A toolkit for
creating and running
ETPs on Canton.
A fund holds Canton tokens. A market maker swaps the basket for fund shares in one atomic transaction. Every day the NAV is calculated from existing price feeds, and the token issuers sign it to confirm the fund’s tokens are fully backed.
Two test funds have run on Canton DevNet since 14 October 2026. ETP Foundry is not registered with any financial regulator; DevNet only.
Funds take months. Backing is a promise.
Five-plus firms
Administrator, transfer agent, custodian, market makers, clearing agency — each a separate contract, system and reconciliation.
Several steps, next-day settlement
The market maker delivers the basket, waits for the NAV, and gets shares the next business day. The risk between steps is priced into every quote.
Are the tokens really backed?
Public reserve data exists, but nobody stands behind it on the record. A fund of tokens needs the token issuer to say so, every day.
One toolkit, three parts.
ETP Foundry is the platform. Not the sponsor, not the administrator. The sponsor puts its name on the fund and brings its own administrator, custodian and market makers.
We do not replace price feeds. We use them.
A NAV is the value of what the fund holds, per share. The holdings come off the ledger. The prices come from providers that already exist.
| Asset | Where the price comes from | When |
|---|---|---|
| cBTC, cETH | Chainlink | Today, free |
| cBTC, cETH | Kaiko or a similar licensed provider | For production funds |
| Canton Coin | Priced from the network itself | Today |
The price is not the hard part. The hard part is the question every fund of tokens has to answer: is each token really backed?
We calculate. The issuers sign.
Anyone can read public reserve data. The issuer’s own signature makes it official.
| Party | What it does with the daily NAV | Signs? |
|---|---|---|
| Token issuer BitSafe · cBTC |
Confirms on the record that the fund’s cBTC is fully backed | Yes |
| Token issuer onRails · cETH |
Confirms on the record that the fund’s cETH is fully backed | Yes |
| ETP Foundry | Calculates the NAV and proposes it. Runs the record | Never |
Signing is free for token issuers. Every fund share created locks their token in the basket.
Signing is automated. Refusing is normal.
Each signing party runs a checker with one Docker command.
It reads the fund’s holdings and the issuer’s own reserve data, then signs or refuses automatically — with the numbers. A refusal names what did not match.
Read-only connectors
cBTC supply, the Bitcoin lockboxes, and EVM vault balances. Read without asking anyone.
Signed corrections
A correction needs the same signatures as a NAV. The original stays readable.
Signed pauses
If something breaks, the fund pauses on the record, with the reason.
Four parties, in order.
| Role | Who | Where it stands |
|---|---|---|
| 1 · Token issuers | BitSafe (cBTC), onRails (cETH) | Pilot sent 15 Oct |
| 2 · Venue | Temple, the order-book exchange on Canton | Being introduced via Noders |
| 3 · Market maker | Asked BitSafe for an intro to Cumberland (DRW), its cBTC liquidity partner | Open |
| 4 · Fund sponsor | European crypto ETP issuers, such as DDA | Open |
The sponsor puts its name on the fund and brings its own administrator, custodian and market makers. ETP Foundry is the platform under the fund.
Running, not rendered.
| On our own Canton DevNet validator | Result |
|---|---|
| DevNet validator | Approved 23 Sep 2026 |
| TEST-CBTC-CETH: 0.001 cBTC + 0.1 cETH per share | Created and partly redeemed, atomically |
| Second fund: adds 10 Canton Coin per share | Created and partly redeemed, atomically |
| Real DevNet cETH | Sent to us by onRails |
| Daily NAV automation | Built |
Every creation and redemption settled against real DevNet tokens. DevNet tokens have no monetary value.
Who pays.
| Who | What they pay |
|---|---|
| Token issuers | Nothing. Signing their token’s backing is free |
| Other signers | Nothing. Free |
| Market makers | Nothing. Free |
| Fund sponsors | A licence. This is the customer. Pricing on request |
The larger market comes later: assets with no price feed — tokenised treasuries, private credit, tokenised stocks out of hours — packaged into funds on Canton. Same toolkit; the signers change.
That is the case for. What follows is what is not true yet.
What is not done.
| Limit | Where it stands |
|---|---|
| Outside signatures | None yet No NAV has been signed by an outside party. No seat is held by a third party |
| Fund share token | Planned Fund shares are not yet a standard Canton (CIP-56) token. Needed before venue listing |
| Commitments | No market maker or sponsor has committed |
| MainNet | Not running Own-key signing for production is not on yet |
| Regulation | Not registered with any financial regulator; DevNet only |
Each of these is a step on the next slide.