Follow-up · Seed round

The neutral layer that makes ownership provable — anywhere, without exposing the deal.

A 5-minute, self-explaining brief on what CRODAX does, how it makes money, and what your entry could return. Everything the room asked about — answered, and demoable right here.

eBL pilots active 11 patents · 9 families Revenue generated
BANKPORTGOVSHIP
CRODAX SEAL
VERIFIED
The problem, in hard numbers

Global commerce still proves ownership with paper, intermediaries, and self-reported claims.

The cost is measurable, not rhetorical. Either you over-expose everything on a public ledger, or you under-prove with paper. Neither works for confidential, regulated, cross-border business.

$25tn
in annual trade finance — ~80% of world trade — still runs on paper.
$50B+
of trade-finance deals may be fraudulent each year; ~$5B is document fraud alone.
200M
negotiable bills of lading a year — only ~1.2% are electronic.
$467B
in counterfeit goods (2021) — categories that live or die on provable authenticity.
What CRODAX does

You register a high-value record. CRODAX issues a Seal.

A cryptographically anchored record that proves four things on demand, in any jurisdiction — revealing only what the holder chooses. Settlement in US dollars. No token, no crypto exposure.

It exists

The record provably existed at a point in time.

Unaltered

A unique fingerprint — any forged copy is rejected.

Owned

Who holds it, and who can transfer it.

Full history

Every step recorded — impossible to backdate.

Public Seal

Full transparency — for records meant to be open.

Secret Seal

Proves the facts — exists, valid, owned, current — without exposing the contents. Auditability without disclosure. What private credit and trade finance have wanted for decades.

How CRODAX makes money

Four recurring revenue streams, all billed in US dollars.

Software-grade economics — high gross margin, recurring revenue, and switching costs that rise as the verified-record base grows.

Issuance fee

Charged per Seal created.

Lifecycle fees

Transfers, amendments and status changes over a record's life.

Highest margin · compounds

Verification fees

Recurring on every authorized check — the most defensible stream. It compounds with the installed base of sealed records, not with new sales.

Enterprise subscriptions

Annual contracts for high-volume issuers — a certification body, a shipping line, a fund administrator.

Pricing is tiered — institutions at full price, volume issuers at bulk rates. Illustratively: a credential seals for a few dollars, a maritime document for tens plus per-verification, an enterprise issuer contracts annually in the tens to low-hundreds of thousands.

Live · no connection required

Seal a document yourself.

Pick a record, issue its Seal, then try to forge it. This is the demo from the room — running right here, offline, so nothing can break.

1 · Choose a record
🚢
Bill of Lading
Negotiable title · releases the cargo
©
Design / IP record
Proof of creation & ownership
🎓
Diploma / credential
Tamper-evident attestation
2 · The Seal & verification
Your issued Seal will appear here — with its fingerprint, owner and live verification.
Bill of Lading
● VALID
Seal ID
Seal typePublic
Owner
Issued
Fingerprint (SHA-256)
Exists — anchored at the timestamp above
Unaltered — fingerprint matches
Owned — holder confirmed
Full history — chain intact
Why the numbers look "small" — and why that's the point

We don't size the trillions. We size the fee on top of them.

$25tn of trade flows through paper today. CRODAX doesn't capture the assets — it charges a small, recurring fee to seal and verify them. Move the three levers on the maritime layer alone and watch the annual fee pool build.

Penetration of the 200M bills/yr8%
Seal events per bill / year3.0
Price per event (USD)$15

Seeds = base case. Deliberately conservative for early 2026.

200M bills × penetration × events × price
$720M
Annual fee pool — maritime layer only

TAM 2026$1.75B
SAM$0.73B
SOM yr-5$22–112M
Market opportunity, sized precisely

We monetize the verification of the asset wave — not the assets.

Tokenized real-world assets are forecast at $2–4tn (McKinsey) to $30tn (Standard Chartered) by the end of the decade. The adjacent digital-trust market is already ~$27B in 2025, heading toward ~$100B by 2030. CRODAX targets a defensible slice: neutral, private, cross-border verification of ownership and provenance for regulated assets.

TAM — addressable annual fee pool
$1.75B $5.3B
2026 → 2031, at 25% adoption growth
SAM — within reachable jurisdictions
$0.73B $2.2B
65% jurisdiction-reachability filter
SOM — five-year capture (2031 ARR)
$22–112M
Conservative $22M · Base $56M · Aggressive $112M
Where the fee pool comes from — bottom-up by vertical (2026 TAM)
Engine A · lightly regulated, deployed today
Maritime bills of lading$720M
Enterprise IP / AI provenance / doc sealing$360M
Invoices / factoring / receivables$112M
Credentials / professional attestations$45M
Product passports (DPP)$15M
Engine B · regulated, foundation-gated
Real estate title & closing packets$300M
Commodities / warehouse receipts$98M
Private credit / loans / intercompany$48M
Guarantees / assignments / convertible notes$26M
Funds / PE / LP records$25M
⛰️

Upside — Canada-EU strategic-minerals corridor

Activating the G7 / Canada-EU critical-minerals corridor adds one high-value line (strategic minerals, pulled by CRMA / CSRD / DPP). TAM +11%, SAM +28%, and Base-case SOM roughly doubles — from $56M to $115M ARR by year five.

Why no incumbent can copy it

CRODAX is the only option that is verifiable, cross-border, private, and neutral at once.

Every alternative fails on at least one axis. A bank or carrier that builds this becomes a rival to the customers it needs — a conflict it can't cross without ceasing to be itself.

CapabilityTraditional eBLBlockchain eBLCRODAX
Works across competing providers
Chain-agnostic (public + private/ZK)n/aSingle chain
Multi-vertical by designPartial
Neutral layer, not a rival
Regulation engineered inPartialPartial
Proprietary moat — licensable

Structural neutrality

A neutral Swiss Foundation — the same logic behind SWIFT and the carriers' own DCSA — lets rivals adopt it without advantaging each other.

Protected method

11 patents across 9 families, filed toward 10 jurisdictions. IP strategy led by Sterne Kessler. You can't design around it — only license it.

Network effects

Once one counterparty verifies through CRODAX, every other party adopts it to transact — the dynamic that made SWIFT defensible.

Why now — regulation is the demand engine

CRODAX doesn't have to persuade the market to want provenance. The law already mandates it.

The infrastructure for the next 20 years is being selected right now. Timing is everything.

Now
UN · MLETR
Model Law for Transferable Records — legal basis for electronic title.
Now
EU · eIDAS 2.0
Qualified electronic trust & digital identity across the union.
2027
EU · DPP
Digital Product Passport begins with batteries >2 kWh.
2030
DCSA · eBL
Carriers' binding 100% electronic bill-of-lading commitment.
2030
EU · CRMA
Critical Raw Materials Act — binding supply-chain provenance benchmarks.
Growth strategy

Now, Next, Then — sequenced by regulatory load.

Fast revenue today funds the harder, higher-moat layers — while government grant programs fuel the build without diluting investors.

01 · Now

Verified Seal

Lightly regulated, high-value document, credential and IP sealing. Fast sales cycles, immediate revenue, no foundation gating.

02 · Next

Maritime eBL

The hardest case — a moving asset with negotiable title across jurisdictions. The carriers' binding 2030 eBL commitment is the tailwind.

03 · Then

Regulated Registries

Strategic minerals and funds, via the neutral Swiss Foundation — pulled by the CRMA's 2030 benchmarks, the 2027 Digital Product Passport, and the Canada-EU corridor.

Compounding — each adopted chain becomes a standard. Non-dilutive fuel — critical-minerals grant streams fund the build.

How the business deploys

A layered rollout, from fast-revenue today to institutional scale.

Indicative annual revenue (USD) as Seal volume ramps across regulatory tiers. Tier 1 is live now with fast sales cycles and no foundation gating.

$0.3M
Y1
$3.25M
Y2
$12M
Y3
$27M
Y4
$48M
Y5
eBL pilots active
Revenue generated
11 patents · 9 families filed
IP led by Sterne Kessler
Verified Seal — live now
What your entry could return

An infrastructure-and-standard business — recurring revenue, software-grade margins, a moat from neutrality and protected method.

This round
$1M CAD
SAFE · simple, fast close
Cap
$7M
Pre-money valuation cap
Positions for
$20–30M
Potential seed round at the next milestone

Three drivers underpin the return:

The comparable set — digital-trust and verification platforms (identity verification heading to ~$29–34B by 2030; digital signatures to ~$70B; Entrust's acquisition of Onfido) — is valued on durable recurring revenue and is actively being bought up. Markets value a neutral standard well above a product.

Use of funds · $1M CAD

Product eng. & deployment
$350K
eBL pilots & PoCs
$200K
Sales, GTM & brand
$200K
IP protection
$125K
Administration & OPEX
$75K
Contingency reserve
$50K

Non-dilutive fuel: government grant programs — especially critical-minerals streams — can fund the build without diluting investors.

Two minutes that help us

What did the pitch get right — and what's still unclear?

This brief exists because your questions deserved better answers than a noisy room allowed. Tell us where you'd push harder — and if you want, we'll run the live Seal demo with you, one on one.

We'll keep you on the CRODAX update list — milestones, pilots, and progress, a few times a year. Reply "unsubscribe" anytime.