Factoring forces suppliers to expose their customers.
The world's unmet demand for trade finance is $2.5 trillion, and SMEs are rejected at a 41%rate. The deeper blocker isn't capital — to get scored, a supplier must hand a middleman their debtor names, payment histories, and financials. For most SMBs that's a dealbreaker on its own. Cifra removes the tradeoff at the point that matters: the credit decision is made on real data, and none of that data is ever published.
The data goes in. Only a signed grade comes out.
Buyer data goes to the scoring service and nowhere else. It signs the grade, the model version and the container digest — the raw financials and the debtor's identity never touch the chain.
Five steps, every one on BOT Chain.
The buyer is stored as a commitment hash, never a name.
Graded off-chain; only the signature reaches the chain.
The signed grade is minted as an attestation NFT.
Funders advance discounted BOT or USDT from a tranche vault.
The buyer repays on-chain; default is a timestamp check.
Funders earn the spread. Junior takes first loss.
A senior/junior vault prices capital against each grade. The supplier gets instant liquidity; funders earn yield when the buyer settles; the junior tranche absorbs losses first if they don't.
Five primitives, none of them decorative.
Runs a published, deterministic model over private debtor data and signs the grade, the model version and the image digest that produced it.
An invoice is faced, funded and repaid in one token; the protocol never converts. That is what keeps FX risk out of the loan book — and why no price oracle sits on any path where money moves.
A helper wraps and deposits in a single call, so the chain's own token is the default way in and out.
The buyer repays in the book's own token and the contract observes it directly. Default is block.timestamp past due plus grace, callable by anyone. No proofs, no reserve, no oracle.
The data source signs a commitment to the buyer's history; the scorer refuses to grade inputs that do not match it — without the data being disclosed.
Published weighted model — repayment, relationship size, tenor, jurisdiction. Auditable logic, private inputs.
Honest about what stays secret — and what doesn't.
- · The debtor's raw payment-history and financials
- · The debtor's identity
- · The scoring computation itself
- · A signed categorical grade (A–D) + discount rate
- · A commitment binding the exact invoice + a source-signed commitment vouching the data
- · Capital movement, settlement, and default
What stays trusted, named honestly: we operate the scoring service, so we can read what is sent to it — encryption keeps buyer data out of proxy logs, not away from us. The signed model version and image digest let anyone recompute a grade, but they do not prove which container actually ran; only hardware attestation could, and we do not have it. And a reproducible model is not automatically a well-calibrated one — “verifiably honest” and “verifiably accurate” are different claims.
A credible path past the demo.
- · A real receivable with a named counterparty, behind debtor approval
- · Debtor acknowledgement by email + OTP — the notice-of-assignment artifact real factoring turns on
- · Attested scoring (GCP Confidential Space) — a key rotation, not a contract migration
- · zkTLS provenance, timelock governance, and a stated regulatory posture
- · Origination fee per factored invoice
- · Protocol take-rate on the yield spread — what buyers effectively pay vs. what funders receive
- · Premium tier — score a buyer without even encrypted references leaving the supplier's own infrastructure (bring-your-own-key)
The market is $2.5 trillion, and the wedge is privacy— the one thing legacy factoring structurally can't offer. Cifra keeps scoring, funding and settlement in one continuous loop, and settling on-chain makes the guarantees that matter — did the buyer pay, did they default — things the contract can see for itself rather than things anyone has to be trusted about.
One loop. Every piece live on mainnet.
Private off-chain scoring, two settlement books, native-BOT deposits, senior/junior tranches, on-chain settlement and permissionless default — one continuous loop, and every step is a verifiable transaction today.