How we verify

Verified means VESTN has independently checked the claim under the process below and dated the check. A verified badge without a completed process is decoration; we do not use it that way.

Labelled means the claim is sourced from public materials with the source URL and retrieval date visible on hover. VESTN has not independently verified it. Most figures in a fast-moving market start here.

Illustrative means the value exists for prototype review only. It has not been sourced or verified. Cards, marketplace headline stats, and the twelve VESTN-branded listings currently sit at this tier.

Verified issuer status requires a completed know-your-business review: registered legal entity in a named jurisdiction, ultimate beneficial owner disclosure, sanctions screening, financial-services licensing where applicable, and a signed representation on the accuracy of the listed structure.

The review is dated and re-run annually or on material change. A failed or lapsed review removes the badge; the entity does not drop back to labelled without a fresh check.

Institutional allocator verification requires entity KYB (as above) plus confirmation of investable capital band and mandate scope. Individual accredited-investor or qualified-purchaser status requires third-party accreditation letter or platform-issued attestation, retained under audit.

Allocator identity is never shown publicly without explicit opt-in; the badge signals verification only.

Practitioner directory entries (servicers, custodians, law firms, oracle providers) require the entity KYB above plus a named contact who has confirmed the listed capabilities. Claims about specific transaction volumes or client rosters are labelled, not verified, unless the practitioner supplies a citable public source.

Attested: NAV or reserves come from a qualified custodian or transfer agent that has signed the data. Preferred where the underlying is off-chain cash, treasuries, or allocated metal.

Model-driven: NAV is derived from a valuation model refreshed on a defined cadence (typically quarterly, by an independent valuation agent). Appropriate for illiquid credit and real assets; higher latency, lower precision.

Hybrid: attested reserves paired with a model for accrual, or servicer reports overlaid with an independent mark. Most private-credit tokens land here.

Market-tracker: the token references an external listed instrument's price rather than an underlying holding. Common for wrapped ETFs.

Every asset page shows a fixed six-row diligence read: servicer, SPV, waterfall, oracle, default path, legal recourse. A listing that cannot answer all six does not receive a Verified badge on structure.

The scoring criteria for each question live on the /framework page.

v0.1 · 2026-07-03 · Initial publication. Three-tier badge system and six-question diligence framework introduced. No entities carry the Verified badge yet; the verification queue opens once the founding member cohort is formed.