EMURGO

What EMURGO does

EMURGO Group Pte Ltd, founded in 2017 and domiciled in Singapore, is one of three co-founding entities of the Cardano blockchain alongside Input Output Global (IOG) and the Cardano Foundation. The company commercializes the Cardano protocol across four core product lines: (1) an institutional-grade regulatory-compliant tokenization platform for Real World Assets (RWAs), with Kinka (Japan-listed) as a reference customer using the engine to issue gold-backed XNK tokens; (2) the USDA fiat-backed stablecoin, issued by Anzens (a FinCEN-registered MSB) with BitGo Trust providing qualified custody; (3) the Yoroi/SecondFi self-custody wallet ecosystem, with SecondFi launched in April 2026 as a neofinance platform combining spending, trading, earning, and saving across 10,000+ multichain assets; and (4) the Cardano Card, a multi-chain crypto card distributed through a strategic partnership with Wirex that reaches 6M+ users across 130 countries on the Visa and Mastercard networks.

EMURGO's business model is built on multiple monetization streams: technology licensing and white-glove service fees for RWA tokenization, transaction and platform fees from the USDA stablecoin infrastructure, card transaction fees, FX fees, and ATM fees via the Cardano Card, and yield/DeFi revenue potential from SecondFi's staking and savings products. The company goes to market through three primary motions: channel partnerships (Wirex for distribution, BitGo/Anzens for stablecoin infrastructure), community-led growth via deep Cardano ecosystem engagement (DRep governance participation, Project Catalyst builders, workshops), and product-led growth through SecondFi targeting mainstream consumers without prior crypto experience. Its customer base spans TradFi institutions seeking tokenization infrastructure, mainstream consumers and crypto users in emerging markets targeted by the Cardano Card and SecondFi, and the broader Cardano ecosystem of ADA holders and developers.

The company operates globally with offices in Singapore (HQ), San Francisco, Nairobi, and Tokyo, supported by 110+ employees across 25+ nationalities. EMURGO has facilitated over $200M in ecosystem investments and supports 800,000+ wallet users across its platforms. In April 2025, Phillip Pon was appointed CEO succeeding founder Ken Kodama (who became Chairman), coinciding with the next phase of Cardano's post-roadmap commercialization. A material incident in June 2026 — a SecondFi security breach resulting in approximately $2.4M (16M ADA) stolen from 374 addresses — has been addressed through a restoration fund secured with 129M ADA, representing a significant trust and remediation event that will shape near-term sentiment around the SecondFi rebrand.

Name

EMURGO

Legal name

EMURGO Group Pte Ltd

Website

https://emurgo.io

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

51–100 employees

Short description

EMURGO is a co-founding entity of Cardano that drives commercial adoption through institutional RWA tokenization, the USDA stablecoin, the Cardano Card (via Wirex), and the SecondFi self-custody neofinance platform, serving TradFi institutions, mainstream consumers, and the Cardano ecosystem.

Ownership category

akta.pro rank

Product category

Blockchain Infrastructure

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

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

akta.pro primary industry

Mint/Redeem, Issuance APIs & Treasury Operations Platforms (FSADADAE)

akta.pro secondary industries

Crypto Card Issuing & Card Programs (Debit/Credit/Prepaid) (FSADAIAC), Stablecoin Issuers (Fiat-Backed) (FSADADAA), Crypto Payments & Stablecoin Settlement Platforms (BPAMAFAL), Compliance, Attestations, Proof-of-Reserves & Reporting (Stablecoins) (FSADADAI)

Keywords

• Asset tokenization platform
• Blockchain infrastructure services
• Stablecoin issuance
• Self-custody cryptocurrency wallets
• Cardano ecosystem development

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

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

Revenue model

1. Tokenization Platform Services: EMURGO provides institutional-grade RWA tokenization technology to TradFi institutions and businesses, enabling them to unlock value from real-world asset tokenization. Revenue is generated through technology licensing and white-glove service fees.
2. USDA Stablecoin: EMURGO provides technology infrastructure for the Cardano-native USDA stablecoin, with Anzens as issuer and BitGo as custodian. Revenue may come from platform fees, minting/burning fees, and transaction fees within the stablecoin ecosystem.
3. SecondFi Neofinance Platform: Self-custodial neofinance platform combining payments, trading, savings, and multichain staking. Generates revenue through card transaction fees, FX fees, ATM withdrawals, and potentially yield/DeFi services.

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core offering

EMURGO develops and operates commercial blockchain infrastructure on the Cardano network. Its core offerings include a proprietary regulatory-compliant real-world asset (RWA) tokenization platform for TradFi institutions, the USDA fiat-backed stablecoin issued via the Anzens platform with BitGo custody, and self-custody wallet infrastructure (Yoroi Wallet and SecondFi neofinance platform). The company also delivers the Cardano Card payment solution through its Wirex partnership, enabling crypto spending via Visa/Mastercard networks.

Product overview

EMURGO offers a comprehensive suite of blockchain-based financial products and services built on the Cardano blockchain. The core offerings include a proprietary regulatory-compliant tokenization platform for Real World Assets (RWAs), the USDA stablecoin (a fiat-backed stablecoin with BitGo custody), the Yoroi/SecondFi self-custody wallet ecosystem, and the Cardano Card payment solution. SecondFi represents the evolution of Yoroi Wallet into a broader neofinance platform combining spending, trading, earning, and saving. The Cardano Card, developed in partnership with Wirex, brings crypto payments to mainstream users. The Ecosystem division supports Cardano's decentralized governance through tools for DReps, Zero-Knowledge Proofs, and developer infrastructure.

Differentiator

Problem solved

Functional benefit

Brands

• Yoroi Wallet: An open-source light wallet for the Cardano ecosystem available for mobile and desktop browsers, providing users with transparency, increased security, and decentralized collaborative innovation since 2018.
• USDA
• SecondFi
• Anzens

Products and services

• Tokenization Platform EMURGO's proprietary white-glove regulatory-compliant tokenization solution for Real World Assets (RWAs) that enables TradFi institutions and businesses to securely tokenize assets on the Cardano blockchain.
• USDA Stablecoin A fiat-backed stablecoin powered by EMURGO's tokenization platform, fully reserved and backed by US dollar and dollar equivalents. Issued by Anzens with custodial services from BitGo Trust.
• Yoroi Wallet An open-source light wallet for the Cardano ecosystem available for mobile and desktop browsers, providing users with transparency, security, and decentralized collaborative innovation. Now evolving into SecondFi.
• SecondFi A self-custody neofinance platform that combines spending, trading, earning, and saving into a single mobile app where users retain full control of their funds. Evolved from Yoroi Wallet with multichain support and global card payments.
• Cardano Card A multi-chain crypto card enabling users to spend ADA, BTC, ETH, USDC, and other digital assets anywhere Visa or Mastercard is accepted. Integrated into the Wirex app with crypto cashback, low FX fees, and DeFi utilities.
• Anzens Platform A financial services platform that connects traditional banking and financial services with crypto economies, issuing the USDA stablecoin with regulatory compliance through BitGo custody integration.

Quantifiable outcome

• 800,000+ wallet users supported through EMURGO ecosystem
• +2 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature3 records

Partnerships

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

• Slash Vision LabsstrategicStrategic or Co-development Partner · 20 June 2026Slash Vision Labs is a Japanese fintech company partnering with EMURGO and SecondFi to launch the Cardano Card in Japan, allowing users to spend stablecoins through Japan's everyday payment networks.
• WirexcoreChannel Partner/ Reseller/ Distributor · 11 November 2025EMURGO partnered with Wirex (digital payments platform with 6M+ users in 130 countries) to launch the Cardano Card, integrated into the Wirex app. The card enables spending 685+ cryptocurrencies including ADA, BTC, ETH, USDC anywhere Visa is accepted, with up to 8% crypto cashback. Phase 2 planned for non-custodial solution in 2026. A portion of profits intended for Cardano Treasury.
• Ctrl WalletstrategicTechnology or Integration · 1 July 2025EMURGO entered strategic partnership with Ctrl Wallet (multichain wallet supporting 2,300+ blockchain networks with several hundred thousand users) to expand Cardano's multichain capabilities. Integrates Cardano into Ctrl Wallet's ecosystem for enhanced financial interoperability and smoother asset migration across chains.
• KinkacoreStrategic or Co-development Partner · 14 April 2025Kinka (subsidiary of UNBANKED, INC., publicly-listed in Japan) leveraged EMURGO's RWA tokenization engine to issue physical gold-backed XNK tokens on Cardano. This demonstrates EMURGO's institutional-grade tokenization infrastructure and makes gold programmable for DeFi lending, yield, and looping strategies.
• AntlerstrategicStrategic or Co-development Partner · 1 April 2025EMURGO partnered with Antler (world's most active VC and leading AI investor) on the Ibex platform, an investment initiative to assist corporations in transforming their approach to Web3 through collaborations with startups. Powers the Cardano VC & AI Launchpad Program for high-potential projects.
• BitGo TrustcoreTechnology or Integration · 30 September 2024BitGo Trust, an industry-leading Qualified Custodian, provides custodial services for USDA stablecoin issued by Anzens. The collaboration integrates BitGo's advanced financial infrastructure including segregated accounts and individual accounts separated from company funds, ensuring streamlined and compliant onboarding of Anzens users.
• AnzenscoreStrategic or Co-development Partner · 30 September 2024Anzens Inc. is the issuer of USDA, Cardano's fully-reserved stablecoin, with EMURGO as technology provider. Anzens is a registered Money Service Business under FinCEN focused on emerging markets. EMURGO's tech team engineered a solution meeting BitGo Trust's rigorous institutional custodian demands.
• OpenEdenstrategicStrategic or Co-development PartnerOpenEden is a leading RWA tokenization platform trusted by 100+ institutions, backed by YZi Labs, and first blockchain project to receive Moody's 'Investment Grade' score. Proposal to launch USDO (tokenized US T-Bills) on Cardano via bridge from Ethereum and native token issuance.
• DigiFTstrategicStrategic or Co-development PartnerDigiFT is a regulated digital assets exchange for institutional investors with Singapore MAS license and Hong Kong SFC Approval-In-Principle. Plans to bring regulated RWA products to Cardano and list USDA stablecoin on its platform.
• FineqiaminorStrategic or Co-development PartnerFineqia (CSE listed under FNQ) proposes to tokenize insurance assets including premium finance receivables and Insurance-Linked Securities on Cardano through the InsurToken Protocol, bringing institutional-grade transparency and liquidity.
• HausminorStrategic or Co-development PartnerHaus is a real estate tokenization platform making home equity tradable on-chain. Proposal to launch tokenized home equity liquidity protocol on Cardano, migrating from Ethereum.
• FlowdeskstrategicStrategic or Co-development PartnerFlowdesk is a blockchain liquidity provider and asset management platform that raised $102M equity financing from HV Capital and BlackRock-managed funds. Proposal to support listing of Cardano projects on Tier 1/2 exchanges and provide market-making services.
• FUKU AIstrategicStrategic or Co-development PartnerFUKU AI is a multi-chain AI-powered DeFi trading infrastructure building natively on Cardano. Proposes AI-driven on-chain agent for Cardano with products including AutoFuku, HunterFuku, HyperFuku, and DataFuku to unlock next wave of DeFi growth.
• BondexminorStrategic or Co-development PartnerBondex is a Web3 talent network with 5M+ downloads and 1.5M active users. Proposes integrating Web3 talent platform with Cardano wallet enabling Bondex ID and reputation score as login across dApps.
• WachsmanstrategicGTM or Marketing PartnerWachsman is an industry-leading global communications agency (founded 2015) specializing in blockchain/Web3 with government, media, and KOL connections. Two proposals: strategic market intelligence report for Cardano ecosystem and comprehensive strategic communications campaign for mainstream media coverage.
• CirclecoreTechnology or IntegrationCircle's USDCx native stablecoin is one of three priority integrations delivered live under the Cardano Critical Integrations (CCI V1) program, receiving ₳70,000,000 in community-approved funding.
• Pyth NetworkcoreTechnology or IntegrationPyth Network oracle feeds delivered live under Cardano Critical Integrations (CCI V1) program, providing high-quality asset pricing data essential for DeFi growth and risk management.
• LayerZerocoreTechnology or IntegrationLayerZero cross-chain messaging integration is in advanced development targeting Q3 under CCI V1 program, enabling advanced cross-chain applications and more liquidity and interoperability for Cardano.
• FireblockscoreTechnology or IntegrationInstitutional custody via Fireblocks remains under negotiation under CCI V1 program scope. Follow-on CCI V2 treasury withdrawal will fund full native L1 Fireblocks integration for the ecosystem.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Ondo Finance: Leading institutional RWA tokenization platform (tokenized US T-Bills, OUSG, USDY) comparable to EMURGO's RWA tokenization engine. Competes directly for tokenized Treasury and institutional yield mandates that EMURGO is pursuing via the OpenEden and DigiFT partnerships.
• Centrifuge: RWA tokenization protocol (Tinlake, Anemoy, JAAA) focused on institutional credit, treasuries, and asset-backed lending pools. Direct competitor in the on-chain RWA infrastructure category and a natural alternative for issuers evaluating EMURGO's tokenization engine.
• Circle: Issuer of USDC, the dominant fiat-backed stablecoin and direct competitor to USDA. Circle also provides the USDCx native integration on Cardano under the CCI V1 program, making it both a partner and the primary benchmark EMURGO's USDA competes against for Cardano DeFi liquidity.
• Securitize: Institutional tokenization platform serving issuers and asset managers (BlackRock BUIDL, Apollo, KKR) with regulatory-compliant issuance workflows. Comparable end-to-end RWA stack to EMURGO's tokenization engine and competes for the same TradFi institutional pipeline.
• Cardano Foundation: The third co-founding entity of Cardano, responsible for ecosystem stewardship, standards, and adoption. Closely aligned with EMURGO on governance, ecosystem funding proposals (Project Catalyst, CCI V1), and brand stewardship of the Cardano network.
• Input Output Global (IOG): IOG is the core protocol engineering arm and co-founding entity of Cardano alongside EMURGO. While IOG builds the underlying blockchain, EMURGO commercializes it; both share the same mission of advancing Cardano adoption and overlap significantly in governance, partnerships, and ecosystem direction.
• MakerDAO (Sky): Decentralized stablecoin protocol (DAI/USDS) and one of the largest DeFi stablecoin issuers. Operates a parallel stablecoin-plus-tokenization stack with RWA collateral (US T-Bills), directly comparable in product mix to EMURGO's USDA plus tokenization engine combination.
• Paxos: Regulated stablecoin issuer (USDP, PYUSD for PayPal) operating under New York DFS oversight with a similar fiat-backed model to USDA. Comparable infrastructure playbook for combining regulated banking partners, qualified custodians, and enterprise issuance APIs.

Emerging players

• Wirex: EMURGO's core channel partner for the Cardano Card, Wirex is also a competing crypto card and payments platform (6M+ users, 130 countries). The relationship sits between partnership and competition, as Wirex could in principle launch competing card programs for other L1 ecosystems.
• Fireblocks: Institutional digital asset custody and settlement platform that EMURGO is currently negotiating for native L1 integration on Cardano under CCI V2. Comparable institutional-grade infrastructure ambition and overlaps with BitGo (EMURGO's existing custody partner).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/emurgo_io
• YouTubeyoutube.com/channel/UCgFQ0hHuPO1QDcyP6t9KZTQ
• Facebookfacebook.com/emurgo.io
• LinkedInlinkedin.com/company/emurgo_io
• Instagraminstagram.com/emurgo_io

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

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

M&A

Investments27 records

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

Frequently asked questions about EMURGO