Zama announced it has acquired TokenOps in a deal designed to bring confidential and fully compliant token distributions, airdrops, and vesting to public blockchains using Fully Homomorphic Encryption (FHE).
The company said public blockchains create transparency challenges for institutions because vesting schedules, airdrop allocations, and distribution events are visible to the market in real time. According to the announcement, analysis across more than 5,000 token unlock events showed prices dropping between 7% and 15% within days of unlocks exceeding 1% of circulating supply, while Keyrock data indicated that 90% of tokens underperformed the market within 30 days of a transparent release.
Through the acquisition, TokenOps will integrate FHE across the full token lifecycle via the ERC-7984 confidential token standard. The platform currently powers more than $2 billion in token distributions, vesting, and compliance operations across the industry.
The companies said issuers will be able to execute vesting schedules, airdrops, and token distributions with encrypted allocations, release curves, and recipient identities onchain.
Zama said the platform is designed to allow fund managers to distribute tokens without publicly exposing positions, while enabling compliance teams to maintain auditability through selective regulator access to encrypted data. The company added that issuers will be able to execute token operations on public blockchains while maintaining confidentiality typically associated with offchain infrastructure.
The announcement highlighted two production deployments validating the technology in 2026. The first involved the $KAIO institutional RWA protocol created by WebN Group and Nomura’s Laser Digital, which deployed FHE-powered confidential distributions for partners including BlackRock, Hamilton Lane, and Brevan Howard. The second deployment involves Zama using the TokenOps infrastructure to distribute its $ZAMA token confidentially on Ethereum.
Following the acquisition, TokenOps will continue operating as an independent brand. The companies said the platform’s confidential token lifecycle solutions will remain available across multiple blockchains, with future plans to expand the platform from distribution management into broader portfolio management capabilities for recipients.
KEY QUOTE:
“Privacy was the number one demand we could not meet with transparent infrastructure. Joining Zama allows us to replace information leakage with institutional-grade security.”
Fabio Mancini, Co-Founder and CEO, TokenOps
