Fission, a liquidity platform for tokenized funds, has raised $10 million in a Series A round led by Pantera Capital, with Circle Ventures, Borderless Capital, and Ari Rubenstein also participating. Fortune reported the announcement on Oct. 15. The company said the round closed in September and did not disclose its valuation.
Founded in 2024 and headquartered in New York, Fission has a team of about eight to 10 people. In October 2024, it previously raised $1.6 million in a pre-seed round led by SALT Fund and Kraynos Capital, with Anthony Scaramucci also taking part.
Chief executive Jonathan Shaffer previously worked at Point72, where he focused on public equity investments across technology, industrial, and consumer sectors before moving into strategic private investing in fintech and digital assets. He holds a PPE bachelor’s degree from the University of Pennsylvania and an MBA from Yale. Chief risk officer Steve Bendit was formerly head of global business development and institutional sales at Securitize, where he helped drive the issuance of more than $4 billion in tokenized securities. The company’s CTO is Chris Humphrey.
The problem Fission is targeting
The company is going after a narrow but persistent problem in tokenized markets: putting fund interests on-chain does not make the underlying assets redeem any faster.
Traditional private funds and alternative investment products often have quarterly or longer redemption windows. For some products, the time between a redemption request and the arrival of funds can stretch to about 200 days. Fission’s stated goal is to create an exit path outside those windows. After the financing was announced, the company said its platform has reduced the wait from about 200 days to 90-second settlement and that it is still expanding cross-chain support and support for additional assets.
According to information on its website, Fission’s product stack includes a redemption platform, Vaults for API integrations and instant liquidity, integrations for token issuers, support for lending protocols covering collateral and financing, and continuous liquidity for token holders.
How the redemption platform works
Fission’s core product is its redemption platform. Instead of matching buyers and sellers, the platform acts as principal buyer and provides liquidity directly. Qualified investors connect a digital wallet and submit a sale request. Fission purchases the position using stablecoins such as USDC, with settlement completed through atomic execution in roughly 90 seconds to two minutes.
Once the purchase is completed, Fission holds the position until the underlying fund redeems under its existing terms. During that period, the company says it manages risk at the portfolio level based on exposure, duration, asset quality, and redemption characteristics. Once redemption proceeds are received, the capital is recycled into later liquidity provision. The platform charges a fee, with an official example of about 2.5%, depending on the asset and market conditions.
The structure is meant to avoid forcing the fund itself to become instantly redeemable. Instead, it inserts an infrastructure layer between investors seeking immediate liquidity and the natural redemption cycle of the fund. Fission says that allows the asset to acquire the liquidity profile expected in on-chain markets without changing the underlying strategy or compliance structure. The technical stack includes audited smart contracts, institutional custody such as Fireblocks, and support for atomic transfers across networks.
Supported assets and target clients
Assets currently supported on the redemption platform include Apollo Diversified Credit Securitize Fund (ACRED), BlackRock ICS US Dollar Liquidity Fund, NYLIM US High Yield Bond Fund, Janus Henderson Anemoy AAA CLO and Treasury funds, Midas Fasanara Global, and Invesco short-duration U.S. government securities.
Its customers are primarily institutional investors, including hedge funds holding tokenized private credit or equity assets, crypto firms managing treasury positions, and stablecoin issuers allocating reserves into yield-bearing tokenized investment products.
A growing market with thin liquidity infrastructure
According to rwa.xyz and cited data, the total tokenized real-world asset market, excluding stablecoins, stood at about $39.29 billion as of Oct. 16, 2026. By comparison, the traditional private credit market is measured in trillions of dollars, leaving tokenization penetration very low.
McKinsey has previously projected that tokenized financial assets could reach about $2 trillion by 2030 in a base-case scenario and about $4 trillion in a bullish scenario. Issuance has been expanding for several years, but liquidity infrastructure has not matured at the same pace. That gap is where Fission is positioning itself.
Competition and compliance structure
Direct competition in this segment remains limited. The closest peer cited in the report is Multiliquid from Uniform Labs, another institutional liquidity protocol that supports atomic swaps between tokenized funds and stablecoins. Its asset coverage includes Wellington Management, VanEck, Janus Henderson, and Fasanara. It is live on Ethereum and Solana and has raised $8 million in total, with Polychain leading its seed round and Circle Ventures also participating.
Fission’s differentiation, as described in the report, lies in its compliance structure. The platform uses an institutional permissioned model and is available only to qualified investors. Its infrastructure is designed around existing investor eligibility rules and transfer restrictions attached to the underlying products.
Bendit’s background at Securitize also brings experience in Reg D offerings, private securities, on-chain identity, and the enforcement of transfer restrictions. Reg D is a key private-offering exemption under the U.S. Securities Act of 1933, allowing issuers to raise capital without full SEC registration while filing a simplified Form D after the fact. It is commonly used by startups and private funds.
Regulatory backdrop and issuance growth
The broader policy backdrop has also shifted in ways that may support this model. On Sept. 17, 2026, the U.S. Securities and Exchange Commission issued an innovation exemption that created a five-year conditional exemption for tokenized U.S. listed stocks, allowing eligible tokenized securities venues to conduct on-chain secondary trading. The exemption is aimed mainly at public equities, so its direct effect on private-credit liquidity is limited, but the direction points to controlled experimentation and conditional regulatory clearance.
On the issuance side, BlackRock continues to expand its tokenized money market fund BUIDL. Apollo and Janus Henderson have issued tokenized private-credit products through Securitize and Centrifuge. Robinhood Chain offers stock tokens in more than 120 countries. Continued growth on the issuance side is creating demand for liquidity infrastructure, while reliable exits and capital efficiency remain the main bottlenecks.
From concept to live deployment
Fission’s product has moved beyond the conceptual stage into live use. Its redemption platform is already public, and the company says it has processed redemptions worth several million dollars.
On integrations, Centrifuge announced in August 2026 that it was working with Fission to provide 24/7 USDC liquidity for four institutional funds on its platform: NYLIM HYB, Apollo ACRDX, Janus JAAA, and JTRSY. Shaffer said Fission is currently the only independent provider of instant liquidity for some assets, including ACRDX, which has quarterly redemption terms.
Midas later said it had added Fission to its Open Liquidity Architecture, unlocking T+0 redemptions for mWIN and mGLOBAL and extending that structure to Wellington Management multi-sector institutional credit and Fasanara Capital asset-backed credit.
