The settlement layer links participant eligibility, asset sufficiency, payment proof and rule compliance before the official participation registry changes state.
A buyer should not receive final registry ownership before payment is confirmed. A seller should not lose the interest before payment is available or escrowed. Digital assets, bank settlement and exchange conversions can each provide proof inputs.
The participant is approved for the relevant instrument, jurisdiction and investor category.
The seller owns the units or the issuer has authorised supply available for primary issuance.
Fiat receipt, reserve transfer or conversion settlement evidence has been received.
Lock-ups, concentration, jurisdiction and governance requirements are satisfied before finality.
Secondary windows can open under predefined size, eligibility, pricing, reserve and project-status rules. This preserves transfer opportunity while respecting the long-duration economics of private assets.
Whitelist and product restrictions can be re-checked at the time of secondary transfer.
Window size can be capped by liquidity reserve rather than offering an unfunded redemption promise.
NAV, market reference or other approved methods can be set by the relevant legal and governance framework.
Order, match, payment, registry update and evidence hash can be retained for later review.