Digital Asset Research

What Digital Asset Research does

Digital Asset Research (DAR), founded in 2017 and headquartered in New York, is an institutional crypto data infrastructure provider that delivers "clean" cryptocurrency pricing, benchmarks, and verifiable volume data to financial institutions. Its core methodology combines a quantitative and qualitative vetting process applied quarterly to over 600 centralized spot exchanges, narrowing the universe to a set of vetted venues used to compute reference prices. The company also operates the Digital Asset Taxonomy System (DATS), developed in partnership with Wilshire Indexes, which classifies 1,658 digital assets across sector themes for performance attribution and portfolio construction, and runs direct node infrastructure to capture staking data on networks including Ethereum and Cardano.

DAR's product portfolio extends beyond pricing into asset diligence (Asset Vetting Reports covering 75+ risk metrics), blockchain network analytics, staking yield benchmarks, and subscription research products including Crypto ETP Reports and RWA Tokenization Reports. Distribution is through enterprise subscriptions, API access via a developer portal, and embedded integration with major data platforms. DAR's reference prices are used by Bloomberg, FTSE Russell (including the FTSE DAR Reference Price and Ethereum/Cardano indices), and Refinitiv, with additional integrations into Chainlink oracles and engagement with Eurex on European crypto derivatives.

The business operates as a private, conflict-free vendor that explicitly does not accept digital asset exchanges or token projects as clients, a posture management treats as central to its institutional value proposition. Revenue is generated through recurring B2B subscriptions, premium research reports, and bespoke staking and diligence engagements; pricing is quote-based and not publicly disclosed. Leadership is led by CEO Doug Schwenk (also Deputy Co-Chair of the Wilshire Digital Assets Advisory Group) and General Counsel Erin Friez, with a team described in the 11-50 employee range.

Name

Digital Asset Research

Legal name

Digital Asset Research, Inc.

Website

https://digitalassetresearch.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

Digital Asset Research is a New York-based crypto data infrastructure company, founded in 2017, that provides institutional-grade cryptocurrency pricing, exchange vetting, asset taxonomy, and staking data to financial institutions including Bloomberg, FTSE Russell, and Refinitiv.

Ownership category

akta.pro rank

Product category

Cryptocurrency Market Data

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Other Financial Investment Activities (5239)

SIC

Investment Advice (6282)

akta.pro primary industry

Crypto Index Providers & Benchmark Administrators (FSADAHAB)

Keywords

• Crypto pricing data
• Digital asset research
• Exchange vetting services
• Blockchain data analytics
• Institutional crypto data

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

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

Revenue model

1. Crypto Pricing & Market Data Subscriptions: Institutional subscription services providing access to 'clean' crypto pricing data, benchmarks, and verifiable volume. Sold as recurring subscriptions to data providers and financial institutions.
2. Premium Research Reports: Paid subscription reports including Crypto ETP Recap, Crypto ETP Report (subscription tier), and Crypto ETP & Institutional Product report with detailed breakdowns of exchange-traded crypto products.
3. Asset Vetting Services: Asset Vetting Reports covering 75+ metrics for investment or risk assessment, provided as premium service to institutional investors.
4. RWA Tokenization Reports: Monthly reports covering real-world asset tokenization developments, centralized industry players, and decentralized finance protocols integrating RWAs on-chain.
5. Staking Data Solutions: Bespoke staking data solutions provided to institutional investors and index providers, including FTSE Russell for their Ethereum and Cardano indices.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Digital Asset Research delivers institutional-grade cryptocurrency market data and research, combining quantitative and qualitative vetting of 600+ centralized spot exchanges with asset diligence across 75+ risk metrics. The company sells recurring data subscriptions, premium research reports, taxonomy/classification data (DATS, 1,658 assets), blockchain network analytics, staking yield data, and bespoke diligence services to financial institutions, custodians, ETF/index providers, and fund managers via direct enterprise sales and API.

Product overview

Digital Asset Research is a crypto data and research company offering a portfolio of products centered on institutional-grade digital asset data. The core offerings include Crypto Pricing, Benchmarks & Verifiable Volume Data (delivering authoritative pricing through vetted exchanges), the Reference Data Master & Taxonomy (classifying 1,658+ assets via the Digital Asset Taxonomy System), Blockchain Data (network decentralization metrics), Staking Data (yield data for proof-of-stake assets), and Diligence & Regulatory Engagement Services (asset vetting with 75+ risk metrics). The Exchange Vetting program evaluates 600+ exchanges quarterly to identify trustworthy venues. These core data products are complemented by subscription research reports including monthly Crypto ETP Recaps, RWA Tokenization Reports, and Asset Vetting Reports that leverage the underlying data streams. Pricing data is distributed through institutional channels including Bloomberg, FTSE Russell, and Refinitiv.

Differentiator

Problem solved

Functional benefit

Products and services

• Crypto Pricing, Benchmarks & Verifiable Volume Data Institutional subscription delivering 'clean' intraday and close cryptocurrency pricing, reference prices, benchmarks, and verifiable trading volume drawn from quarterly-vetted centralized spot exchanges, for custodians, ETF/index providers, hedge funds, fund administrators, fintechs, and financial data platforms.
• Reference Data Master & Taxonomy (DATS) Rules-based digital asset reference data and taxonomy classification product covering 1,658+ assets in partnership with Wilshire Indexes, used by institutional clients for sector-based performance attribution and portfolio construction.
• Diligence & Regulatory Engagement Services Premium diligence and regulatory engagement offering providing asset vetting reports covering 75+ risk and investment metrics, plus regulatory guidance for institutional investors navigating crypto compliance.
• Blockchain Data Institutional product providing blockchain network data, decentralization metrics, and network effect analysis for cryptocurrency networks to support due diligence and risk assessment.
• Staking Data Cryptocurrency staking yield data and network performance metrics for proof-of-stake assets including Ethereum and Cardano, sourced via DAR's direct node infrastructure and used by institutional investors and index providers.
• Exchange Vetting Quarterly-published evaluation of 600+ centralized spot exchanges combining quantitative and qualitative due diligence to identify venues reporting accurate volumes for institutional market pricing.
• Crypto ETP Report (Subscription) Monthly paid subscription report providing comprehensive details on exchange-traded crypto products, including issuer details, inception dates, AUM, charts, and breakdowns by replication method and geography.
• Crypto ETP & Institutional Product Report Premium-tier monthly report with market comparisons to Grayscale, U.S. ETF filing details, BTC and ETH futures and options data, spreadsheet access to full data, and full ETP service-provider breakdown.
• RWA Tokenization Report Monthly subscription report covering real-world asset (RWA) tokenization developments, CeFi and DeFi industry players integrating RWAs on-chain, asset classes, and protocol data.

Quantifiable outcome

• Over 600 centralized spot exchanges evaluated to identify vetted exchanges for accurate market pricing
• +2 more outcomes

Named customers10 records

Segments7 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Eight partnerships are on record, tiered core, strategic and minor.

• Wilshire IndexescoreStrategic or Co-development Partner · 22 August 2023Partnership to develop and maintain the Digital Asset Taxonomy System (DATS), a rules-based classification system covering 1,658 digital assets. DAR provides asset classification data while Wilshire distributes to institutional clients for sector-based performance attribution and portfolio construction. Doug Schwenk, CEO of DAR, serves as Deputy Co-Chair of the Wilshire Digital Assets Advisory Group.
• BloombergcoreTechnology or IntegrationBloomberg uses DAR reference prices for institutional crypto pricing data distribution to Bloomberg Terminal subscribers. DAR's vetted exchange methodology provides authoritative pricing calculations for Bloomberg's crypto data offerings.
• FTSE RussellcoreTechnology or IntegrationFTSE Russell uses DAR data for the FTSE DAR Reference Price and provides staking data for FTSE Ethereum and Cardano indices. Partnership provides institutional benchmarks for digital asset performance tracking.
• RefinitivcoreTechnology or IntegrationRefinitiv uses DAR reference prices for institutional crypto pricing data distribution. DAR's vetted exchange methodology supports accurate market pricing for Refinitiv's financial data platforms.
• ChainlinkstrategicTechnology or IntegrationChainlink reference prices reference DAR vetted exchanges as pricing sources for decentralized price feeds, integrating institutional-quality pricing into DeFi infrastructure.
• FigmentstrategicTechnology or IntegrationFigment is a staking infrastructure provider; DAR provides staking data services to institutional clients. Featured in DAR In Conversation Q&A series discussing institutional crypto staking.
• EurexstrategicStrategic or Co-development PartnerEuropean derivatives exchange offering crypto ETRs. Featured in DAR In Conversation discussing the crypto derivatives space and exchange-traded products from an institutional perspective.
• Risk DimensionsminorGTM or Marketing PartnerRisk management consultancy. Mark Connors of Risk Dimensions co-hosts DAR webinars on stablecoins with institutional update alongside FTSE Russell and DAR team.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Glassnode: On-chain analytics and market intelligence platform for digital assets, serving institutional and professional crypto investors. Adjacent competitor focused more on on-chain metrics than exchange vetting.
• Amberdata: Institutional crypto data and analytics provider covering market data, on-chain metrics, and security/risk data. Comparable to DAR's pricing, blockchain data, and risk-focused offerings for institutional clients.
• Kaiko: Institutional crypto market data provider offering pricing, reference data, and indices to buy-side and sell-side firms. Direct competitor to DAR across pricing/benchmarks and exchange coverage with comparable institutional client base.
• Coin Metrics: Provider of crypto market and network data, including indices, pricing, and on-chain analytics used by institutions. Overlaps with DAR's pricing, taxonomy, and blockchain data products.
• Messari: Crypto research and data platform providing institutional research, asset diligence, and on-chain analytics. Competes with DAR in research, asset vetting reports, and institutional intelligence products.
• CF Benchmarks: Benchmark administrator for crypto asset reference rates (e.g., BRR, BRTI) used by major institutions and regulators. Closest direct competitor in the benchmark administration niche DAR occupies with FTSE Russell.
• CryptoCompare: Digital asset data and indices provider serving institutional investors, exchanges, and data consumers with pricing, tick, and reference data. Most directly comparable peer to DAR in benchmark administration and exchange vetting.

Broad incumbents

• CoinGecko: Broad crypto market data aggregator serving retail and prosumer audiences with pricing and exchange data. Larger incumbent in crypto data but not focused on institutional-grade vetting.

Emerging players

• The Tie: Institutional crypto data and research provider focused on derivatives and sentiment data. Emerging competitor with overlap in institutional pricing and research but narrower product set than DAR.

Others

• Chainalysis: Blockchain data and compliance analytics provider focused on illicit finance, investigations, and regulatory use cases. Adjacent rather than directly competing; shares the on-chain data infrastructure layer.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/DAR_crypto
• LinkedInlinkedin.com/company/11234444

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds2 records

Investors2 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 Digital Asset Research