Who Does What
Every vault has the same roles. The right-hand column shows the Genesis Vault (West African Grade 1 cocoa).
The trustee, bank and auditor for each vault are named on signing.
Three Ways In
Allocators: Own the Asset
Buy shares below NAV and hold them, or rotate the auction discount every batch.
Market Makers and LPs
Quote each pair, bridge exits, and later lend against the shares. NAV is arbitrageable and hedgeable.
Speculators: Trade the View
Derivatives on NAV on third-party venues that license our data. The vault never takes the other side.
Where Cargo Fits in DeFi
On-chain warehouse lending is proven: in July 2026, Grove committed a $500 million senior secured warehouse facility to Galaxy, funded on-chain. But the collateral there, as in almost every on-chain credit vault of scale, is BTC and ETH, so the yield is still a claim on crypto price risk. Cargo’s collateral is a physical unit of a real asset (a kilogram of cocoa, a tonne of sugar, an ounce of gold) with a receipt, a pledge, an inspector and a daily exchange price. Its return comes from the physical spread, not from leverage or incentive schemes.Track Record
1,020 Tonnes, One Full Cycle
Before the Genesis Vault opened, the originator bought 1,020 t of West African Grade 1 cocoa in June 2026, then shipped and sold it on 14 July 2026, priced against ICE London Cocoa.