One cargo. Six gates. In depth.
The landing page compresses the model; this page walks it. Every CARTHO deal runs the same path — one ring-fenced vehicle per cargo, hard stops on identity, cargo, documents and funds, and a settlement order written down before anyone funds. Deal-level detail beyond this page lives in the deal pack, under NDA: request it here.
The six gates
Buyer, supplier, commodity, route, economics and documents go into one deal file before financing is discussed. No complete commercial story — no next gate.
Verification, beneficial ownership and sanctions screening on every party — buyer, supplier, intermediaries, banks. A hard stop: no exceptions, repeated when a party changes.
A ring-fenced vehicle is formed for that cargo alone. Title is perfected the classic way — endorsed BoL / eBL, warehouse warrant, assigned receivables — held by the vehicle. A hash is a record, not a title. Funds sit under controlled escrow; no single party, CARTHO included, moves them alone.
Independent inspection at load and discharge; title documents under controlled custody. Financing releases against evidenced documents — double-financing is stopped where it happens: in custody.
Cargo status, document state, price exposure and exception flags tracked across the full 75–120 day cycle. Price risk on the underlying is hedged as a funding precondition — sized to the deal, marked daily, unwound with the cycle.
Every deal closes in a documented order: taxes → capital principal → capital return → insurance and hedge → supplier → CARTHO fee, last → residual. Under-recovery zeroes our fee before it touches principal.
The calibration case, gate by gate
Executed by our trading partner, not by CARTHO. We publish it as a model calibration case, not as CARTHO track record — the cargo, document and settlement path it followed is the path the six gates encode. CARTHO-structured cycles run through the same gates, disclosed in the deal room.
Deal intake
2,052 metric tonnes of copper concentrate. A Brazilian mine on one side, a buyer in Tianjin on the other. Route, economics and the document list assembled into one deal file.
Artifacts: deal file — commercial terms, route, incoterms, document checklist.
KYB / KYC and sanctions
Both counterparties and every intermediary screened — identity, beneficial ownership, sanctions. A hard stop before any money moves.
Artifacts: screening record per party — identity, UBO tree, sanctions result.
Deal vehicle and escrow
One vehicle for this cargo alone. Title perfected through the shipping documents held by the vehicle; funds under escrow with independent release gates.
Artifacts: vehicle formation pack, escrow instruction, endorsed BoL / eBL held by the vehicle.
Cargo and documents
Independent inspection at load. Financing releases against verified documents — not against anyone's word.
Artifacts: load inspection certificate, custody log for title documents.
Monitoring
Cargo, documents and price exposure tracked across the transit. The short hedge on the underlying is marked daily and unwound with the cycle.
Artifacts: daily hedge marks, transit and exception log across the cycle.
Settlement waterfall
Documents against payment, waterfall in order, positions closed. The transaction closed at a 13% gross spread.
Artifacts: documents-against-payment set, executed waterfall statement.
Questions a diligent reader asks
What do I actually hold as a capital partner?
A participation in one specific deal through its ring-fenced vehicle — never a share of a pool. The vehicle holds title to the cargo through the shipping documents; you hold a claim on that vehicle with a documented settlement order.
What happens if the buyer defaults?
The vehicle still holds title. The cargo is sold on the spot market and proceeds are distributed through the same waterfall — capital principal ahead of capital return, CARTHO's fee last. Recovery modelling and stress cases are in the deal pack, shared under NDA.
Why is the target APR 12–17%, and why 'priced per deal'?
Each deal is priced on its own corridor, counterparty and tenor at subscription. The range is a target across deals — not a guarantee, not a pooled return, and not an offer. Any deal can under-recover or lose principal.
Why is CARTHO paid last?
Fee position is the honest incentive statement: our fee sits in the final position of the waterfall by design, after capital principal and return. Under-recovery zeroes our fee before it touches your principal. No management fee, no AUM charge.
Is this a token or crypto product?
No. Title lives in trade documents held by the deal vehicle. The platform maintains a deal register as an evidence layer; anything beyond that sits in the roadmap's later stages, gated on legal opinion — and forms no part of any deal's target return.
Who can participate?
Professional and eligible participants, after jurisdiction screening, identity verification, an eligibility declaration and a signed risk acknowledgement. Individual participation from $500 is gated through the same screening — it is not a public offering, and it is not offered to US persons.
How do I verify any of this?
Ask for the deal pack, then check the evidence gates on the landing page — six binary, externally checkable milestones. We publish what is signed and what is not; a protection you cannot verify is marketing.
Still open questions? Start with a real trade — or request the deal pack and read the closing-grade terms in full.