What about Carta?

Carta, the dominant cap table platform and SEC-registered transfer agent for over 50,000 US private companies, holds the ownership records our clients already use but is structurally unlikely to compete with Unblocks.

Its business is equity administration, and secondaries made up only about $3M of roughly $370M in revenue. It exited secondary trading entirely in 2024 after customer trust concerns, its tokenization focus is fund-side infrastructure such as capital calls and distributions, and its VC-aligned customer base and brand make offshore token distribution a poor fit.

Unblocks occupies the layer Carta avoids: tokenizing US private company equity and distributing it to non-US investors under Regulation S, through an offshore listing partner and an established LatAm and international investor network.

Rather than competing with Carta, Unblocks is designed to plug into it as the compliant offshore distribution channel for companies whose ownership already lives on Carta's register.