Asia Morning Briefing: Architect Eyes Credit’s Edge Over Crypto Equities in Push for Web3 Moody’s

Architect Eyes Crypto Credit Market as Equity Bets Lose Steam

As crypto equity valuations plateau and liquidity thins, digital asset firm Architect is pivoting toward a largely untapped segment of the market: institutional-grade credit infrastructure — aiming to become crypto’s equivalent of Moody’s.

While decentralized finance and digital capital markets have matured, the sector still lacks a trusted framework to assess credit risk — a gap Architect is preparing to fill.

From Overvalued Equities to Underserved Credit

“Crypto equity is extremely overvalued. Far too much capital has been deployed chasing equity plays,” said Ruben Amenyogbo, Managing Partner at Architect. “Credit is the next frontier.”

Although firms like Moody’s have cautiously explored digital assets, a fully crypto-native credit rating platform has yet to emerge. Architect plans to build that from the ground up.

Crypto’s unique challenges — including anonymous participants, unconventional datasets, and opaque risk models — have made traditional rating agencies hesitant to engage. This has left a void for institutional lenders seeking reliable risk metrics before issuing debt in Web3.

Tapping Institutional Pools with TradFi-Grade Risk Models

Architect’s solution involves building a blockchain-native system to evaluate creditworthiness, targeting Bitcoin miners and decentralized physical infrastructure networks (DePINs) as early beneficiaries.

“Debt is about track record. Equity is forward-looking, but credit depends on historical performance. Crypto finally has enough history for that,” said Amenyogbo.

He added that miners with access to fiat-based credit could reduce forced token sales, increase on-chain activity, and reinvest in infrastructure — turning liquidity pressure into productive growth.

“If I want to speculate on bitcoin, I’ll just buy bitcoin. But if I want to lend, I’ll underwrite a miner and bet on their cash flows outpacing the market,” Amenyogbo explained.

DePIN, a still-nascent segment of the industry, is seen by Architect as especially ripe for credit financing due to its real-world outputs, not just speculative upside.

Building the Missing Layer in Crypto Capital Markets

Rather than simply launching a lending fund, Architect aims to reconstruct crypto’s debt market architecture. The endgame is to bundle, rate, insure, and syndicate debt — mirroring how traditional capital markets scale into the trillions.

“Raising $100 million is nice,” Amenyogbo said, “but it’s just the beginning. We’re building the tools to scale crypto credit the way traditional debt does — and bring institutional capital into the space at full scale.”

Market Snapshot

• Bitcoin (BTC): Hovering above $114,000. Market maker Enflux notes BTC and ETH lack volume support, keeping the broader trend sideways or lower.
• Ethereum (ETH): Down 2.8% to $3,500 amid ongoing ETF outflows.
• Gold: Slipped during U.S. hours as a stronger dollar and lower oil prices weighed on sentiment. Silver rose slightly.
• Nikkei 225: Fell 0.12% as Asia digested soft U.S. economic data and fresh U.S. tariff comments from former President Trump.
• S&P 500: Dropped 0.49% Tuesday as weak macro data and tariff risks resurfaced. Analysts remain bullish long term despite short-term volatility.

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