Asia Morning Briefing: Architect Prioritizes Credit Over Crypto Equities in Bid to Become the Moody’s of Web3

Architect Bets Big on Crypto Credit as Equity Valuations Stagnate

As crypto equity markets become increasingly saturated and illiquid, digital finance firm Architect is shifting its focus to what it sees as the next major growth opportunity in Web3: institutional credit.

The company is launching a crypto-native credit rating service—the first of its kind—to address a core piece of financial infrastructure still missing from the decentralized economy. Architect’s vision is to build the equivalent of Moody’s for blockchain finance.

“There’s a huge opportunity in credit, but no one has created the infrastructure to properly assess risk in crypto,” said Ruben Amenyogbo, Managing Partner at Architect.

Filling a Critical Void in Web3

Despite the rapid maturation of DeFi, market-making, and tokenized capital markets, crypto still lacks a trusted system to evaluate borrower creditworthiness. Traditional rating agencies like Moody’s have cautiously entered digital assets but have avoided full-scale integration due to the crypto sector’s high opacity, pseudonymity, and lack of standardized data.

Amenyogbo argues that this creates a bottleneck for institutional lenders seeking to deploy capital.

“Without reliable credit metrics, lenders are flying blind. It’s kept large capital pools on the sidelines,” he said.

Why Credit, Why Now?

Crypto equity markets have become overcrowded, with valuations for mining firms and blockchain service providers far outpacing fundamentals, according to Amenyogbo.

“Too much money has chased equity in crypto. It’s overheated,” he said.

Credit, however, offers an underdeveloped and more risk-conscious pathway for institutional investors. Architect believes the sector now has enough historical data and maturity to support backward-looking credit analysis, the cornerstone of debt underwriting.

Amenyogbo emphasized the contrast with equity investing: “Equity is about future potential. Credit looks at past performance. Crypto wasn’t ready for that before—but now it is.”

Early Focus: Miners and DePIN

Architect will begin by rating Bitcoin miners and Decentralized Physical Infrastructure Networks (DePIN)—two categories where real-world outputs and consistent cash flows provide a foundation for creditworthiness.

For miners, access to credit could reduce forced selling, increase staking, and drive on-chain activity. For DePIN, credit represents a new funding avenue distinct from speculative token investments.

“DePIN is underfunded and undervalued. It produces tangible outputs and needs capital structured around that,” Amenyogbo said.

A New Crypto Capital Stack

Architect isn’t just building a lending desk. Its goal is to rebuild crypto’s capital stack, laying the groundwork for rated, bundled, and syndicated crypto debt—products familiar to traditional investors but still missing in Web3.

“Raising a $100 million fund is fine, but it doesn’t move the needle. What we’re building is the infrastructure that can channel trillions into crypto credit,” Amenyogbo said.

Market Movers

• Bitcoin (BTC): Trading just above $114,000. According to market maker Enflux, BTC and ETH remain directionless without volume, suggesting sideways to downward movement unless momentum returns.
• Ethereum (ETH): Down 2.8% to $3,500 as ETF outflows accelerate.
• Gold: Edged lower during U.S. trading, pressured by a rising dollar and weaker oil prices. Silver posted small gains amid mixed global data.
• Nikkei 225: Slipped 0.12% Tuesday as Asian markets reacted to weak U.S. economic prints and tariff rhetoric from Donald Trump.
• S&P 500: Declined 0.49%, pressured by fresh tariff risks and softer U.S. data. Analysts still expect the broader uptrend to continue, albeit with higher near-term volatility.