Individually Segregated On-Chain Yield Vaults Operated by MiCA-Authorised CASP
Helsinki, Finland, March 2026 — Tesseract Investment Oy, a crypto-asset service provider (CASP) authorised under the EU’s Markets in Crypto-Assets Regulation (MiCA), announces the launch of Tesseract Dedicated Client Vaults, individually dedicated on-chain yield vaults designed to provide institutional and professional investors with access to DeFi yield within a regulated operational framework.
On-chain yield vaults have grown into a multi-billion dollar product line, and institutional capital wants access. However, the overwhelming majority of vaults in the market today pool client capital and manage it collectively under a shared strategy. Under European regulation, that combination — pooled capital, collective management, shared returns — resembles an unregulated collective investment scheme. Institutional capital isn’t avoiding DeFi yield — it wants it. But regulated entities currently struggle with the regulatory profile of most of the structures on offer.
Tesseract Dedicated Client Vaults replace the pooled structure entirely. Each vault is a distinct smart contract assigned to a single client, managed under an individual discretionary mandate by Tesseract Investment Oy, a MiCA-authorised CASP. Client assets are not co-mingled.
The vaults are built on IPOR Fusion’s Plasma Vault architecture, ERC-4626 compliant smart contract vaults with deterministic risk enforcement, per-vault isolation, embedded compliance, and on-chain portfolio calculation. IPOR Fusion is a modular on-chain vault framework developed by IPOR Labs AG (Zug, Switzerland). Each vault operates through composable protocol connectors (Fuses) integrated with leading DeFi venues.
Tesseract Investment Oy selected IPOR Fusion for its market maturity — a purpose-built, audited on-chain asset management infrastructure designed for regulated operators.
Tesseract Investment Oy is working with a select group of pilot partners across asset management, custody, and institutional distribution. Early participants include 21Shares, one of the world’s largest issuers of crypto exchange-traded products (ETPs), with further pilot partners to be announced.
James Harris, CEO of Tesseract Group, will take the stage at Vault Summit in Cannes, France on April 1, 2026 to present “What the Next Wave of Institutional Capital Needs From Vaults” and discuss how regulated operators are rethinking vault architecture for institutional deployment.
“Clients tend to ask two questions about vaults: are my assets pooled, and does this structure meet regulatory standards? We built Dedicated Client Vaults to answer both clearly: one vault per client, individually managed, and operated within a MiCA-authorised framework. Having reviewed multiple infrastructure options, we chose to work with IPOR Fusion because it was already built to the standard we were looking for — audited contracts, on-chain risk controls, and proper asset segregation. The IPOR Labs team has worked closely with us over the past year to pressure-test every layer of the stack.” — James Harris, CEO, Tesseract Group
“IPOR Fusion was designed to meet the needs of institutional capital operating on-chain strategies with the same structural safeguards they expect in the traditional world. After a year of close collaboration with Tesseract, pressure-testing every layer of the architecture, we are pleased to expand this collaboration as Tesseract brings Fusion-powered vaults to its institutional clientele.” — Darren Camas, CEO, IPOR Labs
Disclaimer: This article is an educational analysis of yield source categories in the digital asset market. It does not describe or relate to any specific product or service offered by Tesseract or its affiliates. This article is provided for informational purposes only and does not constitute investment advice, a recommendation, or an offer of any crypto-asset service under the Markets in Crypto-Assets Regulation (MiCA). Regulatory analysis is based on published legislation and should not be treated as definitive legal interpretation. Mandatory service provider information under MiCA, details on distance selling as required by the Finnish Consumer Protection Act, and risk descriptions related to crypto-assets are available at www.tesseract.fi. Clients are advised to review this information before making investment decisions.
