CrossConversion
The process of moving Sails CrossSecurities between on-chain and bankable forms while maintaining 1:1 backing.
Full Definition
CrossConversion is Sails.to's mechanism for converting CrossSecurities between their two forms:
- Cross to Bankable: Lock on-chain tokens in the CrossConversion Series → receive 1:1 ISIN-bearing securities via Clearstream
- Cross to On-Chain: Redeem ISIN securities → release locked tokens back to your Solana wallet
The conversion is always 1:1 — ISIN-identified securities outstanding can never exceed tokens locked. Any eligible holder can request CrossConversion for approximately 0.75% of nominal value.
Why It Matters
CrossConversion is what makes CrossSecurities truly hybrid. Without it, investors would be locked into whatever format they initially chose.
Use cases:
- Traditional fund manager with mandate restrictions needs ISIN format → cross from on-chain to bankable
- Crypto-native investor wants self-custody → cross from bankable to on-chain
- Selling to a buyer whose bank only settles via Clearstream → cross format to complete the sale
The underlying security never changes — same rights, same ownership, same issuer. Only the custody rails differ.
How It Works
- Holder requests CrossConversion through the platform
- Cross to Bankable: Tokens are locked in the issuer's CrossConversion Series
- ISIN-identified securities are issued via Clearstream
- Securities appear in holder's bank/brokerage account
- Cross to On-Chain: Reverse process — redeem ISIN, release tokens
Processing typically takes 3-5 business days. Fee: ~0.75% of nominal value.
Related Terms
Cross between worlds
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