Kerovan · Tokenized fund operations · Built on Lascaris

Keep your tokenized funds and your legal register in step.

Kerovan finds every break between them and proves each fix.

Tokenized funds, bonds and deposits live in two books. Tokens sit on chain. The legal register and the bank ledgers sit off chain. Kerovan reconciles the two, holds what looks wrong until a person approves it, and records every decision in a signed audit log. It runs inside your perimeter, as a plugin to the Kafka you already run.

A plugin for your Kafka, not an integration project. No core banking changes.
Read-only. Data never leaves your perimeter and nothing writes back.
Signs NAV and price data at the source and feeds the oracle you already use.

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kerovan · inside your perimeterexample

sense

Chain and register events

mirrored topics, read-only

one formatfinalized only

reconcile

Break found

token holder not on the register

high risktransfer held

decide

Four-eyes approval

two people sign the decision

signedby your team

prove

Audit log

signed, hash-chained entry

reportto your topic

data never leavesnothing writes back

Networks

EVM, Canton

Runs on

Your Kafka

Production keys

None held

Kerovan. Tokenized fund operations.

Keep your tokens and your legal register in step.

Kerovan reconciles tokenized funds against the legal register and bank ledgers, and proves every break. It runs on your Kafka, inside your perimeter.

Book your demo

In plain terms

What is Kerovan?

What it is

A reconciliation and evidence product for tokenized assets. It keeps on-chain tokens and the off-chain legal register and bank ledgers in step, and proves what happened.

Who it is for

Heads of fund operations, reconciliation, risk and compliance at fund administrators, transfer agents, custodians, and banks issuing tokenized deposits or funds.

The problem it solves

Two books that drift apart, NAV and price data with no proof of where it came from, and audits that need every break and approval explained.

What it connects to

Your Kafka (Confluent, Amazon MSK, Strimzi) or a database read replica, EVM networks and Canton, the oracle you use and your custody system.

Where it runs

Inside your perimeter, on Lascaris. Data never leaves and nothing writes back.

Tokenized assets are in daily operations.

This is no longer a lab topic. Funds, bonds, deposits and settlement now run on chain at real volume. Every one of them still needs a legal register and a bank ledger behind it.

Public chains

About $39bn across 39 networks

Tokenized assets that can move on public chains. About $363bn including assets only recorded on chain.¹

Treasury funds

About $14.5bn in 117 products

Tokenized US Treasury funds, each with a register and a NAV to keep right.²

DLT bonds

A record EUR 8.1bn in 2026

So far this year, with about 81% on institutional ledgers such as Canton and Corda.³

Bank settlement

About $7bn a day

Moves through JPMorgan's Kinexys.⁴

Market infrastructure

DTCC, in production

DTCC tokenization has run in production since 15 July 2026, with more than 30 firms.⁵

Payments

Swift, on a ledger

Swift's blockchain ledger has been live since July 2026, with 17 pilot banks.⁶

BlackRock's BUIDL fund spans nine chains.⁷ One fund, many ledgers, one legal register. Market figures are context only and do not refer to Scalytics customers or partners.

The problem

One fund. Two books.

Tokens live on chain. The legal register and the cash live off chain, with the transfer agent and the bank. Regulators treat the off-chain register as the legal record and expect the two to match. Someone has to keep them in step and prove it.

The register

The register is the legal record

Malta's MFSA allows tokenized fund units under MiFID II.⁸ Cayman CIMA guidance requires token records to be reconciled with the authoritative register, and the register prevails.⁹

Breaks

The books drift apart

A transfer settles on chain but not on the register. A ledger entry has no token behind it. Teams chase the gap by hand.

Price data

The weak spot is the source

NAV and price data is self-reported. Chainlink's own docs say self-reported reserve data "carries additional risks".¹⁰ The gap is not the oracle. It is inside the administrator, where the number is made.

Evidence

Every break needs proof

Under DORA, operations teams have to show what broke, what they decided and who approved it. Emails and spreadsheets do not hold up.

Low friction

If you run Kafka, you're already halfway there.

On Confluent, Amazon MSK or Strimzi, Kerovan is a plugin, not an integration project. Your own mirroring copies an allowlist of topics, read-only, into a Lascaris cluster inside your perimeter. Confluent's mirror topics cannot be written to.¹¹ You pull signed reports from a Kerovan topic. That is the whole connection.

	Typical integration project	Kerovan on your Kafka
Core banking	Changes to core systems	No changes
APIs	New APIs to build and secure	No new APIs
Data flow	Data copied to a vendor	Data never leaves your perimeter
Write access	Vendor writes into your systems	Nothing writes back
Output	Vendor pushes into your stack	You pull signed reports from a topic
Security review	Wide scope	Smaller: read-only topics, no keys, no inbound writes

No Kafka yet? Kerovan reads change events from a database read replica instead. Map Kerovan onto your stack

How it works

Sense, reconcile, decide, prove.

Six steps, all inside your perimeter. Kerovan does the checking. Your people make the calls that matter.

01 · Sense

One view of both books

Token events from the chains and events from the register and bank ledgers arrive in one format.

02 · Reconcile

Continuous, on final data

Kerovan reconciles all the time, not at month end. It only uses finalized chain data, so a reorg does not create a false break.

03 · Decide

People approve the big calls

Low-risk breaks are handled automatically. A hold, freeze or pause waits for signed human approval, with four eyes.

04 · Prove

Signed, hash-chained audit log

Every decision and every approval is written to a signed, hash-chained audit log. When the auditor asks, you show them.

05 · Publish

Signed at the source

NAV and price data is signed where it is made and handed to the oracle you already use. Kerovan complements your oracle.

06 · Act safely

No production keys

Kerovan holds no production keys. It sends signed instructions to your custody system, which stays in control.

kerovan · example break

sense token transfer finalized on chain

reconcile receiving holder not found on the legal register

decide follow-up transfers held, four-eyes approval requested

approve operations lead and compliance lead sign

prove decision and approvals written to the audit log

act signed instruction sent to custody, report on the Kerovan topic

Your perimeter

What stays with you.

Kerovan runs where your data already lives. Your systems stay the systems of record.

Your data

Read-only mirrored topics in a Lascaris cluster inside your perimeter. Data never leaves.

Your keys

Kerovan holds no production keys. Your custody system signs and moves assets.

Your decisions

High-risk actions wait for your people. Every approval is signed and logged.

Chains and oracles

Works with the chains you chose.

You do not change chain or oracle to use Kerovan.

One EVM connector

Ethereum, Base, Arbitrum, Polygon, Avalanche, BNB Chain, Hedera and private Besu networks.

Canton

For institutions that issue or settle on Canton. Solana and Stellar on request.

The oracle you use

Kerovan signs the data at the source. Your oracle carries it on chain. It complements your oracle, it does not replace it.

Who it is for

For the teams who answer for the books.

Heads of fund operations, reconciliation, risk and compliance. We start in the EU and Malta.

Fund administrators

NAV you can stand behind

Sign NAV and price data where it is made, and show where every number came from.

Transfer agents

A register that matches the chain

See every gap between token holders and the legal register, with the reason and the approval.

Custodians and banks

Ledgers that match the tokens

Reconcile tokenized deposits and fund units against your ledgers without touching core banking.

Questions

Common questions.

Do we need to change core banking?

No. If you run Kafka, your own mirroring copies an allowlist of topics, read-only, into a Lascaris cluster inside your perimeter. No new APIs and no core banking changes.

We don't run Kafka. Can we still use Kerovan?

Yes. Kerovan reads change events from a database read replica instead.

Does our data leave our environment?

No. Kerovan runs inside your perimeter. Data never leaves and nothing writes back. You pull signed reports from a Kerovan topic.

Can Kerovan move assets?

No. It holds no production keys. High-risk actions such as a hold, freeze or pause need signed four-eyes approval, and Kerovan sends signed instructions to your custody system.

Does it replace our oracle?

No. Kerovan signs NAV and price data at the source, inside the administrator, and hands it to the oracle you already use.

How does Kerovan help with DORA and MiFID?

Kerovan is built for DORA and MiFID evidence needs. Every break, decision and approval sits in a signed, hash-chained audit log you can show your auditors and your regulator.

Kerovan on Lascaris

Keep both books in step.

See Kerovan reconcile a tokenized fund against its legal register, hold a break for approval and write the audit log. Then we map it onto your own Kafka, chains and ledgers.

Demo

See it work

A reconciliation run, a held break, a four-eyes approval and the audit entry behind it.

Setup

On the Kafka you have

Mirror an allowlist of topics into Lascaris in your perimeter. No core banking changes.

Book a demo Talk to us

Sources

RWA.xyz, Networks, accessed 21 October 2026. app.rwa.xyz/networks
RWA.xyz, Tokenized Treasuries, accessed 21 October 2026. app.rwa.xyz/treasuries
AFME, DLT report 2026. afme.eu
J.P. Morgan, Harvard Business School case study on Kinexys. jpmorgan.com
DTCC, "DTCC turns tokenization into reality", 2026. dtcc.com
Swift, "Swift's blockchain ledger ready for use", 2026. swift.com
The Chain Observer, "BlackRock BUIDL spans nine chains". thechainobserver.com
MFSA, Position Paper on the Tokenisation of Fund Units. mfsa.mt
CIMA, Rule and Statement of Guidance, Tokenised Funds, section 8. cima.ky
Chainlink documentation, SmartData. docs.chain.link
Confluent documentation, Mirror topics. docs.confluent.io

Who builds this

Built by a team that has worked in finance, built on blockchain and shipped Apache infrastructure.

Scalytics brings together Apache open-source leadership and senior engineering depth, including hands-on experience with blockchain systems and with the data behind financial, energy and insurance operations. The team includes the original inventors of Apache Wayang, and founder work history spans senior roles at organizations including Allianz, Cloudera, Confluent, E.ON, McKinsey, and Scout24. Kerovan reflects that background. Clear system boundaries, records you can audit, and an honest line between finding a break and moving an asset.