🛡️Defensibility

What are your barriers to entry?

Our defensibility comes from distribution and structural lock-in, not just technology. We’re already integrating with major fund administrators, including the largest digital-asset administrator globally, which gives us direct distribution into their client base. Every integration becomes a repeatable channel rather than a single fund acquisition.

Once a fund runs on Fume, the switching costs are high: all NAV history, investor records, fee flows, and compliance trails live inside our onchain admin system. Moving off Fume would mean losing that audit-ready history, something regulators and administrators cannot easily recreate.

A competitor would need to rebuild years of integrations, establish a trusted compliance footprint across jurisdictions, and reproduce complete operational data trails before being considered a viable alternative. That combination of embedded distribution and data lock-in creates a moat that strengthens with every new fund and administrator onboarded.