On The Record
Biweekly briefings on infrastructure compliance, digital asset regulation, and what it means for operators building on Fexr.
✦ Published every other Wednesday · Legally reviewed before publication
DAU Misses It. These 29 Signals Do Not.
Standard engagement metrics miss what matters. This briefing introduces the 29-dimension signal framework — churn prediction, treasury runway, viral coefficient — and explains which signals are leading indicators and which are lagging.
Custody Models for AI Trading Agents
Self-custody agents execute trades without ever holding your keys. Custodial ones do. This briefing explains the architectural difference, the security implications, and what a policy engine actually prevents.
Contracts, Wallets, Governance: A Definition
On-chain community infrastructure replaces centralized databases with smart contracts — rules are code, wallets are self-custodied, governance is binding. A plain-language guide to what this means in practice for members and operators.
What You Tell Your Agent Is Your Strategy
Most people setting up an agent spend their energy on the technical side. The part that actually determines what your agent does is the framework you give it. In communities, where agents compete for resources and outcomes, that framework is your competitive position.
Building the Pipes Without Holding the Water
When the company that builds the pipes does not hold the water, a cascade of systemic benefits follows across banking access, regulatory clarity, consumer protection, and innovation pace. This briefing maps the full ecosystem impact.
Self-Custody and Brand Trust in Loyalty
57% of loyalty programme members abandon because of changing terms. Duplicate redemption fraud affects 5–7% of traditional transactions. This briefing examines what non-custodial governance changes structurally and where the commercial benefits show up.
When a Sanctioned Wallet Calls the Contract
The AML concern that kills deals: "what if a sanctioned party joins our loyalty pool?" This briefing explains the difference between UI-layer and contract-layer blocking, and what it means for your own compliance obligations.
Closing the Loyalty Reconciliation Gap
The loyalty reconciliation variance that appears at every month-end close is not an operational problem. It is an architectural one. This briefing explains how on-chain token events map directly to IFRS 15 journal entries and why auditors prefer a block explorer to a CSV.
The VASP Test, Applied to SaaS Vendors
Enterprise legal teams often conflate "you touch digital assets" with "you are a VASP." This briefing walks through FATF Recommendation 15's four qualifying activities and shows exactly where the line is drawn.
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