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TESA is non-custodial. Funds never pass through TESA’s balance sheet, are not pooled with those of other clients, and the keys remain with the custodian the company already uses, whether self-custody or a qualified custodian. TESA is software. It does not recommend allocations, manage portfolios, hold custody or execute orders on the company’s behalf. The company defines and approves the policy, and every transaction the software prepares happens only after the company or its custodian approves and signs it. Two points underpin the design:
  • Traceability: every inflow, allocation, rebalancing and redemption leaves an auditable on-chain record, which shortens accounting reconciliation and audits.
  • Local framework: the product was designed for the Brazilian regulatory environment from the start, not adapted afterwards.