---
title: four things your committee will say
canonical_url: https://ensurance.app/guide/four-things-your-committee-will-say
markdown_url: https://ensurance.app/guide/four-things-your-committee-will-say.md
subtitle: crypto cannot touch a real asset. our desk does not do onchain. it is fringe. what is the exit.
category: nature-finance
---

# four things your committee will say

*crypto cannot touch a real asset. our desk does not do onchain. it is fringe. what is the exit.*

Your committee will ask four questions, in this order, and the fourth is the one that decides it. Crypto cannot touch a real asset. Our desk does not do onchain. The committee will think it is fringe. What is the exit.

**Natural capital due diligence** is the work of answering those four with documents a committee can file: the deed, the method, the counterparty, the way out. The watersheds, forests, soils and reefs under every holding keep working whether or not anyone titles them. [*Ensurance*](/specific?from=guide) is how an allocator can fund one of them at a named place, on a public ledger. It is not the place, and it should be diligenced like any other real-asset position.

:::johnson
**the token is the ledger. the asset is the land.** — Every objection below is answered with something you can check before the call: a deed, a public API, a published method, a plain statement of the stage.

[what you hold when nature goes onchain →](/guide/what-you-hold-when-nature-goes-onchain?from=guide)
:::

## "crypto cannot touch a real asset"

Every instrument here is based on a named parcel with a legal description, an acreage and an acquisition cost, valued on its actual polygon by a method that has run on real parcels since 2022; each parcel page says who holds title. Nine parcels are on file, one since lost to another buyer: about 2,614 acres and US$29 million a year of accounted ecosystem service flows across the eight that remain, a method mark, not a payout, as read on 5 November 2026. [Every instrument stands on a real asset](/guide/every-instrument-stands-on-a-real-asset?from=guide) walks the chain link by link, from the deed to the coin.

The method was built by a founder with twenty years in commercial real estate and over US$1.5 billion of transactions across forty states. The deed is the part we are least worried about. What the token is not is also plain: not a deed, not a security interest, not a claim on the flows. [A token is not a forest](/guide/a-token-is-not-a-forest?from=guide) owns that distinction; this series keeps it.

## "our desk does not do onchain"

Your desk does not have to. Every read is a public URL with no key: the parcels, the certificates, the accounts, the pools and the protocol's own stage numbers at `/api/protocol/stats`. A quote is unsigned calldata that your own custodian signs. A position of any size is a primary mint in USDC on Base, the chain Coinbase built. If your desk can call an API and hold an ERC-20, your desk does onchain. [The account proposes, you confirm](/guide/the-account-proposes-you-confirm?from=guide) shows the exact verbs and where a person signs.

## "the committee will think it is fringe"

[NBIM](https://www.nbim.no/en/responsible-investment/our-expectations/climate-and-nature/nature/), the US$2 trillion Norwegian fund, published unified nature expectations in March 2026 with an escalation path to divestment. [TNFD](https://tnfd.global/tnfd-launches-next-global-adoption-campaign-ahead-of-cop30-in-belem/) counts 836 adopters with over US$26 trillion of assets. [J.P. Morgan](https://am.jpmorgan.com/us/en/asset-management/adv/about-us/media/press-releases/jp-morgan-asset-management-announces-rebrand-of-campbell-global-to-jp-morgan-natural-capital/) renamed its timber platform "Natural Capital" in September 2026. Public lending rails already carry Coinbase, Societe Generale and Apollo; none has listed or endorsed an ensurance instrument. The fringe is already in the building. What is missing is the instrument, and that is what a first allocator would hold.

The honest version of this answer includes the correlation question your committee will ask next. No certificate beta, hedge ratio or return premium has been measured or is claimed. [What an uncorrelated investment actually is](/guide/what-an-uncorrelated-investment-actually-is?from=guide) and [a hedge against what?](/guide/a-hedge-against-what?from=guide) set out the four jobs an allocation can do; this instrument does none of those jobs for your book. It funds a place, and claims nothing about your marks, your losses or your correlations.

## "what is the exit?"

Today, none you should underwrite. The certificate exchange floor is built and switched off until it is funded; coins trade at seed depth; the stage is stated in plain numbers in [five firsts](/guide/five-firsts-one-of-each?from=guide). Size the first ticket as a funding you record and a template you file, not a position you trade. Depth begins with the second ticket, and [five firsts](/guide/five-firsts-one-of-each?from=guide) says who seeds it.

That answer is the reason the first ticket matters. A committee that can file a funded, named, ledgered place under its nature disclosure has something no credit or offset gives it, and the record of being first does not depend on a secondary market.

## what you hold, from whom

| question | answer as it stands |
|---|---|
| the instrument | An ERC-1155 token on one certificate contract on Base, issued and administered by BASIN Natural Capital, Carbondale, Colorado |
| the counterparty to a mint | You pay USDC to the recipient published for that token id, an agent account or a proceeds split that BASIN configures; the contract creator and administrator is BASIN's wallet |
| what it carries | The funding record under your name, the published value account on that place, and the evidence record |
| what it does not carry | Title, a security interest, a claim on the flows, a redemption into land, or any distribution to date |
| custody | Standard ERC-1155 and ERC-20 tokens; confirm support with your custodian |
| settling a seven-figure ticket | No subscription agreement, KYC flow, wire path or secondary mark today; a primary mint or a bespoke arrangement documented with BASIN |
| legal character and governance | Undetermined; a DUNA governance layer is proposed, not formed |
| tax | Obtain your own advice |

[What you hold when nature goes onchain](/guide/what-you-hold-when-nature-goes-onchain?from=guide) goes deeper on the instrument. This post is not legal, tax or investment advice; it is the list a committee needs before any of those.

## frequently asked

### what does natural capital due diligence look like?

Four checks a committee can file: the deed and the valuation method behind the instrument; the operational route (public reads, unsigned quotes, a primary mint in USDC); the institutional context (NBIM, TNFD, the managers already in the category); and the exit, answered plainly. The documents are public and the stage is stated.

### can crypto touch a real asset?

The token is a ledger entry; the asset is titled land with a cooperating owner. The ledger records who funded what, at what price, against which published value account. It does not convey title and it cannot be redeemed into the land. That separation is the design, not a gap.

### what is the exit on a natural capital certificate?

Today, none an allocator should underwrite. The exchange floor is built and off until funded; coins trade at seed depth. The first ticket is a recorded funding and a filed template, not a traded position.

## the series

1. [long the source](/guide/long-the-source?from=guide)
2. [stablecoins got you onchain. they are not why you stay.](/guide/stablecoins-got-you-onchain?from=guide)
3. [four things your committee will say](/guide/four-things-your-committee-will-say?from=guide)
4. [every instrument stands on a real asset](/guide/every-instrument-stands-on-a-real-asset?from=guide)
5. [five firsts. one of each.](/guide/five-firsts-one-of-each?from=guide)