Trade finance · rebuilt

Peer-to-peer trade,
made financeable.

Exfide is the neutral settlement layer for cross-border commerce. Buyer and seller close the deal directly on-chain. Existing factors and lenders plug in for financing — without owning the rails.

Trade
escrow
Trade №0x8f2A · MMXXVI
Exporter
Officine Mediterranee Genoa
Importer
Kalinga Textiles Chennai
Amount
€ 84,500EURC
On sight of
Sea waybill hash 0x74e1
The problem

Trade takes weeks. Capital sits still.

Cross-border trade still runs on paper letters of credit, correspondent banking, and manual document checks. The people who move goods wait 60 to 90 days to move money — and the banks in between charge for the friction they create.

I.

Cash locked in transit

The exporter has shipped. Payment sits behind document scrutiny, correspondent transfers, and bank cut-off times. Working capital is frozen for weeks.

II.

Trust priced by intermediaries

Neither party trusts the other, so both pay banks to underwrite the trust. Fees, spreads, and confirmation charges accumulate on both sides.

III.

SMEs shut out

Small exporters cannot get LCs. Small importers cannot get credit lines. The system is built for corporates with treasury desks — everyone else improvises.

How it works

Three steps, one contract.

Buyer and seller sign a smart contract that holds the funds and releases them the moment the trade is complete. No bank stands between them. No paperwork moves through third parties.

I.

Fund the escrow

The buyer deposits the trade amount in EUR-pegged stablecoin. Funds are locked in the contract, visible to both parties, controlled by neither.

Stablecoin: EURC · USDC · EURS
Cooling-off: 14 days
Custodian: none — code only
II.

Ship and sign

The seller ships the goods and registers the sea waybill hash on-chain. No document reformatting — the paperwork stays standard, the proof-of-shipment goes on-chain.

Sea waybill: keccak256 hash
Cargo status: carrier-attested
Deadline: enforced by contract
III.

Settle bilaterally

On acceptance of the documents, the contract releases payment to the seller. No confirming bank, no clearing chain, no cut-off window. Settlement is immediate and final.

Settlement: T+0, atomic
Protocol fee: 25 bps
Refund: full, if unshipped
Safeguards

Built-in protections for both sides of every trade.

Removing the bank doesn't mean removing the guarantees. The smart contract encodes the same protections a letter of credit provides — deterministically, and without fees scaling to commercial or political risk.

Funds locked until resolution

Once deposited, the payment sits in the smart contract and cannot be withdrawn by either party alone. It is released to the Seller only upon successful completion — or returned to the Buyer if the trade is cancelled.

For both parties

Enforced shipment date

The agreed shipment date is encoded in the smart contract. If the Seller cannot ship in time, they cannot submit the shipping documents. No late surprises, no ambiguous extensions.

Protects Buyer

Bilateral amendments

Any change to an active trade — a new shipment date, an amended amount — requires a multi-signature transaction. Both parties must sign. Neither can change terms unilaterally.

For both parties

Automatic refund on cancellation

If the parties don't agree on an extension when things go wrong, or if the trade is formally cancelled, the payment returns to the Buyer's wallet automatically — no dispute resolution, no claim process.

Protects Buyer

Immutable on-chain record

Every step — deposit, shipment confirmation, payment release, amendment — is written to the blockchain. Neither party can alter history. Neither can the operator of Exfide itself.

For both parties

Stable-value settlement

Payments settle in a EUR-pegged, reserve-backed stablecoin. The Seller receives exactly what was agreed — no exposure to crypto volatility, no FX surprises between signing and settlement.

Protects Seller
Every scenario, covered

Exfide protects both parties — in every scenario.

Standard shipping documents. No proprietary formats. Exfide works with invoices, sea waybills, and any document required by the commercial contract — and covers two critical edge cases that traditional letters of credit handle poorly.

Protects Seller

What if the Buyer collects the goods without releasing payment?

Exfide works with standard shipping documents including the sea waybill, which — unlike a bill of lading — is not a document of title and need not be surrendered. This means the Buyer can identify themselves at the port of destination and take delivery of the goods — even if they have failed to formally accept the shipping documents, whether by oversight or in bad faith.

Exfide addresses this risk through a simple, carrier-coordinated mechanism:

1
Acting on prior instructions from the Seller, the carrier collects a note of delivery signed by the Buyer at the moment of collection.
2
The carrier promptly returns the countersigned note of delivery to the Seller, formally aware that the Buyer has collected the goods without having formally accepted the shipping documents.
3
The Seller submits the countersigned note of delivery to Exfide, which — acting as smart contract administrator — intervenes and releases the locked payment to the Seller.
The Seller is fully protected: the locked funds cannot be retrieved by the Buyer without the Seller's consent, and the note of delivery provides the formal trigger for payment release regardless of document acceptance.
Protects Seller

What if the Buyer simply refuses to take delivery?

The Seller has shipped on time and submitted compliant shipping documents. The Buyer, however, has changed their mind and refuses to collect the goods. In a traditional L/C, this leaves the Seller facing costly return logistics with no guaranteed compensation.

Exfide's structure prevents this from becoming a loss:

1
The Buyer has already locked the agreed amount into the smart contract. They cannot retrieve it without the Seller's explicit consent.
2
The Seller will only grant consent to unlock the funds in exchange for the simultaneous payment of a pre-agreed compensation fee, covering costs to retrieve the goods and other expenses incurred.
3
The compensation fee is agreed by both parties at contract inception — before the trade begins — so its amount is known and enforceable from the outset.
The Buyer cannot walk away without cost. The Seller is compensated for their expenses before releasing any funds back — enforced automatically by the smart contract, with no litigation required.
The financing layer

Peer-to-peer, but never alone.

Once the trade is locked in Exfide, both sides can bring in third-party liquidity. Not us — real, licensed factors and buyer-finance providers. Exfide is the assignment layer. They are the capital.

Seller side

Assign the payout

The seller doesn't want to wait 60 days for the goods to arrive. They assign the escrowed payout to a factor — who advances cash today, and receives the settlement when the trade closes.

assignPayoutTo(address factor)
Buyer side

Deposit on behalf

The buyer doesn't have the working capital upfront. A buyer-finance provider deposits into the escrow on their behalf — and collects repayment from the buyer on standard terms.

depositOnBehalfOf(address importer)
Why it matters

Exfide never underwrites credit, holds funds off-chain, or issues loans. The contract exposes two hooks; licensed financing partners do the rest. This is what keeps Exfide outside the perimeter of banking, factoring, and credit intermediation regulation.

Edge cases, handled

How Exfide handles the hard parts of a letter of credit.

Traditional trade finance leaks value in discrepancies — paperwork mismatches that freeze payments and trigger manual reconciliation. Exfide resolves most of them by design, and hands the rest back to the two parties who actually did the trade.

Traditional L/C issue
Exfide behaviour
Credit expired
Not applicable. The trade payment stays locked in the contract until the trade is either successfully executed or cancelled by mutual consent. There is no artificial validity window to expire.
Late presentation & delayed shipment
A shipment deadline is encoded at contract creation. If the Seller cannot meet it, the shipping documents cannot be submitted. The parties can jointly agree to extend via a multi-sig transaction — or the trade cancels and funds return to the Buyer.
Partial shipments when not allowed
Typically not applicable at the ticket sizes Exfide is designed for. The full amount is either released or refunded.
Formal goods-description mismatch
If the discrepancy is purely formal, the Buyer can accept the documents with an on-chain signature. Payment releases, the trade closes. No third-party inspection, no protracted amendment cycle.
Missing or inconsistent documents
The Buyer's confirmation signature is the final check. If the Buyer refuses to sign because documents are missing or inconsistent, payment does not release. The parties resolve bilaterally, or the trade cancels and funds return.
Provenance

Settlement is older than banking.

Four times a year, in the second half of the sixteenth century, the merchant bankers of Genoa met to settle the trade of a continent. They did it without moving money across borders, without a central counterparty, and without trusting each other. The mechanism they built is the one Exfide encodes.

I.

The fairs of Bisenzone

Founded at Besançon, the fairs followed their bankers across Europe and settled at Piacenza from 1579 — keeping the original name long after they had left the city. Four times a year, positions accumulated across Antwerp, Lyon, Seville and Venice were brought to one table.

II.

The scudo di marche

No sovereign minted it. The écu de marc was a unit of account, fixed at each fair against a basket of circulating coin, existing only in the books. It gave merchants a common denominator across a dozen debased currencies — value without a coin to carry it.

III.

Only the balance moved

Claims were offset against claims until almost everything cancelled. What remained — a fraction of the gross traded — was settled in specie. The rest never moved at all. Multilateral netting, four centuries before the term existed.

The name

Roman law distinguished contracts enforced by their letter from those enforced ex fide bona — by good faith, judged on what the parties actually intended. The Bisenzone fairs ran on precisely that: no court could reach across those borders, so the ledger and the standing of the parties did the enforcing. Exfide takes the name and replaces the standing with a contract that executes itself. The ledger is shared, the unit of account is a stablecoin, and the fair never closes.

Positioning

We don't finance trade.
We make trade financeable.

The trade finance industry is crowded with intermediaries who all want to hold your funds, own your customer, and take a spread. Exfide holds none of those things. It exposes a clean protocol interface — and stays out of the way.

  • Not · a bank
    We don't take deposits.
  • Not · a factor
    We don't underwrite credit.
  • Not · an exchange
    We don't match counterparties.
  • Not · a wallet
    We don't custody funds.
  • Yes · the rails
    A settlement layer for the whole industry.

Bring your factor. Bring your bank. Bring your insurer. Exfide is the escrow they all plug into — and the assignment rail they all clear through.

The Exfide thesis

The next decade of trade finance won't be written by banks.

Exfide is in prototype, validating with early customers and financing partners. If you build products around cross-border trade — as a factor, a bank, a treasury team, or a platform — let's talk.