Case studies
What the W3A substrate is worth, in numbers.
Six anonymous case studies covering a US-regulated ATS+BD+TA member, a multi-trillion-dollar asset-management franchise, vertically-integrated crypto conversion at 10 bps, a neo-bank running the substrate end-to-end with a 10× smaller team, a tokenised-RWA fund manager, and a global PSP + acquirer + issuer. Each presents the substrate advantage as arithmetic, not narrative.
- Regulated US Securities Venue
First ATS + BD + TA member — the anonymous founding venue
A US-licensed ATS + broker-dealer + transfer agent runs on the W3A substrate end-to-end, takes a current $75M raise at $1.1B valuation, and projects $10B+ enterprise value at Stage 2 user scale.
Read →$1.1Bcurrent round valuation - Asset-Management Franchise
Large institution — $11.5T AUM cost-of-inaction
A multi-trillion-dollar asset-management franchise loses ~$32.6B/year to T+1 capital lockup, 2.5 bps custody differential, geographic latency extraction, and rebalance front-running. The W3A substrate removes more than 90% of that arithmetically.
Read →$32.6B/yrarithmetic recovery - Vertically Integrated Conversion
Crypto conversion at 10 bps for institutional flow
A retail brokerage routing crypto-conversion flow through the W3A substrate clears at 10 bps blended take-rate — undercutting the 50-200 bps Coinbase / Kraken / Gemini retail spread and the 35-85 bps Robinhood PFOF-equivalent, while keeping LPs and custody internal to one substrate.
Read →10 bpsblended take-rate at scale - Neo-Bank & Open-Banking Substrate
Neo-bank running W3A end-to-end — 10× smaller team
A neo-bank built on the W3A substrate ships chartered banking + payments + custody + securities + cards + FX with one engineering team where comparable incumbents run ten — the "open-banking equivalent for all global regulated PQ finance".
Read →90%reduction in cost & headcount - Tokenised RWA Fund
Fund manager tokenising $1T equity pipeline
A regulated fund manager moves a $1T equity-portfolio mandate (AI cos. + resource/mining + energy) onto the W3A ERC-3643 / T-REX substrate with confidential NAV computation under FHE — eliminating the 5-15 bps per-rebalance front-running loss that costs comparable managers $200-600M/year.
Read →$1Ttokenisation mandate pipeline - Global PSP + Acquirer + Issuer
Global PSP — stablecoin-native, sub-second, sub-cent
A global PSP replaces SWIFT-correspondent-banking remittance corridors with W3A-substrate stablecoin settlement: sub-second finality, sub-cent per-transaction fees, x402-native agent-economy payments, and full ISO 20022 / FedNow / SEPA / Faster Payments interop through Alliance-member banking rails.
Read →sub-centper-transaction settlement fee
Talk to us.
If you are a bank, fund, regulated brokerage, payment processor, or sovereign wealth fund evaluating the W3A substrate, contact the Office of the Chief Economist directly.