Revenue Sources
In the Genesis Vault, over a lot’s life of about 45 days, these come to about 1.35% of the lot (0.50% listing, about 1.5 auction trades at 0.25% per side, and 0.10% redemption). The 1.0% Liquidity Bridge fee goes to bridge LPs, not to Cargo. Storage, collateral management and insurance pass through at cost. Part of gross auction fees is shared with panel market makers and venue investors under their agreements.
Ring-Fencing
- Each Vault SPV owns its goods and has no other business and no other creditors.
- Vault goods are never pledged or financed anywhere else, and never rehypothecated.
- Cargo’s operating runway is raised separately, as equity in the issuer group, and never touches holder collateral.
- Batch settlement is non-custodial: USDC and shares swap atomically between wallets. Liquidity Bridge USDC sits in segregated mandates run by a licensed panel market maker, not by Cargo. Redemption terms are set out in the Rulebook and your signed agreement.
Controls
- Treasury and contract administration run through a Safe multisig with a timelock, with an independent co-signer required on transfers out.
- Originators are paid in local currency into domiciled bank accounts, never in USDC.
Transparency and Reporting
The Safe and contract addresses are published on the Contract Addresses page. Batch results go on the public tape at clearing. Investors receive a monthly letter, quarterly agreed-upon procedures on stock against shares, and annual audited financial statements.