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LetzToken

Product

One record. Built to be shared.

Four properties make a record reliable between firms. One backbone holds every register on top.

Isometric stack: a backbone slab supports a solid ownership register with a row of record tiles, the newest highlighted green; money and identity registers hover above as dashed outlines. Independent party blocks, each inside its own dashed boundary, connect to the ownership layer.

How it works

One record. Four properties.

What does a record need so that firms that don’t share an owner can rely on it without reconciling? Four things.

Shared recordIllustrative example

Subscription#0417

Example Fund · Class A

Recorded

  1. Known author

    Every entry is signed. You know which party wrote it, not just which system.

    SignatureIllustrative example

    Illustrative example: the transfer agent signs entry #0417, so the entry shows it was signed by the transfer agent.

  2. Known time

    Every entry is timestamped when it happens, not when the batch runs.

    TimestampIllustrative example

    Illustrative example: entry #0417 carries the timestamp 09:42:17 CET, the moment the subscription happened. The nightly batch at 23:00 is not its timestamp.

  3. Provable integrity

    Any change to a record is detectable. An audit becomes a query, not a reconstruction.

    Tamper checkIllustrative example

    Illustrative example: entry #0417 is written with 1,000.00 units. If it is later presented as 1,500.00 units, its fingerprint changes from 7f3a…c21e to e04b…91d7, so the alteration is detectable.

  4. Rules that execute

    Eligibility, lock-ups and transfer restrictions run before anything moves. A wallet that isn’t eligible doesn’t receive.

    Transfer checkIllustrative example

    Illustrative example: units move through an eligibility check. Wallet A is eligible and receives them. Wallet B is not eligible, so the transfer to it is blocked by the rule.

What we don’t claim

A shared ledger isn’t “more secure” in the ordinary sense: it doesn’t replace perimeter defence or access control. What it gives is tamper evidence and non-repudiation across organisational boundaries. No centralised system can offer that.

Architecture

One backbone. Many registers.

Each new register is an addition to the same backbone. Never a migration.

  1. Ownership

    Available now

    Who owns what, signed by the party that recorded it. Cash settles on existing rails.

  2. Money

    Next

    Money that settles against ownership in one transaction, whatever the instrument.

  3. Identity

    In development

    Verify once, invest across every connected issuer.

We aren’t betting on which instrument wins. We’re building the thing that doesn’t care.

One register

Every investor. One register.

A €50 million ticket and a €500 ticket differ by eligibility parameters, not by platform.

ELTIF 2.0 and evergreen structures erase the line between retail and institutional. Run two systems and you end up reconciling between them.

Two subscriptions, one structureIllustrative example

Illustrative example. A pension fund subscribes €50,000,000 and a private investor subscribes €500. Both use the same transaction structure (order, rule set, signed entry) and are appended to the same register. Each ticket is evaluated against its own rule set: rule set A for the professional investor, rule set B for the retail investor.

  1. Order

    • Pension fund

      €50m

      Subscription order

    • Private investor

      €500

      Subscription order

  2. Rule set

    • Rule set A
      • Professional investor
      • Jurisdiction
      • Minimum ticket
      • Transfer restrictions
      Eligibility checkEligible
    • Rule set B
      • Retail investor
      • Jurisdiction
      • Transfer restrictions
      Eligibility checkEligible

  3. Signed entry

    • #0418Signed
      Time
      09:58:03 CET
      Rule
      Rule set A
    • #0419Signed
      Time
      09:58:06 CET
      Rule
      Rule set B

Register

Registerappend-only
  1. #0417Subscription accepted Transfer agent· 09:42:17
  2. #0418Subscription · €50m Transfer agent· 09:58:03
  3. #0419Subscription · €500 Transfer agent· 09:58:06
Same transaction structure, same record shape, same registerEach ticket evaluated against its own rule set
Same transaction
€500 or €50m
Rules at execution
eligibility checked before anything moves
Readable by oversight
depositary sees the same register

Liquidity where there isn’t any today

A position on a shared register can move directly between two eligible investors, with eligibility enforced at execution, on a register the depositary can read.

Investor-to-investor transferCapability of the architectureIllustrative example

Illustrative example of a capability of the architecture. A position moves from Investor A to Investor B through an eligibility check that runs at execution. The transfer is appended to the same register, and the depositary reads that register.

Investor A
Transferred
Eligibility checkEligible
Investor B
Holder
Registerappend-only
  1. #0420Onboarded · Investor B Distributor· 10:02:41
  2. #0421Transfer · A → B Investor A· 10:14:36
DepositaryRead access

Your workflow. Connected by LetzToken.

Bring the operation that costs you most. We’ll show you how it runs on one shared record.

Contact usMeet the team