Galaxy Digital leads $7M seed round for Tenbin to tokenize gold and emerging‑market FX on CME-linked rails

A New York startup has secured a $7 million seed investment to build tokenized versions of gold and select emerging‑market currencies that mirror traditional market behavior more closely than many existing on‑chain assets. Backed by Galaxy Ventures and a syndicate including market‑making and trading infrastructure firms, Tenbin is designing tokens that anchor valuation and risk management to exchange‑traded futures rather than relying on custodial wrappers. That architecture is intended to reduce tracking error with spot markets, enable rapid mint/redemption cycles and monetize the futures basis so token holders receive persistent yield. By routing hedging through CME contracts, the protocol can hedge global exposure without opening local bank accounts, a feature that simplifies access to non‑dollar assets for on‑chain users. The initial rollout prioritizes a gold token supported by prime brokers and follows with FX tokens denominated in currencies such as the Brazilian real and Mexican peso, aiming to support carry strategies in DeFi. Integration with decentralised finance primitives is central: tokens are being built to move freely across liquidity pools and lending markets while minimizing fee friction under normal conditions. For institutional participants and sophisticated retail users, the proposition is faster settlement and more reliable price discovery than many custody‑backed tokens offer today. The design choices also respond to growing demand for dollar alternatives onchain, offering yield and currency diversification to crypto portfolios. Operationally, Tenbin will lean on established broker relationships to provide market access and on hedging algorithms to capture basis returns, rather than holding physical inventories. Risks remain: basis strategies expose token economics to futures curve shifts and large market dislocations could stress redemption liquidity if counterparties retrench. Regulatory and custodial considerations will also determine how widely FX tokens can be marketed and whether prime brokers sustain their support. If the product delivers consistent tracking, low slippage and dependable yield, it could broaden the set of tradable real‑world assets in DeFi and create new on‑chain pathways for international currency exposure.