👋Introduction
Fume: On-chain Fund Administration.
Why are you building this company?
The need for Fume protocol comes from the direct pain we've experienced managing our own investment fund in traditional finance. In a world where blockchain technology exists, we can't stand trying to manage an investment fund paying enormous fees to fund administrators to perform tasks that could be automated. Nor do we accept the idea of paying 20-80 bps to move capital around. Finally, we personally lost a large amount of the Fund's money in the FTX collapse. We need to build a better alternative, where intermediaries are no longer the point of failure.
About Fume
Founded in 2023 and based in Ticino, Switzerland, Fume provides a fund management platform that aims to address the inefficiencies plaguing traditional fund management. The platform uses smart contracts to automate fund administration, increase transparency and remove intermediaries such as banks and brokers, paving the way for a smoother process and improved efficiency.
On Fume, fund managers can set up their digital funds in a fast and seamless manner. After defining the fund’s terms, including the fees, lock-up periods and eligible assets, the fund undergoes legal registration, culminating in an International Securities Identification Number (ISIN). Once the fund receives clearance, smart contracts are deployed and a customized web platform is set up, effectively marking the launch of the fund. The manager can then onboard investors and define portfolio allocations.
Fume operates under a software-as-a-service (SaaS) model, charging 5% of the fund’s fees which encompass performance, entry, exit, and management fees. The startup was selected in March 2023 for the 10th edition of the Tenity fintech incubation program.
Company Overview
Name: Fume, legally incorporated as FumeX AG (CHE-342.025.757).
Incorporation Date: 15/05/2023.
Location: legal address in Ticino, Switzerland, operating with a remote-first approach.
Sectors: Fintech, Blockchain, Asset Management, DeFi, Web3.
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