Marfire marks five years as digital asset governance enters its next chapter

Cayman-based independent governance firm, Marfire, is marking five years in business in 2026, reflecting on a period of significant change for the firm, the digital asset sector in both the Cayman Islands and globally, and the expectations placed on those governing its increasingly sophisticated structures.

Founded in 2021 by Oliver and Kate Bell, Marfire launched at a time when only a small number of governance firms were focused on digital assets and the sector was still considered high risk by the established financial services sector. However, as Cayman foundation companies started to gain traction within the global digital asset sector, the founders saw an opportunity to bring their established governance experience and high-touch approach to this emerging and fast-evolving space.

Oliver Bell, founder at Marfire, said, “We knew it was going to be a rollercoaster from the start and it has been. But it was an opportunity that we felt we couldn’t miss, and the ride has been thrilling.”

Five years later, the landscape looks markedly different. Digital assets have moved from early-stage experimentation towards more sophisticated, well-funded, institutional structures, and there is greater participation from established financial services firms as well as growing convergence between digital assets and traditional finance. Regulatory requirements have also continued to evolve, while expectations around accountability, risk management and governance have continued to rise.

“The whole of the digital assets space globally has become more institutional over time, and Cayman has grown with that,” said Oliver.

Marfire has also grown with the market, developing from an early specialist firm into an established governance business working across foundations, virtual asset service providers, funds and operating companies. Its team now brings experience spanning law, finance, tax, funds, compliance and regulation, with that breadth of expertise central to Marfire’s success.

“When we started Marfire, we could see digital asset structures beginning to come to Cayman, but there were relatively few governance firms with genuine experience of the ecosystem underneath them,” said Oliver. “Five years on, the organisations operating in the space have changed considerably. We’re seeing greater institutional participation, more complex structures and much higher expectations of governance. For us, that’s exciting because good governance is increasingly being viewed as part of the architecture rather than something added later.”

Marfire’s first five years have also coincided with Cayman’s continued development as the jurisdiction of choice for digital asset structures, supported by its established financial services industry, collaborative professional community and agile regulatory framework.

“Initially there was a reluctance from some of the more institutional firms on island to adopt the crypto space,” explained Kate Bell, founder and chief financial officer. “Now it feels very much a standard part of the Cayman financial services landscape. The speed at which the industry has grown and evolved has been incredible.”

Amid all the changes, Marfire’s direct, high-touch approach has remained deliberately consistent.

“We’re very hands-on, so we like to pride ourselves on providing a white-glove service,” said Oliver. “We’re not a volume shop. We are very strict about capacity. It’s a lot more akin to management consulting; we’re there to really get involved and deep dive with clients rather than just attend quarterly board meetings.”

Future plans

Looking ahead, Marfire expects governance standards to continue to rise as the digital asset sector continues to mature. As regulatory expectations around governance develop in regulated structures, the firm also expects those standards to increasingly influence the unregulated digital asset space, reinforcing the role of independent oversight as part of the underlying architecture.

“There are so many undiscovered areas right now,” Oliver added. “You don’t know where it’s going to go or what’s going to be the next discovery, but we want to continue to be at the front of that.”