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Agio Ratings, which scores crypto counterparty risk, raised $6 million, CEO Ana De Sousa tells Axios Pro exclusively.

Why it matters: Banks, insurers and trading firms are reentering the crypto market amid a shift in U.S. policy and clearer regulatory guardrails.

Follow the money: AlbionVC led the round, with participation from Portage Ventures, MS&AD Ventures, and Gaingels.

The new financing brings Agio's total funding to over $11 million since its founding in 2022.

How it works: Agio rates crypto exchanges and custodians by estimating one-year probabilities of default and refreshing scores as conditions shift.

Exchange ratings are refreshed weekly, and custodian ratings are refreshed quarterly.

The company also flags anomalous transactions, linking to block explorers for more details.

Case in point: During the Bybit hack, Agio flagged anomalous flows before public confirmation and advised clients that the exchange appeared financially resilient based on its models.

De Sousa says Bybit's one-year probability of default rose from roughly 5%–5.5% to about 7.5%, yet remained in what Agio considers a "good risk" tier relative to peers.

Zoom in: Agio has expanded beyond exchanges to include ratings for custodians and lenders, with brokers, stablecoin issuers, and ETFs on the road map.

Customers include large trading firms, insurers, and banks across various tiers, including G-SIBs, regional banks, and community banks.

Pricing is subscription-based with unlimited seats, and clients can access Agio's data through an API or web app.

The big picture: Clearer U.S. policy and board pressure are turning crypto from passive monitoring into a defined line of business for large banks.

"Boards are demanding that senior management present a digital asset strategy. Every bank we talk to is contemplating what that strategy is," De Sousa says.

By the numbers: Agio's coverage includes 48 exchanges and 26 custodians, De Sousa says.

Its latest exchange model now uses 17 predictive variables, up from nine in earlier versions.

What's next: Agio plans to implement deeper real-time monitoring, broader entity coverage, and a bank-grade product aligned with regulatory expectations.

Exclusive: Agio Ratings raises $6M to score crypto counterparty risk

Banks are reentering the crypto market due to shifts in U.S. policy.

Illustration of a hand with a pen drawing connecting lines between pixelated crypto coins

Agio Ratings, which scores crypto counterparty risk, raised $6 million, CEO Ana De Sousa tells Axios Pro exclusively.Why it matters: Banks, insurers and trading firms are reentering the crypto market amid a shift in U.S. policy and clearer regulatory guardrails.

Exclusive: Agio Ratings raises $6M to score crypto counterparty risk

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