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Tokenized real-world assets

CURRENC Group (CURR) tokenized ordinary shares

Not approved No defect found; not on the approved list
Verdict
Not approved
No defect found; not on the approved list
Who can freeze it
Governed, no freeze
Withdrawals
A holder who wants ordinary shares back reverses the same steps.
Reviewed
2026-09-23 · next 2026-12-23
Researched memo

Summary

Ketju does not approve CURRENC’s tokenized shares: CURRENC’s filings do not define who may hold the tokens, and one Securitize key on Solana can move any balance. We found no defect in the structure. The filings also do not say how a holder converts tokens back to ordinary shares. CURRENC Group is a Nasdaq-listed payments company, incorporated in the Cayman Islands and run from Singapore. Since 8 April 2026, Securitize, the company’s secondary transfer agent, has turned registered shares into tokens on request. The company says ”Holders of tokenized Ordinary Shares have the same ownership and voting rights as holders of non-tokenized Ordinary Shares.” Continental Stock Transfer, the primary transfer agent, keeps the share register. We treat CURRENC the same way as Exodus and SECZ. Ketju will review it again if the suspended Animoca Brands deal resumes.

Research

How it works

CURRENC’s board authorized on 31 March 2026 ”the tokenization and digital representation of up to 116,476,871” existing shares ”through a digital registry administered by Securitize Transfer Agent LLC.” The 20-F says ”Each Ordinary Shares has a corresponding token, and the tokens are maintained by Securitize,” and that tokenization ”does not affect legal ownership.” The annual report calls the change one of ”custody and record-keeping” only.

The description of securities names Continental as ”primary transfer agent and branch registrar.” Continental keeps the branch register in the United States. It names Securitize Transfer Agent as secondary transfer agent, which ”will effectuate permitted transfers of such tokenized interests.” The phrase ”certain interests therein” in the same passage is looser than the 6-K’s promise of the same rights. As a Cayman company, CURRENC also keeps a principal register offshore, which the filings do not describe. We treat the token as an indirect claim: the issuer’s register at Continental governs ownership, and Securitize moves the tokens.

Size and holdings

The filings name Ethereum and Solana. On chain, the Ethereum contract (named ”CURRENC Group Inc.” and owned by Securitize’s key 0x59c1eace…) held no tokens on 23 September 2026. The Solana mint, whose metadata sits on metadata.securitize.io, held 4,717,647.9. A third contract, on Avalanche, held 338.1, with a USDC swap and redeem contract beside it. It is the only contract that Securitize’s own trading catalog lists for CURR. Ketju’s eligibility file lists all three. The 4.72 million tokenized shares are part of the 116.5 million that the board allowed to be tokenized. At CoinGecko’s price they are worth about $14 million.

Eligibility

The 20-F says the platform lets ”eligible shareholders” hold shares in wallet form. It does not say who is eligible. Securitize’s CURRENC page describes the steps. The holder asks the broker to move the shares to direct registration at Continental, sets up a Securitize ID, passes identity checks, registers a wallet and receives the tokens. Securitize’s Fidelity guide lists no DRS fee and two to three business days. No document states a minimum, an account-type rule or an excluded state. A US client may hold the token after these steps.

Withdrawals

A holder who wants ordinary shares back reverses the same steps. The filings do not describe that process, and we have not confirmed it.

Who controls it

Both EVM contracts are Securitize DS Protocol tokens behind upgradeable proxies. 0x59c1eace…, a key with no code, owns them; it is also the owner for SECZ, VBILL and STAC. Each implementation can seize, burn and pause tokens. It checks every transfer against a compliance service, a registry of approved investors and a lock manager.

On Solana, new accounts start frozen until Securitize unfreezes them. 2p8Vycz4… holds the mint and freeze authority. D2kGPFTy…, a single key that also serves SECZ, holds the permanent delegate and the pause. A permanent delegate can move or burn any holder’s tokens. CURRENC’s filings mention none of these powers.

Animoca Brands deal

On 2 November 2025 CURRENC signed a non-binding term sheet to acquire Animoca Brands. Under it, Animoca’s holders would have owned about 95% of the combined company, and the company expected to operate under the Animoca Brands name. Exclusivity lapsed on 30 June 2026. A 6-K of 21 September 2026 says the parties ”have agreed to suspend the Proposed Transaction at this time.” The token is unchanged. If the deal returns, what a CURR token represents could change with it.

Sources

Each claim above comes from one of these sources. Where Ketju could not verify a number, the memo states that.

The asset and the chain

This memo covers the protocol. A position also holds an asset and settles on a chain. Whichever of the three holds the most power over the position decides who can freeze it. These tables describe control and do not judge quality.

ChainVerdictFreezeWhat it can do
SolanaApproved with limits Governed, no freeze no admin key can seize funds, but stake is concentrating and the Nakamoto coefficient is below 25.
AvalancheApproved with limits Governed, no freeze no party can freeze or seize C-Chain funds, but one vendor writes the only production client and Messari measured over a third of stake hosted on AWS.
EthereumApproved No freeze key Ethereum has no sequencer, no upgrade key and no operator who can be compelled to act; rule changes require social consensus.
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