The exchange does not get its own backend: every workstream lands on the standing
ledger / core-banking / identity fleet and the Veritas Gold settlement path, behind the
same authorization walls. Nothing here is claimed ahead of its record.
RX1 · Exchange Core — Market Book & Matching Engine
SPEC LOCKED · 3 FTE
The exchange layer joins the standing backend as a backend programme:
- Instruments, order types and matching rules defined behind the same authorization walls as every fleet service.
- Execution ledger recording every fill, cancel and amendment against the shared settlement fabric.
- Market data surfaces labelled CONFIGURED vs SIMULATED until their record exists — today's book is simulated by design.
- Idempotent commands and maker-checker review shared with the Veritas Gold posting engine.
OUTCOME
Every listing, order, fill and cancel is recorded on the programme ledger — never on a private side book.
RX2 · Settlement Hooks — Raphael Trades on the Veritas Gold Fabric
PLANNED · 3 FTE
Route the cash and token settlement legs through the already-standing Gold rails:
- Fills post through the Veritas Gold settlement path into custody and reserve under maker-checker review.
- ISO 20022 pacs.008 / pacs.009 generator and validator, shared with the Gold desk.
- camt.053 statement feed and reconciliation between RWA transfers, cash payments and ledger postings.
- Corridor registry: approved banks, currencies, cutoffs, fees and settlement instructions.
OUTCOME
Token transfers and cash settlement are linked, traceable and reconcilable at source — the exchange never settles outside the fabric.
RX3 · Identity, Seats & Market Onboarding
PLANNED · 2–3 FTE
Who may trade, what they may trade, and under which restrictions:
- Operator identifiers for exchange operators, reviewers and customers issued from the operator workspace.
- Counterparty onboarding: signed agreements, KYC/KYB, sanctions screening, eligibility and deny rules.
- Wallet allowlists, jurisdiction restrictions, transaction limits and role permissions.
- Listing approval and delisting policy for instruments admitted to the book.
OUTCOME
Approved institutions and customers can trade under legally defined, enforced eligibility — nobody trades as a self-claimed identity.
RX4 · PLQ / PQC Blockchain Anchor for Market Actions
NEXT · 3–4 FTE
Extend veritas-anchor-pqc from reserve actions to the exchange:
- Immutable anchoring of listings, fills, net settlements, freezes and rule changes.
- Hybrid X25519 + ML-KEM-768 key exchange and ML-DSA signatures for long-term record integrity.
- Threshold committee signing for mint, burn, freeze, recovery and market-rule changes.
- Read-only regulator node, evidence exports and offline verification of any drift.
OUTCOME
Every critical market action is cryptographically signed, anchored and independently verifiable; the internal ledger stays the operational source of truth.
RX5 · Operator Console, Customer Portal & Hardening
PLANNED · 4–5 FTE + auditors
The surfaces participants will actually use:
- Operator console and customer portal as separate API clients with every required state — signed-in, pending, refused, recovered.
- Secure institutional login, MFA, role-based access and immutable audit history.
- Surveillance and reconciliation views over every fill, cancel and settlement event.
- SOC 2 / DORA readiness shared with the Gold programme: control matrix, access reviews, resilience testing, incident reporting.
- External penetration test and PQC cryptography review before market admission.
OUTCOME
Veritas can admit traders and institutions to the exchange securely and evidence the controls to regulators and auditors.
RX6 · Launch Surface — RAPHAEL CEX / DEX / HEX & Public Layer
PLANNED · 3 FTE
The market layer for approved trading and liquidity:
- Public introduction and product explanation for the exchange.
- Transparency corridor with public counters and verification links.
- Institutional trading UI, retail RWA surface with separate onboarding, disclosures and eligibility.
- Dealer quotes, execution, holdings, settlement and reporting flows.
- Internationalization, accessibility, support documentation and client training.
OUTCOME
Raphael CEX / DEX / HEX can operate a controlled RWA market without exposing institutional workflows or confidential data.
TEAM & FUNDING
The company team is shared with Veritas Gold: 26 people at an
average of €10,000 per person per month — 12 engineers + 14 product, delivery,
relationship, compliance, domain and operations specialists. The exchange workstreams RX1–RX6 draw
from the same shape on delivery. All figures are planning targets —
not raised, not committed, and not a regulated claim;
the seat count is a target, not a roster.
For this we shall ask industry experts familiar with this field to help build
Raphael CEX / DEX / HEX for central banks, commercial banks, retail and solo traders.
| AREA | PEOPLE |
|---|
| Lead project manager | 1 |
| Product manager | 2 |
| Partnership/contact managers | 4 |
| Blockchain/PQC engineers | 3 |
| Backend engineers | 3 |
| Frontend engineers | 2 |
| QA engineer | 1 |
| DevOps/SRE | 1 |
| Security engineers & developers | 2 |
| UX designer | 1 |
| Compliance & regulatory approval team | 2 |
| Treasury/payments SME | 1 |
| Custody/bullion SME | 1 |
| Data/reporting engineer | 1 |
| Finance/admin | 1 |
| TOTAL | 26 |
| COST |
|---|
| Monthly payroll — 26 people @ avg. €10,000 | €260,000 |
| 6-month payroll | €1.56M |
| 12-month payroll | €3.12M |
| External security, audit, legal, regulatory support | €510k–€1.65M |
| Infrastructure, custody, banking, marketing, admin, contingency | €1.25M–€2.75M |
| 12-month runway | €4.88M–€7.52M |
RECOMMENDED CAPITAL RAISE — 18-MONTH RUNWAY
€7M–€9M
PLATFORM PURPOSE — THE ONE TERMINAL PLATFORM
Everything is on the blockchain with atomic settlement of RWAs — so a
country such as Ukraine or any other can buy real-world assets over the blockchain, while central banks
and gold producers sell fractions of tokenized assets to 10,000+ people. It is
highly possible that Raphael CEX / DEX / HEX over blockchain will become
the one terminal platform for everybody. Purpose: equip all the features that a
trader, a central bank team or a
retail investor needs — with the market always settling through the
Veritas Gold fabric.