Sakima acquired TokenOps, a platform for managing the lifecycle of corporate tokens, which claims to have processed over $2 billion in distributions, aiming to introduce fully homomorphic encryption to institutional token vesting, airdrops, and cap table operations.
The Paris-based cryptography company, which builds confidentiality protocols for public blockchains including Ethereum and Solana, said the transaction marks a structural shift in how institutions operate on-chain.
According to The Block, this move aims to eliminate the inherent risks of signal leakage and front-running in publicly accessible blockchain infrastructure. Zama cites data that clearly highlights the real-world costs of this risk. Citing analysis from market maker Keyrock, Zama shows that approximately 90% of tokens underperformed the market within 30 days of transparent release, with average price declines reaching up to 17% within 72 hours of significant supply shocks.
Through this acquisition, the token issuer gains the ability to manage the full token lifecycle, including allocation, release schedules, and recipient identities, all of which will be encrypted on-chain using the ERC-7984 confidential token standard.
Rand Sindy, co-founder and CEO of Zama, said: "In the traditional on-chain world, transparency is a vulnerability disguised as a feature. For institutions, a transparent ledger is equivalent to opening the door to competitors. Our goal is to make confidentiality the default state for every financial transaction on-chain."
Technical testing
This technology has undergone stress testing in a production environment.
The institutional-grade physical asset protocol KAIO, developed jointly by WebN Group and Nomura’s Laser Digital, deployed a fully homomorphic encryption (FHE)-based distribution mechanism earlier this year for partners including BlackRock, Hamilton Lane, and Brevan Howard. According to the Zama team, such a distribution would not be feasible on a public blockchain without encryption technology. Zama’s own token (ZAMA) is also being distributed to team members and investors via TokenOps on Ethereum using a confidential ownership solution.
Paul Veradittakit, managing partner at Pantera Capital, said that signal risk is a primary concern in large-scale trades. Pantera Capital is one of Zama’s investors. Veradittakit said, “We manage over $5 billion in assets and hold significant amounts of tokens in our portfolio. We understand that one of the biggest challenges in such large-scale trades is avoiding signal risk when moving assets to an exchange or conducting over-the-counter transactions.”
TokenOps will continue to operate as an independent brand following the acquisition, maintaining its cross-chain self-custody infrastructure and gradually expanding its confidential lifecycle tools to all token issuers.
Fabio Mancini, Co-Founder and CEO of TokenOps, said: "Privacy is the primary need we cannot fulfill through transparent infrastructure. Confidential financial channels are ready to scale."
Zama raised $57 million in a Series B round led by Pantera Capital and Blockchange in June last year, reaching a $1 billion valuation. The project launched its ZAMA token in February following a sale on CoinList. According to The Block, over $121 million in funds were secured at Ethereum’s launch, with a minimum final sale price set at $55 million.