ODD Completed

We’re excited to announce that Dfns is now part of the Counterparty Catalogue by Digital Opportunities Group (DigOpp), a firm dedicated to advancing transparency and trust in the digital asset ecosystem. Founded by Phillip Moran and Dalton Cole, the Atlanta-based firm specializes in operational due diligence (ODD), advisory services, and is a CryptoCurrency Security Standard (CCSS) Auditor. In addition, DigOpp manages a multi-strategy digital asset fund.

We look forward to supporting banks, institutions, fintechs, and investors with easier access to clear and reliable data about their mission-critical blockchain infrastructure. Trust is the foundation of finance, and crypto tech vendors must uphold the same standards to integrate seamlessly into financial markets.

The Counterparty Catalogue fills an essential gap

The Counterparty Catalogue by DigOpp is the first attempt in crypto to standardize Operational Due Diligence (ODD). ODD is a tailored, ongoing process that helps buyers evaluate vendors and their operational models, identifying potential risks.

This platform serves as a key resource for understanding blockchain and digital asset companies. Designed as the go-to tool for ODD on crypto tech vendors, the Counterparty Catalogue provides a transparent data marketplace with detailed evaluations of blockchain companies and digital asset technologies.

DigOpp’s goal is to equip funds, institutions, and trading teams with reliable insights to make informed decisions. With in-depth profiles, side-by-side comparisons, and comprehensive ODD reports, the platform simplifies the complexities of crypto custody and beyond.

Head to their website to see all the vendors: counterpartycatalogue.com

Transparency takes a big leap in crypto finance

Dfns is proud to be the first (and to date only) company to complete DigOpp’s Operational Due Diligence report. Being part of this vendor catalog highlights our leadership in crypto custody and wallet technology, setting new standards for transparency, security, and operational excellence.

This achievement came after three months of rigorous evaluation, resulting in a 30-page report that covers every detail of our operations. The assessment spans custody technology, disaster recovery, policy management, compliance, internal security procedures, financial health and more, providing a complete overview of our platform, services, and internal processes. DigOpp’s thorough review reflects the high standards institutions expect when evaluating crypto custody solutions.

The report’s detailed table of contents showcases the depth of the evaluation, covering areas such as:

• Summary: Scope, overview, and risks.
• Risk Analysis: Impact-likelihood heat map and risk table.
• Company Profile: Transaction and policy visualization, custody technology (key generation, policy management, signing/broadcasting, disaster recovery, key exports), and claimable wallets.
• Products and Offerings: Product summary and reference pricing.
• Trading and Execution.
• Financial Health: Financial stability, cash management, clients and assets, investors, banking, and credit relationships.
• Regulation and Compliance: Licenses, certifications, audits, policies, corporate structure, AML/KYC practices, investigations, and cybersecurity.
• Insurance: Coverage details.

Learn more about DigOpp's analysis of the crypto custody landscape: digopp.substack.com/p/comparing-crypto-custody-solutions-424

Dfns delivers near perfect risk assessment results

The ODD report confirms Dfns’ position as a trusted and reliable partner in digital asset management. Key findings include:

• No medium or high risks identified in any evaluated area.
• Only 2 low risks and 4 informational risks highlighted.

These results emphasize the strength of our Wallets-as-a-Service (WaaS) platform, built with a security-first mindset and leveraging advanced Multi-Party Computation (MPC) technology or Bring Your Own Key (BYOK) APIs to seamlessly enable clients with HSM connectivity.

What sets Dfns apart from other vendors

Dfns was featured in the Counterparty Catalogue, comparing it to other leading wallet technologies and custodians. Here's what makes Dfns stand out:

• API-First Wallet Infrastructure: All wallet and transaction lifecycle capabilities are available through APIs and SDKs, offering a seamless developer experience. This enables fintechs and banks to easily integrate blockchain features into their existing systems while adhering to their internal business rules. We also offer user-friendly interfaces as well.
• Custodial or Non-Custodial Wallets: Clients can choose to maintain cryptographic control over assets or delegate it to end-users, reflecting Dfns' commitment to user empowerment and security. Dfns allows clients to set up wallets with the option to separate crypto funds technically or use omnibus wallets. Additionally, Dfns provides tools for logical segregation, ensuring transparency and trust at every level.
• Comprehensive Governance Model: Role-based access controls, flexible root quorums, transaction policies, time locks, delays, IP and wallet whitelists, smart contract approvals, user permissions, key-based authentication, and approval notifications give clients full control and ensure compliance as users can define operational parameters tailored to their needs.
• Multichain and Multilayer Support: Seamless integration with major public blockchains like Ethereum, Bitcoin, Solana, and 30+ other networks, as well as alternative blockchains such as Canton, with support for other exotic tokens.
• Wide Ecosystem Integrations: Seamless integrations with compliance tools like Chainalysis, major exchanges like Coinbase and Binance, liquidity providers like Wintermute and B2C2, core banking platforms like Temenos, and staking services such as Kiln, Figment, and Colossus.
• Network Hosted Key Model: Dfns simplifies key management by separating keys from user devices. Users only need authentication keys to approve transactions and policy updates, while the actual keys (or MPC key shares) stay securely on signing servers or devices managed by Dfns and/or the client. This NIST-compliant approach reduces the risks of lost or compromised devices and makes it easy to revoke access for departing team members.
• Composable Platform Deployments: Deploy keys and services on-premises or in public/private cloud environments across multiple locations. Use secure technologies like secure enclaves, confidential computing, MPC and/or HSMs from providers such as Thales, IBM, or Securosys.
• Built-in Disaster Recovery: Dfns integrates multiple layers of internal disaster recovery mechanisms, from failover systems to encrypted backups, and external ones too with providers like Station70, Circuit or Coincover. These layers ensure that users maintain access to their assets even in adverse scenarios, without requiring complex third-party integrations.
• No Single Point of Failure: Through its Multi-Party Computation (MPC) protocol, Dfns ensures that no single system component or individual has access to complete private keys. Even during signing processes, private keys are never fully reconstructed, enhancing security.
• Regulatory and Security Standards: Certifications like SOC 2 Type I & II and FIPS 140-3 prove Dfns’ commitment to compliance and security. Note: Dfns is currently being audited by KPMG to achieve ISO 27001, 27017, and 27018 certifications, which are expected in February 2025.
• Flawless Security Track Record: No hacks, no lost keys. Dfns secures $1 billion in monthly transactions across 10 million wallets.
• Financial and Business Strength: With over 130 clients, including major players like ABN AMRO, Fidelity International, Standard Chartered Bank, and Stripe, Dfns demonstrates its ability to cater to high-caliber enterprises. Stable recurring revenue, manageable burn rates, and a significant cash runway position Dfns as a financially secure partner.

The ultimate guide to crypto custody and wallet tech

By joining DigOpp’s Counterparty Catalogue, Dfns strengthens its position as a trusted partner for banks, fintechs, and institutions embracing blockchain. The catalogue is becoming a key resource for understanding custody and self-custody solutions, empowering institutions to navigate blockchain adoption with confidence. This milestone is significant for Dfns and the crypto ecosystem. As we continue to innovate, we invite you to explore the report and see how Dfns is shaping the future of digital asset management.

Reach out to the DigOpp team for early access to the report here.