What Phoenix Foundation does

Phoenix Foundation (legal name Bonyad-e Qaqnus) is a Tehran-headquartered nonprofit consortium that operates the Kuknos Network, Iran's first and largest public-permissioned distributed ledger technology platform, founded in 2018-2019 by the IT subsidiaries of Iran's largest banks (Melli, Mellat, Tejarat, Parsian, Pasargad) plus technology firms Tosan and Yekta Qaqnus Pars. The platform is built on a customized fork of Stellar, using the proprietary Kuknos Consensus Protocol (KCP), and is governed through a decentralized voting mechanism among 12 host nodes that process up to 1,000 transactions per second with five-second settlement. Core services include compliance/KYC-AML infrastructure, federation addressing, bridging, interface APIs, archiving, smart contracts, and an NFT platform (BiTo), alongside specialized applications for electronic voting (Aramesh), DAO governance, decentralized commercial-document digitization, and a regulated crowdfunding platform.

Revenue is generated through token-issuance fees, transaction fees described as 'very low,' a licensed blockchain-based crowdfunding platform, NFT marketplace activity, and electronic-voting services — though no pricing plans or revenue figures are publicly disclosed. The platform serves three primary segments: Iranian banks and financial institutions (as hosts and infrastructure providers), businesses seeking to tokenize assets (issuers), and individual token holders, with secondary use cases in trade and commerce (commercial papers, bills of lading). Customer concentration is dominated by the founding bank-IT subsidiary hosts, and the platform actively pursues international expansion via exhibition participation in China and Dubai, English-language whitepaper publication, and recruitment of foreign hosts and issuers, all within the constraints of Iranian regulatory alignment.

Name

Phoenix Foundation

Legal name

Bonyad-e Qaqnus (بنیاد ققنوس)

Website

https://kuknos.org

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

51–100 employees

Short description

Phoenix Foundation (Bonyad-e Qaqnus) is a Tehran-based nonprofit consortium that operates the Kuknos Network, Iran's first and largest public-permissioned blockchain platform for asset tokenization, anchored by 12 host nodes formed from the IT subsidiaries of major Iranian banks and serving issuers, financial institutions, and end users.

Ownership category

akta.pro rank

Product category

Blockchain Infrastructure

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (518), Computer Systems Design and Related Services (54151)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Services-Computer Programming Services (7371)

akta.pro primary industry

RWA Tokenization Platforms (asset onboarding, structuring, issuance) (FSAPAIAC)

akta.pro secondary industries

Digital Asset Custody & Wallet Infrastructure for Institutions (MPC/HSM, key mgmt, policy controls) (FSAPAIAE), Tokenized Securities & Capital Markets Infrastructure (equities, bonds, funds, ATS/MTF connectivity) (FSAPAIAD), Settlement, Clearing & Reconciliation for Tokenized Assets (DvP, PvP, netting, post-trade) (FSAPAIAI), Infrastructure & Project Finance Tokenization (FSADAEAF)

Keywords

• Blockchain infrastructure
• Distributed ledger technology
• Asset tokenization
• Digital token issuance
• Smart contracts platform

Headquarters

HQ city

Tehran

HQ country

Iran

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Token Issuance Fees: Issuers (businesses) that want to issue new tokens on the network must obtain agreement from at least one host. The whitepaper and token issuance process generates revenue through the token issuance process. Issuers are required to provide a whitepaper and enter into contracts with hosts.
2. Token Transaction Fees: The network charges very low transaction fees for operations conducted on the platform.
3. Crowdfunding Platform Services: Kuknos obtained a blockchain-based crowdfunding license from the Ministry of Economic Affairs. Small and large businesses can raise funds through the network by issuing tokens, generating platform fees.
4. NFT Platform (BiTo): NFT platform for creating and trading non-fungible tokens based on art valuation, entering commercial phase.
5. Blockchain Voting Platform: Electronic voting platform services for professional associations and scientific organizations, covering ~150 elections with ~1 million participants.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels10 records

Core offering

Phoenix Foundation operates the Kuknos Network, a public-permissioned distributed ledger technology (DLT) platform built on customized Stellar technology. It enables asset tokenization (real estate, diamonds, loyalty points, commercial papers), token issuance by businesses, secure token exchange, and smart contract execution with built-in KYC/AML compliance infrastructure. The platform serves as Iran's first and largest consortium-based DLT infrastructure, backed by IT subsidiaries of major Iranian banks, processing up to 1,000 transactions per second with 5-second settlement.

Product overview

Kuknos Network is a comprehensive blockchain-based tokenization platform built on customized Stellar technology, functioning as Iran's first and largest distributed ledger infrastructure. The platform operates through a consortium of bank-affiliated hosts and offers a modular architecture comprising: the Core Network (DLT infrastructure with consensus, ledger, and overlay components), Service Layer (Interface, Bridge, Compliance, Federation, and Archiving services), User-facing Products (Token Wallet for end-users), and Specialized Applications (Electronic Voting System, NFT Platform, Digital Commercial Documents, and Crowdfunding Platform). The network supports multiple token types including Paymon (base token), diamond tokens (A101, DayadaDiamond), payment tokens (Rah-Pardakht), and others. The ecosystem serves over 50,000 users and 11 host organizations across Iran's banking sector.

Differentiator

Problem solved

Functional benefit

Brands

• Paymon (پیمان): The base token of the Kuknos Network, functioning as a risk management tool for token buyback with value linked to a basket of assets. Originally designed with gold backing, the 1.4 whitepaper removed the mandatory gold backing and instead allows any asset approved by the foundation as collateral.

Products and services

• Kuknos Network (Distributed Ledger Platform) A public-permissioned distributed ledger technology (DLT) platform built on customized Stellar technology, enabling asset tokenization, secure token exchange, and smart contract capabilities with built-in KYC/AML compliance infrastructure. Operates through 12 consortium host institutions.
• Paymon Token (پیمان) The base token of the Kuknos Network functioning as a risk management tool for token buyback with value linked to a basket of assets. Functions as a risk management tool for token redemption across the network.
• Kuknos Token Wallet (کیف توکن ققنوس) Digital token wallet available for multiple devices and operating systems, enabling users to send and receive tokens on the Kuknos network.
• Crowdfunding Platform (پلتفرم تامین مالی جمعی) Blockchain-based crowdfunding platform licensed by Iran's Ministry of Economy for small and large businesses to raise capital through token issuance on the network.
• Electronic Voting System (سامانه رای‌گیری الکترونیکی) Blockchain-based electronic voting platform for scientific and professional organizations, providing verifiable and transparent voting infrastructure.
• NFT Platform / BiTo (سامانه NFT) NFT platform for tokenizing and authenticating artwork, providing provenance and authentication capabilities for Iranian artworks that lack documentation.
• Digital Commercial Documents Platform (پلتفرم اسناد تجاری دیجیتال) Platform for digitizing commercial documents including checks, promissory notes, bills of exchange, warehouse receipts, and bills of lading using DLT technology.
• A101 Diamond Token (توکن الماس A101) Token backed by diamonds, representing one of the first asset-backed tokens issued on the Kuknos Network for tokenized diamond ownership.
• Rahnepardakht Token / W2P1 (Way2Pay) Reward-based financing token (W2P1) for the payment services ecosystem on the Kuknos Network.
• Test Network Lab (آزمایشگاه شبکه تستی) Test network laboratory environment providing access to the Kuknos test network for experimentation and development.
• SKYC (Secure Customer Identification Sharing) Secure customer identification sharing system allowing users to complete KYC at one bank and use tokens to open accounts at other network banks without re-verification.
• DAO Kuknos (Decentralized Autonomous Organization) Decentralized autonomous organization platform for voting on network decisions and whitepaper approvals among host institutions.

Quantifiable outcome

• Transaction processing in maximum 5 seconds with capacity of 1,000 transactions per second
• +4 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Feature16 records

Partnerships

29 partnerships are on record, tiered minor, core and major.

• Dayachain (تدبیر اندیشان نوین افروز)minorStrategic or Co-development Partner · 1 January 2025Listed as a host on the main website as of 2025.
• Golden Gate (دروازه طلایی داد و ستد)minorStrategic or Co-development Partner · 1 January 2025Listed as a host on the main website as of 2025.
• Kara Blockchain (توسعه فناوری‌های توزیع شده کارا)minorStrategic or Co-development Partner · 1 January 2025Distributed technology company affiliated with Karafarma Financial Group, listed as a host as of 2025.
• Simorgh (راهکارهای توزیع شده سیمرغ)minorStrategic or Co-development Partner · 1 January 2025Distributed solutions company listed as a host on the main website as of 2025.
• Bank Melli Iran (بانک ملی ایران)coreStrategic or Co-development Partner · 9 June 2021Co-organizer of the Digital Trade Documents online event. Major Iranian bank whose IT subsidiary (Sadad) operates as a host on the network.
• Tehran Chamber of Commerce (اتاق بازرگانی، صنایع، معادن و کشاورزی تهران)majorStrategic or Co-development Partner · 9 June 2021Co-organizer of the Digital Trade Documents event. Major business association in Iran supporting digital transformation of trade.
• Electronic Trade Development Center (سازمان توسعه تجارت الکترونیک)majorStrategic or Co-development Partner · 9 June 2021Co-organizer of the Digital Trade Documents event. Government body supporting e-commerce and digital trade development in Iran.
• National Organization for Document Registration (سازمان اسناد و کتابخانه ملی ایران)majorStrategic or Co-development Partner · 9 June 2021Co-organizer of the Digital Trade Documents event. Government body for document registration.
• Tehran Computer Guild (سازمان نظام صنفی رایانه‌ای استان تهران)majorStrategic or Co-development Partner · 9 June 2021Co-organizer of the Digital Trade Documents event. Professional association for IT/computer industry in Tehran.
• Sekuk (سامانه کشوری کسبوکار - سککوک)minorStrategic or Co-development Partner · 9 June 2021Co-organizer of the Digital Trade Documents event. National business platform.
• Rahnepardakht (راه‌پرداخت)minorStrategic or Co-development Partner · 9 June 2021Company that issued the W2P1 reward-based financing token on the Kuknos network. Contributes payment and reward financing services to the ecosystem.
• Ertebat Farda (ارتباط فردا)coreStrategic or Co-development Partner · 1 January 2021Electronic commerce company, subsidiary of Bank Ayandeh, focused on innovation in e-commerce, digital payments, and digital banking. Joined as a host in November 2021, becoming the 8th active host.
• Kian Digital (کیان دیجیتال)coreStrategic or Co-development Partner · 1 January 2021Company of Kian Capital Market Services Group, a reputable name in Iran's financial and investment market. Provides comprehensive solutions for reliable, easy, and remote investment.
• Karfarma Omid (صندوق کارآفرینی امید)coreStrategic or Co-development Partner · 1 January 2021Largest entrepreneurship support fund in Iran, mobilizing small savings combined with government credits for microfinance and support of small and startup businesses.
• Sanhab (سنحاب - سامانه نگار حامی بیمه)coreStrategic or Co-development Partner · 1 January 2021Insurance document system company, a pioneer in Iran's insurance technology sector, aiming to transform the insurance industry using DLT.
• China Smart Expo (نمایشگاه صنایع هوشمند چین)minorOthers · 1 January 2021International technology exhibition in China where Kuknos participated in Iran's pavilion, showcasing services and products to international audiences.
• GITEX Future Stars (جیتکس)minorOthers · 1 January 2021Major Middle East technology exhibition in Dubai where Kuknos participated as one of seven selected Iranian representatives and winner of the Super Nova competition.
• Exir ExchangemajorChannel Partner/ Reseller/ Distributor · 1 August 2020Cryptocurrency exchange where Paymon (PMN) token was listed for PMN/USDT trading, providing secondary market liquidity. First Iranian token officially listed on the exchange.
• Iran Ministry of Economic Affairs (وزارت اقتصاد)coreOthers · 1 January 2020Issued the blockchain-based crowdfunding license to the Kuknos platform, enabling small and large businesses to raise funds through token issuance on the network.
• Central Bank of Iran (بانک مرکزی)coreOthers · 1 January 2020Regulatory body with which Kuknos has worked extensively to ensure compliance. Multiple rounds of negotiations conducted to align the platform with central bank requirements.
• Iran Fanoof Exchange (فرابورس)majorOthers · 1 January 2020Iranian over-the-counter stock exchange where blockchain-related discussions and approvals have taken place. Positive developments occurred in the over-the-counter market regarding Kuknos operations.
• Innovation and Prosperity Fund (صندوق نوآوری و شکوفایی)majorOthers · 1 January 2020Government innovation fund that supported Kuknos in attending GITEX Dubai exhibition as one of the top startups selected for the Iranian pavilion.
• Technotejarat (تکنو تجارت - شرکت توسعه کسب و کارهای نوگرای تجارت)coreStrategic or Co-development Partner · 1 January 2019Business development company affiliated with Bank Tejarat. Joined as a host providing commercial services and financial infrastructure to the network.
• Parsian Data Processing (شرکت داده پردازی پارسیان)coreStrategic or Co-development Partner · 1 January 2018IT subsidiary of Parsian Bank. One of the founding host institutions providing DLT infrastructure for the Kuknos network. Operates as a host node and participates in network governance through the foundation.
• Sadad Data Company (شرکت داده ورزی سداد)coreStrategic or Co-development Partner · 1 January 2018IT subsidiary of Bank Melli (National Bank of Iran). Serves as a host providing processing infrastructure and IT services for the network. Major player in Iran's banking IT sector.
• Tecvest / Tosan Group (سرمایه‌گذاران فناوری تک وستا)coreStrategic or Co-development Partner · 1 January 2018Technology investment company of the Tosan Group. Contributes technology expertise and investment to the network as a founding host.
• Fanap (فناپ - شرکت فناوری اطلاعات و ارتباطات پاسارگاد آریان)coreStrategic or Co-development Partner · 1 January 2018IT and communications technology company of Bank Pasargad. Operates as a host providing technology infrastructure and financial services integration.
• Yekta Kuknos Pars (یکتا ققنوس پارس)coreStrategic or Co-development Partner · 1 January 2018Specialized IT company focused on distributed financial technologies. One of the founding hosts and manages the Kuknos Foundation secretariat. Responsible for token issuance processes and platform management.
• Behsazan Farda (گروه فن‌آوران هوشمند بهسازان فردا)coreStrategic or Co-development Partner · 1 January 2018Smart technology group affiliated with Bank Mellat. Provides fintech infrastructure and services as a host in the network.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Stellar Development Foundation: Stellar is the base-layer protocol from which Kuknos is forked (KCP is based on Stellar's SCP). Both target permissioned, low-cost asset tokenization and cross-border payments, serving banks, fintechs, and asset issuers with a similar DLT architecture and consensus philosophy.
• R3 (Corda): R3 operates Corda, an enterprise-grade, permissioned DLT purpose-built for financial institutions. Both Kuknos and Corda serve bank consortia with private/permissioned networks, smart contracts, and compliance-focused infrastructure for tokenized assets and interbank workflows.
• Hedera Hashgraph: Hedera is a public-permissioned enterprise DLT governed by a council of large corporations. Like Kuknos, it targets regulated enterprise use cases (tokenization, compliance, payments) with high throughput and governance tied to an established institutional council rather than open mining.
• Hyperledger (Linux Foundation): Hyperledger is an umbrella of open-source enterprise blockchain frameworks (Fabric, Besu, Indy) widely adopted by financial institutions for permissioned networks, asset tokenization, and KYC — closely matching Kuknos's enterprise DLT, compliance, and identity-sharing use cases.

Broad incumbents

• Ripple: Ripple provides enterprise-grade blockchain infrastructure (XRP Ledger) and bank-focused payment/settlement rails. Kuknos solves a comparable institutional DLT problem — regulated transactions, bank-grade compliance — but with broader tokenization and asset-issuance scope rather than cross-border payments focus.
• Polygon: Polygon provides enterprise-grade blockchain infrastructure, including a dedicated Polygon CDK/Polygon zkEVM used by banks and asset managers for tokenization and settlements. It serves overlapping tokenization and compliance use cases as Kuknos, but at significantly larger global scale.
• Avalanche (Evergreen / Ava Labs): Avalanche hosts significant institutional RWA and tokenization efforts (e.g., subnets for regulated assets). It competes for the same bank-driven tokenization workloads as Kuknos with stronger global liquidity and developer footprint.

Emerging players

• Polymesh: Polymesh is a purpose-built, permissioned blockchain for regulated security tokens and tokenized securities — overlapping closely with Kuknos's licensed crowdfunding and tokenized commercial-paper use cases, but with a more global investor base.
• Securitize: Securitize is a tokenization and digital securities platform enabling regulated issuance, transfer, and management of tokenized assets — directly aligned with Kuknos's asset-onboarding, structuring, and compliant token issuance capabilities.
• Ondo Finance: Ondo is a leading RWA tokenization platform offering tokenized yield products and structured assets built on permissioned/enterprise-grade rails. It shares Kuknos's core thesis of bringing regulated real-world assets on-chain via institutional infrastructure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/Kuknosorg
• LinkedInlinkedin.com/company/kuknosorg
• Instagraminstagram.com/kuknosorg

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries15 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Phoenix Foundation