Bitcoin Suisse Global Crypto Taxonomy
Crypto assets show much more inherent variance in design and hence “financial functionality” than traditional assets like stocks or bonds. Thus, for professional asset and portfolio management it is crucial to understand the (dis)similarity between crypto assets. We are convinced investors will value a systematic structuring of crypto assets to better compare risk-reward profiles.
The primary objective of the Bitcoin Suisse Global Crypto Taxonomy (GCT) is to make the young and very dynamic “crypto space” more accessible for our clients and a larger audience of professionals from traditional finance by offering a systematic structuring of the space into sectors and sub sectors.
We are following a community approach. Therefore, we are offering the Bitcoin Suisse Global Crypto Taxonomy as well as the Classification List under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License. Commercial licensing is available, e.g., to build products and services that make use of the Bitcoin Suisse Global Crypto Taxonomy including the Classification List. We are happy to hear from you, please contact the GCT Board at cryptotaxonomy-board@bitcoinsuisse.com.
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0100 - Cryptocurrency
The “Cryptocurrency” sector contains digital assets with the primary purpose of being a form of cryptographically secured digital money. They may differ in monetary policies, level of privacy, relation to fiat currencies, etc. As protocols evolve, some may offer additional functionality 'beyond money', which will require a reassessment of their classification.
0101 - Payment Coin
A currency asset that offers money-like characteristics of medium of exchange, store of value, and unit of account – but nothing else.
0102 - Privacy Coin
A currency asset that offers privacy-preserving attributes in addition such as obfuscating sender/receiver addresses or transaction amounts, etc.
0200 - General Purpose Smart Contract Platform
The “general purpose smart-contract platform” sector contains digital assets related to a protocol that enables general purpose functionality, usually expressed in the form of decentralized applications consisting of smart contracts and oracles (as external data sources).
0201 - Layer 1
A general purpose smart-contract platform that has an inherent source of crypto-economic security and thus does not rely on an external security source.
0202 - Layer 2
A general purpose smart-contract platform that depends technically on another Layer 1 and inherits fully or partially its crypto-economic security (e.g., rollups, side chains, etc.). It can but does not have to feature its own native asset.
0300 - Decentralized Finance
The “Decentralized Finance (DeFi)” sector contains digital assets related to protocols that create financial instruments (e.g., exchanges, loans or prediction markets).
0301 - Exchange
A DeFi protocol that allows the trading of token pairs across one or more protocols using an automated-market maker (with single or multi-token pools) or an order book.
0302 - Derivative
A DeFi protocol that creates tokens whose performance is based on the performance of another, underlying digital asset.
0303 - Credit
A DeFi protocol that allows users to borrow or lend tokens that are backed by locked-up tokens serving as collateral.
0304 - Asset Management
A DeFi protocol that enables portfolio management activities such as asset allocation, weighting, etc. to build structured products, indices, or strategies based on digital assets on-chain.
0305 - Prediction Market
A DeFi protocol that implements a prediction market by allowing users to collaboratively bet on predictions for events.
0306 - Insurance
A DeFi protocol that will pay out an insurance sum when a condition is met.
0307 - Liquid Staking
A DeFi protocol that, in exchange for a staked token, issues an equivalent ‘liquid’ token that can be used elsewhere during the staking period (c.f. Other tokenized Asset 0603). This also includes liquid restaking protocols.
0308 - RWA Finance
A DeFi asset related to a protocol that issues or utilizes tokenized off-chain assets. The DeFi asset itself is not a tokenized asset.
0309 - Restaking
A DeFi protocol that allows to set and enforce programmable staking and/or slashing conditions for operators validating a decentralized service (AVS) or an application.
0400 - Utility
The Utility sector contains digital assets related to a protocol that enables access to or represent a resource. The resource does not have to be digital.
0401 - Network
A utility protocol whose underlying resource is a network for data acquisition (e.g., decentralized sensor networks) and/or communication (e.g., mobile networks, geospatial networks, Internet of Things).
0402 - Data
A utility protocol whose underlying resource is data (e.g., storage, oracles).
0403 - Compute
A utility protocol whose underlying resource is raw computing power or specialized models (e.g. AI inference models, distributed computing models, coprocessors).
0404 - Certification
A utility protocol that certifies an off-chain circumstance (e.g., identity, provenance, ownership, etc.) digitally.
0405 - Interoperability
A utility protocol whose underlying resource is connectivity between different networks (e.g. inter-chain communication protocols, bridges).
0406 - Governance
A utility protocol that allows holders to coordinate in decision-making, usually but not limited to protocol governance.
0407 - Business Services
A utility protocol controlled by an entity with the purpose of giving access to their business services.
0500 - Culture
The Culture sector contains digital assets related to a protocol that issues or manages cultural assets – as opposed to resources managed by utility protocols. The protocol purpose dominates; the asset functionality (e.g., non-fungible or fungible) is immaterial.
0501 - Media
A culture protocol that enables production and/or distribution of media content.
0502 - Collectible
A culture protocol that manages collectibles or pieces of art, digital or physical.
0503 - Gaming
A culture protocol that manages and/or issues GameFi or Metaverse assets, e.g. in-game currency or fungible and non-fungible game/metaverse items.
0504 - Social
A culture protocol that aims to foster decentralized social networks or messaging services. These usually allow creators to control their data, earn rewards for engagement, tokenize their social reputation and own their social graph. Digital identities are usually user owned and -governed. User interactions can usually be monetized.
0505 - Meme
A culture protocol that centers around a meme or a popular cultural movement. Also known as "meme coins", the related assets are often of a volatile and speculative nature created for fun and more driven by social media trends and community sentiment than financial fundamentals.
0600 - Tokenized Assets
A tokenized asset is a digital representation of another asset. Tokenized assets may act as digital certificates of ownership, enabling fractional ownership, increased liquidity, or efficient trading.
0601 - Stablecoin
A tokenized asset whose valuation is pegged to a fiat currency such as USD or EUR and that is independent of the collateral or the stability mechanism. They can be fiat- or crypto-collateralized or use an algorithmic stabilization mechanism.
0602 - Real-World Asset
A tokenized asset representing a real-world off-chain asset. This can include physical assets (real estate, artwork, commodities), intangible assets (intellectual property, carbon credits), or financial instruments (securities, loans).
0603 - Other tokenized asset
Receipt tokens of underlying native, staked, restaked, or liquidity pool assets. They function as claims or "receipts" for deposited assets, offering various benefits such as increased utility, efficient management, yield generation, or liquidity. They are usually pegged to the underlying asset with few exceptions such as non-rebasing liquid staking tokens.