# Tortuga

Tortuga converts Luxembourg-securitized, ISIN-listed real estate bonds into ERC-3643 permissioned security tokens, distributed to KYC-verified investors on Plume, Base, and Canton. The Internet Computer (ICP) serves as the canonical compliance authority and settlement ledger. Chain Fusion synchronizes verified identity and whitelist state from ICP to EVM chains natively, without bridges or wrapped tokens. The result is a regulated, multi-chain real estate bond platform where compliance is enforced at the protocol level, investor rights are protected by Luxembourg law, and settlement is recorded on an immutable ledger.

# Three-Layer Stack

# 1. Legal and Financial Layer

Estating Property Vault S.A. is the Luxembourg-domiciled securitization vehicle, structured under the Luxembourg Securitization Act of 2004. Each real estate asset is held in a ring-fenced SPV compartment — one property, one compartment, one ISIN, one token. Bonds carry a Swiss ISIN issued via SIX SIS through a FINMA-regulated paying agent. PricewaterhouseCoopers validates all pricing models. Apex Group serves as the independent servicer. Allen & Overy (A&O Shearman) is securitization counsel.

# 2. Token Layer

ERC-3643 permissioned security tokens on EVM chains enforce compliance at the smart contract level on every transfer. Only wallets registered in the on-chain Identity Registry — verified through SumSub KYC/AML — can hold or transact in Tortuga tokens. Subscription and distributions are denominated in USDC. The token lifecycle is managed on-chain: issuance, coupon distribution, NAV updates, and redemption.

# 3. Infrastructure Layer

The ICP Master Ledger is the canonical settlement record for all tokenized bonds, holder balances, and transaction history. The ICP KYC Registry is the single source of truth for every verified investor identity and wallet whitelist status. Chain Fusion detects state changes in the KYC Registry and propagates them to the ERC-3643 Identity Registry on each live EVM chain via threshold-signed transactions — no bridges, no wrapped tokens, no third-party relayers.

# Structural Guarantees

Guarantee	Mechanism
Bankruptcy-remote SPV compartments	Luxembourg Securitization Act of 2004; structural, not contractual
No cross-compartment contagion	Each compartment is legally ring-fenced; assets, liabilities, and cash flows cannot cross
No-bridge cross-chain	Chain Fusion uses threshold cryptography and native ICP signing
Protocol-level compliance	ERC-3643 `canTransfer()` enforces eligibility on every transfer; cannot be bypassed at the application layer

# Architecture

flowchart TB
    SUMSUB[SumSub KYC] --> KYC[ICP KYC Registry]
    KYC --> CF[Chain Fusion]
    CF --> ERC[ERC-3643 Identity Registry on EVM]

    EPV[Estating Property Vault S.A.] --> SPV[Luxembourg SPV Compartment]
    SPV --> ISIN[Swiss ISIN / SIX SIS]
    ISIN --> TOKEN[ERC-3643 Token]

    ML[ICP Master Ledger] --> CF

    INVESTOR[Investor Wallet] --> TOKEN

    TOKEN --> PLUME[Plume]
    TOKEN --> BASE[Base]
    TOKEN --> CANTON[Canton]

For product and investment mechanics, see the Product section.

For technical architecture, see the Architecture section.