collateral-management
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The $6 Trillion Blockchain You Have Never Heard Of
It does not run a token you can buy on Coinbase. It runs the ledger under $6 trillion of tokenized assets - and Wall Street's biggest names are the ones building on it.
1Token
1Token builds institutional back-to-front office software for crypto funds and financial institutions. Founded in 2018 and led by Damon Xu, the company runs a portfolio management system (PMS), risk management system (RMS), trade reconciliation, and T+0 shadow NAV accounting that stitch together fragmented CeFi exchanges, DeFi protocols and TradFi accounts into one book. Today it connects 80+ CeFi venues and thousands of DeFi protocols, serving 100+ institutional clients that monitor more than $20B in assets across APAC, North America and Europe.
August Digital
August Digital is a New York-based institutional crypto company building on-chain prime brokerage infrastructure. Its platform gives trading desks, funds, protocols and treasuries secure smart-contract accounts, real-time risk and pricing engines, cross-margining, lending, and structured products so they can borrow, lend, trade and settle across DeFi and CeFi with any liquid collateral - all with on-chain auditability. August also operates Upshift, a vault product that opens institutional-grade yield strategies to a wider set of users. The company raised a $10M Series A led by Dragonfly in March 2025 and reports having processed roughly $45B in cumulative volume.
Baton Systems
Baton Systems is a post-trade infrastructure company that uses a shared permissioned ledger to give banks real-time control over collateral, payments and FX settlement. Its Core platform connects to legacy systems without ripping them out, and is already used by some of the largest banks in the world to move trillions of dollars with bank-grade safety in minutes instead of days.
Arjun Jayaram
Arjun Jayaram is the Founder and CEO of Baton Systems, a San Francisco-based fintech company rebuilding post-trade infrastructure for the world's largest financial institutions. A serial technologist who previously co-founded Compass Labs (acquired by Yahoo) and held roles at Twitter and Dwolla, Jayaram identified a stubborn problem in the financial plumbing - that moving digital assets across different ledgers was the real bottleneck, not the digitization of assets themselves. Under his leadership, Baton's platform now processes nearly $30 billion in daily transaction value for seven of the nine largest western banks, enabling real-time settlement and intraday liquidity management without requiring institutions to replace their core systems.