For professional investors only. Capital at risk. See disclosures.
TORTUGA

How it works

Platform.

Tortuga's platform converts already-issued institutional real estate debt into ERC-3643 permissioned security tokens, under Luxembourg securitisation law and Swiss ISIN infrastructure.

SPV structure

Every issuance is a ring-fenced compartment of Estating Property Vault S.A., a Luxembourg Société de Titrisation structured under the Law of 22 March 2004, as amended 25 February 2022. Compartments are bankruptcy-remote from one another and from the sponsor.

Bond lifecycle

  1. 01

    Origination

    Origination — bank-grade credit analysis against the underlying real asset.

  2. 02

    Underwriting

    Underwriting — LTV, DSCR, security package drafting.

  3. 03

    OM + Final Terms

    Offering Memorandum + Final Terms — issued under Luxembourg law.

  4. 04

    ISIN

    ISIN — Swiss ISIN assigned via SIX SIS. Settlement via FINMA-regulated paying agent.

  5. 05

    Listing

    Listing — where applicable on a DLT Pilot Regime multilateral trading facility.

  6. 06

    Tokenisation

    Tokenisation — ERC-3643 token minted 1:1 against the Identity Registry.

  7. 07

    Subscription

    Subscription — qualified, KYC'd investors subscribe via institutional wallet.

  8. 08

    Coupon

    Coupon — paid in stablecoin or fiat via paying agent on the coupon schedule.

  9. 09

    Redemption

    Redemption — principal returned at maturity or early redemption per OM.

Permissioning layer

ERC-3643's Identity Registry enforces eligibility at the smart-contract level on every transfer. A Compliance Module evaluates jurisdiction, investor type, lock-up, and sanction status via canTransfer() before any token movement executes.

Master Ledger (ICP) + Chain Fusion

The authoritative Identity Registry lives on the Internet Computer (ICP). Chain Fusion pushes signed state updates one-way to the token contracts across every supported chain — live on Base today, with Bloom and Canton integrating next. No bridges, no wrapped tokens, no trusted relayers.

Multi-chain by design

  • BaseToken contracts (live)
  • BloomInstitutional integration
  • CantonPrivacy-preserving settlement
ICP Master Ledger
Chain Fusion
EVM Registries

Bankruptcy-remote structure

Each compartment owns the security package for its underlying asset. Noteholders have recourse to compartment assets only. Other compartments and the sponsor are legally insulated.

Secondary market (scoped)

Secondary trading is scoped on DLT Pilot Regime MTF infrastructure. Not live at launch. Trading UI is built separately; the portal at app.tortuga.estate will surface it when live.

Full technical documentation at docs.tortuga.estate →