LiquiCoMarkets
Infrastructure · LiquiCo Markets

The rails behind
the rail.

Seven layers — chain, token, oracle, identity, custody, compliance and plug-and-play modules. This is the production stack LiquiCo Markets runs on: an institutional appchain, ERC-3643 tokens, signed oracle feeds, and India-localised KYC.

Architecture · seven layers
01Permissioned consortium chain
02Token standard — ERC-3643 (T-REX)
03Issuer-signed oracle feeds
04Identity & KYC rail
05Custody & treasury
06Compliance enforcement
07Plug-and-play discipline
Layers · production design

Each layer, independently regulated or replaceable.

01LAYER · 01
Permissioned consortium chain
Institutional appchain — not a public network.
  • Polygon CDK (zkEVM) appchain · deterministic finality
  • Named legal-entity validators under validator agreements
  • Sponsored gas — investors never touch native tokens
  • Onchain registry segregated by SPV
"Institutional by design — not a public chain."
02LAYER · 02
Token standard — ERC-3643 (T-REX)
Permissioned tokens, identity-bound, transfer-gated.
  • Token + Identity Registry + Trusted Issuers + Claim Topics + Compliance modules
  • ONCHAINID — hash-only identity (no PII on-chain)
  • ERC-1155 / ERC-7518 / ERC-1400 patterns for multi-tranche · multi-SPV registry
  • One contract per tranche · transfer-restricted by design
03LAYER · 03
Issuer-signed oracle feeds
Every on-chain datum is signed by the regulated party responsible for it.
  • RTA signs the holder-register attestation
  • Debenture trustee signs every waterfall confirmation
  • IBBI-registered valuer signs valuations
  • Custodian signs Proof-of-Reserve · multi-sig feeds · HSM-protected keys
"Data on-chain is signed by the regulated party responsible for it."
04LAYER · 04
Identity & KYC rail
DPDP-compliant, India-localised verification.
  • DigiLocker · PAN (Protean) · CKYC / CERSAI
  • UIDAI Aadhaar eKYC · V-CIP with AI liveness & deepfake detection
  • Account Aggregator for consented financial data
  • Claims written to ONCHAINID — never raw PII
05LAYER · 05
Custody & treasury
MPC custody, per-SPV virtual-account banking, digital trustee.
  • MPC custody · 4-of-7 multi-sig for protocol operations
  • Per-SPV four-account virtual-account banking — Escrow / Operating / Reserve / Distribution
  • Independent custodian for the underlying asset · digital trustee co-signs releases
  • No cross-SPV movement — bankruptcy-remote by construction
06LAYER · 06
Compliance enforcement
Rules live in the contract, not in the UI.
  • On-chain modules: CountryAllow · MaxInvestors · HoldingLimit · LockUp · TransferWhitelist
  • Off-chain AML / PEP / FIU-IND screening with continuous monitoring
  • SCRA-safe liquidity windows · bilateral spot-delivery settlement
  • Every transfer is pre-checked against the compliance modules
07LAYER · 07
Plug-and-play discipline
Every external module sits behind an interface — no hard-coded vendor.
  • KYC · custodian · RTA · escrow · valuer · oracle · NBFC all replaceable
  • New jurisdiction = a new panel on the same rails
  • Versioned interface contracts · independent SLAs per vendor
  • Avoids platform lock-in for the SPV or its investors
Under the hood

The token architecture.

Two standards, one role each. ERC-3643 is the compliant security wrapper held by investors; ERC-1155 / ERC-7518 (DyCIST) / ERC-1400 patterns act as the registry and batch layer that scales across many tranches and many SPVs.

ERC-3643 · T-REX
The compliant security wrapper.
One contract per fungible tranche — the legal share class. Identity-bound, with a modular compliance gate checked on every transfer. This is the token investors actually hold.
  • One contract per tranche · one legal share class
  • ONCHAINID-bound · investor identity is a first-class object
  • Pre-transfer modules: CountryAllow · MaxInvestors · HoldingLimit · LockUp · TransferWhitelist
  • Battle-tested with regulated issuers · audited reference implementation
ERC-1155 / ERC-7518 · DYCIST / ERC-1400ERC-1155 / 7518 / 1400 TRADE-OFF
The multi-tranche registry & batch layer.
Represents many tranches (Senior · Sub · Mezz · Equity) across many SPVs efficiently in one registry — with batch operations and partition-aware semantics for semi-fungible classes.
  • One registry → many tranches × many SPVs · constellation-scale
  • Batch mint / transfer / distribute · drastically lower gas
  • Partition-aware semantics (DyCIST) for semi-fungible classes
  • Lower deployment cost as the asset constellation grows
Reconciliation. LiquiCo uses ERC-3643 as the per-tranche compliant wrapper, with ERC-1155 / ERC-7518 / ERC-1400 patterns for the registry and batch layer that scales across the constellation — compliance is always enforced at the ERC-3643 layer.

What it takes to provision the real stack.

Line itemWhat it enables
Permissioned chain + validator nodesPolygon CDK appchain · 5 legal-entity validators · deterministic finality
ERC-3643 / T-REX deploy + integrationToken, Identity Registry, Trusted Issuers, Compliance modules wired end-to-end
Smart-contract auditTwo independent audits + bug-bounty program before mainnet issuance
MPC custody & treasuryMPC wallet stack, 4-of-7 multi-sig, key ceremony, HSM provisioning
BaaS / escrow + digital trusteePer-SPV four-account virtual-account banking · trustee co-sign workflow
KYC + Account Aggregator connectorsDigiLocker · PAN · CKYC · UIDAI · V-CIP · AA — production contracts
SEBI-registered RTA integrationStatutory holder register held off-platform · signed attestations on-chain
Debenture trustee retainerSEBI-registered trustee panel, deed templates, covenant monitoring
Legal & structuring panelLead counsel, tax, IBBI valuer, RICS / Big-4 cross-check, rating agency
AML / compliance toolingPEP / sanctions / FIU-IND screening · transaction monitoring
Cloud, security & VAPTHardened infra · SOC2 readiness · annual VAPT · 24/7 monitoring
Founding team (12 months)Engineering, legal, compliance, BD to ship the first 3 SPVs live
Payments & settlement

How money actually moves on the rail.

Subscriptions settle into the SPV's bankruptcy-remote escrow via UPI / RTGS / NEFT / IMPS and card networks. Coupons hit your linked bank account; the on-chain ledger records each distribution. CBDC e₹ and tokenised-deposit / wholesale-CBDC settlement via RBI's UMI are on the roadmap for instant atomic Delivery-vs-Payment.

IN — fund a subscription
  • UPI
    Instant · default retail rail
    Live
  • RTGS / NEFT / IMPS
    Bank transfer · larger tickets · into SPV escrow
    Live
  • Debit card / Netbanking
    Domestic card networks
    Live
  • Visa / Mastercard
    Foreign cards · NRI / overseas with FX
    Live · secondary
  • NRE / NRO inward (SWIFT)
    NRI repatriable / non-repatriable rails
    Live · NRI
  • FPI custodian channel
    SEBI-registered custodian · institutional INR inflow
    Live · FPI
  • CBDC e₹ (Digital Rupee)
    RBI retail pilot · ~₹10,000 / wallet cap
    Pilot · coming
  • Tokenised deposit / wholesale-CBDC (RBI UMI)
    Atomic DvP for tokenised assets
    Institutional · roadmap
OUT — coupons & redemptions
  • RTGS / NEFT to linked bank
    Residents — coupon hits your bank on schedule
    Live
  • Credit to NRE / NRO
    NRIs — repatriable (NRE) or non-repatriable (NRO)
    Live · NRI
  • Custodian payout
    FPIs — paid through your SEBI-registered custodian
    Live · FPI
  • On-chain distribution event
    Every payout is recorded on LiquiScan against the holder register
    Live
  • Wholesale-CBDC DvP (RBI UMI)
    Atomic coupon settlement against tokenised assets
    Institutional · roadmap
  • Tokenised bank deposits
    Emerging institutional settlement instrument
    Roadmap
What this means today: all resident flows settle into the SPV's bankruptcy-remote escrow — LiquiCo never custodies your cash. Roadmap: CBDC e₹ (pilot) and wholesale-CBDC settlement via RBI UMI for instant atomic DvP between tokenised assets and tokenised money.
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