The institutional pipeline as it actually stands: who is engaged, who is identified, how the 191-institution universe is staged, and what is, and is not yet, contractually committed.
The most unusual fact about this pipeline is its direction. ATB Financial flagged 4orm internally as a client of interest and asked to go deeper on tokenized deposits; Bow Valley Credit Union engaged on its own initiative. Two regulated deposit-takers leaning in before a production platform exists reverses the usual sales dynamic, and it is the strongest demand signal an infrastructure company at this stage can show.
The most important caveat comes immediately after: nothing below is contractually committed. There are no signed MOUs, LOIs, or pilot agreements as of June 2026. The explicit near-term goal is three institutional MOUs, the ATB due-diligence package is in motion, and the conversion plan runs through a three-step validation (operations, then technical, then market) before anything scales. This document presents engagement honestly because the SWOT (10.4) already names the conversion gap as a weakness with controls, and a pipeline document that contradicted it would cost more credibility than it bought.
| INSTITUTION | SCALE | RELATIONSHIP | STAGE |
|---|---|---|---|
| ATB Financial | $43.3B deposits; $29.1B annual lending; $37.2B wealth AUA; 835K+ clients | Alberta's Crown financial institution; active discovery on tokenized deposits, initiated from their side; due-diligence package in motion | DISCOVERY |
| Bow Valley Credit Union | Regional Alberta credit union | Engaged as a design-partner candidate for the deposit-token pilot | ENGAGED |
| Servus Credit Union | $29.3B assets; Canada's largest credit union | Reference institution in the five-year model; outreach staged behind the lead pilots | IDENTIFIED |
| Vancity Credit Union | $35.5B assets under administration | Reference institution in the five-year model; BC expansion anchor | IDENTIFIED |
| CCCU, Service CU, Beem CU | Digitally progressive credit unions | Identified partner candidates; CCCU and Beem assessed as the most digitally mature for early LOIs | IDENTIFIED |
The Big Six are running their own tokenization pilots and could build in-house; credit unions and provincially significant institutions cannot economically build this alone and gain the most from neutral, multi-institution infrastructure. That is the channel where pull already exists, and it is also the structural answer to the bank-builds-it-themselves threat documented in 10.4: 4orm is the layer that is faster and cheaper than an internal build for everyone below Tier-1, and neutral enough for Tier-1 to join later.
Behind the named relationships sits a mapped universe of 191 Canadian institutions, banks, credit unions, trust companies, and regulated investment managers, scored into four priority waves by digital readiness, regulatory posture, and asset profile. The live demo simulates exactly this universe, which is why a discovery conversation with any of the 191 can start from a working walkthrough rather than a slide. Concentration is the honest risk: momentum today rests on ATB and Bow Valley, and the four-wave staging plus an 81-name investor list exist precisely to reduce single-relationship dependence.
Conversion is sequenced, not hoped for. Step one validates operations with the lead institution; step two validates the technical integration against the institution's core systems; step three validates market workflows with controlled participants. A ten-account test batch runs before any scaling. MOU and LOI execution is targeted within the first post-close window (the 45-day action in the scorecard's plan), and pilot go-live follows the build sequence in 03.6. When agreements are signed, they will appear in this category as document 07.1 with the material terms; until then, that slot stays deliberately empty rather than dressed up.
Sources: the institutional pipeline and wave scoring (ClickUp-synced roadmap, June 2026); ATB Financial FY2024 annual report figures; Servus and Vancity FY2024 annual reports; the February 2026 pitch deck (document 01.1) for the ATB discovery framing; the five-year model v7 (05.1) for reference-institution economics; documents 10.4 and 10.5 for the conversion-gap controls and partner-related actions. Engagement descriptions reflect management's characterization as of June 2026 and are not representations of contractual commitment.
Prepared for approved data room members. This document does not constitute an offer to sell securities or a solicitation of an offer to buy securities. 4orm Finance Holdings Inc. is the parent entity of 4orm OpCo, 4ormEx OpCo, and 4orm Trust Co; technology is developed by KCS Capital, an independent research and development firm.