EarlyLayers

ELRM · Research

Research records

Every record ends in a dated, sourced and signed position — and states what would prove it wrong.

  • Record 005

    Announced isn't built

    SBI distribution thesis holds; characterisation revised

    Corrects Record 004

    Published
  • Record 004

    The distribution thesis is becoming a capital allocation thesis

    SBI Group's approximately US$50 million investment in Startale Group changes the nature of the relationship.

    Corrected by Record 005

    Published
  • Record 003

    Comparing the tokenized securities stack across Asian venues

    A side-by-side of issuance, custody, transfer, and settlement across the venues claiming tokenized securities capability in Japan, Korea, and Singapore — including which regulatory permissions each actually holds today.

    Queued In research
  • Record 002

    A landscape primer: what Strium is actually building, from the primary record

    A ground-up read of Strium's public materials, technical documentation, and the Startale Group relationship — separating architecture that ships from architecture that is described.

    In progress Drafting
  • Record 001

    Why this desk exists, and what it will refuse to do

    Coverage of Asian onchain capital markets is dominated by two sources: project communications, and Western analysts working from English-language summaries.

    Published