The vocabulary you'll meet across a Cadmos launch — from KYC and DvP to master/feeder architectures and on-chain whitelists. Defined the way our launch teams use them in real issuances.
The process of issuing fund shares, debt claims, or other asset rights as blockchain-based tokens. Tokenization unlocks programmable compliance, on-chain settlement, fractionalisation, and a tamper-evident audit trail — replacing wet-ink, manual reconciliations, and bilateral cap-table updates.
In Cadmos: every launch type — debt, private raise, feeder/SPV, fund — is tokenized end-to-end from subscription through redemption.
Atomic settlement where the asset transfer and the payment happen simultaneously in a single on-chain transaction. DvP eliminates the counterparty risk that exists in a traditional fund subscription, where wire and share issuance can be hours, days, or even weeks apart.
See: E-Signature & Stablecoins: Close Fund Subscriptions in <10 Minutes.
The per-share value of a fund, calculated periodically (often daily) from the underlying holdings net of liabilities and accrued fees. In a tokenized fund, NAV can be computed on-chain or computed off-chain and anchored on-chain for tamper-evidence — both deliver the same auditability for investors and regulators.
In Cadmos: NAV cadence and calculation policy are configured per share class.
The investor identity verification process required by anti-money-laundering regulations before a wallet can be added to the on-chain whitelist. A modern KYC stack combines government-ID capture, biometric liveness detection, proof-of-residence checks, and sanctions screening — typically completing in seconds to minutes per investor.
In Cadmos: KYC, accreditation, and document packages are scoped per issuance.
A standalone legal entity created to ring-fence a specific issuance, investment, or risk from the sponsor's other activities. SPVs are common in private credit (one SPV per credit programme), securitisation, and feeder structures (one SPV per investor jurisdiction or class).
In Cadmos: SPV wrappers are supported as a packaging option, often paired with a master / feeder structure.
Cadmos's turnkey, end-to-end digital asset management platform — built in partnership with Hedgeguard SAS — that lets fund managers launch and operate tokenized funds without rebuilding the stack. BTF combines Hedgeguard's fund-administration backbone with Cadmos's investor portal, compliance modules, and on-chain settlement.
See it positioned on the homepage Funds use-case card.
A smart-contract-enforced list of approved investor wallet addresses that may hold or transfer a tokenized asset. Transfer attempts to or from non-whitelisted wallets fail at the protocol layer — making accidental compliance breaches structurally impossible rather than something to monitor and remediate after the fact.
Whitelists are populated by the KYC + accreditation flows; revocations also happen on-chain.
A legally binding digital signature applied to subscription documents and side letters in place of wet ink. Compliant e-signature flows record the signer's identity, the timestamp, the IP address, and the document hash — feeding directly into the immutable audit trail expected by regulators and auditors.
In Cadmos: subscription documents are routed through an e-signature flow as part of the standard launch process.
A cryptocurrency pegged to a fiat reference (e.g. USDC pegged 1:1 to the US dollar) used to settle tokenized subscriptions instantly, 24/7, with on-chain finality. Stablecoins are the rails that make sub-10-minute fund subscriptions possible: bank wire latency disappears, and the payment leg of a DvP trade settles in the same block as the share issuance.
In Cadmos: investors deposit fiat into a dedicated IBAN via Cadmos Pay, which is converted to stablecoin and used to subscribe on-chain.
Self-executing code deployed to a blockchain that enforces the rules of an issuance — whitelisting, distributions, fee accruals, transfer restrictions, redemption windows — without manual intervention. Smart contracts make compliance programmable: rules are encoded once and applied identically to every transaction.
Cadmos's smart-contract suite is multi-administrator and multisig-ready, with progressive decentralization paths.
The party responsible for maintaining the cap table and processing transfers, subscriptions, and redemptions between investors. In a tokenized fund, the smart contract performs most transfer-agent functions automatically — recording every transfer on-chain — with operators or administrators handling exceptions, sanctions screening, and force-transfer cases.
A multi-vehicle setup where investor capital flows from one or more feeder vehicles (often jurisdiction-specific or share-class-specific) into a master vehicle that holds the actual investments. Master/feeder structures let fund managers serve onshore and offshore investors with a single underlying portfolio.
In Cadmos: master/feeder architectures are supported with multi-class support, each class carrying its own fee schedule and access rules.
The investor classification process under securities law (e.g. qualified investor in the EU, professional client under MiFID II, accredited investor in the US) that determines eligibility for private-market issuances. Accreditation rules are configured per issuance and enforced through a combination of the KYC flow and the on-chain whitelist.
Tell us what you'd like defined — or what's wrong with the definitions above. We use this glossary to brief launch teams, so corrections and additions are welcome.
Get in touch