Warehouse inventory
Goods held under warehouse receipt.
What this instrument is
Read off the asset template the product uses to structure one of these, not written separately for the website.
| Fungibility | fungible |
|---|---|
| Income | Produces no income; the cashflows are subscription in and realisation out. |
| Maturity | Open-ended, with no scheduled end. |
| Physical custody | Required — something tangible must be held by an identified party. |
| Proof of reserve | Required on a recurring basis, because the token claims to represent a specific custodied thing. |
| Independent valuation | Not required; a market or contractual price is available. |
Token model
Derived from what the instrument is — whether it is fungible, whether it is fractionalised, whether transfers depend on the recipient, whether it accrues rather than pays, and whether units come in batches.
ERC-3643. Transfers depend on who the recipient is. ERC-3643 pairs the token with an identity registry and a compliance module, so an ineligible transfer is rejected by the contract itself rather than only by policy.
Alternatives considered
| Standard | When it is the better choice |
|---|---|
| ERC-7943 | A newer permissioned standard. Consider it where its tooling and audit coverage are sufficient for your deployment; verify support on your target chain first. |
| ERC-4626 | If the instrument is a yield-bearing vault, wrap the restricted token rather than replacing it. |
What must exist before it can be offered
Readiness is derived from what has actually been recorded against the asset. These are the requirements this class carries.
Parties
- Asset owner — required.
- Issuer — required.
- Legal counsel — required.
- Custodian — required.
- Auditor — required.
- Insurer — recommended.
- Valuation provider — recommended.
- Oracle provider — recommended.
Documents
- Ownership evidence — required and must be current.
- Legal opinion — required and must be current.
- Offering memorandum — required and must be current.
- Subscription agreement — required and must be current.
- Investor disclosures — required and must be current.
- Custody agreement — required and must be current.
- Proof-of-reserve report — required and must be current.
- Insurance — required and must be current.
- Inspection report — recommended.
- Audit — recommended.
Legal structures commonly used
Presented as options for counsel to choose between, never applied automatically: Warehouse receipt, Security interest, Custodial entitlement.
What is distinctive about commodities
The shape of the claim
The claim is usually evidenced by a warehouse receipt, and grade, origin and condition all change what it is worth. Two lots of the same commodity are not automatically interchangeable.
Servicing burden
Physical. Storage, inspection, re-certification and insurance accrue continuously, and for perishables the passage of time is itself a risk.
Principal risk
Warehouse fraud and degradation. Duplicate receipts and phantom inventory are documented failures in this industry rather than theoretical ones.
Liquidity, realistically
Depends entirely on whether a benchmark exists for that grade at that location. Where one does, reasonable; where it does not, thin.
Structure a warehouse inventory.
Launch Studio will not let this asset reach an offering without the parties and documents listed above.