Plume has announced the launch of FACTOR, powered by Tradable and Deep Ocean Partners, a new yield-generating vault that makes institutional-quality factoring, financing and infrastructure opportunities accessible to on-chain investors. Plume sourced the underlying tokenized positions from Deep Ocean Partners through the Tradable marketplace and tokenization infrastructure.
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By using blockchain infrastructure to widen the distribution, FACTOR makes opportunities that have historically been reserved for institutional allocators available to qualified on-chain investors.
FACTOR launches with $15 million in committed capital. Investor demand exceeded initial allocation ahead of launch, and the vault is oversubscribed and currently capped. The initial portfolio is expected to offer exposure to Net Working Capital (NWC) Financing opportunities across asset-backed lending, receivables financing and infrastructure-related assets. The vault is expected to grow significantly in the near term as Deep Ocean Partners and Tradable bring additional capacity online.
The launch marks a major step forward in bringing real-world alternative assets natively on-chain, connecting Net Working Capital (NWC) Financing opportunities with a broader pool of institutional and crypto-native capital. By using blockchain infrastructure to widen the distribution, FACTOR makes opportunities that have historically been reserved for institutional allocators available to qualified on-chain investors.
“Private credit lenders have historically relied on a relatively limited set of distribution channels to reach institutional capital,” said Alex Cordover, CEO of Tradable. “By pairing Tradable’s tokenization engine and marketplace with Plume’s on-chain vault model and Deep Ocean’s credit origination capabilities, we are creating a pathway for lenders to reach a new source of capital without having to build their own blockchain infrastructure.”
Each firm contributes a distinct capability to FACTOR. Plume, as the open finance platform, provides the vault infrastructure and acts as curator, evaluating opportunities sourced through the Tradable marketplace, determining portfolio allocations and providing an accessible investment vehicle for on-chain investors. Tradable supplies the tokenization engine and marketplace infrastructure underpinning on-chain ownership, investment and position records, distributions, servicing and lifecycle management, as well as liquidity and repurchase workflows. Deep Ocean Partners acts as the private credit manager, originating, underwriting and servicing the underlying institutional credit opportunities and making eligible investments available to the vault.
Because positions are recorded on-chain, FACTOR standardizes how the credit opportunities are tracked and reported, giving investors seeking diversification a clearer view of the assets they hold.
“At Plume, our focus is bringing real-world assets on-chain and distributing them through various channels, to anyone seeking stablecoin yield. This has never changed. What is genuinely changing for the space today, is the novel structuring and origination that FACTOR brings to the space, made possible only in partnership with Tradable and Deep Ocean Partners. By partnering directly with the teams that source, structure, diligence, and monitor these loan facilities, in what is already a historically underserved space in credit – NWC financing – we’re changing the entire RWA landscape by making exposure to this type of lending accessible to all of our users,” said Ryan Wen, Head of Strategy & Operations at Plume.
To accommodate on-chain investor preferences, the initial portfolio is designed to provide exposure to short-duration, self-liquidating assets while generating monthly stablecoin interest. The structure also incorporates a defined liquidity mechanism built on Deep Ocean Partners’ differentiated capability to repurchase vaulted positions through a warehouse facility as investor liquidity needs arise.
“Deep Ocean was built to pioneer a new model of underwriting – disciplined credit judgment powered by data-driven quantitative analysis,” said Alex Urdea, Founder and Managing Partner of Deep Ocean Partners. “We lead where technology and finance converge, but always with a measured approach: every position in FACTOR is underwritten on first-principles credit fundamentals, then reinforced by our quantitative overlays, proprietary data rails and continuous surveillance. Tokenization doesn’t change the credit work – it changes who can access it. Partnering with Plume and Tradable lets us bring institutional-quality private credit on-chain without compromising our underwriting discipline.”
The collaboration establishes a foundation for further expansion of Net Working Capital (NWC) Financing on-chain, and the three firms intend to scale capacity with investor demand.
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