Plume, the Open Finance platform built for institutional markets, and digital-asset prime broker FalconX have jointly introduced FALX, a structured credit facility that gives investors onchain access to an overcollateralized lending strategy. The product is housed within Plume Nest Vaults and is managed through a FalconX-operated special purpose vehicle, with curation responsibilities assigned to M11 Credit.
What FALX Is and How It Is Structured
FALX sits inside Plume Nest Vaults, Plume's on-platform product for curated yield strategies. Investors who enter the facility gain exposure to an overcollateralized lending book — meaning the collateral posted against any loan position exceeds the loan value itself, a structural feature designed to contain credit losses in the event of borrower default.
The lending strategy is implemented through a special purpose vehicle managed directly by FalconX. SPV structures are a standard tool in traditional structured credit: they ring-fence assets and liabilities from each sponsor's balance sheet and create a defined waterfall for how cash flows and losses are distributed. Bringing that architecture onchain, via Plume Nest Vaults, is the core novelty here.
The Three-Party Arrangement
Three firms share distinct roles in the facility. Plume provides the onchain infrastructure and investor access layer. FalconX — known primarily as a cryptocurrency prime brokerage and liquidity network — manages the SPV and, by extension, the underlying lending strategy. M11 Credit, a credit-focused firm in digital assets, serves as curator, a role that typically involves structuring, ongoing monitoring, and risk assessment of the underlying credit book.
The division of labor matters for understanding who carries which risk. Plume owns the distribution rail; FalconX controls the SPV and execution; M11 Credit holds the underwriting mandate.
Why It Is Structured This Way
Overcollateralized lending strategies reduce the need for counterparty trust by anchoring credit exposure to a defined collateral buffer. Pairing that structure with an onchain vault removes some of the opacity that makes traditional structured credit opaque to end investors — position-level data can, in principle, be visible on-chain rather than locked inside a fund administrator's monthly report.
The announcement was made in New York on June 30, 2026.