Own
the Blockchain
Infrastructure.

The vendor stack VEON's been pricing across Fuze, Fireblocks, Sumsub and the broader cohort, consolidated. Two layers at half cost. One booked as asset. One paying revenue from year two.

Now · pre-testnet
50%
subsidy on layers 2, 3
Testnet → mainnet
20%
subsidy on layers 2, 3
Post-mainnet
0%
market rate. No anchor seat.
2B+corridor users
14institutional partners signed
6 wksto testnet · 60 days live
01 · The Stack

What you rent. What you own.

The vendor stack VEON's been pricing for five months, in one image. Three blocks above. Two below. Each one expands.

YOUR DOMAIN
COST + OPEX SAVING
CAPITAL GAIN · OWNED
CAPITAL GAIN · REVENUE
01

The UI Layer

Super app · Merchant app · Business onboarding · Future VR / digital twin

Your domain
Your customer-facing surface stays yours.
Super apps, merchant onboarding, future VR and agent-first interfaces. OWN does not touch this layer. It feeds it.
VEON Beyond · super-app surfaces
Yours · day 0
JazzCash, Banglalink Wallet, future super-app surfaces. OWN integrates underneath without renaming the front end.
Future · VR / digital-twin commerce
Year 3+
Digital-twin commerce, agent-mediated transactions, voice-first interfaces. Same compliant infrastructure underneath, no re-architecting.
What changes for VEON
Engineering effort
Unchanged
Brand control
100% VEON
Build cost
Already done
02

The Aggregator Layer

Wallet · Payment aggregation · Customer operations · Treasury rails

50% pre-testnet · 20% testnet
The wallet and aggregation stack that sits behind the UI.
The layer VEON's team is currently sourcing from Fuze and the broader cohort. Get's from at 50% off pre-testnet, 20% off through testnet. Subsidy unlocked by owning Layer 4.
Wallet infrastructure
$68M · 5-yr FTI
Branded multi-asset wallet rails for VEON's 160M corridor subscribers. Drop-in for JazzCash, Banglalink and net-new markets. FTI line: Tech & Infrastructure + Support / Active User.
2030 annual run-rate$29.0M
5-yr cumulative · vendor$68.2M
5-yr saving at 50%$34.1M
Customer operations · support stack
$27M · 5-yr FTI
Customer support, dispute resolution, fraud triage, agent operations. FTI line: Customer Operations / Active User. Consortium tooling at 50% / 20% off.
2030 annual run-rate$10.3M
5-yr cumulative · vendor$27.3M
5-yr saving at 50%$13.7M
Payment aggregation · cross-corridor routing
Bundled
Cross-border routing, FX-aware settlement, corridor selection logic. Bundled into the Aggregator layer. Settled in OWN tokens.
Layer 2 · five-year corridor model (FTI-anchored)
Wallet + Tech Infrastructure$68.2M
Customer Operations$27.3M
Total Layer 2 vendor cost · 5 yr$95.5M
Saving at 50% (pre-testnet)$47.7M
Saving at 20% (testnet)$19.1M
Anchored to FTI-verified Fasset × VEON business model · consolidated across Pakistan, Uzbekistan, Kazakhstan, Ukraine · base case scenario.
Subsidy mechanics
Pre-testnet rate
50% off vendor
Testnet rate
20% off vendor
Post-mainnet rate
Market
Subsidy unlocked by
Owning Layer 4
Books as
OpEx (reduced)
03

The Infrastructure Tools Layer

KYC · Custody · Oracles · Tokenization · Stablecoin infrastructure

50% pre-testnet · 20% testnet
Five tools. Each maps to an FTI cost line.
Owning Layer 4 unlocks 50% subsidy on every tool below pre-testnet, 20% during testnet.
KYC · AML · sanctions screening
$22.6M · 5-yr FTI
Identity verification, AML screening, sanctions checks, continuous transaction monitoring. Vendor benchmarks: Sumsub, Onfido.
2030 annual · vendor$7.5M
5-yr cumulative · vendor$22.6M
5-yr saving at 50%$11.3M
Custody · institutional-grade key management
$19.1M · 5-yr FTI
MPC-based key management, institutional cold/hot wallet segregation, transaction signing. Vendor benchmarks: Fireblocks, BitGo, Anchorage. FTI line: Security & Custody.
2030 annual · vendor$8.1M
5-yr cumulative · vendor$19.1M
5-yr saving at 50%$9.6M
Oracles · price feeds and attestation
$3M · 5-yr synth
Price feeds, regulatory attestations, real-world data signing. Year one external; year two onward built by the OWN consortium at protocol cost.
5-yr cumulative · vendor~$3.0M
5-yr saving at 50%$1.5M
Year 2+ providerOWN consortium
Tokenization infrastructure
$4.5M · 5-yr synth
RWA tokenization rails, branded token issuance, programmable loyalty. Vendor benchmark: Bridge (Stripe-owned, $1.1B). Consortium delivery at 50% / 20% off.
5-yr cumulative · vendor~$4.5M
5-yr saving at 50%$2.3M
Strategic upsideVEON-branded RWA listings
Stablecoin infrastructure
$4M · 5-yr synth
Branded stablecoin issuance, reserve management, mint/burn API, cross-chain settlement. Vendor benchmarks: BVNK (Mastercard, $1.8B), Bridge, Circle. VEON-branded stablecoin at consortium pricing.
5-yr cumulative · vendor~$4.0M
5-yr saving at 50%$2.0M
Float economicsAnchor share
Layer 3 · five-year corridor model
KYC / AML / sanctions (FTI)$22.6M
Custody · key management (FTI)$19.1M
Oracles (synthetic)$3.0M
Tokenization (synthetic)$4.5M
Stablecoin (synthetic)$4.0M
Total Layer 3 vendor cost · 5 yr$53.2M
Saving at 50% (pre-testnet)$26.6M
Saving at 20% (testnet)$10.6M
KYC and Custody anchored to FTI-verified Fasset × VEON model. Oracles, Tokenization, Stablecoin synthesised from public vendor pricing (Sumsub, Bridge, BVNK, Circle).
Subsidy mechanics
Pre-testnet rate
50% off vendor
Testnet rate
20% off vendor
Post-mainnet rate
Market
Subsidy unlocked by
Owning Layer 4
Year-2+ tools provider
OWN consortium
★ Invisible layer · You're paying for it today
04

The Blockchain Layer

The hidden settlement layer. Regulated, compliant, owned.

★ Capital gain · You own this
The layer that doesn't exist on your balance sheet today. After signature, it does.
Today VEON pays an embedded settlement margin to Ethereum, Polygon and Solana through every vendor on top. FTI calls this line "Blockchain Infra Cost / txn": $79.4M across the five-year corridor. None of those chains are regulated in your jurisdictions. OWN replaces it with a regulated chain VEON co-owns. The same $79.4M converts into 5% of OWN supply, booked as asset.
5% of OWN supply · anchor allocation
Balance-sheet asset
Anchor-priced allocation locked at testnet. Appreciates with consortium adoption. The same expenditure that would have been recurring OpEx now sits as an appreciating asset.
Allocation5% of OWN supply
PricingAnchor / testnet
TreatmentAsset
Validator seat · 1 of 8
Governance + block rewards
One of eight validator nodes. Block production share. Binding vote on protocol fees, jurisdictions, roadmap. Income on every network transaction, not just VEON's subscribers.
Token-paid usage of layers 2 and 3
Subsidy unlocked
Owning Layer 4 unlocks the 50% / 20% subsidy on Layers 2 and 3. Usage is metered and paid in OWN tokens. The cost of running the stack and the asset that backs it are the same instrument.
Regulatory perimeter
10+ jurisdictions
Pre-built perimeter across Pakistan, Bangladesh, Uzbekistan, Kazakhstan, Ukraine. One licence framework, not one per market. Legal lift done.
Layer 4 · the hidden cost being converted
Pakistan · 5-yr Blockchain Infra (FTI)$61.6M
Uzbekistan · 5-yr Blockchain Infra$2.5M
Kazakhstan · 5-yr Blockchain Infra$6.8M
Ukraine · 5-yr Blockchain Infra$8.5M
Total hidden layer cost · 5 yr$79.4M
Converts to5% OWN allocation
Books asAsset (balance sheet)
FTI-verified cost line "Blockchain Infra Cost / txn" consolidated across the corridor. Today this is paid to fragmented public chains and vendor mark-ups. Under OWN, the same expenditure becomes an appreciating asset.
Without OWN · with OWN
Settlement rail
ETH / SOL / Polygon
Compliance
Fragmented
5-year hidden cost
$79.4M
Books as
OpEx → Asset
Exclusivity
One anchor per corridor
05

The API Marketplace

Unlocks at mainnet. Revenue from every operator who builds on the stack VEON helped seed.

★ Capital gain · Revenue share
The fifth layer pays VEON back. From year two.
Once Layer 4 ships, OWN exposes the full stack as APIs to other operators, banks and fintechs. Every new participant pays protocol rent in OWN tokens. VEON, at 5% allocation, earns pro-rata share. Recurring income from year two.
Protocol-rent revenue from new operators
Year 2+ · recurring
Every new participant pays protocol rent in OWN tokens. At 5% allocation, VEON earns ~5% of every transaction across the OWN network from year two.
MechanismProtocol fee distribution
VEON share~5% pro rata
TreatmentRecurring asset income
Co-anchors already in the room
Peer cohort
VEON would not be the first anchor. The cohort already in the consortium includes:
SBI Group · TokyoTether · settlementEtisalat · UAE telcoM-Pesa · AfricaIndosat · Indonesia telcoARZ Portföy · IstanbulNetwork International · DubaiSovereign partners
Each named entity holds a comparable anchor position. The seat VEON is being offered is the operator-class seat for the corridor.
Activation timeline
Mainnet · year 1
Layer 5 activates at mainnet, ~60 days post-signature. Quarterly anchor distributions in OWN tokens. Economics compound from quarter one.
Signature → testnet6 weeks
Testnet → mainnet~30 days
First distributionQuarter 1 post-mainnet
Exit / liquidity optionality
Year 3+
Fully transferable from year three. Recent comparables: Bridge (Stripe, $1.1B), BVNK (Mastercard, $1.8B).
VEON's share of the marketplace
Unlock
Mainnet · year 1
Revenue model
Protocol rent · token-denominated
Anchor share
5% pro rata
Books as
Recurring asset income
Liquidity
Year 3+ (post cliff)
02 · The Mechanics

Three economic flows. All to VEON.

The anchor seat is not a discount. It is a structural reordering of how digital-asset infrastructure value moves between operator and protocol. Subsidy in. Asset on the books. Revenue out.

Flow 01 · IN
50% off layers 2 and 3.
$148.7M five-year stack arrives at 50% off pre-testnet, 20% off through testnet. Subsidy unlocked by owning Layer 4. $74.3M saved at 50%.
Flow 02 · ASSET
Layer 4 on the balance sheet.
The $79.4M Blockchain Infra line currently paid to ETH/Polygon/Solana converts into 5% of OWN supply. Validator seat, binding governance. OpEx → asset side.
Flow 03 · OUT
Revenue from every operator who follows.
Fifth layer opens at mainnet. Every operator, bank or fintech on OWN pays protocol rent. As anchor, VEON co-owns the revenue, pro rata to allocation. Recurring income from year two.
Already in the room VEON · anchor seat open SBI Group Tether Etisalat M-Pesa Indosat ARZ Portföy Network International Fireblocks Chainalysis Investcorp Sovereign partners
03 · The Books

Same flow. Different side of the books.

Without OWN · Vendor model
Recurring OpEx
$228M · 5-yr drain
Paid out to Fuze, Fireblocks, Sumsub, settlement providers and the hidden blockchain mark-up underneath. Drains cash quarter on quarter. Does not accrue. Not yours.
→
With OWN · Anchor model
Asset on the books
$74M saved + 5% OWN
$74M saved at 50% subsidy on Layers 2 and 3. The $79M Layer-4 spend converts to 5% of OWN supply, appreciating with adoption and earning protocol revenue from year two. Yours.

The seat closes at testnet.
Six weeks.

One signature. Term sheet on the table within seven business days of confirmation. Engineering integration starts the week after.

Take the Anchor Seat
For Kaan Terzioğlu and Vitaly Shmakov · Presented by Rehan Hassan