> For the complete documentation index, see [llms.txt](https://docs.noon.capital/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.noon.capital/5.-the-security-framework/trusted-custody.md).

# Trusted Custody

Where do funds live, and who can move them?

## <mark style="color:$success;background-color:$success;">**Prevent**</mark>

<mark style="color:purple;">**Noon**</mark> never holds protocol reserves on exchanges or in un-audited wallets. Every underlying asset is segregated, institutional-grade, and independently verifiable on-chain—with custom custody architectures fitted to each specific yield strategy across CeFi, DeFi, and TradFi.

<figure><img src="https://3816918787-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FL26rQzcNmiUZrCXkxkjS%2Fuploads%2FR6sUCTY1AFoLDwKRmWBA%2FCustodyMatrix.png?alt=media&amp;token=73f97c25-c349-41f3-a517-a61ae57a9f65" alt=""><figcaption></figcaption></figure>

## <mark style="color:$primary;">1. Off-Chain Custody (CeFi & TradFi Assets)</mark>

Traditional delta-neutral strategies often fail because they keep margin directly on centralized exchanges. <mark style="color:purple;">**Noon**</mark> eliminates exchange-insolvency risk by utilizing off-exchange settlement, regulated brokers, and institutional fund custody:

* **Exchange Strategies (Delta-Neutral Funding Rate Arbitrage):** Margin is held off-exchange with Ceffu using institutional tri-partite settlement. Centralized exchanges execution venues never take custody of Noon’s core collateral. This insulates protocol capital from CEX insolvency or withdrawal halts.
* **Tokenized Traditional Assets (U.S. T-Bills & JAAA CLOs):** Held via our RWA partner Dinari through Alpaca Securities—a regulated U.S. broker-dealer, FINRA member, and SIPC-insured entity. Assets are further backed by excess insurance policies, ensuring compliant, ring-fenced custody for tokenized real-world assets.
* **Private Credit Allocations:** Capital allocated to the F-TAC (Fasanara Tactical Private Credit) strategy sits directly within Fasanara’s regulated institutional fund structure, operating under independent third-party fund administration and custody.

## <mark style="color:$primary;">2. On-Chain Custody (DeFi Strategies & Protocol Reserves)</mark>

All on-chain yield strategies and protocol treasuries are locked in institutional-grade smart contracts and Multi-Party Computation (MPC) vaults:

* **Active DeFi Strategies (Lending, Looping, Principal Tokens):** Operational positions (such as Aave, Compound, and Pendle PT deployments) are managed via institutional-grade MPC / multi-signature wallets. In the case of MPC wallets, key shares are mathematically split across multiple parties, ensuring no single device or individual holds a private key.
* **Protocol Reserves & Funds:** Treasury balances—including the Noon Insurance Fund, Operations Fund, Community Fund, and Ecosystem Fund—sit in segregated institutional grade MPC / multi-signature wallets with published, transparent addresses. In the case of MPC wallets, key shares are mathematically split across multiple parties, ensuring no single device or individual holds a private key.

## <mark style="color:$primary;">3. Segregated Key Management Architecture</mark>

To prevent administrative overrides or key compromise, <mark style="color:purple;">**Noon**</mark> enforces a strict separation between protocol governance and capital execution:

<figure><img src="https://3816918787-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FL26rQzcNmiUZrCXkxkjS%2Fuploads%2F4CLmtW0UK2hNa92B1mVJ%2FSigningArchitecture.png?alt=media&amp;token=4b46d1b8-1cf5-4feb-bf03-90cbb3c10dd4" alt=""><figcaption></figcaption></figure>

* **Segregated Signing Architecture:&#x20;**<mark style="color:purple;">**Noon**</mark> separates infrastructure governance and capital execution, and has segregated signing systems for each.
* **Zero Cross-System Signing:** A signing key or device used in the Multisig cannot sign for MPC transactions.
* **Quorum Enforcement:** All administrative, strategy, and treasury actions require multi-party quorum approvals. The most severe are governed by published time-delays.

## <mark style="color:$primary;">4. Independent Verification</mark>

Every on-chain wallet address holding Noon reserves is publicly indexed and monitored 24/7. Anyone can inspect reserve balances, vault addresses, and collateral backing in real time:

* [Contract Addresses & Oracles](/6.-resources/contract-addresses-and-oracles.md)
* [Independent Collateral Verification](/5.-the-security-framework/independent-collateral-verification.md)