Tokenisation, end to end
We take an asset from structuring and issuance through to a secondary market that actually trades. This is a live service we currently deliver on active mandates. Most tokenisation work stops at issuance, which is why so many tokenized assets exist on-chain without a functioning market.
Issuance is the easy half
Minting a token that represents an asset is a solved problem. Standards exist, contracts are well understood, and a competent engineering team can issue in weeks. That is why the tokenisation category is full of assets that were successfully issued and then never traded.
The hard half is everything after: getting the instrument onto venues, establishing a price, providing the liquidity that lets a holder exit, and keeping that market functioning once the launch attention has moved on. That work is market making, and it is not a separate engagement bolted on at the end. It determines decisions made at the structuring stage.
We run both halves. The structure is designed by the people who will have to make the market in it, which changes the answers on supply mechanics, unlock schedules, venue selection, and how much liquidity has to be committed on day one.
- Structuring
- Instrument design, supply mechanics, unlock and distribution schedule, and the legal claim the token represents.
- Issuance
- Contract development and deployment, cap table, vesting and cliff configuration.
- Distribution
- Allocation mechanics, investor onboarding, and the schedule that follows.
- Secondary liquidity
- Venue selection, initial liquidity sizing and deployment, and ongoing market making.
What does end-to-end tokenisation involve?
Four stages: structuring the instrument and the claim it represents, issuing it on-chain, distributing it to holders, and establishing a secondary market where it can be traded. Most providers cover one or two of these. The handoffs between separate providers are where tokenisation projects usually fail.
What is the difference between issuing a token and making it liquid?
Issuance creates the instrument. Liquidity creates the market. A token can exist, be fully compliant and be held by hundreds of wallets while being effectively untradeable, because nobody is standing ready to buy it. Liquidity requires committed capital and continuous quoting, which is a different discipline from issuance entirely.
How long does tokenisation take?
Structuring and issuance typically run in weeks. Establishing a secondary market that holds up is measured in months, because it depends on venue onboarding, committed liquidity and sustained quoting. Timelines that promise a liquid market in weeks are describing issuance and calling it tokenisation.
Who holds the legal claim?
That is a structuring question and it has to be answered before anything is issued. The token should represent a real, enforceable claim on the underlying asset rather than synthetic exposure to its price. Which entity holds the asset, under which jurisdiction, and what a holder can actually enforce are the first questions we work through.
What you receive
- Instrument structure and the documented legal claim the token represents
- Deployed contracts, cap table, and configured vesting and unlock schedule
- Venue selection and a sized initial liquidity plan
- A functioning secondary market, quoted and measured against agreed targets
How we engage
Engagements begin with a conversation about the instrument, the venues involved and what you are trying to achieve, followed by a written scope. Terms, including how we are compensated, are disclosed in summary before anything is signed.
We do not publish pricing, because scope varies enough that any number on a page would be wrong. Ask and we will tell you.
We are currently delivering tokenisation mandates end to end. We do not publish who they are, because a client who can be identified from a marketing page learns something about how we would treat them.