🤼♂️Competitors
Who are the competitors?
Tokenization platforms.
Most “tokenization” platforms focus on replicating the fund’s cap table onchain, turning shares into tokens.
While that sounds innovative, it doesn’t solve any of the real operational pain points of asset managers. These platforms bring all the inefficiencies of traditional funds, plus the technical and compliance complexity of blockchain, with no practical benefit.
Examples: Securitize or Tokeny.
Onchain vaults.
Competitors that build onchain or tokenized vaults try to automate the investment strategy itself, not the fund’s administration.
These models are limited to specific chains and onchain assets, making them unsuitable for funds that hold traditional or off-chain investments.
Examples: Enzyme, Midas.
🧱 What Others Get Wrong: Tokenization for the Wrong Reasons
Democratization: Many managers hope tokenization will let them raise smaller ticket sizes (e.g. $1). In reality, regulations still require high minimums (e.g. $100k), so the issue is legal, not technical.
Liquidity: Some believe tokenized fund shares will automatically trade on secondary markets. But for illiquid funds (like VC or private equity), tokenization doesn’t create liquidity, it just wraps illiquidity in a token.
How do we differentiate? Fume's Approach.
Fume focuses on fund administration, not tokenization for its own sake. We leverage the programmability of stablecoins to automate core operational processes, the parts that actually create friction today.
Automates fund admin (transfer agent, paying agent, NAV, fees)
Tokenizes fund shares (cap table onchain)
Focused on operational efficiency & compliance
Focused on marketing appeal of “tokenization”
Asset-agnostic: works with any underlying asset (crypto, stocks, real estate, VC)
Limited to onchain assets on a single chain
Onchain logic for automation
Onchain representation without logic
Tokenization = byproduct of operating onchain
Tokenization = end goal
Fume isn’t tokenizing funds, it’s automating them. While others put fund shares onchain, we put fund operations onchain, using smart contracts to handle everything from compliant deposits to automated payouts, across any asset type or chain.
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