{"version":1,"id":"fission","title":"Fission","summary":"Fission is a financial technology company that provides liquidity infrastructure for tokenized funds, enabling eligible investors to access USDC between scheduled redemption windows.","content":"**Fission** is a financial-technology company building liquidity infrastructure for tokenized funds and other institutional assets. Founded in 2024 by Jonathan Shaffer, Steve Bendit, Curtis Humphrey, and Zachary Skolnik, it enables eligible investors to sell supported fund positions for [stablecoins](https://iq.wiki/wiki/stablecoin) between scheduled redemption windows, while Fission holds the acquired positions until the underlying funds redeem them.[[1]](#cite-id-2zunq2wafl)[[2]](#cite-id-ducjtog2w4) The company’s stated aim is to make tokenized funds more useful as financial assets by supporting liquidity, financing, collateralization, and secondary trading.[[3]](#cite-id-s3d7hcma42)[[2]](#cite-id-ducjtog2w4)\n\n## Overview\n\nFission provides liquidity infrastructure for tokenized funds, allowing eligible investors to sell supported fund positions for [stablecoins](https://iq.wiki/wiki/stablecoin) between scheduled redemption windows. Fission acquires and holds the positions until the underlying funds return capital, then recycles the returned capital for future transactions.[[1]](#cite-id-2zunq2wafl)[[7]](#cite-id-lk591b1mfw) The company also states that its infrastructure supports collateralization, financing, and secondary trading.[[2]](#cite-id-ducjtog2w4)\n\n## History and Funding\n\nFission was founded in 2024 by Jonathan Shaffer, Steve Bendit, Curtis Humphrey, and Zachary Skolnik; Skolnik later left the company.[\\[1\\]](#cite-id-2zunq2wafl) Shaffer had worked as an investor at Point72, where he observed that tokenizing private-fund shares had not shortened the time investors waited to cash out. He connected with Bendit, then head of business development at [Securitize](https://iq.wiki/wiki/securitize), and the two spent more than two years discussing the persistence of fund-liquidity problems before joining Humphrey and Skolnik to launch Fission.[\\[1\\]](#cite-id-2zunq2wafl) Shaffer had also held investment roles at Credit Suisse, while Bendit brought experience in [tokenization](https://iq.wiki/wiki/tokenization), institutional relationships, and distribution from Securitize.[\\[4\\]](#cite-id-804xatp19m)​\n\nFission announced a closed [testnet](https://iq.wiki/wiki/testnet) on October 10, 2024.[\\[5\\]](#cite-id-lz70e0rj2s) The company reported a $1.6 million pre-seed round dated October 10, 2024, led by SALT Fund and Kraynos Capital.[\\[5\\]](#cite-id-lz70e0rj2s)​[\\[1\\]](#cite-id-2zunq2wafl) The Venture Dept. said it invested in Fission’s seed round in early 2025.[\\[4\\]](#cite-id-804xatp19m)​\n\nOn October 15, 2026, Fission announced a $10 million Series A led by [Pantera Capital](https://iq.wiki/wiki/pantera-capital), which had closed in September. Participants included Circle Ventures, Borderless Capital, and Ari Rubenstein, as well as existing investors New Form Capital and gumi Cryptos Capital.[\\[6\\]](#cite-id-u9a5iw2v19)​[\\[5\\]](#cite-id-lz70e0rj2s)​[\\[1\\]](#cite-id-2zunq2wafl)​[\\[4\\]](#cite-id-804xatp19m) Fortune also identified Manhattan Venture Partners, Reflexive Capital, and Lattice Capital among investors that continued backing the company.[\\[1\\]](#cite-id-2zunq2wafl) Fission’s company profile also lists [Anthony Scaramucci](https://iq.wiki/wiki/anthony-scaramucci) as a backer.[\\[5\\]](#cite-id-lz70e0rj2s)​\n\n## Liquidity Mechanism\n\nFission addresses the gap between the transferability of a tokenized fund share and the time required to redeem it from the underlying fund. [Tokenization](https://iq.wiki/wiki/tokenization) can make ownership and settlement digital, but it does not ensure that a buyer will be available or make the fund’s underlying assets immediately convertible to cash.[[7]](#cite-id-lk591b1mfw)[[1]](#cite-id-2zunq2wafl) Many semi-liquid funds instead offer periodic repurchase or tender programs, while secondary transfers outside those windows can require finding an eligible buyer, negotiating a price, checking investor qualifications and transfer restrictions, and coordinating documentation among intermediaries.[[7]](#cite-id-lk591b1mfw)\n\nAn investor submits a supported fund position for sale, and Fission acts as the buyer. It transfers [stablecoins](https://iq.wiki/wiki/stablecoin) to the investor and holds the acquired position until the underlying fund’s redemption process returns capital; the proceeds can then be used for further transactions.[[1]](#cite-id-2zunq2wafl)[[7]](#cite-id-lk591b1mfw) Fission says this arrangement separates an investor’s access to liquidity from the fund’s redemption schedule without requiring managers to change their investment strategies or redemption terms.[[5]](#cite-id-lz70e0rj2s)[[7]](#cite-id-lk591b1mfw)\n\nThe company individually underwrites positions and prices them to reflect risk, time, and the cost of capital.[[5]](#cite-id-lz70e0rj2s)[[4]](#cite-id-804xatp19m) Because Fission acquires and holds each position until the underlying fund returns capital, it carries exposure to the holding period and the timing of redemption. Fission says its portfolio-wide capital deployment is guided by exposure limits, expected duration, financing availability, asset quality, redemption characteristics, concentration, and market conditions.[[7]](#cite-id-lk591b1mfw) Shaffer said a sale that might otherwise take about 200 days could be completed through Fission for a fee, with settlement in 90 seconds or less.[[1]](#cite-id-2zunq2wafl)\n\nFission describes its service as combining onchain and offchain capital, financing, and balance-sheet capacity. It says transactions use [smart contracts](https://iq.wiki/wiki/smart-contract) and institutional custody infrastructure to move tokenized assets and [stablecoins](https://iq.wiki/wiki/stablecoin) atomically and, where supported, across networks.[[7]](#cite-id-lk591b1mfw) The company says this can provide liquidity not only to investors seeking to exit positions but also to curators and lending platforms needing to support [collateral](https://iq.wiki/wiki/collateral) [liquidations](https://iq.wiki/wiki/liquidation) after borrower defaults.[[5]](#cite-id-lz70e0rj2s)\n\n## Market Context and Applications\n\nFission’s September 2026 analysis placed its service in the context of semi-liquid private-market products such as business development companies, interval funds, and tender-offer funds. It reported that more than $600 billion had been invested in such products and that about $48 billion in redemption requests exceeded available periodic liquidity at the time described.[\\[7\\]](#cite-id-lk591b1mfw) The company’s post attributed those figures primarily to Robert A. Stanger & Co. quarterly releases, with additional data drawn from XA Investments, Morningstar/PitchBook, and Securities and Exchange Commission filings.[\\[7\\]](#cite-id-lk591b1mfw) [Tokenization](https://iq.wiki/wiki/tokenization) does not itself guarantee a buyer or shorten waits for redemption from the underlying fund.[\\[1\\]](#cite-id-2zunq2wafl)​\n\nFission identifies lending markets, market makers, and institutions as potential users of its liquidity infrastructure.[\\[7\\]](#cite-id-lk591b1mfw) Its examples include lending markets assessing [collateral](https://iq.wiki/wiki/collateral)’s convertibility into [stablecoins](https://iq.wiki/wiki/stablecoin) after a default, market makers intermediating positions, and institutions accessing working capital while holding investments.[\\[7\\]](#cite-id-lk591b1mfw) Fission characterizes its role as providing infrastructure for financing, trading, collateral use, interoperability, risk management, and market structure around existing institutional products.[\\[7\\]](#cite-id-lk591b1mfw)​\n\n## Integrations and Ecosystem\n\nOn September 10, 2026, Fission announced an integration with [Midas](https://iq.wiki/wiki/midas) to provide T+0 [USDC](https://iq.wiki/wiki/usdc) liquidity for mWIN and mGLOBAL. Fission described mWIN as providing onchain institutional-credit exposure managed by Wellington Management, and mGLOBAL as providing access to alternative debt managed by Fasanara Capital. The underlying mGLOBAL fund has a T+30 redemption cycle, while Fission’s service offers holders immediate [USDC](https://iq.wiki/wiki/usdc) settlement.[[5]](#cite-id-lz70e0rj2s)\n\nOn August 25, 2026, Fission announced a partnership with [Centrifuge](https://iq.wiki/wiki/centrifuge) to provide T+0 [USDC](https://iq.wiki/wiki/usdc) liquidity for HYB, ACRDX, JAAA, and JTRSY, whose underlying redemption cycles range from T+1 to quarterly.[[5]](#cite-id-lz70e0rj2s) The Venture Dept. also described [Centrifuge](https://iq.wiki/wiki/centrifuge) as offering instant USDC liquidity through Fission across several of its flagship funds.[[4]](#cite-id-804xatp19m)\n\nFission describes its ecosystem as a network of asset managers, issuers, and protocols intended to make tokenized funds liquid. Its listed categories include vault partners, lending protocols, liquidity partners, fund managers, token issuers, infrastructure partners, and investors.[[8]](#cite-id-bydxriunfs) The company reports that it had processed millions of dollars in redemptions by October 2026.[[5]](#cite-id-lz70e0rj2s)\n\n## Leadership and Adoption\n\nFission Labs identifies Jonathan Shaffer as co-founder and chief executive officer, Steve Bendit as chief revenue officer, and Curtis Humphrey as chief technology officer. Its company profile also lists Harumi Urata-Thompson as head of operations and Adam A. as lead marketing and research.[\\[5\\]](#cite-id-lz70e0rj2s) Research from the Tokenized Asset Coalition likewise identifies Shaffer and Bendit as Fission Labs executives and describes the company as building liquidity infrastructure for tokenized private-market assets.[\\[9\\]](#cite-id-j697tiq53r)​\n\nFortune reported that Fission’s customers included U.S. and overseas hedge funds holding tokenized private-credit or equity positions, [crypto](https://iq.wiki/wiki/cryptocurrency) organizations managing treasuries, and [stablecoin](https://iq.wiki/wiki/stablecoin) issuers holding interest-earning tokenized investments as reserves. It also reported a smaller but growing group of wealthy individuals using the platform to cash out personal holdings.[\\[1\\]](#cite-id-2zunq2wafl) Fission has promoted a one-click investor experience for accessing multiple tokenized funds, while describing the underlying process as requiring coordination across settlement, fund records, and legacy paper-based infrastructure.[\\[6\\]](#cite-id-u9a5iw2v19)​","categories":[{"id":"organizations","title":"organizations"}],"tags":[{"id":"Infrastructure"},{"id":"RWA"}],"images":[{"id":"QmaVaLNs4e7TbhqJSZK4wi5bxDN5Sh31ZQ9FUBKn631E7Y","type":"image/jpeg, image/png"}],"media":[{"id":"QmUc8mD2Tp5K2KTTcc6QPmUKEtE5p2XWa6uut6uJAeA1aQ","name":"Cópia de Design sem nome (1).png","source":"IPFS_IMG","thumbnail":"QmUc8mD2Tp5K2KTTcc6QPmUKEtE5p2XWa6uut6uJAeA1aQ","caption":""},{"id":"QmZXLCEYL75JGVACmoTBMHY6bYC1zZTzWbZjn6WZDi2x2P","name":"image_preview_share.png","source":"IPFS_IMG","thumbnail":"QmZXLCEYL75JGVACmoTBMHY6bYC1zZTzWbZjn6WZDi2x2P","caption":""}],"metadata":[{"id":"website","value":"https://fission.codes/"},{"id":"twitter_profile","value":"https://x.com/FISSIONcodes"},{"id":"linkedin_profile","value":"https://www.linkedin.com/company/fissionxyz"},{"id":"references","value":"[{\"id\":\"2zunq2wafl\",\"url\":\"https://fortune.com/2026/10/15/pantera-capital-backed-startup-fission-10-million-investors-tokenized-funds-liquidity/\",\"description\":\"Fortune report on Fission\",\"timestamp\":1793206025035},{\"id\":\"ducjtog2w4\",\"url\":\"https://fission.xyz/\",\"description\":\"Fission official website\",\"timestamp\":1793206025035},{\"id\":\"s3d7hcma42\",\"url\":\"https://fission.xyz/about/\",\"description\":\"About Fission\",\"timestamp\":1793206025035},{\"id\":\"804xatp19m\",\"url\":\"https://www.theventuredept.vc/insights/why-we-invested-in-fission\",\"description\":\"The Venture Dept. investment thesis\",\"timestamp\":1793206025035},{\"id\":\"lz70e0rj2s\",\"url\":\"https://www.linkedin.com/company/fissionxyz\",\"description\":\"Fission company profile\",\"timestamp\":1793206025035},{\"id\":\"u9a5iw2v19\",\"url\":\"https://x.com/FissionXYZ\",\"description\":\"Fission on X\",\"timestamp\":1793206025035},{\"id\":\"lk591b1mfw\",\"url\":\"https://fission.xyz/blog/fission-liquidity-layer-for-tokenized-funds\",\"description\":\"Fission liquidity-layer post\",\"timestamp\":1793206025035},{\"id\":\"bydxriunfs\",\"url\":\"https://fission.xyz/ecosystem\",\"description\":\"Fission ecosystem\",\"timestamp\":1793206025036},{\"id\":\"j697tiq53r\",\"url\":\"https://research.tacoalition.org/the-filing-that-brings-private-markets-onchain-at-scale/\",\"description\":\"Tokenized Asset Coalition research\",\"timestamp\":1793206025036}]"},{"id":"main-image-origin","value":"{\"imageId\":\"QmaVaLNs4e7TbhqJSZK4wi5bxDN5Sh31ZQ9FUBKn631E7Y\",\"originalId\":\"QmaVaLNs4e7TbhqJSZK4wi5bxDN5Sh31ZQ9FUBKn631E7Y\"}"},{"id":"commit-message","value":"Add Fission wiki"}],"events":[{"type":"DEFAULT","title":"Pre-seed funding and closed testnet announcement","date":"2024-10-01","description":"Fission reported a $1.6 million pre-seed round and announced a closed testnet.","link":null,"multiDateStart":null,"multiDateEnd":null,"id":"efc1b330-1511-477b-bbea-abd384087f07"},{"type":"DEFAULT","title":"Partnership with Centrifuge","date":"2026-08-01","description":"Fission announced T+0 USDC liquidity for HYB, ACRDX, JAAA and JTRSY.","link":null,"multiDateStart":null,"multiDateEnd":null,"id":"f3b1f80c-46ce-469f-9e07-5baf82d319ea"},{"type":"DEFAULT","title":"Integration with Midas","date":"2026-09-01","description":"Fission announced T+0 USDC liquidity for mWIN and mGLOBAL.","link":null,"multiDateStart":null,"multiDateEnd":null,"id":"95b1d458-54c4-40bc-8c45-8b550da20b0d"},{"type":"DEFAULT","title":"Series A announcement","date":"2026-10-01","description":"Fission announced a $10 million Series A led by Pantera Capital.","link":null,"multiDateStart":null,"multiDateEnd":null,"id":"85b7cbb8-b826-4e2e-95ef-900ae978cb83"}],"linkedWikis":{"founders":[],"blockchains":[],"speakers":[]},"user":{"id":"0x8af7a19a26d8fbc48defb35aefb15ec8c407f889"},"author":{"id":"0xd5893989b9952c6568a99f854795acc5ae480d56"},"language":"en","operator":{"id":"0xd5893989b9952c6568a99f854795acc5ae480d56"}}