Updated 15 October 2026. First shown at the HackCanton Season 2 Grand Final, 5 August 2026. ETP Foundry is not registered with any financial regulator; DevNet only.
Updated 15 October 2026. ETP Foundry is not registered with any financial regulator; DevNet only. etpfoundry.com
ETP Foundry · Canton Network
ETP Foundry
A toolkit for creating and running ETPs (exchange-traded funds) on Canton.
Sebastian Borjas · Founder & CEO · ex-equities trader
HackCanton Season 2 — Winner, DeFi / Financial Applications Track
Two test funds live on Canton DevNet since 14 October 2026
1
The problem · launching a fund
You want a fund that holds cBTC and cETH. Today that takes five firms and months.
Each one is a separate contract, system and reconciliation.
An administrator to calculate the NAV once a day
A transfer agent to keep the share register
A custodian, market makers and a clearing agency to settle creations
Five vendors — before the fund has done any business.
2
The problem · creating shares
A market maker creates shares by delivering the basket.
That is how the share price stays close to the NAV. Today it takes several steps:
LEG 1
Deliver the basket
to the fund's custodian
LEG 2
Wait for the NAV
calculated later the same day
LEG 3
Receive the shares
the next business day
THE COST
Risk between each step
so he quotes wider, and the fund's investors pay for it
On Canton, all three legs can be one transaction.
3
The problem · one more question
A fund of tokens is only worth its NAV if the tokens are really backed.
Price feeds tell you what a token is worth. Public reserve data
tells you what is locked. But nobody stands behind that on the record.
The fund needs the token issuer to say so — every day.
4
How it works
One fund on Canton. Four steps.
01
The fund holds tokens
For example 0.001 cBTC + 0.1 cETH per share
02
Create and redeem
The market maker delivers the basket and receives shares in one atomic transaction. Redemption is the reverse.
03
Daily NAV
Calculated automatically at 16:00 London from existing price providers: Chainlink today, a licensed provider for production funds, Canton Coin from the network
04
The issuers sign
BitSafe for cBTC, onRails for cETH — confirming the fund's tokens are fully backed
We do not replace price feeds. We use them.
5
The trust layer
We calculate. The issuers sign.
Who does what with the daily NAV:
ETP Foundry
0
signatures · calculates, never signs
BitSafe
✓
signs: cBTC fully backed
onRails
✓
signs: cETH fully backed
Anyone
R
reads the public reserve data
Anyone can read reserve data. The issuer's own signature makes it official.
Each signing party runs a checker with one Docker command · it signs or refuses, with the numbers
6
The parties, in order
Who we need, and where each one stands.
1 · TOKEN ISSUERS
BitSafe · onRails
Sign the daily NAV for cBTC and cETH. Pilot sent 15 October.
2 · VENUE
Temple
The order-book exchange on Canton. Being introduced via Noders.
3 · MARKET MAKER
Open
Asked BitSafe for an introduction to Cumberland (DRW), its cBTC liquidity partner.
4 · FUND SPONSOR
Open
Puts its name on the fund and brings its own administrator, custodian and market makers. Targets: European crypto ETP issuers.
ETP Foundry is the platform. Not the sponsor. Not the administrator.
7
Business model
Who pays.
Free
token issuers who sign their token's backing
Free
every other signing party on a fund
Free
market makers who create and redeem shares
Sponsors
fund sponsors take a licence. Pricing on request
Later: assets with no price feed — tokenised treasuries, private credit,
tokenised stocks out of hours — packaged into funds on Canton.
8
Running on our own Canton DevNet node
Two test funds, settled with real DevNet tokens.
23 Sep
our Canton DevNet validator approved
14 Oct
two test funds live: TEST-CBTC-CETH (0.001 cBTC + 0.1 cETH per share), and a second that adds 10 Canton Coin
Atomic
each fund: one creation and one partial redemption, settled against real DevNet tokens
cETH
real DevNet cETH sent to us by onRails
16:00
London: the daily NAV is proposed automatically
1 cmd
the checker each signing party runs: one Docker command
Signed
corrections and pauses need the same signatures as a NAV
No NAV has been signed by an outside party. No seat is held by a third party.
SHARE TOKEN
Not yet CIP-56
Fund shares are not yet a standard Canton token. Planned; needed before a venue can list them.
COMMITMENTS
None yet
No market maker or sponsor has committed.
MAINNET
Not running
Own-key signing for production is not on yet. DevNet only.
ETP Foundry is not registered with any financial regulator; DevNet only.
10
The team
It's me. Solo.
I traded this exact mechanism for a living — European closing auctions, index adds
and deletes, the imbalance, merger arb.
I've been the guy on the other side of a fund everybody could see coming.
Google Cloud partnerGoogle's first AI innovator cohortLaunch (Jason Calacanis) incubator alumnusHouse architect · Circle's ArcDaml trained
11
The plan
Two weeks on DevNet. Then a real market maker. Then sponsors.
A two-week DevNet pilot with daily NAVs signed by BitSafe and onRails.
Then a full creation and redemption with a real market maker.
Then we take the working fund to sponsors.
Canton Development Fund applications for RFP 11 (public verifiability) and RFP 12 (RWA workflows) are planned.
ETP Foundry is a toolkit for creating and running ETPs on Canton —
we calculate, the token issuers sign.