The Ohanae Consortium
One Regulated Infrastructure. Two Complementary Securities Markets.
September 28, 2026
Introduction
For decades, global capital markets have been supported by exchanges, broker-dealers, clearing organizations, custodians and transfer agents. Together, these institutions provide the trusted infrastructure through which companies raise capital, investors hold securities and markets operate.
Blockchain creates the opportunity to integrate ownership, custody, trading, clearing, settlement and recordkeeping within a common technology architecture. The opportunity is not simply to place a token on top of an existing security. It is to build regulated securities markets designed to operate onchain.
Ohanae is building a regulated home for securities on blockchain.
Our core market is for issuer-sponsored, blockchain-native crypto securities outside the National Market System (NMS). Through one integrated platform, eligible investors can hold and trade these securities 24x7, while issuers can establish ownership records and raise capital.
In parallel, Ohanae Securities is developing a proposed Tokenized Securities Venue (TSV) for eligible tokenized NMS stocks under the SEC's Innovation Exemption.
This creates one regulated infrastructure serving two complementary securities markets.
One Infrastructure Two Securities Markets
| Market | Securities | Operating model |
|---|---|---|
| Core market | Issuer-sponsored, blockchain-native crypto securities outside NMS | The token is the security. The transfer-agent record is the authoritative ownership record. No separate public share must be maintained beneath the token. |
| Parallel TSV market | Eligible rights-equivalent tokenized NMS stocks | Ohanae Securities-operated, permissioned multi-dealer AMM venue with custody of underlying traditional shares, integrated carrying and continuous reconciliation. |
The two markets can use a common onboarding, account, compliance, custody, carrying, clearing and settlement foundation. Their legal, ownership, recordkeeping and reconciliation requirements remain distinct.
SEC source: Innovation Exemption for Tokenized NMS Stock
Why This Is More Than Tokenization
A tokenized representation and a blockchain-native security are not economically identical.
Third-party wrapper products ordinarily depend on custody of an underlying security, maintenance of one-for-one backing, reconciliation, redemption mechanics and the financial condition of the token sponsor. Holders may not have direct rights against the issuer of the underlying security.
In Ohanae's core market, the security itself is issued and recorded onchain. The transfer-agent record is the authoritative ownership record. There is no separate underlying public share requiring continuous backing and reconciliation.
The proposed TSV is different. It would apply regulated onchain trading to eligible existing NMS stocks. The TSV model therefore requires custody of the underlying traditional shares, rights-equivalence controls, corporate-action processing and continuous reconciliation with tokenized positions.
How Onchain Securities Markets Are Evolving
- Tokenized representations. Blockchain records or represents an interest while the underlying security and market infrastructure remain conventional.
- Wrapper tokens. A third party maintains an underlying asset or exposure and issues a token whose value depends on backing, reconciliation and redemption.
- Issuer-centric public-equity tokenization. Issuers and existing market institutions add tokenized functionality while preserving shareholder rights and public-market protections.
- Blockchain-native securities infrastructure. New securities originate onchain with integrated ownership, custody, liquidity, clearing and atomic settlement.
- Tokenized Securities Venues. Qualifying venues may trade rights-equivalent tokenized NMS stocks through permissioned AMMs under the SEC's temporary and conditional Innovation Exemption.
Blockchain-native securities and TSV tokenized NMS stocks are complementary, but they are not the same product. Ohanae is building the infrastructure to support both.
What Makes Ohanae Different
Ohanae's strategic advantage is its carrying and self-clearing broker-dealer model. Ohanae Securities is a FINRA-member broker-dealer authorized to provide custody, carrying, clearing and settlement for crypto asset securities.
Customer cash remains in the banking system under the applicable broker-dealer customer-protection framework. Ohanae Securities maintains exclusive control of the private keys securing customers' crypto securities and supports controlled account and passphrase recovery.
The integrated architecture includes:
- One-time KYC/AML onboarding and one Ohanae customer account
- Capital formation and issuer onboarding
- SEC-registered transfer agency and blockchain-native ownership records
- Custody and carrying of crypto asset securities
- Self-clearing and atomic settlement
- Dealer-principal and hybrid-AMM liquidity for the native market
- Permissioned, multi-dealer AMM liquidity for the proposed TSV
- Exclusive private-key control and controlled recovery
Ohanae plans to transition its Quorum-based Ohanae Chain architecture to Celo, a public Ethereum Layer 2 network. This would provide a common public-chain, account and compliance foundation while preserving the separate controls required for the two markets.
Not Just a Platform
Technology alone does not create markets. Markets require issuers, investors, regulated intermediaries, distribution, liquidity, surveillance and connectivity to the broader financial system.
The Ohanae Consortium is intended to connect those participants without requiring any participant to abandon its regulatory identity, commercial relationships or core capabilities.
The Consortium Model
- Ohanae. Provides regulated blockchain-native market infrastructure across custody, carrying, clearing, settlement, transfer agency, account controls and liquidity.
- Broker-dealers and capital-formation partners. Originate issuers, support capital formation and maintain investor relationships.
- Institutional liquidity providers. Commit inventory, support dealer-principal and AMM liquidity, and improve execution quality.
- Financial institutions and market-technology providers. Provide banking connectivity, market data, surveillance, reference pricing and institutional controls.
- Crypto exchanges. Collaborate on Regulation Crypto Assets issuer opportunities and compete for custody, liquidity and distribution after a legally valid transition, where permitted.
- Investors. Provide demand, price discovery and network effects across the ecosystem.
The Consortium strategy does not assume that crypto exchanges will transfer or refer their existing customers to Ohanae. Collaboration is built around complementary infrastructure and asset opportunities, not customer ownership.
Ohanae's Relationship Protection Infrastructure is designed to preserve the commercial attribution of originating broker-dealers and capital-formation partners while allowing investors to become directly registered shareholders where applicable.
Why Participate
| Participant | Strategic value |
|---|---|
| Broker-dealers | Expand issuer and investor offerings while preserving origination relationships and avoiding the cost of building a complete blockchain securities stack. |
| Liquidity providers | Access continuously operating regulated markets and participate in dealer-principal or permissioned AMM liquidity. |
| Financial institutions | Connect banking, payment, custody, data and surveillance capabilities to a regulated onchain securities ecosystem. |
| Crypto exchanges | Develop Reg Crypto issuer pipelines and compete for eligible post-transition assets without operating Ohanae's regulated securities infrastructure. |
| Issuers | Access integrated capital formation, ownership records, custody and secondary-market infrastructure through one ecosystem. |
| Investors | Complete KYC/AML once and access eligible securities through an account designed to protect cash and private keys. |
Regulation Crypto Assets Could Expand the Pipeline
The SEC's proposed Regulation Crypto Assets could create a regulated lifecycle for certain covered investment contracts involving crypto assets: capital formation, network development, regulated pre-transition liquidity and, if the applicable conditions are satisfied, separation of the crypto asset from the investment contract.
Capital Formation -> Network Development -> Regulated Liquidity -> Form TR -> Crypto Distribution
Filing Form TR would not itself transform an Investment Contract Asset into a utility token. It would document the issuer's position, supported by legal analysis, that the safe-harbor conditions were satisfied or that the investment contract otherwise separated from the crypto asset.
Ohanae can provide regulated infrastructure while an asset remains within the securities framework. After a legally valid transition, crypto exchange may compete for distribution, custody, liquidity and network services.
SEC source: Regulation Crypto Assets
Conclusion
Blockchain is transforming capital markets. The question is no longer whether securities will move onchain. The question is who will provide the regulated infrastructure required for those markets to operate with confidence.
Ohanae is not simply building another tokenization platform. We are building a regulated home for securities on blockchain, supported by an ecosystem of issuers, investors, broker-dealers, liquidity providers, financial institutions, market-technology providers and crypto exchanges.
NYSE. Nasdaq. Now, Ohanae.
One regulated infrastructure. Two complementary securities markets.
Confidence. That's Ohanae.
Important Qualifications
This page describes Ohanae's strategy and proposed initiatives. It is not an offer to sell securities, a solicitation of an offer to purchase securities, legal advice or investment advice. Regulation Crypto Assets remains an SEC proposal. Ohanae Securities' proposed Tokenized Securities Venue has not launched. Any TSV would remain subject to the SEC's temporary and conditional order, symbol and volume limits, applicable broker-dealer and FINRA requirements, issuer rights, operational readiness and any required regulatory consultation or approval. Access outside the United States would depend on applicable local law. References to prospective consortium participants do not imply an existing affiliation, partnership or endorsement.