What Hashgraph does

Hashgraph (legal entity: Hashgraph Foundry Inc.) is a private enterprise software company founded by DLT pioneers Dr. Leemon Baird, inventor of the hashgraph consensus algorithm, and Mance Harmon. The company builds products for financial market infrastructure on top of Hedera technology, primarily serving banks, central banks, exchanges, CSDs, insurers, and large corporations. Its three flagship offerings are HashSphere, an EVM-compatible private network with zkSNARK-based transaction privacy and deterministic sub-3-second finality; Asseto, a modular tokenization platform for institutional issuance, lifecycle management, and settlement of equities, bonds, MMFs, funds, and stablecoins (acquired via the ioBuilders investment and sold by Hashgraph from June 2026); and CLPR, a bridgeless cross-ledger protocol using cryptographic state proofs and threshold signatures for interoperability without traditional bridges. A fourth product, TrackTrace, addresses supply-chain transparency and carbon tracking for EU Digital Product Passport compliance.

The company operates a direct enterprise field-sales motion complemented by a partner ecosystem program, with quote-based pricing and managed or self-hosted deployment options. Revenue is generated through HashSphere licensing and managed-service fees, Asseto platform subscriptions, professional services for integration and implementation, and — once CLPR exits beta — potentially per-transfer or network participation fees. Distribution is global: pilots and contracts are active in North America (Dallas HQ, RiskStream with 8 of the top 10 US P&C insurers), Australia (Project Acacia with RBA, DFCRC, three of four major banks, and AP+), the Middle East (QFC Digital Asset Lab), Africa (NSE Innovation Lab), and Europe (Amsterdam office, ioBuilders integration in Madrid).

Hashgraph employs 150+ professionals across 20 countries and holds SOC 2 Type 1 and ISO 27001 certifications. The Hedera codebase was contributed to the Linux Foundation as Project Hiero, positioning the technology for independent maintenance. The company is led by CEO Eric Piscini and remains privately held, with no external funding rounds disclosed in available materials.

Name

Hashgraph

Legal name

Hashgraph Foundry Inc.

Website

https://hashgraph.com

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

101–250 employees

Short description

Hashgraph is a private enterprise software company building distributed ledger infrastructure — HashSphere private networks, the Asseto tokenization platform, and the CLPR cross-ledger protocol — for banks, central banks, insurers, exchanges, and corporations modernizing financial market infrastructure.

Ownership category

akta.pro rank

Product category

Enterprise Blockchain / Distributed Ledger Technology (DLT) Infrastructure

NAICS

Securities and Commodity Exchanges (523210), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211), Asset-Backed Securities (6189)

akta.pro primary industry

RWA Tokenization Platforms (asset onboarding, structuring, issuance) (FSAPAIAC)

akta.pro secondary industries

Interoperability & Cross-Chain Infrastructure (Bridges, Messaging, Atomic Swaps) (FSAGAMAI), Digital Asset Custody & Wallet Infrastructure for Institutions (MPC/HSM, key mgmt, policy controls) (FSAPAIAE), Smart Contract & Token Operations Infrastructure (Lifecycle, Corporate Actions) (FSAGAMAH), Tokenized Real-World Assets & On-Chain Treasuries (tokenized T-bills, money markets, cash management) (FSAPAEAJ), Permissioned Blockchain Platforms & Frameworks (Hyperledger, Corda, Quorum) (FSAPAIAA)

Keywords

• Private blockchain networks
• Asset tokenization platform
• Cross-ledger interoperability
• Enterprise DLT infrastructure
• Consensus algorithm software

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

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

Revenue model

1. HashSphere Private Network Licensing: HashSphere is available as a managed network service offering or fully-hosted infrastructure with SLAs and 24/5 support. Revenue likely generated through licensing fees for the private network infrastructure.
2. Asseto Platform Fees: Asseto tokenization platform is sold and serviced by the Hashgraph team starting June 2026. The modular platform provides end-to-end tokenized asset management capabilities to financial institutions.
3. Professional Services: Hashgraph provides implementation, integration, and ongoing support services for HashSphere and related products, including technical enablement and go-to-market collaboration with partners.
4. CLPR Protocol (Future): CLPR is currently in closed beta with an Early Adopter Program. The protocol enables cross-ledger transfers and may generate revenue through network participation fees or per-transfer charges once generally available.

Go-to-market motion3 records

Distribution channels4 records

Marketing channels7 records

Core offering

Hashgraph builds enterprise software for institutional finance using Hedera hashgraph technology. Its core offerings are HashSphere, an EVM-compatible private network with zkSNARK transaction privacy and sub-3-second deterministic finality; Asseto, a modular tokenization platform covering issuance, lifecycle, trading, and settlement of equities, bonds, MMFs, and stablecoins; and CLPR, a bridgeless cross-ledger interoperability protocol. The products are sold to financial institutions, central banks, CSDs, exchanges, insurance consortia, and large corporations via direct enterprise sales and a partner ecosystem.

Product overview

Hashgraph is an enterprise software company building products and solutions for the future of finance using Hedera technology. The product portfolio centers on three core offerings: HashSphere is an EVM-compatible private network for regulated markets with transaction privacy and native interoperability; Asseto is a modular tokenization platform for institutional asset issuance, management, trading, and settlement; and CLPR is a bridgeless cross-ledger protocol enabling interoperability between blockchain networks without traditional bridges. Additional tools include HashScan (blockchain explorer), Hashio (JSON-RPC relay), and the Hedera HashioDAO. TrackTrace addresses supply chain transparency and carbon tracking. The company also maintains and evolves the Hedera codebase while providing ongoing support to the Hedera public network.

Differentiator

Problem solved

Functional benefit

Products and services

• HashSphere An EVM-compatible private network built with Hedera technology for regulated markets. Provides transaction privacy via zkSNARKs, customer-controlled validators, deterministic finality in under 3 seconds, and native interoperability with other Spheres, the Hedera public network, and other blockchain networks via CLPR. Available as a managed service or fully-hosted infrastructure with SLAs and 24/5 support.
• Asseto A modular tokenization platform developed by ioBuilders and offered by Hashgraph, enabling financial institutions to issue, manage, trade, and settle tokenized financial assets through a single integrated solution. Supports equities, bonds, MMFs, funds, private equities, loans, and digital cash. Available on both HashSphere private network and Hedera public network.
• CLPR (Cross-Ledger Protocol) A bridgeless interoperability protocol that moves tokens, data, and messages between ledgers cryptographically using state proofs and threshold signature schemes — without bridges, pooled liquidity, or intermediary validator networks. Supports interoperability between HashSphere private networks, the Hedera public network, Ethereum, Avalanche subnets, and Hyperledger Besu.
• TrackTrace A platform for tracking product data and carbon emissions throughout supply chains. Initially focused on electric vehicle and industrial battery sectors. Designed as a compliance tool for EU Digital Product Passport regulations and built on Hedera hashgraph consensus.

Quantifiable outcome

• Transaction finality in under 3 seconds
• +5 more outcomes

Named customers14 records

Segments6 records

Ideal customer profiles6 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature6 records

Partnerships

18 partnerships are on record, tiered core, supporting and strategic.

• ioBuilderscoreStrategic or Co-development Partner · 4 May 2026Hashgraph made a strategic investment in ioBuilders, a Madrid-based fintech specializing in multi-chain tokenization. ioBuilders developed Asseto, a modular tokenization platform now offered by Hashgraph and sold/serviced starting June 2026. The partnership deepens a relationship dating back to 2020, with Hashgraph providing distribution, credibility, and shared conviction in open, connected digital assets.
• The Institutes RiskStream CollaborativecoreStrategic or Co-development Partner · 16 April 2026Hashgraph partnered with the insurance industry's largest not-for-profit emerging technology consortium to develop an interoperable property risk and resilience portal. Using hybrid DLT combining HashSphere private network with Hedera public network, the solution creates shared property identifiers to reduce fragmentation, improve data accuracy, and streamline underwriting in the $1T+ US property and casualty market.
• HalbornsupportingTechnology or Integration · 15 April 2026Hashgraph partnered with Halborn, a blockchain security firm, to enhance security across the Hedera ecosystem. The collaboration provides ongoing security assessments and risk management to support application deployment across Hedera.
• Nairobi Securities Exchange (NSE)strategicStrategic or Co-development Partner · 12 November 2025NSE launched its Innovation Lab in Kenya with Hashgraph and Hedera Foundation as first strategic technology partners. The initiative aims to drive digital transformation, innovation, and financial inclusion in Africa's capital markets, supporting NSE's 2025-2029 strategy.
• Qatar Financial Centre (QFC)coreStrategic or Co-development PartnerQFC's Digital Asset Lab collaborates with Hashgraph, Blade Labs, and AlRayan Bank to explore blockchain-based infrastructure for Shariah-compliant asset-backed finance. Hashgraph delivers and operates the underlying HashSphere blockchain infrastructure while QFC provides regulatory guidance and infrastructure support.
• Blade LabscoreStrategic or Co-development PartnerBlade Labs leads development of the Digital Receipt System including smart contracts and user interfaces tailored to Islamic finance workflows, deployed on HashSphere in collaboration with QFC and AlRayan Bank.
• AlRayan BanksupportingStrategic or Co-development PartnerAlRayan Bank validates functionality and contributes Shariah and banking expertise while exploring commercialization pathways for the Digital Receipt System deployed on HashSphere.
• Reserve Bank of AustraliacoreStrategic or Co-development PartnerRBA led Project Acacia, a national research initiative exploring how digital money and DLT can support wholesale tokenized asset markets. HashSphere was selected as one of only three platforms approved to host pilot wholesale CBDC, demonstrating interoperability between private and public networks.
• Digital Finance Cooperative Research Centre (DFCRC)coreStrategic or Co-development PartnerDFCRC co-led Project Acacia with RBA, bringing together industry participants to test real-world settlement models. DFCRC estimates $24B in annual economic gains from digital finance innovation in Australia.
• Australian Payments Plus (AP+)coreStrategic or Co-development PartnerAP+ designed and piloted a token interchange service as national infrastructure capable of accepting any payment token and facilitating exchanges with tokenized assets. The interchange operated on public Hedera with wCBDC held privately on HashSphere.
• Australian Banks (National Australia Bank, Westpac, Bank of Queensland)supportingStrategic or Co-development PartnerThree of Australia's four major banks participated in Project Acacia pilots, testing tokenized settlement flows and providing institutional validation of HashSphere architecture for regulated wholesale markets.
• CuscalsupportingTechnology or IntegrationAustralia's largest independent payments provider issued pilot stablecoin for Project Acacia settlements, fully backed by pilot wCBDC issued on HashSphere, demonstrating stablecoin-to-CBDC settlement architecture.
• Imperium MarketssupportingStrategic or Co-development PartnerAustralian fintech digitizing money markets and fixed income piloted tokenized term deposits, certificates of deposit, and annuities on Hedera network using HashSphere infrastructure.
• Linux Foundation (Project Hiero)strategicStrategic or Co-development PartnerThe Hedera codebase powering HashSphere was contributed to Linux Foundation Decentralized Trust as Project Hiero, ensuring independent third-party maintenance and eliminating vendor lock-in concerns.
• Agentic AI Foundation (AAIF)strategicStrategic or Co-development PartnerHashgraph joined as Founding Member and official Hedera ecosystem representative in this Linux Foundation initiative dedicated to advancing standards for the agentic internet.
• Hedera CouncilcoreStrategic or Co-development PartnerHedera Council consists of prominent global organizations governing the Hedera public network. Members serve limited terms with equal voting rights, ensuring decentralized governance and preventing single-entity dominance.
• Hedera FoundationcoreStrategic or Co-development PartnerCayman Islands-based entity committed to driving innovation, ecosystem development, and adoption on the Hedera network. Strategic technology partner for initiatives like NSE Innovation Lab.
• The Hashgraph AssociationsupportingStrategic or Co-development PartnerSwiss non-profit that accelerates global adoption of Hedera-powered solutions through funding innovation, training, and venture programs, primarily supporting non-U.S. enterprise DLT funding.

Scale indicators11 records

Recent moves6 records

Expansion highlights7 records

Broad incumbents

• Polygon Labs: Provider of Polygon CDK for EVM-equivalent appchains and Polygon PoS, widely used for institutional tokenization pilots and stablecoin issuance. Competes with HashSphere for institutional appchain deployments and with CLPR for cross-chain interoperability narratives.
• Consensys: Developer of Quorum (now Hyperledger Besu-aligned) and broader Ethereum enterprise tooling including Infura, MetaMask, and Linea. Competes with HashSphere on EVM-compatible private networks and provides tokenization infrastructure for institutions.
• Hyperledger (Linux Foundation Decentralized Trust): Umbrella foundation for permissioned blockchain frameworks including Hyperledger Fabric, Besu, and Indy. Competes with HashSphere as a foundational DLT layer for enterprise consortia, and is the governance home of Hashgraph's own Hiero codebase.

Direct peers

• R3: Enterprise permissioned DLT platform (Corda) targeting banks, capital markets, and central banks for tokenization and digital asset infrastructure. Most direct competitor in regulated financial DLT, competing head-to-head at institutions like the RBA and tier-1 banks.
• Securitize: Tokenization platform focused on regulated securities issuance (equities, funds, treasuries) for institutional issuers. Direct competitor to Asseto in the asset tokenization software layer.
• Digital Asset Holdings: Builder of the Canton Network and DAML smart contract language for synchronized financial workflows across institutions. Competes in the same permissioned-DLT-for-capital-markets space as HashSphere, with significant CSD and bank adoption.
• Provenance Blockchain: Public-permissioned blockchain purpose-built for financial services, with native tokenization, registry, and compliance primitives. Competes with HashSphere + Asseto as a combined DLT-plus-tokenization stack for asset managers and CSDs.
• Ava Labs: Builder of Avalanche blockchain and its Subnet architecture, which enables EVM-compatible permissioned chains for institutional tokenization. Directly competes with HashSphere for regulated private-network deployments and is an explicit CLPR integration target.

Emerging players

• Fireblocks: Digital asset custody, settlement, and tokenization infrastructure provider for institutions. Adjacent competitor in wallet/custody infrastructure for tokenized assets and competes for institutional treasury and bank customers.
• Kadena: Layer-1 blockchain with EVM-equivalent Pact smart contracts focused on enterprise and capital markets use cases. Competes with HashSphere in the permissioned-EVM-for-financial-institutions niche.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• GitHubgithub.com/hiero-ledger/hiero-json-rpc-relay
• YouTubeyoutube.com/@hello-hashgraph
• LinkedInlinkedin.com/company/hashgraph

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

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

M&A

Investments1 record

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

Frequently asked questions about Hashgraph