The Ohanae Consortium
One regulated infrastructure. Two complementary securities markets.
Published September 28, 2026 | Updated October 12, 202
Building markets together
A token alone does not create a securities market. Investors need secure accounts and reliable trading. Companies need a way to raise capital and keep accurate ownership records. Both need custody, clearing, settlement and clear accountability.
The Ohanae Consortium brings these capabilities together. Capital-formation partners bring issuers and investors. Crypto exchanges collaborate on suitable projects while retaining their customers and data. Liquidity participants support trading. Ohanae provides the regulated operating foundation.
Ohanae is building a regulated home for securities on blockchain.
Two complementary securities markets
Our core market supports issuer-sponsored, blockchain-native securities outside the National Market System, or NMS: the traditional U.S. public-market system that includes NYSE and Nasdaq. Eligible investors can securely hold and trade these securities through Ohanae, while issuers can record ownership and raise capital. The platform is designed for 24x7 trading, subject to applicable restrictions and market availability.
In this core market, the security itself is issued and recorded onchain, with transfer-agent ownership records where appointed. It does not require a separate conventional public share beneath the token.
In parallel, Ohanae Securities is developing a proposed Tokenized Securities Venue, or TSV, for eligible tokenized NMS stocks under the SEC’s Innovation Exemption. For this proposed market, tokenized positions would be supported by corresponding traditional shares held through authorized custody arrangements. The operating model would need to address investor rights, corporate actions and continuous reconciliation between the shares and tokens.
Both markets could use a common customer-account, onboarding and operating foundation. Their legal structures and ownership records remain distinct. The TSV has not launched and depends on sufficient funding, applicable regulatory conditions and operational readiness.
SEC source: Innovation Exemption for Tokenized NMS Stock
Customer protection is the foundation
Ohanae Securities LLC is a FINRA-member carrying, self-clearing broker-dealer authorized, within its approved scope, to provide custody, carrying, clearing and settlement services for crypto asset securities.
Customer cash remains in the banking system under applicable broker-dealer customer-protection requirements. Ohanae Securities maintains exclusive control of the private keys securing customers’ crypto asset securities and supports controlled account recovery. Customers do not need to manage those private keys themselves.
Customers use one Ohanae account and a common onboarding process, with ongoing identity, eligibility and anti-money-laundering checks as required. Ohanae, Inc. serves as the SEC-registered transfer agent for securities where it is appointed.
Ohanae plans to migrate its Quorum-based blockchain architecture to Celo, a public Ethereum Layer 2 network. The migration is intended to support the two markets through common technology while preserving their separate legal and operating controls. Existing authorization does not itself approve the proposed TSV or every new business arrangement.
Four essential Consortium roles
Capital formation partners
Broker-dealers and other appropriately authorized capital-formation partners can originate suitable issuers, support fundraising and introduce eligible investors. They contribute relationships and expertise without having to build a complete securities platform.
Ohanae’s Originating Broker Registry is designed to record partner attribution. Commercial rights and compensation would be documented separately and remain subject to applicable requirements.
This relationship-protection approach is intended to recognize the institutions that originate opportunities while keeping customer rights and regulated responsibilities clear.
Crypto exchanges
Crypto exchanges retain their customers, customer data and commercial relationships. The Consortium does not depend on exchanges transferring their customer lists or referring their existing users to Ohanae.
Instead, exchanges can collaborate on suitable Regulation Crypto Assets issuer opportunities, technical connectivity and potential strategic investment. Investors who choose to use Ohanae open an account directly with Ohanae and complete the applicable onboarding checks.
If a crypto asset later makes a legally valid transition out of an investment-contract relationship, exchanges could compete to provide distribution, liquidity, custody and network services where permitted. That later opportunity is separate from Ohanae’s regulated securities activities.
Liquidity participants
Liquidity participation can take different forms, and the responsibilities must be clear.
In a permitted dealer-principal model, Ohanae Securities would own the trading inventory and act as the investor’s counterparty. Passive funders could finance that inventory under separately reviewed and documented arrangements. Providing funding does not automatically make a participant a dealer, and the structure must be confirmed before implementation.
In an independent multi-dealer model, admitted broker-dealers and qualifying Covered Firms would supply their own proprietary inventory. This is a separate operating mode: inventory ownership, counterparties, risks, records and economics must be identified for each participant.
The commercial objective is executable liquidity and competitive trading, rather than simply having more providers. Participation and liquidity are not guaranteed. Neither model should be assumed to fall within existing authorization or the TSV exemption without confirmation of its applicable requirements.
Ohanae
Ohanae coordinates the customer-account and securities infrastructure through its distinct regulated entities. Ohanae Securities provides the broker-dealer functions within its approved scope. Ohanae, Inc. provides transfer-agent services where appointed.
Banks, custodians and market-technology providers can contribute banking connectivity, underlying-share custody, market data, reference pricing and surveillance. Partner responsibilities and commercial terms would be agreed separately.
Reg Crypto could expand the issuer pipeline
The SEC’s proposed Regulation Crypto Assets, or Reg Crypto, could create new capital-formation pathways for qualifying blockchain projects if adopted. Ohanae’s core strategy also uses existing securities pathways, so its business is not dependent solely on adoption of the proposal.
The potential lifecycle begins with a project raising capital and developing its network. While the relevant activity remains within the securities framework, regulated infrastructure can support ownership records, custody and permitted trading. Any later separation of the crypto asset from an investment contract requires a legally valid basis.
Filing a transition report, or Form TR, would not by itself make an asset cease to be subject to an investment contract. Exchange services following a transition would depend on the applicable legal conditions, asset eligibility and each exchange’s permitted activities.
SEC source: Regulation Crypto Assets
A practical starting point
The Consortium is intended to let partners contribute what they already do well. Capital-formation partners bring issuers. Exchanges collaborate on project opportunities. Liquidity participants support trading under clearly defined arrangements. Ohanae supplies the regulated account and operating foundation.
The next step is to identify a practical initial scope, agree responsibilities and build from there. Commercial rollout depends on sufficient funding, confirmed legal and regulatory requirements, funded liquidity and operational readiness.
NYSE. Nasdaq. Now, Ohanae.
One regulated infrastructure. Two complementary securities markets.
Confidence. That's Ohanae.
Important Qualifications
This article describes Ohanae’s strategy and proposed initiatives. It is not an offer to sell securities, a solicitation to purchase securities, legal advice or investment advice. Regulation Crypto Assets remains an SEC proposal. Ohanae Securities’ proposed TSV has not launched. Its implementation would remain subject to sufficient funding, the SEC’s temporary and conditional exemptive order, applicable symbol and volume limits, investor rights, broker-dealer and FINRA requirements, operational readiness and any required regulatory notices, consultations or approvals.
Passive liquidity funding and independent dealer participation require separate legal, regulatory and operating analysis. Existing FINRA authorization does not itself establish that a new funding structure, principal trading arrangement or multi-dealer venue is permitted. Trading access, including access outside the United States, depends on investor eligibility and applicable law. References to prospective partners do not imply an existing affiliation, commitment or endorsement. “NYSE. Nasdaq. Now, Ohanae.” expresses Ohanae’s ambition; it does not mean Ohanae is a registered national securities exchange or has the same regulatory status as NYSE or Nasdaq.