Chrisomallos — the Golden Fleece of structured private debt
EVM · ERC-3643 · MiCA-aligned

χρυσόμαλλος Chrisomallos.

We codify structured private debt into machine-readable form — then put it on-chain. A configurator and validator for mezzanine and project finance, built for EU-regulated funds, with deal-by-deal tokenization of receivables on EVM. The missing infrastructure between institutional finance and the blockchain register of assets.

"In ancient myth, the Argonauts sailed to Colchis for the Golden Fleece. We are building the ship — and the infrastructure to tokenize it."

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The problem

Investment-grade
finance is locked
behind closed doors.

Professional structured finance — mezzanine loans, project finance, private debt — has been the exclusive domain of global investment banks and HNWI clients. Until now.

✗
Inaccessible for mid-market
Structured mezzanine financing requires investment bank advisory costing 3–7% of transaction value. Prohibitive for SMEs and mid-market funds.
✗
Pool investment — no control
Existing tokenized debt platforms pool investor capital. Investors have zero influence over where their capital goes or how it is managed.
✗
Regulatory grey zone
Most tokenized lending platforms operate outside EU regulation — targeting DeFi users with stablecoins in Nigeria, the Philippines or Brazil. No MiCA compliance, no institutional trust.
✗
No transferability, no transparency
Private debt positions cannot be divided, pledged or moved to another holder without renegotiating paper. Investors have no continuous view of the project they financed. The position is opaque and structurally immobile.
The solution

Chrisomallos:
tokenize structured
debt, deal by deal.

A configurable, replicable, scalable SaaS on EVM (ERC-3643 / T-REX standard) that allows regulated investment funds (AIF/SPAIF) to tokenize structured receivables — making illiquid private debt investable, transparent and legally enforceable. Commercial model: SaaS licence plus flat per-transaction fees — independent of issuance success.

01

AIF configures

The regulated investment fund (AIF/SPAIF) self-configures the tokenization of the investment agreement — mezzanine terms, profit participation, conversion rights, covenants. No expensive external advisory for standard structures.

02

Receivable is tokenized

The structured receivable (RWA) is encoded as a receivable token (permissioned token) on EVM using the ERC-3643 (T-REX) standard — the leading protocol for compliant institutional tokenization. Full KYC/AML at protocol level. Permissioned transfers only between verified professional investors.

03

Investors participate

Professional investors acquire tokens — each representing a deal-by-deal claim on the underlying receivable. They choose every project individually, receive continuous on-chain reporting, and hold a position that is divisible and transferable within a verified circle of professional investors — for collateral, portfolio rebalancing, or transfer to a known counterparty. Transfer is executed as an assignment of the contractual position; the register records it, the documentation governs it.

≠

Chrisomallos is not a cryptocurrency · not a fund · not a bank

Kolchis is a SaaS technology company. Chrisomallos is not a DeFi protocol, not a stablecoin, not a pool investment vehicle. Token value derives exclusively from the underlying RWA — not from speculation, staking, or market sentiment. Kolchis charges in EUR/CHF/PLN. No utility token, no governance token, no inflation. The technology layer is structured so that it is not, by design, a licensed activity — Kolchis provides software, not regulated services. No KNF/banking or CASP licence required for the technology layer.

For whom

Two sides of the
same golden coin.

AIF · Emitters · Fund managers

Regulated investment funds

  • VC, PE and AIF/SPAIF managers originating project finance or mezzanine transactions
  • Structured mezzanine issuance without costly investment bank advisory for standard structures
  • Self-configure loan terms — profit participation, conversion rights, reporting covenants
  • Contractual liability limited to tokenized project assets (project finance structure)
  • Ability to restructure loan terms via investor assembly decision before maturity
  • Reporting obligations streamlined via supervised smart contract events — reducing operational burden
Lenders · Token buyers

Professional investors

  • Private individuals and non-financial entities qualifying as professional investors
  • VC, PE, hedge funds and private debt funds (other than the issuing AIF)
  • Deal-by-deal participation — full control over capital allocation per transaction
  • Returns beyond interest: profit participation, equity conversion options
  • Full visibility into investment progress — periodic and real-time on-chain reports
  • Divisible, transferable position — pledgeable and assignable within a verified professional circle
Market opportunity

$5.4 trillion private debt.
Growing to $7.8T by 2029.

EU represents 17% of the global market — and is the only major jurisdiction with a clear regulatory framework for compliant institutional token issuance. Kolchis targets the structured end of this market: configurable mezzanine, deal-by-deal, MiCA-aligned.

Source: EY Parthenon, March 2026

€918B
EU private debt AUM
17% of global $5.4T · 2025
€200B
EU annual new origination
private credit · per year
€50B
EU structured mezzanine
annual origination · Kolchis target segment
€15–25B
CEE corridor
fastest-growing EU sub-region · Kolchis home market
Five tailwinds. One window.
01
MiCA full implementation (2026) — the first EU-wide regulatory framework for compliant digital asset issuance. The window for a compliance-first mover is now.
02
EU Savings and Investments Union (SIU, 2025) — EU policy mandate to redirect hundreds of billions of euros from household bank deposits into capital markets. Private debt tokenization is the direct beneficiary: more participants, more capital, more transactions.
03
Institutional tipping point (2027–2028) — BlackRock, J.P. Morgan and DTCC are entering tokenized securities. Network effects begin. Infrastructure built today becomes the standard tomorrow.
04
ECB accepts tokenized assets as collateral (March 2026) — a structural signal that institutional adoption is no longer speculative. It is happening.
05
Market creation effect — Kolchis does not merely serve an existing market. By making structured mezzanine self-configurable and tokenizable, we create access for participants who had no path before. The SIU program creates millions of new potential investors. Chrisomallos gives them a product.

Structured debt receivables are temporary assets — repaid and reissued with every new loan cycle. Chrisomallos revenue renews automatically with each new tokenization event. Unlike equity or real estate, structured debt creates a permanently self-regenerating source of SaaS revenue. Chrisomallos benefits from this: issuers, investors and intermediaries all pay less than with traditional advisory — while Kolchis earns on every new transaction.

"I believe the next generation for markets, the next generation for securities, will be tokenization of securities."
Larry Fink — CEO, BlackRock
⊕

Warsaw as the trust gateway. Poland sits between institutional Western Europe and the capital-rich markets of Central-Eastern Europe. We serve investors from the wider region who want to deploy capital inside a regulated EU structure, and EU structures investing into that region — in every case after full source-of-funds verification and within applicable sanctions regimes. We combine Western regulatory credibility with deep regional network and local market knowledge, built across two decades of transaction architecture in the CEE corridor.

Competitive advantage

The gap nobody
dared to cross.
Until now.

Virtually all competitors either avoid EU regulation entirely or tokenize simple pool loans. None has attempted the technological and legal challenges required to tokenize configurable structured mezzanine finance — deal by deal, MiCA-aligned, on EVM.

Competitors vs. Chrisomallos
Pool investment — no investor control over capital allocation
→
Deal-by-deal — investor chooses every project individually
Avoiding MiCA, SEC — operating outside EU jurisdiction
→
MiCA-aligned · compliance-by-design · EU-domiciled — no licence required for the software layer
Targeting DeFi users with stablecoins
→
Professional investors — structured finance, not speculation
Simple loan tokenization only
→
Full mezzanine: profit participation, conversion rights, covenants
Compliance by design
Designed for alignment with EU Regulation 2023/1114 — outside MiFID II by construction; no CASP licence required for the software layer. Confirmed by legal opinion for each market of entry. No regulatory grey zones — institutional trust by design.

In September 2026, Kolchis submitted formal comments to the European Commission’s targeted consultation on the MiCA review — addressing the divergence in instrument qualification between MiCA and national securities catalogues, the absence of a negative test for non-CASP software providers, and MiCA’s interplay with the Crowdfunding Service Providers Regulation.
Self-configuring protocol
Borrowers configure tokenization parameters — mezzanine terms, reporting triggers, investor rights — without costly external advisory. SaaS logic embedded in the protocol layer.
ERC-3643 (T-REX) · EVM standard
Built on EVM using ERC-3643 — the leading institutional protocol for compliant institutional token issuance, with $32B+ in real-world assets already tokenized. Chain-agnostic by design.
First client already committed
First client and product owner is Argo Partners / Al'Thor ZASI — the regulated investment fund (KNF: PLZASI00403) of the Sarmatia Ventures group. Chrisomallos will be deployed on real transactions from the first day of operation — the pilot client and its deal pipeline are already in place.
The ecosystem

Three names.
One mythological architecture.

Sarmatia Ventures, Argo Partners, Kolchis — three entities forming a closed loop: deal origination, regulated investment vehicle, and tokenization infrastructure. Each operates independently. Together, they create a complete ecosystem with no external dependencies for the first transactions.

I · Transaction architecture
Sarmatia Ventures
Deal origination · AI deal flow · Venture building

Identifies investment opportunities through a proprietary AI-driven deal flow system. Structures transactions, navigates the regulatory landscape. Co-founder and venture builder of Kolchis. Active since 2007.

sarmatia.vc ↗
II · Regulated investment fund
Argo Partners
Al'Thor ZASI
KNF-supervised AIF · First production user · Calibration partner

KNF-supervised Alternative Investment Fund (PLZASI00403) — first production user of Chrisomallos and the source of calibration data from live Polish transactions. This is dogfooding and market fit calibration, not external validation: independent client traction is an explicit gate for our seed round. argo.partners is the investor access portal.

argo.partners ↗
III · Technology infrastructure
Kolchis · Chrisomallos
SaaS tokenization protocol · This project · Seeking investment

The tokenization engine. Configurable, replicable, scalable. EVM-based, ERC-3643 standard. SaaS licence and flat per-transaction fees — recurring revenue independent of investment performance. Currently in pre-seed fundraising.

Join the Mission

Building the team
to cross to Colchis.

Kolchis is at pre-founding stage. The founding partners bring 25+ years of transaction law, PE/VC, venture building and structured finance across the CEE corridor, plus licensed restructuring and valuation practice. We are actively building the multidisciplinary team and co-founders required to execute this vision.

Tomasz Żurkiewicz
Tomasz Żurkiewicz
Founder · Managing Partner

Transaction and regulatory lawyer, asset manager, transaction architect, venture builder. Board member of IT/AI companies. 25+ years spanning structured finance, alternative investment fund design, venture building and cross-border M&A in the CEE corridor. Founder of Sarmatia Ventures and the Al'Thor/Argo Partners investment fund group.

LinkedIn ↗
Robert Kosmal
Robert Kosmal
Partner · Restructuring & Valuation

Licensed restructuring advisor (licence no. 1142), court-appointed liquidator and certified court expert in business valuation. Founder of a specialised law firm and consulting practice focused on insolvency, corporate reorganisation and structured debt. Published co-author of legal commentaries on Polish restructuring law. Brings the creditor-side legal depth that structured mezzanine demands — and the second use case for the configurator: pre-insolvency workout structures.

Natalia Kaszyca
Natalia Kaszyca
Partner · Structured Finance & Banking

Finance professional with postgraduate studies in IT, including hands-on experience designing Microsoft BI reporting architectures and building AI agents. Banking background spanning structured finance origination and central risk management departments. Transaction management experience within an Ares Management portfolio company. Experienced in building early-stage ventures from concept to operation. Bridges institutional finance, data/AI tooling and startup execution.

Management & Partners

The business architecture
is already first-league.

Kolchis is not a blank-slate startup. Alongside the founder and Robert Kosmal, a group of established professionals have endorsed the project and committed to its strategy. Their backgrounds span PE-backed entrepreneurship and exit, institutional structured finance in banking, and CIO-level investment management at a major European insurer. The management and business layer is in place. What we are now building is the technology layer — Product Architect, Quant / Knowledge Engineer, Python Developer — that turns this architecture into working infrastructure.

Entrepreneurship · PE Exit · Angel Investor

Engineer and serial entrepreneur. Built and exited an FMCG retail chain acquired by a leading Central European private equity fund. Active angel investor across real estate, data infrastructure, and energy. Brings deep operational expertise in scaling businesses from zero to institutional investment — and direct access to a high-net-worth LP network.

Institutional Capital · CIO Level

Deputy Chief Investment Officer at a major European insurance group, overseeing asset allocation strategy and portfolio risk across multi-billion EUR assets under management. Licensed investment advisor. Brings the institutional-grade investment perspective and investor relations credibility that positions Kolchis as a serious counterparty for seed and series A.

All partners have unanimously endorsed the project and its strategy. The business case is clear, the ecosystem is live, the first client is ready. The fleece is real. We are looking for the Argonauts to build the ship.

We are looking for co-founders and key team members

To build Chrisomallos, we need a multidisciplinary founding team. If you have deep expertise in any of the following areas and believe in the vision — we want to talk.

Product Architect · Structured Finance · Mezzanine — priority Quant · Knowledge Engineering · Rule Engines · Formal Logic Python Developer · Rule Engines · Graph Structures (contract, 2 days/week) Compliance Lead · MiCA · MiFID II · AIFMD Head of Partnerships · EU institutional capital Pre-seed Investor · FinTech · RegTech · LegalTech CTO / Blockchain Lead · EVM · Solidity — from seed stage
Fundraising

Seeking co-founders
and pre-seed capital
to build the standard.

Kolchis is in active pre-seed fundraising. We are looking for investors who understand the regulatory complexity, the technical challenge, and the scale of the opportunity — and want to be part of building the EU standard for structured debt tokenization.

Sequence first, register second. We build the configurator IP — domain knowledge encoded as machine-readable rules, a validator and a consequence graph — which earns SaaS revenue on its own and holds its value regardless of how the token is finally classified. Tokenization follows, with a white-label infrastructure partner, negotiated from a position of owning the IP. Milestone-based execution. Full detail under NDA.

StagePre-seed · Team formation · Proprietary IP development
ModelSaaS licence · flat per-transaction fees (independent of issuance success) · smart contract event fees
First userArgo Partners / Al'Thor ZASI (KNF: PLZASI00403) — regulated AIF, first production deployment and calibration partner. Independent client traction is a stated gate for the seed round.
Venture BuilderSarmatia Ventures — transaction architecture and venture building in the CEE corridor since 2007. Co-founder and backer of Kolchis.
EcosystemBeyond Argo Partners, a network of transaction lawyers, restructuring advisors and AIF deal architects — already briefed on the Chrisomallos concept — has expressed concrete interest in early mandates. First revenue will be sourced from existing relationships, not cold outreach.
TechnologyEVM · ERC-3643 (T-REX) · Chain-agnostic
RegulatoryMiCA-aligned · designed to sit outside MiFID II · technology layer structured as a non-licensed activity · EU-domiciled
Contactcontact@sarmatia.vc
Contact us about investment
Contact

The fleece
will not
wait forever.

We are in early conversations with potential co-founders, technical partners, legal advisors and investors. Every serious inquiry receives a personal response. All discussions are treated in strict confidence.

E-mailcontact@sarmatia.vc
OfficeVarso Tower · ul. Chmielna 73
00-001 Warszawa, Poland
AdvisorySarmatia Ventures ↗
FundArgo Partners / Al'Thor ZASI ↗

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