What Trust Machines does

Trust Machines (legal entity: Nassau Machines Inc.) is a private blockchain infrastructure company founded in 2022 and headquartered at 228 Park Avenue South, New York. The company develops Bitcoin-native applications and platform technologies aimed at extending Bitcoin's utility beyond a passive store of value into a productive settlement layer for decentralized finance (DeFi), non-fungible tokens (NFTs), and Web3 applications — explicitly positioning itself in competition with Ethereum for Web3 workloads.

Its core product suite comprises Leather (a self-custody Bitcoin wallet supporting BTC, Ordinals, Stamps, BRC-20 tokens, STX, and Stacks NFTs and connecting to hundreds of Bitcoin Web3 apps), Granite (a lending protocol enabling borrowing against BTC to access stablecoins), and Gamma (an NFT creation and trading platform for Web3 artists). Two additional offerings — Zest Protocol (a Stacks-secured Bitcoin Capital Markets protocol for putting BTC to work to earn yield in BTC) and .locker (a Web3 digital identity service connecting domains to Bitcoin wallets) — are positioned as incubated products. All products are non-custodial, meaning the company never takes possession of user assets.

Trust Machines operates a product-led growth model, distributing applications directly to end users via web browsers and mobile interfaces with no sales involvement. The disclosed revenue model is transaction- and protocol-fee based, though no specific pricing tiers or fee schedules are publicly disclosed. The company serves three primary segments: Bitcoin holders seeking yield on BTC without selling, Web3 artists and creators leveraging Bitcoin for NFT art, and general Bitcoin Web3 users managing diverse onchain assets. Beyond owned products, Trust Machines has invested in 75+ Bitcoin ecosystem companies (including Asigna, which manages over $1.1 billion in Bitcoin assets), positioning it as an ecosystem consolidator within the Bitcoin DeFi landscape. In February 2022, the company closed a $150 million funding round co-led by Breyer Capital and Hivemind Capital Partners.

Name

Trust Machines

Legal name

Nassau Machines Inc

Website

https://trustmachines.co

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

11–50 employees

Short description

Trust Machines (Nassau Machines Inc.) builds Bitcoin-native applications including the Leather self-custody wallet, Granite lending protocol, and Gamma NFT platform, plus incubated offerings Zest Protocol and .locker. The company serves Bitcoin holders seeking DeFi yield, Web3 artists, and Bitcoin Web3 users globally through a product-led, transaction-fee model.

Ownership category

akta.pro rank

Product category

Bitcoin Web3 Software Applications

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (518210)

SIC

Services-Computer Programming Services (7371)

akta.pro primary industry

Interoperability & Cross-Chain Infrastructure (Bridges, Messaging, Atomic Swaps) (FSAGAMAI)

akta.pro secondary industries

Enterprise Payments & Tokenized Money (stablecoins, tokenized deposits, CBDC rails) (FSAPAIAJ), Crypto Payments & Stablecoin Settlement Platforms (BPAMAFAL), Decentralized Lending Protocols (DeFi Money Markets) (FSADAFAB)

Keywords

• Bitcoin applications
• Self-custody wallets
• DeFi lending protocols
• NFT platforms
• Bitcoin ecosystem

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Software

Cost components

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

Revenue model

1. Platform Services and Application Usage: Trust Machines generates revenue through its products and services including Leather wallet, Granite lending protocol, and Gamma NFT platform. The non-custodial nature means users maintain control of assets while interacting with the platform's DeFi services.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Trust Machines builds and operates non-custodial Bitcoin software applications designed to extend Bitcoin's utility beyond a store of value into a settlement layer for Web3. Its core products include Leather (a self-custody Bitcoin wallet), Granite (a BTC-collateralized lending protocol), and Gamma (an NFT creation and trading platform), with incubated offerings such as Zest Protocol (Bitcoin capital markets) and .locker (Web3 digital identity).

Product overview

Trust Machines operates a multi-product portfolio focused on building Bitcoin applications to maximize the value of the Bitcoin network. The company offers a core product suite including Leather (a self-custody Bitcoin wallet for accessing Bitcoin Web3), Granite (Bitcoin's liquidity protocol for borrowing against BTC), and Gamma (an NFT platform for creating onchain art on Bitcoin). The company also incubates additional products including Zest Protocol (a Bitcoin Capital Markets protocol for earning yield on BTC, secured by the Stacks blockchain) and .locker (a web3 digital identity connecting domains to Bitcoin wallets). Together, these products form a comprehensive ecosystem enabling Bitcoin holders to access DeFi, NFTs, lending, and digital identity services.

Differentiator

Problem solved

Functional benefit

Brands

• Granite: Bitcoin's liquidity protocol - a lending protocol to safely borrow against BTC to access stablecoins.
• Leather
• Gamma
• Zest Protocol
• .locker

Products and services

• Leather Premier self-custody Bitcoin wallet that lets users manage BTC, Ordinals, Stamps, BRC-20 tokens, STX, and Stacks NFTs, and connect to hundreds of apps across the Bitcoin Web3 ecosystem. Targeted at individual Bitcoin Web3 users.
• Granite Bitcoin's liquidity protocol: a lending protocol that lets users safely borrow against BTC to access stablecoins. Targeted at Bitcoin holders seeking liquidity without selling their BTC.
• Gamma NFT platform that gives artists tools and services to create art onchain using Bitcoin, enabling web3 artists to mint and trade digital art. Targeted at web3 artists, creators, and collectors.
• Zest Protocol Bitcoin Capital Markets protocol that allows users to put BTC to work to earn more BTC, providing onchain liquidity and secured by the Stacks blockchain. Targeted at Bitcoin holders seeking capital-markets-style yield on BTC.
• .locker Web3 digital identity service that seamlessly connects a Locker domain to a user's Bitcoin wallet, providing a human-readable identity layer for Bitcoin Web3. Targeted at individual Bitcoin Web3 users.

Quantifiable outcome

• Extending Bitcoin from passive store of value to settlement layer for decentralized Web3 network

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Scale indicators3 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Stacks (formerly Blockstack): The Bitcoin Layer-2 blockchain on which Trust Machines' Granite and Zest Protocol are secured; founded by Trust Machines' co-founder Muneeb Ali. Directly comparable as a Bitcoin L2 ecosystem with overlapping developer base, token economics, and product surface area.
• Babylon: Bitcoin staking and restaking protocol building BTC-secured infrastructure. Competes for the same Bitcoin-native DeFi narrative that Trust Machines' Granite and Zest address, but from a restaking rather than lending angle.
• Rootstock (RSK): A Bitcoin sidechain supporting EVM-compatible smart contracts and DeFi (lending, DEXes, stablecoins). Direct competitor to Trust Machines' Bitcoin L2 DeFi thesis, with a longer operational track record and similar target market.
• Zest Protocol: Bitcoin Capital Markets protocol for earning yield on BTC, secured by Stacks. Listed by Trust Machines as both an incubated product and a portfolio investment, indicating shared thesis and overlapping customer base with Granite.
• Asigna: Non-custodial multisig vault for Bitcoin and L2 protocols managing over $1.1B in assets; a Trust Machines portfolio company. Comparable in the Bitcoin self-custody and asset management niche served by Leather.

Broad incumbents

• Liquid Network: Bitcoin sidechain operated by Blockstream for fast settlement and asset issuance. A broader incumbent in the Bitcoin L2 space; overlaps with Trust Machines in bringing financial activity (settlement, tokenization) onto Bitcoin-native rails.
• Block (Cash App): Public company with Cash App Bitcoin and a self-custody Bitcoin wallet (Cash App). A broader incumbent offering consumer Bitcoin on-ramps and storage — comparable to Leather at the retail wallet layer, though without Trust Machines' DeFi integrations.
• Unchained Capital: Bitcoin-native financial services firm offering collaborative custody and BTC-backed lending. Comparable to Granite's BTC-collateralized lending model and Leather's self-custody focus, but more established and US-licensed.

Emerging players

• Swan Bitcoin: Bitcoin-focused platform for purchasing, custody, and retirement services. An emerging player in the Bitcoin-native financial services space with overlapping end-user segments (Bitcoin holders seeking yield or utility).
• Hermetica: Bitcoin-backed synthetic dollar protocol on Stacks; a Trust Machines portfolio company and direct participant in the same stablecoin-against-BTC market that Granite targets.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/trustmachinesco
• LinkedInlinkedin.com/company/trust-machines

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds1 record

Investors7 records

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

M&A

Investments6 records

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

Frequently asked questions about Trust Machines