Fission and Multiliquid raise funds to speed tokenised fund redemption
Two start-ups building faster exits from tokenised funds announced funding on 15 October 2026. Fission, based in New York, said it had raised a 10 million dollar Series A led by Pantera Capital, and Uniform Labs disclosed 8 million dollars across pre-seed and seed rounds for Multiliquid, its tokenised fund redemption and settlement platform, with the seed led by Polychain.
The two raises point to the same conclusion. Putting a fund on a blockchain does not make it liquid, and someone now expects to be paid for providing the exit. That is a useful correction to the pitch that tokenisation brings liquidity by itself, and it reaches well beyond money market funds.
How Fission buys tokenised fund stakes
A tokenised fund is an ordinary investment fund whose units are recorded and transferred on a blockchain. Investors can buy in quickly, but getting out still usually means waiting for the fund to redeem or for another buyer, which can take months for private credit or equity funds.
Fission steps in as the buyer. A holder connects a digital wallet and sells to Fission instead of waiting for the fund, paying a fee for the speed, according to Fortune's report of 15 October 2026. Chief executive Jonathan Shaffer told Fortune a normal sale takes about 200 days, against settlement in 90 seconds or less through Fission.
The round closed in September and was disclosed in October. Circle Ventures, Borderless Capital and Ari Rubenstein also took part. Pricing, the discount to net asset value and the funds supported were not disclosed.
How Multiliquid converts funds into stablecoins
Multiliquid takes a different route. It converts tokenised fund units into USDC, a dollar stablecoin, or back again, in one atomic transaction at net asset value, the per unit value of the fund's holdings, according to The Block's report of 15 October 2026.
It supports tokenised assets from Wellington Management, VanEck, Janus Henderson and Fasanara and is live on Ethereum and Solana. It earns basis point fees on each conversion. Chief executive Will Beeson said the platform is handling initial pilot transactions and gave no volumes.
The 8 million dollars covers a pre-seed raised in mid 2025 and a seed raised between April and June 2026. As with Fission, the funding news is fresh and the money is not.
Two models for tokenised fund redemption compared
The models differ in who carries the risk. As the buyer, Fission takes on the fund stake and the wait that comes with it, so its fee prices that time. Multiliquid matches a seller with liquidity at net asset value, so it depends on liquidity providers being present when needed.
Neither is new as an idea. Midas and Symbiotic launched a request for quote liquidity layer for instant redemptions in April, covered in how Midas and Symbiotic approached T+0 redemptions. What is new is venture money backing exit as a standalone business.
PS26/7 and UK tokenised funds
The UK has the rules for this market. The FCA's PS26/7, published on 30 April 2026, lets authorised funds keep their register on a blockchain and allows a direct to fund dealing model, set out in the FCA's fund tokenisation rulebook. Note that Baillie Gifford launched a UK tokenised fund on Ethereum and Solana in June.
Neither raise mentions UK funds or UK investors and the question 'hanging' for UK managers is whether third party exit services will be allowed to sit alongside direct dealing, or whether managers will build faster redemption in house, as Federated Hermes plans with self issued fund shares.
For founders the read across is to private company shares. A tokenised share with no buyer is as illiquid as a paper one, and secondary liquidity has to be designed and paid for, through PISCES, a tender offer or a market maker, as set out in every route to selling UK private company shares. Supply and demand are the drivers.
The counter argument is scale. Together the two companies have raised 18 million dollars in their latest disclosures, employ 13 people between them according to the two reports, and report no volumes. The next thing to watch is whether a large manager signs one of them up, or decides to provide the exit itself.
This is general information, not legal, tax or investment advice.
Key takeaways
Fission announced a 10 million dollar Series A led by Pantera Capital on 15 October 2026 to buy tokenised fund stakes from holders who want to exit early.
Uniform Labs disclosed 8 million dollars on 15 October 2026 for Multiliquid, which converts tokenised fund units into USDC at net asset value.
Both rounds were raised earlier, Fission's closing in September and Multiliquid's seed between April and June 2026.
Neither company reported transaction volumes, and neither mentioned UK funds, although the FCA's PS26/7 rules for tokenised funds have applied since 30 April 2026.
Exit from a tokenised asset is becoming a paid service, which applies as much to tokenised private company shares as to funds.
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