Chintai’s RWA Client Pipeline
Chintai’s CEO announced dozens of institutional clients have on-boarded Chintai’s Real World Asset (#RWA) issuance pipeline, focusing on renewable energy, real estate, carbon credits, funds and bonds. The pace of signed agreements is accelerating:
I literally can’t keep pace with the number of new RWA clients we’re signing up. Woke up to a new one in Asia, first question was “great.. who are they?” . . . The pace is accelerating, and our licenses seem to consistently be a key factor in why.
This isn’t surprising since Chintai Network is built to satisfy a diverse set of real-world institutional client requirements that emphasize multi-jurisdictional regulatory compliance. The result is a comprehensive and compliant platform for one-stop RWA issuance, trading and custodianship, flexibly designed to legally tokenize any asset class including securities.
It’s certainly a challenge pinning down Chintai’s current roster of clients. Few have issued a press release thus far. Understandably, client information is kept private for several reasons. Clients often do not wish to publicize what they are planning/building. Also, Chintai likely wants to avoid exposing clients to poachers. All of this leads to a desire for confidentiality and non-disclosure agreements.
Nevertheless, there are several ways to sleuth. Besides official press releases, there have been public announcements by Chintai officers on Telegram and X/Twitter, conferences and in-person “Lunch and Learn” VIP events held by Chintai over the past few years in Singapore and Hong Kong. Attendees have provided photos, tweets and brochures from these events. Chintai founders have also participated in several public live-streams recorded on X/Twitter Spaces and YouTube.
Pipeline Sneak Peek
Based on available public sources noted above, here is a partial glimpse into the Chintai client pipeline. David Packham, Chintai CEO, announced dozens of institutional clients have joined Chintai’s pipeline for RWA issuance and trading, focusing on renewable energy, real estate, carbon credits, funds and bonds. On May 16th, 2024, David noted:
The next few months are exciting for us as we launch [CHEX] staking, announce significant client issuances, and unveil major partnerships.
Chintai estimates $150 to $300 million in Total Assets Issued (TVI) on-chain by the end of Q4, 2024, and $2 billion TVI by the end of Q1, 2025. A recent AMA event established 70% of Chintai’s rapidly growing client pipeline remains under NDAs, with 30% already publicly confirmed:
- Allo.xyz (White-labeled)
- Athena Art Finance (Fine Art, White-labeled)
- Baird Augustine (Stocks/Funds, White-labeled)
- Bricklet (Real-Estate)
- CAC-H2 Pte Ltd (Sustainable Hydrogen)
- DNZ Venture Global (Real-Estate, Carbon Credits, White-labeled)
- Greenium/X (Carbon Credits, White-labeled)
- Kabinburi Industrial Zone (Net-Zero Industrial Zone)
- Kin Capital Group (Real Estate)
- Net Zero-X (Renewable Energy White-labeled Exchange)
- Premier Art Acquisitions (Fine Art)
- Raffles Family Office (Securities/Funds)
- Revo Digital Family Office (Securities/Funds)
- SDAX (Securities/Funds, White-labeled)
There are approximately three dozen additional undisclosed clients with signed NDAs in place, including:
- Unnamed $90B stealth entity in UAE issuing a pilot oil bond valued between $150M and $350M, with recurring issuances
- Unnamed client issuing collectable whiskey
- Unnamed fund management company using private Automated Market Makers (AMM) in Chintai’s regulated exchange for wealth fund liquidity provision, including on-chain fund record keeping
With a large and growing client pipeline, Chintai anticipates being the first RWA tokenization platform managing low-to-mid-billions on-platform
Pipeline Projection
Chintai has collaborated with some of the world’s largest financial institutions for the past six years. To be clear, collaborate means public confirmation that discussions have been held; partner means public confirmation that an agreement has been reached to work together; client means an RWA tokenization agreement is in place with a position in the issuance pipeline.
Chintai recently disclosed RWA white labeling partnerships with Baird Augustine and Allo.xyz to leverage Broker-Dealer ATS licensure for tokenizing and trading RWA in the United States. Chintai also recently mentioned its partnerships with Ernst & Young, DBS and Passion Venture Capital. David Packham also announced a partnership with Coinbase to distribute RWA issued by Chintai to Coinbase accredited and institutional customers on Base, also confirmed a joint marketing partnership with Ernst & Young for ongoing joint VIP sessions.
Chintai’s Chief Growth Officer confirmed early stage RWA collaboration with J.P. Morgan. David Packham confirmed RWA collaboration with Blackrock, Vanguard, SS&C and Northern Trust during a recent Benzinga interview, as discussed beginning at time point 1:23:07. David Packham also discussed Blackrock collaboration during the Benzinga interview at time point 1:08:50. Chintai has also collaborated with Goldman Sachs, Standard Chartered, Interactive Brokers, GAM Investments, Hywin Financial Holding Group and The Ascent Group. There has been other collaboration with several sovereign funds, exchanges, private banks and asset managers, including LGT Private Banking, UBP — Union Bancaire Privée, Azimut Group, Temasek and Northern Trust, plus a recent event with Schroders, HSBC and PhillipCapital
Chintai also collaborates with public blockchains to expand its RWA distribution network, increase CHEX liquidity, attract retail investors and provide external compliance services. There are ongoing discussions with Solana Foundation, as David Packham recently stated:
. . . we have several clients that are each looking to do billion dollar plus issuance within the next year. . . . our goal has always been to make RWA available on public chains . . . the problem with making RWA’s available on a public chain however is finding ways to enforce compliance controls, but today I can share that we may have finally found our solution. Last week our team had a very promising call with representatives from the Solana Foundation (big thanks to @Austin_Federa for arranging it). We discussed ways we can collaborate and bring RWA’s onto Solana by taking advantage of Solana’s new token extensions . . . with the goal of making Solana a key global hub for RWA’s.
RWA Marketplace Projection
The projected RWA market is expected to grow rapily. Chintai’s business model is influenced by MAS regulations to legally service the entire projected $28.7 trillion RWA market by 2030, Ernst & Young-Parthenon, Sept. 2023:
Chintai’s blockchain-as-a-service (BaaS) architecture emphasizes reusability, flexibility and white label services to deliver strong economies of scale as demand for #RWA continues to rise; the platform is designed to handle heavy growth while maintaining reasonable operating costs.
The projection is based on a very similar curve provided by Chintai in a presentation from 2023. The author has updated the projection slightly based on additional information provided after their presentation, assuming nine clients issuing twice during 2024, with exponential issuance growth in outer years; operating costs are based primarily on funding raised from seed and second investment rounds.
More About Chintai
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