Programmable Credit Protocol
Programmable Credit Protocol is a custody-native credit-orchestration infrastructure layer that enables institutional lending and repo against digital and tokenized assets without moving collateral out of custody, sold to custodian banks, digital asset custodians, and execution venues via direct integration or Custody-as-a-Service licensing.
- Company typePrivate
- Founded2025
- HeadquartersAbu Dhabi, United Arab Emirates
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What Programmable Credit Protocol does
Programmable Credit Protocol (PCP) is the custody-native credit-orchestration infrastructure layer developed by SemiLiquid Tech Labs LTD and launched in Abu Dhabi in December 2025. PCP enables secured lending and repo against digital and tokenized assets without requiring collateral to leave custody, addressing the documented inefficiency that over 70% of institutional bilateral financing still relies on bespoke paperwork and fragmented collateral transfers. Its core technology translates trade execution events into cryptographic lock instructions at the HSM signing-policy level of existing custody systems, enforces liens, monitors LTV, and executes default cascades automatically under pre-agreed Control Agreement parameters. The platform also includes a FIX-based RFQ messaging layer for institutions to request credit and receive funding within minutes while collateral remains locked.
The product is offered in two deployment models: direct integration into a custodian's existing custody stack, or via a Custody-as-a-Service (CaaS) wrapper for institutions wanting to access the protocol without a from-scratch build. PCP's monetization model is infrastructure/technology licensing under multi-year contracts with quote-based pricing, and the company explicitly positions itself as technology infrastructure only and not a lender, custodian, or financial intermediary. The company is headquartered in Abu Dhabi (UAE) with 11–50 employees and is privately held as a subsidiary of SemiLiquid.
PCP's go-to-market is enterprise field sales targeting custodian banks, digital asset custodians, execution venues, and asset managers, with content marketing via LinkedIn, its blog, and appearances at Abu Dhabi Finance Week 2025. The protocol's pilot in late 2025 included Franklin Templeton (using its BENJI tokenized money-market fund as collateral), Zodia Custody (Standard Chartered-backed), Presto Labs, M11 Credit, CMS, and Avalanche. Subsequent strategic integrations with Digital Asset and the Canton Foundation (April 2026) and Libeara (March 2026) extend PCP's reach into Canton Network-based tokenized assets and tokenized real-world assets, with a planned Phase II global rollout in early 2026.
Programmable Credit Protocol firmographics
Firmographics- Name
- Programmable Credit Protocol
- Legal name
- SemiLiquid Tech Labs LTD
- Website
- https://pcp.co
- Company type
- Private
- Founded year
- 2025
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Programmable Credit Protocol is a custody-native credit-orchestration infrastructure layer that enables institutional lending and repo against digital and tokenized assets without moving collateral out of custody, sold to custodian banks, digital asset custodians, and execution venues via direct integration or Custody-as-a-Service licensing.
- Ownership category
- akta.pro rank
Programmable Credit Protocol industry classification
Industry- Product category
- Institutional Credit Infrastructure
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Finance Services (6199)
- akta.pro primary industry
- CCP Collateral Management & Margin Services (FSAFAFAK)
- akta.pro secondary industry
- CCP Settlement & Payment Infrastructure Services (FSAFAFAL)
Keywords
Where Programmable Credit Protocol is headquartered
LocationHeadquarters
- HQ city
- Abu Dhabi
- HQ country
- United Arab Emirates
- HQ region
- Middle East
Offices1 record
Markets served
Programmable Credit Protocol business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales
Revenue model
- Infrastructure/Technology Licensing: PCP provides credit messaging infrastructure to banks and custodians. PCP is not a lender, custodian, or financial intermediary - it provides the technology infrastructure only. Revenue likely derives from licensing fees or transaction-based fees for credit facilitation.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Direct integration or CaaS options available |
Go-to-market motion1 record
Distribution channels2 records
Marketing channels4 records
Programmable Credit Protocol product offering
Product offeringCore offering
Programmable Credit Protocol (PCP) is post-trade enforcement infrastructure for tokenized institutional collateral. It deploys within a custodian's existing custody systems and translates trade execution events into cryptographic lock instructions at the HSM signing policy level, so collateral never moves out of custody. PCP enforces liens, monitors LTV, and executes default cascades automatically against pre-agreed Control Agreement parameters, and is offered as direct integration or through a Custody-as-a-Service (CaaS) module.
Product overview
Programmable Credit Protocol (PCP) is a single unified product — a custody-native credit-orchestration infrastructure layer for institutional credit. PCP enables lending and repo on digital and tokenized assets without moving collateral out of custody. It is offered as direct integration or through its Custody-as-a-Service (CaaS) module, allowing custodian banks and digital asset custodians to embed the protocol within their existing systems. The core platform provides the enforcement, lien management, LTV monitoring, and default cascade functionality, while CaaS provides a wrapper for institutions wanting to offer credit products without building from scratch.
Differentiator
Problem solved
Functional benefit
Products and services
- Programmable Credit Protocol (PCP) Post-trade enforcement infrastructure for tokenized institutional collateral. Deploys within a custodian's existing custody systems, translates trade execution events into cryptographic lock instructions at HSM signing policy level, and enforces liens, monitors LTV, and executes default cascades automatically against pre-agreed Control Agreement parameters.
- Custody-as-a-Service (CaaS) Deployment option that allows custodian banks, digital asset custodians, and execution venues to integrate PCP credit-orchestration infrastructure within their existing systems and controls, enabling them to offer secured digital and tokenized asset lending to institutional clients without building the protocol stack from scratch.
Quantifiable outcome
- Over 70% of institutional bilateral financing still involves manual, paper-based workflows
- +2 more outcomes
Companies that use Programmable Credit Protocol
Customer profileNamed customers4 records
Segments4 records
Ideal customer profiles4 records
Programmable Credit Protocol technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Programmable Credit Protocol partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core.
- Digital AssetcorePartnership with Digital Asset (creator of Canton Network) and Canton Foundation to bring institutional credit infrastructure to the Canton ecosystem. PCP enables custody-native lending against assets on Canton Network, allowing institutions to borrow and lend against tokenized securities, funds, deposits, Canton Coin, Bitcoin (CBTC) and other assets without moving collateral out of custody.
- Canton FoundationcorePartnership with Canton Foundation (independent governing body of Canton Network) and Digital Asset to enable custody-native credit on the Canton Network. The Foundation oversees network governance, ecosystem development, and participant onboarding for the privacy-enabled blockchain built for regulated financial services.
- Zodia CustodycoreZodia Custody partnered with PCP to integrate PCP's credit-orchestration infrastructure into its Solutions platform, enabling secured digital and tokenized asset lending for institutional clients. Zodia Custody is currently the only custodian participating in PCP's pilot with Canton Network Foundation, offering custody-native programmable credit workflows to banks. Backed by Standard Chartered.
- LibearacorePCP and Libeara (Standard Chartered-backed tokenization platform) exploring means to allow Libeara's tokenized real-world assets to be used as eligible collateral for institutional credit with PCP. This would enable clients to borrow against Libeara-tokenized assets (including tokenized money market funds and gold-linked secured private credit fund) through PCP's Lock-in-Place model where collateral continues to accrue yield.
- SemiLiquidcoreSemiLiquid is the parent company and developer of PCP. SemiLiquid Tech Labs LTD developed the Programmable Credit Protocol as a custody-native infrastructure layer for institutional credit. SemiLiquid unveiled PCP at Abu Dhabi Finance Week 2025.
Scale indicators5 records
Recent moves6 records
Expansion highlights6 records
Programmable Credit Protocol competitors and assessment
Company assessmentBroad incumbents
- Figure Technologies: Figure operates blockchain-based lending and capital markets infrastructure with a broader retail and institutional footprint. Its blockchain lending rails (e.g., Provenance) overlap thematically with PCP's institutional credit infrastructure ambitions.
- Galaxy Digital: Galaxy Digital is a diversified institutional digital-asset platform spanning trading, custody, lending, and asset management. It serves as a broad incumbent comparable for institutional credit and tokenized-asset infrastructure.
Direct peers
- Maple Finance: Maple Finance is an institutional credit marketplace for digital assets, offering undercollateralized and secured lending. Both Maple and PCP serve the institutional digital-asset credit niche, though PCP focuses on the custody-native enforcement layer rather than direct lending.
- Centrifuge: Centrifuge tokenizes real-world assets and enables on-chain financing against them. Its Tinlake/Tinbar protocol targets the same institutional tokenized-collateral lending workflow PCP addresses via custody-native orchestration.
- Securitize: Securitize is a leading tokenization platform for regulated securities and funds. Its on-chain issuance and compliance layer overlaps with PCP's tokenized-collateral thesis, particularly around enabling credit against Securitize-tokenized assets.
- Paxos: Paxos provides regulated tokenization and digital asset infrastructure (e.g., PayPal's PYUSD). It overlaps with PCP in building institutional rails for tokenized assets, though Paxos focuses on issuance and custody rather than credit orchestration.
- Anchorage Digital: Anchorage is a federally chartered digital asset bank offering custody, trading, and lending services. It competes in the institutional digital-asset custody and credit space that PCP's infrastructure targets.
- Fireblocks: Fireblocks provides institutional digital asset custody and transfer infrastructure. Like PCP, it operates as a technology layer inside institutional custody environments, making it the closest comparable for custody-native enforcement infrastructure.
- Copper.co: Copper provides institutional digital asset custody and trading infrastructure with a strong focus on secure collateral management and lending workflows — closely aligned with PCP's custody-native credit orchestration thesis.
- Talos: Talos is institutional digital asset trading infrastructure serving custodians, banks, and asset managers. Its order/routing and post-trade plumbing layer mirrors PCP's positioning as institutional middleware for tokenized markets.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Programmable Credit Protocol social profiles
Digital presenceProgrammable Credit Protocol financial estimates
Financial estimateRevenue estimate
Valuation estimate
Programmable Credit Protocol leadership team
Management profileNumber of profiles
Profiles6 records
Programmable Credit Protocol funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Programmable Credit Protocol M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Programmable Credit Protocol
What does Programmable Credit Protocol do?
Programmable Credit Protocol (PCP) is post-trade enforcement infrastructure for tokenized institutional collateral. It deploys within a custodian's existing custody systems and translates trade execution events into cryptographic lock instructions at the HSM signing policy level, so collateral never moves out of custody. PCP enforces liens, monitors LTV, and executes default cascades automatically against pre-agreed Control Agreement parameters, and is offered as direct integration or through a Custody-as-a-Service (CaaS) module.
Is Programmable Credit Protocol a public or private company?
Programmable Credit Protocol is a private company. It is classified as venture growth investor backed and is currently operating.
When was Programmable Credit Protocol founded?
Programmable Credit Protocol was founded in 2025. It employs 11 to 50 people.
Where is Programmable Credit Protocol based?
Programmable Credit Protocol is headquartered in Abu Dhabi, United Arab Emirates, in the Middle East region.
How does Programmable Credit Protocol make money?
One revenue line is on record: infrastructure/Technology Licensing.
Who are Programmable Credit Protocol's main competitors?
Broad incumbents on record are Figure Technologies and Galaxy Digital. Direct peers are Maple Finance, Centrifuge, Securitize, Paxos, Anchorage Digital, Fireblocks, Copper.co and Talos.
Does Programmable Credit Protocol have an API?
No public API is recorded for Programmable Credit Protocol.
What industry is Programmable Credit Protocol in?
Programmable Credit Protocol's product category is Institutional Credit Infrastructure. Its primary akta.pro industry code is FSAFAFAK, CCP Collateral Management & Margin Services, with a secondary code of FSAFAFAL, CCP Settlement & Payment Infrastructure Services. Its NAICS code is 522320 and its SIC code is 6200.