# What do Agio and Enzyme Onyx each do in a tokenized fund?

Enzyme Onyx is the technology: an on-chain fund vehicle that issues ERC-20 fund-share tokens. Agio is the regulated administrator around it in The Bahamas, handling investor onboarding, NAV calculation, subscriptions and redemptions, fees, the share register and reporting.

## What does Enzyme Onyx provide?

Enzyme Onyx provides the on-chain fund vehicle, ERC-20 share issuance, an on-chain NAV, an administration app and a white-label interface. Enzyme has operated tokenized finance infrastructure since 2017.

[Enzyme](https://enzyme.finance/)

## What does Agio provide?

Agio provides fund-share issuance, corporate structuring, NAV calculation and reporting, subscriptions and redemptions, fee management, and KYB and KYC onboarding. The NAV is determined by the administrator and brought on-chain; it is not a number the token produces on its own.

## Who is regulated for which part?

Agio Fund Services Ltd. in Nassau is licensed by the Securities Commission of The Bahamas (SCB) as an Unrestricted investment fund administrator under the Investment Funds Act, 2019. Agio Digital Ltd. is on the SCB Register of Digital Asset Businesses under the DARE Act. Enzyme is the technology provider; the fund documents name the regulated parties.

## What should a sponsor confirm before launch?

Confirm which record governs investor rights, how token balances are reconciled with the share register, who checks a recipient's eligibility before a transfer, and who acts if a token action fails.

[How tokenized funds operate](https://www.agiodigital.com/answers/how-tokenized-funds-operate)

## Sources and related reading

- [SCB investment fund administrator licensees, 30 September 2026](https://scb.gov.bs/wp-content/uploads/2026/10/IFA-Admins-as-at-30-September-2026.pdf)

- [SCB Register of Digital Asset Businesses, 30 September 2026](https://scb.gov.bs/wp-content/uploads/2026/10/DARE-Firms-as-at-30-September-2026-1.pdf)

- [Enzyme](https://enzyme.finance/)

## Discuss your circumstances

[Tokenized fund services](https://www.agiodigital.com/services/tokenized-funds)

[Talk to our team](https://www.agiodigital.com/contact)