Company: DEFI
Filing Date: 2025-03-27
Form Type: 424B3
Source: 0001999371-25-003249
Chunk: 129

Company: Tidal Commodities Trust I
Filing Date: 2025-03-27
Form: 424B3
Chunk 129
---
2012, and licensed under NYDFS bitlicense since 2017                                                                                                                      | San Francisco, CA | NYDFS Bitlicense,                       
 FinCen MSB                              |
| Gemini              | New York trust company regulated by the New York State Department of Financial Services (NYSDFS) since 2015                                                                                                                                   | New York, NY      | NFDS Bitlicense,                        
 FinCen MSB                              |
| itBit (f/k/a Paxos) | ItBit is the exchange product name of the Paxos Trust Company, a New York-based financial institution and technology company specializing in blockchain, regulated by the New York State Department of Financial Services (NYSDFS) since 2015 | New York, NY      | NFDS Bitlicense,                        
 FinCen MSB                              |
| LMAX Digital        | LMAX Digital is the institutional crypto currency exchange, operated by LMAX Group. LMAX Digital is regulated by the Gibraltar Financial Services Commission (GFSC) as a DLT provider for execution and custody services                      | New York, NY      | Gibraltar Financial Services Commission |
| Kraken              | Kraken is the product name of the Payward Inc, a United States–based cryptocurrency exchange, founded in 2011                                                                                                                                 | San Francisco, CA | FinCen MSB                              |

To be considered eligible for designation
as a “Core Exchange” and be considered an eligible pricing data source, according to the criteria set forth in the
Benchmark methodology, an exchange should, at minimum:

| ● | Include strong forking controls. |

| ● | Have effective AML controls. |

| ● | Have a reliable and transparent API that provides real-time and historical trading data. |

| ● | Charge fees for trading and structure trading incentives that do not interfere with the forces of supply and demand. |

| ● | Be licensed by a public independent governing body. |

| ● | Include surveillance for manipulative trading practices and erroneous transactions. |

| ● | Provide evidence of a robust IT infrastructure. |

| ● | Demonstrate active capacity management. |

| ● | Evidence cooperation with regulators / law enforcement. |

| ● | Have a minimum market representation for trading volume. The market size of an exchange is computed by summing the USD volume 
 of all eligible “digital asset”-“USD” pairs for the month of August each year. Exchanges with less than                       
 0.05% of the total volume in eligible exchanges are eliminated.                                                               |

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If an