designed for retail and institutional users seeking risk-adjusted yield on stablecoins and Bitcoin.
• rwaUSD A credit-backed stablecoin that represents value backed by highly liquid tokenized real-world assets. Consolidates 100+ Treasury-backed stablecoins and 10+ tokenized gold assets into a single composable on-chain dollar, enabling instant DeFi access for any tokenized RWA. Features peg protection backed by Lloyd's of London insurance. Designed for institutions and users seeking unified DeFi composability.
• rwaUSDi An institutional, permissioned credit layer optimized for illiquid and structured real-world assets including private credit, asset-backed loans, and project finance. Enables institutional assets to exist on-chain without compromising DeFi markets, prioritizing capital efficiency over composability. Designed for private credit institutions and structured finance entities.
• Multipli Protocol (Yield Infrastructure Platform) The end-to-end yield infrastructure protocol that generates risk-adjusted yield on real-world assets such as Gold, Stocks, Stablecoins, and Bitcoin. Connects TradFi assets with DeFi composability through delta-neutral strategies. Supports 440+ wallets, multi-chain deployment, and serves both retail and institutional users with a $10 minimum investment.
• Bitcoin Yield Product Institutional-grade yield product offering yields of up to 8% on Bitcoin positions. Attracted millions in capital within minutes of launch. Added to Multipli's suite of yield offerings as a dedicated BTC yield strategy.

Quantifiable outcome

• Up to 12% APY on BTC and ETH positions, more than double the next best platform
• +3 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration39 records

AI capability5 records

Feature6 records

Partnerships

24 partnerships are on record, tiered core and major.

• NomuracoreStrategic or Co-development PartnerNomura is a strategic partner providing asset management services for Multipli's institutional-grade yield strategies. The partnership enables access to institutional-quality assets and strategies.
• BlackRockcoreStrategic or Co-development PartnerBlackRock is listed as a partner on Multipli's ecosystem page. The partnership connects institutional asset management capabilities with Multipli's yield infrastructure.
• AvalanchecoreStrategic or Co-development PartnerAvalanche Foundation has partnered with Multipli, with Devika Mittal stating Multipli's leadership aligns with Avalanche's mission for decentralized future. RWA tokenization is cited as a trillion-dollar opportunity.
• ChainlinkcoreTechnology or IntegrationChainlink provides oracle services for Multipli's price feeds and data infrastructure, enabling accurate valuation of tokenized assets and risk management.
• AnchoragecoreTechnology or IntegrationAnchorage provides institutional-grade custody services for Multipli's tokenized assets, ensuring secure storage with regulatory compliance.
• FireblockscoreTechnology or IntegrationFireblocks provides custody infrastructure for Multipli's operations, enabling secure multi-party computation and asset protection.
• Brevan HowardmajorStrategic or Co-development PartnerBrevan Howard, a major algorithmic trading firm, is a strategic partner collaborating on yield strategies and market-making capabilities.
• TurtlemajorStrategic or Co-development PartnerTurtle provides liquidity services for Multipli's operations. Team member Essi L. from Turtle has publicly praised the partnership and team execution.
• Pyth NetworkcoreTechnology or IntegrationPyth provides oracle price data for Multipli's asset valuation and risk management systems.
• SecuritizemajorStrategic or Co-development PartnerSecuritize provides tokenization infrastructure and compliance services for bringing real-world assets on-chain through Multipli.
• Curve FinancecoreTechnology or IntegrationCurve Finance provides DeFi liquidity infrastructure where rwaUSD and xTokens can be deployed for additional yield and composability.
• Pendle FinancecoreTechnology or IntegrationPendle Finance enables yield tokenization and trading, integrated with Multipli's xTokens for enhanced yield strategies.
• CentrifugemajorTechnology or IntegrationCentrifuge provides RWA tokenization infrastructure, integrating real-world asset lending with Multipli's yield layer.
• Edge CapitalmajorStrategic or Co-development PartnerEdge Capital is a strategic partner providing capital markets expertise and market-making capabilities.
• FasanaramajorStrategic or Co-development PartnerFasanara provides alternative investment expertise and structured finance capabilities for Multipli's institutional products.
• Kaito AIcoreTechnology or IntegrationKaito powers Crystal, Multipli's creator currency, providing AI-driven analytics and creator economy integration.
• EthereumcoreTechnology or IntegrationMultipli is built on Ethereum and integrates with its ecosystem for smart contract execution and DeFi composability.
• ArbitrumcoreTechnology or IntegrationMultipli is deployed on Arbitrum for low-cost, high-speed transactions and DeFi integration.
• PolygoncoreTechnology or IntegrationMultipli supports Polygon network for scalable transaction processing and DeFi accessibility.
• StarknetcoreTechnology or IntegrationMultipli is deployed on Starknet leveraging STARK proofs for enhanced security and scalability.
• MantlecoreTechnology or IntegrationMultipli integrates with Mantle network for modular L2 scaling and DeFi accessibility.
• StellarcoreTechnology or IntegrationMultipli supports Stellar network for cross-border payments and stablecoin integration.
• PeckShieldcoreTechnology or IntegrationPeckShield conducts security audits and ongoing security monitoring for Multipli's smart contracts and platform.
• Lloyd's of LondoncoreStrategic or Co-development PartnerLloyd's provides insurance coverage for rwaUSD, covering de-pegging risk arising from underlying collateral, adding peg protection beyond over-collateralization.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Ondo Finance: Ondo is a direct peer offering tokenized US Treasuries and yield-bearing products (USDY, OUSG) targeting institutional and retail DeFi users. Both compete for the same RWA yield infrastructure market, with similar institutional positioning and stablecoin-adjacent product structures.
• Ethena: Ethena's USDe uses the same delta-neutral perpetual basis arbitrage strategy as Multipli's xTokens to generate yield on crypto collateral. Both protocols compete directly for yield-seeking crypto capital and offer composable ERC-20 yield-bearing tokens.
• Centrifuge: Centrifuge is an RWA tokenization protocol explicitly listed as a Multipli integration partner. Both protocols focus on bringing real-world assets on-chain, with overlapping institutional credit and structured product ambitions.
• Maple Finance: Maple is a direct peer in on-chain private credit, offering institutional lending pools with underwriters. Multipli's rwaUSDi competes with Maple's permissioned credit pool model for the same institutional private credit market.
• Goldfinch: Goldfinch is a direct peer in decentralized credit and RWA lending, focused on bringing real-world lending on-chain. Both target institutional yield with crypto-native infrastructure.
• Pendle Finance: Pendle is integrated with Multipli v2 via ERC-4626 compatibility for yield tokenization. Both protocols offer composable yield-bearing products and compete for the same DeFi yield optimization users.
• Securitize: Securitize is both a Multipli integration partner and a competitor in RWA tokenization infrastructure. Both serve institutional clients seeking compliant on-chain representations of real-world assets, with overlapping use cases in private credit and structured products.

Broad incumbents

• MakerDAO: MakerDAO operates DAI, the largest decentralized stablecoin, with massive RWA collateral exposure through its RWA vaults. As a broad incumbent in RWA-backed crypto assets, it represents a much larger, slower-moving competitor with overlapping institutional RWA strategy.
• Aave: Aave is the dominant DeFi lending protocol and a key integration destination for Multipli's tokenized assets. As a broad incumbent, Aave could potentially launch competing RWA-specific lending products that compete with rwaUSD's composability advantage.
• Compound: Compound is one of the largest DeFi lending protocols and a listed integration target for Multipli's tokenized assets. As a broad incumbent, it represents both a distribution channel and a potential competitor for RWA-based lending markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/multiplifi
• GitHubgithub.com/multipli-libs/multipli-collateral-validator
• LinkedInlinkedin.com/company/multipli-fi

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds2 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Multipli