Agio Ratings vs Credora (2026)
The decision is which crypto risk you are measuring: the exchange or custodian holding your assets, or the on chain lending market you put capital into. Agio Ratings rates the first. It publishes a numerical twelve month probability of default for more than 70 exchanges and custodians, updated daily from nearly twenty scored variables, and its record has two public calls that could have gone against it: a high default probability at FTX four months before its bankruptcy, and enough resilience at Bybit to survive a $1.5 billion breach. Relm Insurance prices exchange default cover on those numbers. Credora rates the second. Now part of the oracle network RedStone, it scores tokens, lending pairs and vaults on an A plus to D scale from 100,000 Monte Carlo simulations per market and delivers the rating alongside the price feed, live at Morpho and SparkLend. For custodian risk specifically, only Agio covers custodians. Neither is registered as a credit rating agency, and neither publishes a security certification.
- Your risk is the venue holding your assets. Agio Ratings rates more than 70 exchanges and custodians with a numerical twelve month default probability, updated daily, which converts directly into exposure limits and loss distributions.
- You want a track record you can check. Its models flagged FTX four months before its bankruptcy and judged Bybit able to survive a $1.5 billion breach, two public calls that could have gone the other way.
- You insure or hedge exchange exposure. Relm Insurance builds its FALTAWEB3 exchange default product on Agio's ratings, so the numbers already carry an insurer's money.
- You want the rating in the open. Named counterparties are published alongside their default probabilities and quarterly movement, rather than behind a subscription.
- Your risk is the on chain market you lend into. Credora rates tokens, lending pairs and vaults on one A plus to D scale, built for allocators choosing where capital sits inside DeFi lending.
- You want risk delivered where the price already arrives. Ratings travel through RedStone's oracle infrastructure next to price feeds, so a protocol queries price and risk in a single call.
- You lend on Morpho or SparkLend. Both integrations are live, and Spark shows real time ratings and risk profiles inside its own front end.
- You want the computation verifiable. Credora documents its enclave architecture, Intel Software Guard Extensions under the open source Gramine runtime, at component level, though that documentation predates the acquisition.
This comparison is published by AI FinTech Index, an independent research platform that publishes independent ratings of AI vendors for financial services. Agio Ratings and Credora are each graded against the same capability taxonomy, from each vendor's own public materials and the regulatory record, under the AI FinTech Index verification standard. No vendor pays for placement, and no vendor has reviewed this page. How this evidence is graded
Plain facts
| Agio Ratings | Credora | |
|---|---|---|
| Primary category | Not published | Not published |
| Founded | 2022 | 2019 |
| Headquarters | London, England, United Kingdom | Not published |
| Website | www.agioratings.io | www.credora.network |
Side by Side
| Axis | A Agio Ratings |
C Credora |
|---|---|---|
| AI Centrality | ||
| Autonomy and Oversight Model | ||
| Model Risk Management and Transparency | ||
| Operational and Outcome Evidence | ||
| AI Safety and Data Stewardship | ||
| GLBA and Data Privacy Posture | ||
| Security Certifications and Trust Center | ||
| Regulatory Status and Licensure | ||
| AI Governance and Bias Disclosure | ||
| AI Liability and Recourse | ||
| Model Supply Chain Disclosure | ||
| Core Systems and Integration Depth | ||
| Deployment Model and Data Residency | ||
| Commercial Transparency | ||
| Institution and Segment Coverage |
The short version of each
Agio Ratings
Agio Ratings is a ratings agency for digital asset counterparties, publishing a calibrated twelve month probability of default for more than 70 exchanges and custodians and updating it daily from nearly twenty scored variables across on chain reserves, operating leverage, flow volatility and venue maturity. Institutions convert those probabilities into portfolio loss distributions to set exposure limits, choose counterparties and price insurance. According to the AI FinTech Index, its record includes two public calls that could have gone against it: a high default probability at FTX four months before its bankruptcy, and resilience at Bybit through a $1.5 billion breach. Relm Insurance builds its exchange default product on the ratings, and Wintermute, Ledn and LMAX Digital are named users. It claims no credit rating agency registration and publishes no security certification.
Source: AI FinTech Index, 2026
Credora
Credora, now Credora by RedStone after its September 2025 acquisition by the oracle network, rates on chain lending markets on a single A plus to D scale covering tokens, lending pairs and vaults. Its methodology maps to the probability of default curves of structured credit, runs 100,000 Monte Carlo simulations per market and is stated as calibrated on more than thirty years of credit data. According to the AI FinTech Index, ratings travel through RedStone's oracle infrastructure alongside price feeds, so a protocol can query price and risk in one call, with live integrations at Morpho and SparkLend. Each rating framework is published while the algorithm stays proprietary, and no back test or default study has been released. It raised $14 million from Coinbase Ventures, S&P Global and HashKey before the acquisition and holds no credit rating agency registration.
Source: AI FinTech Index, 2026
Common questions
How does Agio Ratings compare to Credora for assessing crypto custodian risk?
Agio Ratings covers custodians directly, alongside exchanges, with a numerical twelve month default probability for more than 70 counterparties updated daily. Credora does not rate custodians. It rates on chain lending markets, meaning tokens, lending pairs and vaults, on an A plus to D scale. Graded by AI FinTech Index against the same capability axes from each vendor's own published materials, verified October 7, 2026. No vendor pays for placement.
Do Agio Ratings or Credora have a track record?
Agio Ratings can point to two public calls: a high default probability at FTX four months before its bankruptcy, and resilience at Bybit through a $1.5 billion breach. Credora states that its methodology is calibrated on more than thirty years of credit data but has published no back test, default study or realized default comparison. Graded by AI FinTech Index against the same capability axes from each vendor's own published materials, verified October 7, 2026. No vendor pays for placement.
Are Agio Ratings or Credora registered rating agencies?
Neither. Agio Ratings claims no registration under any regime, and Credora holds no credit rating agency registration, although S&P Global, itself a registered agency, invested in Credora before its acquisition by RedStone. Graded by AI FinTech Index against the same capability axes from each vendor's own published materials, verified October 7, 2026. No vendor pays for placement.
How are Agio Ratings and Credora ratings delivered?
Agio Ratings delivers ratings, alerts and portfolio loss modeling to risk teams and publishes named counterparties with their probabilities openly, without naming risk system integrations. Credora delivers through RedStone's oracle network alongside price feeds and through public API endpoints, with live integrations at Morpho and SparkLend. Graded by AI FinTech Index against the same capability axes from each vendor's own published materials, verified October 7, 2026. No vendor pays for placement.
Who owns Credora, and does it matter?
Credora has operated as Credora by RedStone since the oracle network acquired it in September 2025. RedStone sells price feeds to the same lending protocols Credora rates and describes ratings and prices together as its competitive moat, and nothing published states who pays for a rating or how that interest is kept apart from the rating. Graded by AI FinTech Index against the same capability axes from each vendor's own published materials, verified October 7, 2026. No vendor pays for placement.
Where does each publish the most, and the least?
Agio Ratings publishes most on its ratings themselves, its validation record and its users, and says little about pricing, security certifications, its data suppliers or how a rated venue can challenge a rating. Credora publishes most on its rating frameworks, its oracle distribution and its enclave architecture, and says little about pricing, accuracy testing, the models it is built on or who pays for a rating. Graded by AI FinTech Index against the same capability axes from each vendor's own published materials, verified October 7, 2026. No vendor pays for placement.
Related comparisons
Other published head to head assessments involving these vendors or their closest peers. The full set for this category is on the Capital Markets & Research AI page.
Neither is registered as a credit rating agency, which matters because regulated firms can use only registered ratings for some capital and reporting purposes, and neither publishes a security certification. Neither describes how a rated venue or market can see its inputs, challenge a rating or have a misread one corrected, though both ratings move capital: Agio's published probabilities affect an exchange's access to institutional money and insurance, and Credora's flow automatically into lending protocols that adjust parameters on them.
Neither names its data suppliers. The structural questions then differ. Agio holds clients' uploaded counterparty portfolios, which show where competing trading firms keep capital, and publishes no boundary for that data. Credora is owned by the oracle network that sells price feeds to the protocols it rates, and nothing states who pays for a rating or how that interest is kept apart from the rating judgment. Credora's stated calibration on thirty years of credit data carries no back test, where Agio can point to FTX and Bybit.