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How to tokenise a fund
The route in, whichever fund you start with.
UCITS AND MMFS
How to tokenise a share class
How to tokenise an ETF
How to tokenise a MMF
ALTERNATIVE FUNDS (AIFS)
How to tokenise a bulletin board
SECURITISATION VEHICLES
How to tokenise an SPV

Same rails, every fund type. Start from the fund you have, not the technology.

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Investor Services | Settlement
Settlement MIFID II INVESTMENT FIRM / CONTROL AGENT / TRANSFER AGENT

Atomic settlement and secure delivery versus payment, fit for T+0.

Settle in euros or US dollars through the payment rails already in use, or on-chain, where a smart contract exchanges cash and shares atomically in the same transaction. In either model the blockchain and our custody ledger are settled safely.

AT A GLANCE
ROLESettlement of subscriptions and redemptions
MODELSFiat off-chain (EUR, USD), on-chain, or both
CASHEUR or USD payment, stablecoins or tokenised money market units
RECORDSBlockchain and custody ledger, written together
WORKING WITH
FRANKLIN TEMPLETONSCHRODERSNORDEADNCA INVESTMENTSALKEN FUNDCANDRIAM21XFRANKLIN TEMPLETONSCHRODERSNORDEADNCA INVESTMENTSALKEN FUNDCANDRIAM21X
HOW IT WORKS

Two models. Both available in the same fund.

The choice is made per share class and can be revisited without reissuing anything.

01
Fiat settlement, off-chain

Investors pay in euros or US dollars through existing rails. Shares are delivered against confirmed payment, and your treasury arrangements stay as they are.

02
Settlement on-chain

Payment arrives in stablecoins or tokenised money market units. A smart contract verifies that both sides hold what they have committed, then exchanges them in one movement.

03
Both, side by side

Two share classes, or two distributors, can settle differently within the same fund.

WHAT IT CHANGES

Delivery conditional on payment, in both models.

Delivery is conditional on payment in both models, and the two records are written in the same movement.

01
Shares are released only against confirmed cash

There is no interval in which a subscription exists unpaid.

02
Nothing to reconcile afterwards

The blockchain and the custody ledger are updated together, so the records agree by construction rather than by checking.

03
No migration required

Fiat settlement, the fund’s bank, the fund’s transfer agent and your custody relationships can all remain. On-chain settlement is available when counterparties are ready.

04
One movement in place of a cycle

On-chain settlement exchanges cash and shares in a single step, so neither side is left waiting on the other.

SCOPE

You keep the relationships. We carry the execution.

Settlement operates within the fund, custody and distribution arrangements already in place. We provide the settlement infrastructure and the execution logic; everyone else retains the responsibilities they hold now.

WHAT STAYS WITH THE ASSET MANAGER
01Your existing fund structures and operations
02Fiat cash for subscriptions and redemptions
03The choice of transfer agent and custodian. Investre can take on the transfer agent role if the asset manager wants it to
04Your regulatory responsibilities, and the asset manager’s distributors’
WHAT INVESTRE CARRIES
01Off-chain and on-chain settlement
02Delivery-versus-payment execution
03On-chain settlement where both sides move at once
04Blockchain and custody records written together
THE REST OF THE STACK

Settlement is the second half of an order.

Every investor service runs against the same on-chain register, operated by the same regulated firm. So adding one does not mean connecting another system.

QUESTIONS

Answered in advance.

Do we need a stablecoin?+

Not for fiat settlement, which uses ordinary commercial bank money. Digital cash is required only for the on-chain model, and we gladly help find the right solution for the fund’s investors.

Can we keep our existing cash account?+

Yes. With fiat settlement the fund’s cash account stays where it is.

What changes for the fund accountant?+

Little. They receive the same positions and cash movements, from one record rather than two that must first be matched.

Can share classes settle differently?+

Yes, and that is often how a fund starts: one class in fiat, one on-chain.

Tell us how your cash moves today.

We help work out which model fits the fund now, and assist with planning the move to the other when the time is right.

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FORTY MINUTES / TAILORED TO THE FUND, NOT A STANDARD PITCH
YOU LEAVE WITH
—Which model your counterparties can support
—What your treasury would have to change
—Where the reconciliation work disappears