Fission Secures $10 Million Led by Pantera, Providing Instant Exit Channels for Tokenized Funds

Fission has completed a $10 million Series A funding round, led by Pantera Capital, focusing on liquidity for tokenized funds.

Written by: Nicky, Foresight News

On October 15, Fortune reported that Fission, a liquidity platform for tokenized funds, announced the completion of a $10 million Series A funding round led by Pantera Capital, with participation from Circle Ventures, Borderless Capital, and Ari Rubenstein. This funding round was completed in September, and the company did not disclose its valuation.

Founded in 2024 and headquartered in New York, Fission has a team of about 8 to 10 people. In October 2024, the company completed a $1.6 million Pre-Seed funding round, led by SALT Fund and Kraynos Capital, with participation from Anthony Scaramucci.

CEO Jonathan Shaffer previously managed public equity investments in technology, industrials, and consumer sectors at Point72 before shifting to strategic private investments in fintech and digital assets. He holds a bachelor's degree in PPE from the University of Pennsylvania and an MBA from Yale.

CRO Steve Bendit was the head of global business development and institutional sales at Securitize, facilitating the issuance of over $4 billion in tokenized securities. The two are responsible for investment decisions and institutional expansion, with Chris Humphrey serving as CTO.

This $10 million funding addresses a specific issue: while tokenized funds are on-chain, exits remain slow.

Traditional private equity funds and alternative investment products typically have redemption windows of a quarter or longer, with some products taking up to about 200 days from redemption request to fund receipt. Tokenization changes the form of shareholding but does not alter the redemption cycle of the underlying assets. Fission aims to provide exit channels outside of the redemption windows. After the funding announcement, the company emphasized that the platform has transformed the waiting period from about 200 days to a settlement time of 90 seconds, while continuing to advance cross-chain support and additional asset backing.

According to information from its official website, Fission's product modules include a redemption platform, Vaults (API integration and instant liquidity), Token Issuers integration (providing liquidity infrastructure for issuers), Lending Protocols support (collateral and financing), and continuous liquidity for token holders.

Product Mechanism: Acting as Principal Buyer to Provide Instant Liquidity

Fission's core product is the redemption platform, which does not match buyers and sellers but acts as a principal buyer providing liquidity directly. Qualified investors connect their digital wallets and submit sell requests, and Fission atomically acquires positions using stablecoins like USDC, with a settlement time of about 90 seconds to 2 minutes.

Once the acquisition is complete, Fission holds the position until the underlying fund redeems it according to the original terms, managing risk at the portfolio level based on exposure, duration, asset quality, and redemption characteristics. The redeemed funds are recycled for subsequent liquidity provision. Fees are charged by the platform, with an official example of about 2.5%, depending on the asset and market conditions.

The key to this design is that it does not require the fund products themselves to be transformed into instant redemption, but rather inserts an infrastructure layer between investors' immediate liquidity needs and the natural redemption cycle of the fund, allowing assets to possess the liquidity characteristics required by on-chain markets without changing the underlying strategy and compliance structure. Technical support includes audited smart contracts and institutional custody, such as Fireblocks, and supports atomic transfers across networks.

Currently, the assets supported by its redemption platform include the 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 Fund, Midas Fasanara Global, and Invesco Short Duration U.S. Government Securities. Clients are primarily institutional investors, including hedge funds holding tokenized private credit or equity assets, crypto institutions managing treasury, and stablecoin issuers allocating reserves to interest-bearing tokenized investment products.

According to data from rwa.xyz, as of October 16, 2026, the overall scale of tokenized RWA (excluding stablecoins) is approximately $39.29 billion. The traditional market size for underlying private credit is in the trillions, with tokenization penetration still very low. McKinsey previously predicted that the base scenario for tokenized financial assets by 2030 would be about $2 trillion, with an optimistic scenario of about $4 trillion. Growth on the issuance side has been ongoing for several years, but the maturity of liquidity infrastructure is significantly lagging, which is precisely where Fission enters the market.

At this entry point, there are not many direct competitors. The closest is Multiliquid (Uniform Labs), which is also an institutional-level liquidity protocol supporting atomic swaps between tokenized funds and stablecoins, covering assets from Wellington Management, VanEck, Janus Henderson, Fasanara, etc. It has launched on Ethereum and Solana, raising a total of $8 million, with Polychain leading the seed round and Circle Ventures participating.

Compared to competitors, Fission's differentiation lies in its compliance structure. The platform adopts an institutional-level licensing model, targeting only qualified investors, with infrastructure design respecting the investor qualification requirements and transfer restrictions of the underlying products.

Additionally, CRO Bendit's experience at Securitize brings expertise in Reg D (the SEC's Regulation D, which is the most important private placement exemption rule under the Securities Act of 1933, allowing companies to raise funds without full SEC registration, only requiring a simplified Form D filing afterward, commonly used for startups and private fundraisings), private securities, on-chain identity, and transfer restrictions.

Changes in the external environment are also moving in a direction favorable to this model. On September 17, 2026, the SEC issued an innovation exemption, creating a five-year conditional exemption for tokenized U.S. listed stocks, allowing eligible tokenized securities trading venues to conduct on-chain secondary trading. This exemption primarily targets public stocks, with indirect effects on the liquidity release of private credit assets, but the overall regulatory direction is trending towards controlled experimentation and conditional release.

On the institutional side, BlackRock continues to expand its tokenized money market fund BUIDL, while Apollo and Janus Henderson issue tokenized private credit products through Securitize and Centrifuge. Robinhood Chain offers stock tokens in over 120 countries. The ongoing expansion on the issuance side creates a demand base for the liquidity layer, but the real bottleneck lies in reliable exit mechanisms and capital efficiency.

Currently, Fission's products have moved from concept to a usable stage. The redemption platform has been publicly launched, and according to official news, the company has processed millions of dollars in redemptions.

In terms of integration, in August 2026, Centrifuge announced a collaboration with Fission to provide 24/7 USDC liquidity for four institutional funds on its platform, including NYLIM HYB, Apollo ACRDX, Janus JAAA, and JTRSY. Shaffer stated that Fission is currently the only independent provider of instant liquidity for certain assets like the quarterly redeemable ACRDX (Anemoy Tokenized Apollo Diversified Credit Fund, a tokenized independent portfolio of Apollo's diversified credit fund).

Subsequently, Midas also announced that it would incorporate Fission into its Open Liquidity Architecture to unlock T+0 redemptions for mWIN and mGLOBAL, extending to Wellington Management's multi-sector institutional credit and Fasanara Capital's asset-backed credit.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.