The control layer for unlocking private markets.
Catenatus is a fintech platform that tokenizes illiquid assets, helping banks and private market firms put capital to work more efficiently. Our proprietary controlled-liquidity infrastructure enables eligible investors to trade those assets under issuer-defined rules.
Catēna, plural catenatus, Latin for chain: connected assets, institutions, ownership records and markets.
Market context
Why now.
Basel III Endgame output floor phasing in by 2030 (Europe/UK); US rules still being finalized.
Significant Risk Transfer (SRT) market outstanding, growing ~18% per year.
Private credit scaling from 2026 to 2031.
Punitive fallback risk weight when look-through data is unavailable to regulators.
Today, $30–35B in risk tranches are placed annually against $350–400B of underlying loans, through a process that remains bespoke and bilateral.
The thesis
Private assets need a better operating system.
Ownership records, valuations, transfer restrictions and investor eligibility are still fragmented across administrators and manual processes. Catenatus creates a single, controlled operating layer around the institutions already in the market.
Fragmented records
Critical asset and investor data sits across systems that were not designed to work as one.
Locked-in capital
Without a defined transfer path, private-market positions are harder to originate, manage and exit.
Opaque exposure
Risk, finance and compliance teams need current, auditable evidence to assess and defend their treatment.
Fragmented ownership & under-committed capital
Banks hold Private Equity (PE) fund interests, private-company exposures, private credit, bank-originated loans, real estate and Special Purpose Vehicle (SPV) assets across wealth, investment banking and their own balance sheets, all requiring significant Basel capital adequacy. Without a defined exit path, investors under-commit capital, Relationship Managers (RMs) can't demonstrate optionality, and the bank alone carries the operational, valuation and concentration burden.
A locked-out risk transfer market
Banks and non-bank lenders holding concentrated loan and debt risk can only access capital relief through bespoke, months-long bilateral SRT negotiations, reserved for a handful of money-center banks and specialist funds. Community banks, subprime and specialty lenders, and other originators are effectively locked out entirely.
The platform
One shared backbone. Two regulated pathways.
Catenatus sits around existing custody, administration, broker-dealer and transfer-agent relationships. It gives the bank one view of the asset lifecycle without asking the institution to replace the plumbing it already relies on.
Securities / Alternative Trading System (ATS) rail
- Ownership positions
- Fund interests
- Private-company assets
- Structured liquidity
Catenatus control layer
Registry · identity · rules · evidence
Credit-risk transfer rail
- Loans and debt
- Private credit
- Risk tranches
- Institutional transfer
Sits around existing infrastructure
Deliberately not continuous. The issuer controls when, how and for whom liquidity is made available. Catenatus is not a crypto exchange, and fiat on- and off-ramps remain outside the platform.
The platform, as built
Registry, compliance, servicing and controlled liquidity, in one system.
The controlled-liquidity layer, timed auctions, sealed bids, Dutch auctions and Net Asset Value (NAV)-gated windows, is built and operating on the securities/ATS rail, not a roadmap item. Every transaction follows the same governed path, with Know Your Customer and Anti-Money Laundering (KYC/AML) controls embedded throughout.
Originator tokenizes pool or position
Smart contract wraps cash flows, ownership or risk tranche
KYC-verified buyers transact on platform
Settlement and audit trail on-chain
Recognized liquidity or risk transfer to originator
Operating model
From asset data to a governed market event.
The operating model follows the asset lifecycle, with compliance, records and reporting connected from onboarding through servicing, transfer and settlement.
Asset & fund registry
A controlled digital record of ownership, restrictions, valuations, cash flows and corporate actions.
Compliance & transfer controls
Eligibility, KYC/AML, holding limits, approvals, transfer rules and a complete audit trail.
Bank-branded SaaS
One operating view for internal teams, issuers, administrators, custody partners and eligible investors.
Controlled liquidity
Timed auctions, sealed bids, Dutch auctions and NAV-gated windows matched to each asset's natural liquidity.
Initial use cases
Built for assets that do not trade like public equities.
Liquidity design follows the asset, its governing documents and the needs of the institution. The result is a more deliberate market structure, with clear rules before the event begins.
Bank-originated loans & debt
Portfolio transparency, concentration controls, optional distribution.
Liquidity: bank-defined program or tokenized risk-transfer tranche on the credit-risk transfer railPE fund interests
Tokenized ownership, fund data, transfer rules and investor servicing.
Liquidity: quarterly sealed-bid auction or NAV-gated windowPrivate-company exposure
Cap-table visibility, eligibility controls and controlled transfers.
Liquidity: timed auction after lock-up or an approved liquidity eventSPV & alternative assets
Asset registry, distributions, reporting and corporate actions.
Liquidity: periodic window, Dutch auction or issuer-sponsored liquidityCredit & loan risk tranches
Tokenized first-loss or mezzanine risk referencing a loan or debt pool.
Placed via bilateral pilot, or auction-based once liveDesign philosophy
Why controlled liquidity matters.
Liquidity is the bridge between reported value and usable capital.
Faster primary decisions
A credible, governed route to future transfer makes private investments easier to commit to in full rather than partially.
More Assets Under Management (AUM) growth
An exit mechanism lowers the practical barrier to new inflows, particularly for wealth clients who value optionality.
Better client retention
The bank serves the client through origination, distribution, monitoring, transfer and reinvestment; Ultra-High-Net-Worth Individual (UHNWI) clients gain access to exclusive private deals.
Reduced concentration
Structured mechanisms replace bilateral negotiation or forced sales; willing-buyer/willing-seller liquidity avoids using the bank's own balance sheet.
Improved price discovery
Timed auctions and matched windows let buyers and sellers meet around relevant information rather than a thin, always-on order book.
Lower friction, stronger governance
A digital registry, embedded controls and a common audit trail reduce reconciliation while the bank sets eligibility, disclosure and settlement parameters.
Credit risk transfer
Transfer credit risk, keep the relationship.
Catenatus enables banks and corporates to tokenize mezzanine or first-loss participations in defined Commercial and Industrial (C&I) or multifamily loan pools and place them with accredited and institutional investors through a controlled-liquidity Alternative Trading System (ATS).
The structure can reduce the bank’s cost of capital and potential capital requirements, improving capital efficiency, earnings, and profitability, while preserving the underlying customer relationship.
Insights
Thought pieces and company news.
Perspective on tokenization, controlled liquidity and private-market infrastructure, from the people building it.