Is Rekord a bank, a fund, or a protocol?

Is Rekord a bank, a fund, or a protocol?

None of the three. Rekord is verification and credit infrastructure: it verifies real-world credit, structures it, and gives investors access to it through defined fixed-income instruments. The question comes up because Rekord touches all three worlds, so it helps to take them one at a time.

It's not a bank. A bank takes deposits it owes back on demand, lends them out against a fractional reserve, and carries the credit risk on its own balance sheet. Rekord doesn't take deposits and doesn't re-lend your money from its own balance sheet.

It's not a fund. A fund pools investor money into a single vehicle and gives each investor a share of whatever that vehicle holds. Rekord offers defined instruments instead: each fixed-income instrument has its own documented terms, its own underlying assets, and its own order of payment. You know what you hold because the terms tell you, not because a manager reports it each quarter.

It's not its own protocol. Rekord does not host its own vaults and has not issued a token. It runs entirely on mature, independently audited third-party vault infrastructure, and focuses its own work on the layer underneath: verifying that the assets behind an instrument exist, are where they're said to be, and are performing as reported.

So what is it?

The best short description is a verification layer for credit. Underwriting, monitoring and reporting run on one verified record, so the same data the servicer sees is available to capital providers as it changes. Rekord is not an auditor; independent auditors and custodians still play their roles. What Rekord adds is the continuous, checkable record that connects them.

It also matters where Rekord sits in the payment order. Rekord's fees are paid after investors on each instrument: you are paid before we are.

Related: The payment waterfall: who gets paid, and in what order and Is Rekord an auditor?.