Built on Production, Not Promises

We’re excited about Hamsa. Not because it's another blockchain infrastructure play, but because Hamsa solved a specific technical problem that's blocked institutional adoption for a decade—and they're already processing hundreds of billions in production at a tier-1 global bank.

The Upstream Play

Most blockchain companies fight over custody, clearing, or tokenization—all crowded middle layers. Hamsa built the ledger and data infrastructure that sits beneath everything else. This positioning creates genuine moats: data gravity, network effects, and integration dependencies that compound with each institution.

When a major institution processes millions in investor positions and tens of millions sharelots through Hamsa's production system, that's not a pilot. That's foundational infrastructure displacing decades-old subaccounting platform. The data doesn't just flow through, it creates coordination capabilities that become prohibitively expensive to replace.

Privacy + Composability

Hamsa's patented architecture solves what they call the "privacy composability paradox." Public blockchains expose transaction data (unacceptable for institutions). Private blockchains maintain confidentiality but lose network effects. Hamsa delivers both: cryptographic privacy with cross-institutional coordination.

This is why major payment networks are building stablecoin rails on the platform—not another custody integration, but actual payment infrastructure targeting trillions in cross-border volume. The value proposition is immediate: reduce collateral requirements from 3 days to 1 day, saving hundreds of millions in capital costs.

Execution Over Narrative

What convinced us wasn't the market size narrative. It was execution evidence: zero lost proof-of-concepts, significant signed contract value, and production deployment at a global tier-1 bank. This is infrastructure transition led by operators who built the systems they're now displacing—senior leaders from SS&C, Broadridge, and major financial institutions who know exactly where incumbents are vulnerable.

Three Revenue Engines

Hamsa isn't betting on one product. They're building three engines that share the same ledger foundation:

• Subaccounting (production deployments live): The wedge—proven revenue from displaced infrastructure

• Stablecoin rails (launching 2026): Transaction volume at scale, basis points on billions

• AI infrastructure (2027+): The unified ledger creates normalized institutional data—training substrate for capital markets AI

Each product expands wallet share within existing relationships. Institutions start with subaccounting, add distribution networks to smaller banks, then layer stablecoin settlement. That's platform economics, not cross-selling.

What We’re Watching

Two milestones determine if Hamsa becomes the data backbone for capital markets:

1. Tier-1 bank production expansion (Q1-Q2 2026)

2. Major payment network stablecoin commercialization (2026)

If these hit, Hamsa isn't another blockchain infrastructure company. It's the settlement and coordination layer for modern finance.

We don't invest in narratives. We invest in execution evidence and structural positioning. Hamsa has both.