22nd September 2025 - MembersCap Open the London Stock Exchange in Celebration of the First Transaction on LSEG’s Digital Markets Infrastructure
London, 22 September 2025 - Members Capital Management (“MembersCap”), the Bermuda-regulated investment manager, opened the London Stock Exchange in celebration of its participation in the first-ever transaction recorded as part of LSEG’s new Digital Markets Infrastructure (DMI), developed in collaboration with Microsoft.
DMI adopts an open and interoperable philosophy, bringing together participants from across the international market to broaden distribution, raise capital and increase liquidity within a trusted and regulated environment.
The transaction was facilitated by Archax into MembersCap’s MCM Fund I, the first tokenised institutional-grade reinsurance fund designed for both professional digital-native and traditional investors. The Cardano Foundation is a key supporter and cornerstone investor of the Fund, which was the first to be onboarded onto the DMI platform.
The venture represents a key step forward in the convergence between traditional finance and digital assets, as major institutions such as LSEG embrace blockchain technology and digital assets as an integral piece of the financial markets, and an efficient means to provide broader access to private markets. The investment was recorded on the LSEG private blockchain, and also tokenized on the Cardano blockchain by MembersCap’s tokenization partner, Archax - the first digital asset exchange to be approved by the UK Financial Conduct Authority. Archax will receive and progress expressions of interest from other inbound DMI investors seeking to receive their holdings in tokenized form.
The MembersCap investment strategy is designed with a primary focus on safeguarding investor capital. This is achieved by carefully constructing portfolios that comprise diversified, risk-remote reinsurance exposures.
As a pioneering reinsurance fund, MembersCap is proud to be the first to offer both a traditional investment structure and a tokenized structure, with enhanced liquidity, through their close partnership with Archax. The tokenized structure enables investors to leverage their digital assets, facilitating investment and management of holdings directly on-chain. This innovative approach empowers investors with flexibility and efficiency in managing their portfolios. MembersCap is backed by the Solana Foundation and Aptos Foundation.
QUOTES
“Lowering the barrier to access for this uncorrelated asset class has always been at the core of our mission,“ said Patrick Barrett, Managing Partner and CEO at MembersCap. “LSEG’s Digital Markets Infrastructure connects us to new sources of capital and offers qualified investors an innovative way to access new investment opportunities. We are thrilled to have been able to participate in the first transaction on the DMI, and are grateful for the support from LSEG, the Cardano Foundation and all of our other partners.”
“This launch further validates our thesis that tokenization is a technology which enhances both access and transparency” said Jeremy Williams, Head of Digital Strategy and Compliance, MembersCap. “Qualified investors are now able to discover, research and invest in funds like ours which were previously hard to reach, and tokenization allows institutions to interact within a framework which increases efficiency and reduces operational errors.”
Dr. Darko Hajdukovic, Head of Digital Markets Infrastructure, LSEG, said, “The onboarding of MembersCap’s MCM Fund and the execution of its primary fundraise is a significant milestone and clearly demonstrates the appetite from market participants for an end-to-end, interoperable, regulated financial markets DLT infrastructure. LSEG’s position as a convener of markets can bring significant scale to digital assets and effect real change.”
“Cardano Foundation is proud to see the innovative reinsurance fund of MembersCap getting tokenized on Cardano and driving the on-chain adoption of real world assets (RWAs),” said Frederik Gregaard, CEO of the Cardano Foundation. “Our partnership with MembersCap and Archax furthers our mission to bridge Cardano and the world by expanding access to the asset class of insurance-linked securities for qualified investors who require a platform that prioritizes security, compliance, predictability, and operational resilience. We look forward to further shaping the future of Web3 by continuing to support our partners and invest in new and innovative solutions in the coming years.”
“MembersCap wishes to congratulate LSEG’s leadership in recognizing the growing convergence between traditional assets and tokenization in the financial industry” adds Bruce Jackson, CFA, Senior Partner and CFO of MembersCap. “This development is helping to meet the needs of investors who have historically been unserved or underserved, offering them more efficient access to a broader range of high-quality, income-generating opportunities that diversify their portfolios.”
Dr Benjamin Fox, Partner and Chief Investment Officer of MembersCap explains that ‘“these exposures are characterized by low duration and high income, offering investors attractive yield opportunities while minimizing risk. Importantly, the revenue streams generated by the investments held by MCM Fund I are uncorrelated to those derived from traditional asset classes such as equities, bonds, or digital assets. Our strategy delivers distinct diversification benefits to our investors by introducing risk and return characteristics that are highly complementary to the asset mixes of traditional portfolios.”
8th July 2025 - MembersCap Launches First Tokenised Reinsurance Fund with Archax
MembersCap, a Bermuda-regulated investment manager, and Archax, the digital asset exchange, broker, and custodian, have launched the first tokenised institutional-grade reinsurance fund, MCM Fund I. MCM Fund I combines MembersCap's specialised reinsurance expertise with Archax's FCA-regulated digital platform and aims to deliver uncorrelated, high-yield returns through multi-blockchain deployment with dual fiat and digital currency subscriptions.
Earlier this month, MCM Fund I completed the successful investment of its initial portfolio. The fund executed all trades with top-tier global reinsurance companies and Lloyd’s of London syndicates, sourced through the top three global reinsurance brokers. The launch represents unique access to institutional-grade reinsurance investment exposure specifically designed for both sophisticated digital asset investors and traditional allocators.
The uncorrelated nature of reinsurance makes it a natural diversifier with attractive yield and structured liquidity, making reinsurance a potentially attractive option for investors looking to diversify away from some of the volatility of the equity and crypto markets.
Graham Rodford, CEO and Co-Founder of Archax, added: “MembersCap were looking for a partner to work with on the tokenisation, custody and distribution for their tokenised reinsurance fund. Digital asset innovation is exactly what Archax is all about, and we’re delighted to be providing these services to them and adding further yield-bearing digital instruments to the Archax platform.”
Jeremy Williams, Head of Digital Strategy and Compliance at MembersCap, added, “Tokenisation and digital assets sit at the heart of our offering. Harnessing the energy and potential of on-chain finance, while meeting and exceeding the expectations of our regulators and our partners, is a vital part of our success. Archax’s regulatory presence in multiple jurisdictions, combined with real technical acumen, enables us to offer a full-suite service to our investors.”
MembersCap’s partnership with Archax is the first of several that the investment manager has in the pipeline this year, as it looks to expand its presence across both traditional and Web3 financial markets.
Why MembersCap
Launched in 2024, MembersCap was created to bring access to reinsurance as an asset class and address growing demand from the rapidly expanding pool of sophisticated digital asset-native investors and traditional private allocators seeking diversified and uncorrelated investment alternatives with attractive yield.
Reinsurance—‘insurance for insurance companies’—is fundamentally uncorrelated with the broader financial markets and as an asset class has consistently outperformed most traditional alternatives over the past two decades. Despite these attractive qualities, high barriers to entry have meant the sector has largely remained the preserve of pension plans, sovereign wealth funds, and other large institutional investors.
MembersCap, working together with Archax, aims to expand this access by harnessing blockchain technology to lower these barriers and provide unique access to investors seeking stable, diversified income streams to support more balanced portfolios and enhance overall returns.
1st July 2025 - Members Capital Management Completes Initial Deployment of Tokenised Reinsurance Fund
First of its kind institutional-grade fund opens access to a new and growing class of traditional and digital asset-native allocators
Bermuda – July 1, 2025 – Members Capital Management (“MembersCap”), a Bermuda-regulated investment manager, today completed the successful investment of its initial portfolio through its fund, MCM Fund I, the first tokenised institutional-grade reinsurance fund designed for both sophisticated digital asset investors and traditional allocators. All portfolio trades were executed with global reinsurance companies and top-tier Lloyd’s of London syndicates, and were sourced through the top three global reinsurance brokers.
MCM Fund I opens access to reinsurance income for a rapidly expanding capital base of new investors seeking diversified and uncorrelated investment alternatives with attractive yield and structured liquidity.
The launch represents the growing importance of funds structuring their offerings to take advantage of the continuing convergence between traditional finance and digital assets. Backed by Solana, Aptos, and Cardano and supported by institutions like Coinbase, Archax, Apex Group, and Envelop Risk, MembersCap has selected the Solana, Aptos, Cardano, and Base protocols to provide access to qualified investors wishing to invest using eligible cryptocurrencies.
MembersCap has been selected as the first fund in the real-world assets category on the Archax platform, sitting alongside tokenized offerings from other institutions like BlackRock, State Street, and Aberdeen.
The reinsurance opportunity
Being fundamentally uncorrelated with the financial markets, reinsurance has consistently outperformed most traditional alternatives over the past two decades. Despite being highly yield-generative, the sector has historically been reserved for pension plans, sovereign wealth funds, and other institutional giants.
Increasingly, both crypto-native investors and smaller traditional allocators are seeking refuge from market volatility by accessing reinsurance as a stable, diversified income stream to support a balanced portfolio and enhance overall returns.
“Our investors– digital asset institutions, family offices, HNWIs —want to meet their goals of resiliency and long-term sustainable growth through new and more efficient means. With this novel approach, we’re seeing these investors view reinsurance as a core part of their portfolio for the first time,” said Patrick Barrett, Co-Founder at MembersCap.
“This launch proves that tokenisation can bring new capital to help address the growing insurance protection gap by lowering barriers and providing access to the private reinsurance market,” said Dr. Benjamin Fox, Co-Founder and Chief Investment Officer at MembersCap. “Our tokenised model enables a new cohort of investors to participate pari passu alongside large institutions in an uncorrelated asset class with a track record of reliable, attractive returns.”
Positioned as an alternative to private equity, venture capital, and fixed income strategies, MCM Fund I provides qualified investors with regulated and collateralised access to reinsurance via direct exposure to natural catastrophe and cyber reinsurance contracts sourced through blue-chip global partners.
For Web3 treasuries, foundations, and institutions, the Fund delivers high-yield opportunities and structured liquidity, derived from high-quality, real-world reinsurance returns, without exposure to DeFi volatility and over-concentration in altcoins.
MembersCap was founded in 2024 and is backed by a strong coalition of both institutional and blockchain-native partners. This blend of traditional underwriting expertise and on-chain architecture ensures institutional-grade standards while embracing next-generation accessibility.