ATLAS×CROWDSTER
Crowdster meeting brief

Meeting · 01 September 2026 A controlled payment rail

USDC is the input.
EUR is the outcome.

Give an investor another way to fund a project—without asking Crowdster to become a crypto custodian, exchange desk, or wallet operator.

Follow a €100,000 investment See who is responsible ↘
Design objective Controlled route
$
Investor sends USDC Direct route · instructed network only
IdentityWalletTransactionDecision
€
Crowdster receives Ordinary EUR Into the agreed project banking route
Outcome
01 No Crowdster crypto balance 02 One traceable reference
Customer experienceA familiar payment choice
Crowdster exposureEUR, not a crypto treasury
Operating principleDecide before funds move
Proof standardNamed entity at every handoff
01 The brief behind the brief

This is not a conversation about “accepting crypto.”

Crowdster’s request is narrower—and more valuable. Add USDC as a funding method while preserving the regulated investment process and ordinary bank settlement already understood by Crowdster, its projects, and its supervisors.

What we heard

“We need to document the complete flow and understand exactly who is responsible for each part before moving forward.”

Thomas Rolin · Crowdster · 25 August 2026
01

Not asset speculation

The investment remains a Crowdster investment. Stablecoin is the transport rail.

02

Not a Crowdster wallet

The design objective is no Crowdster-held stablecoin balance or signing key.

03

Not an exchange desk

Pricing, conversion, and execution sit inside a named, governed service chain.

04

A controlled settlement route

Identity, wallet, transaction, conversion, and settlement evidence share one reference.

02 One rail, both directions

Same controls.
Opposite direction.

Funding and repayment use the same operating grammar: identify, quote, screen, decide, execute, reconcile.

Proposed operating flow

USDC enters the service chain. Agreed EUR exits to the project account.

01
Originator Investor

Selects USDC funding and receives an exact payment instruction.

USDC
02
✓
Control gate Screen & decide

Identity context, wallet risk, transaction pattern, and travel-rule data.

Only if released
03
$→€
Execution Convert & settle

Valuno / QB Europe provides the conversion service and instructs EUR settlement.

Bank rail
04
€
Beneficiary Project account

Crowdster’s agreed banking infrastructure receives reconciled EUR.

One correlation reference

Quote · on-chain event · decision · conversion · bank settlement

03 Make it concrete

Follow one €100,000 investment.

One economic instruction. Five control moments. One evidence pack.

01
Instruction

Fix what “€100,000” means

Crowdster creates the investment instruction. The quote states asset, network, stablecoin amount, validity window, disclosed fee, and whether Crowdster receives €100,000 gross or net.

Quote ID
02
Receipt

Match the on-chain payment

The investor sends only the supported asset on the instructed network. The wallet event is matched to the investment reference before it can progress.

Tx hash
03
Decision

Clear, hold, or block—before movement

Customer context, wallet provenance, sanctions/PEP signals, transaction monitoring, and travel-rule data feed an auditable decision.

Decision ref
04
Execution

Convert only after release

QB Europe executes through its managed OTC desk against the approved quote. A held or blocked transaction is not presented as available project funds.

Trade ref
05
Settlement

Reconcile EUR to the project

EUR reaches the agreed beneficiary route. Crowdster can join the bank record back to the investment, quote, decision, conversion, and original on-chain event.

Bank ref
Illustrative reconciliationATLAS · CRD · 100042
Investment principal €100,000.00
Funding method
USDC
Asset / network
Fixed in quote
Stablecoin amount
Fixed in quote
Conversion fee
Disclosed before send
EUR receipt convention
Gross / net to agree
Control result
Cleared
QUOTECHAINDECISIONEUR

The economic promise is not “one stablecoin equals one euro.” It is that the investor sees a complete quote and Crowdster can reconcile the exact EUR outcome.

04 Accountability before architecture

A component is not a licence.
A diagram is not an accountable entity.

The chain below attaches the operating role and present regulatory status to each handoff. Software components remain separate from the legal entities accountable for the service.

LayerOperating roleWhat we can say nowMeeting status
CCrowdsterLegal entity

Owns the investment relationship, project instruction, and ECSP-controlled process.

The FI register shows Crowdlending Europe AB, corporate ID 559521-5350, as an active crowdfunding service provider.

Publicly documented
QBValuno / QB Europe ABOn + off-boarding service entity

Owns the customer-facing onboarding and off-boarding service through Atlas.

Valuno is the service brand and QB Europe AB is the contracting entity. QB Europe receives USDC transiently, performs the conversion, and provides the reverse service.

Accountable in both directions
AAtlas / BankensteinProduct + integrator

Orchestrates the transaction, presents the customer experience, and enforces compliance decisions.

A software boundary. It does not answer “which legal entity holds or converts the asset.”

Architecture documented
V·V-AtlasCompliance control plane

Records compliance evidence and decides clear, hold, or block. Atlas enforces the verdict.

Valuno-owned compliance system of record—not a separate regulated legal person.

Contract documented
BBallistaCrypto enclave

Creates wallet instructions, controls signing, broadcasts, and reports on-chain confirmation after authorisation.

Technical execution boundary only. QB Europe remains the legal service entity; no continuing custody service is offered.

Execution technology
↔Exchange execution partnerDownstream of Valuno / QB Europe

Provides execution liquidity to QB Europe's OTC desk and does not contract with Crowdster.

Assets are held only for the execution window; the venue does not replace QB Europe's responsibility to Crowdster.

Execution rail only
€FinXP Ltd.Fiat account + payment rail

Provides QB Europe's segregated fiat account and the payment rail for European-currency receipts and payouts.

FinXP is a Malta Financial Services Authority-licensed electronic money institution; it does not perform the crypto conversion.

Named regulated payment rail
!
Launch-state regulatory basis

The service launches after QB Europe receives its MiCA CASP authorisation.

The meeting model assumes a Swedish home-state authorisation covering the services used here: exchange of crypto-assets for funds, execution and transfer, and the limited receipt/administration needed for transient holding. Required EEA notifications are effective before Crowdster is activated.

Read FI’s MiCA service scope ↗
05 Current operating routes · corrected 1 September

The first version is automated orchestration around a managed OTC desk.

Crowdster and the investor get one guided flow and live status. Behind it, Atlas creates a durable work item and drives an operator through an email action queue until the trade and settlement evidence are complete.

Near-term model Seamless outside.
Human-controlled inside.
01RequestAtlas records amount, asset, network, beneficiary, quote terms, and reference.
02Action queueA durable OTC job triggers a concise email with a secure action link and SLA.
03OTC executionAn authorised operator accepts, executes, or escalates through the selected route.
04Status + proofAtlas reflects progress and joins quote, trade, chain, bank, and customer references.
DirectionLegal + operating chainCustomer outcomeStatus
€↓Crowdster fundingUSDC → European currency

Investor → QB Europe → OTC execution → FinXP → project
QB Europe receives USDC transiently, independently KYC-checks the investor, screens the wallet and transaction, and executes conversion.

FinXP pays EUR, SEK, DKK, or another agreed European currency into the designated Crowdster/project bank account. Crowdster never holds stablecoin.

Direct USDC route
€↑Investor repaymentEuropean currency → USDC

Project → FinXP → QB Europe → OTC execution → investor
QB Europe receives fiat into its segregated FinXP account, verifies the investor and destination wallet, buys USDC, and sends it to the verified wallet.

The same entity owns the customer-facing service and the same compliance gates apply in reverse.

Same entity · reverse route
◎Asset perimeterUSDC direct · European currencies

USDC is the direct Atlas route.
USDT is not accepted through this route and is handled only through a separate alternative rail.

The payment instruction fixes the asset, network, amount, expiry, and beneficiary before funds are sent.

USDT excluded
ID
Investor-data boundary

Crowdster keeps its ECSP relationship; QB Europe independently KYC-checks every investor using the ramp.

Crowdster supplies the minimum identity, originator/beneficiary, investment, and wallet context required for onboarding and Travel Rule. QB Europe applies its own KYC/AML decision; V-Atlas records wallet, blockchain, sanctions, transaction, and Travel Rule evidence. Atlas does not become Crowdster's general investor database.

Customer-facing state Submitted → Screening → Conversion in progress → Settlement pending → Complete

The interface does not expose internal desk mechanics, but it never promises instant or fully automated execution.

Operator-facing state New → Accepted → Quote captured → Executed → Evidence complete

The job—not the email—is the source of truth. Email is the notification and action entry point.

Open the queue prototype ↗
06 Trust is a sequence of controls

Five controls clear before value becomes available.

“Blockchain” is not the control. The control is the decision made at each boundary—and the evidence retained when something is not clean.

01
ID
Know the parties

The investor and beneficiary are identified.

KYB/KYC context, UBOs, directors, authorised users, source-of-funds profile, and investor-data handoff.

Activate · Escalate · Reject
02
◈
Know the wallet

Wallet provenance and ownership are screened.

Inbound provenance, sanctions exposure, mixers/theft risk, wallet ownership, and ongoing blockchain analytics.

Low · Unknown · High
03
≋
Know the behaviour

The transaction fits the expected investment activity.

Amount, velocity, rapid in/out, expected activity, valuation, travel-rule data, and policy thresholds.

Clear · Case · Hold · Block
04
2×
Control the action

Only an authorised decision releases movement.

Customer second eye, compliance hold, operator review, signed instruction, and separated signing/execution.

Prepare · Approve · Execute
05
✓
Prove the outcome

Every handoff produces a reconcilable reference.

Idempotent events, immutable decision trail, conversion reference, bank reference, confirmation, and exception case.

Trace · Retry · Reconcile
Decision model

Clean is fast. Unclear is visible. High risk does not move.

Select a result to see the operational response.

ClearedAuthorise the next step

The integrator records the decision and authorises execution. The signing enclave never decides compliance for itself.

  1. Write decision reference
  2. Authorise execution
  3. Monitor + reconcile
In ordinary language

Atlas is the traffic controller. V-Atlas decides whether the route is open. Ballista is the protected engine that moves only after an authorised instruction. None of those names replaces the legal entity responsible for the service.

07 Evidence, not theatre

What is designed, what is demonstrable, and what must be true before launch.

Trust means keeping those three categories separate.

DocumentedHigh confidence

The intended control boundary

  • V-Atlas decides; Atlas/Bankenstein enforces; Ballista executes.
  • B2B stablecoin focus with a Valuno-owned compliance record.
  • KYB, screening, KYT, travel rule, monitoring, cases, and reporting floor.
  • Signed, ordered, retriable compliance signals with reconciliation backstops.
DemonstrableDevelopment evidence

Core customer and operations journeys

  • USDC wallet and conversion flows can be exercised in development.
  • Customer second-eye approvals and operational compliance holds are visible.
  • Transfer state and decisions persist across customer and backoffice surfaces.
  • External provider execution is still simulated in the current journey evidence.
Before launchNon-negotiable proof

The complete regulated chain

  • QB Europe contract states its on/off-ramp, conversion-counterparty, KYC, and transient-holding roles.
  • MiCA grant and required cross-border notifications are effective before activation.
  • FinXP and exchange-account segregation, refund, and reconciliation evidence.
  • End-to-end live-business onboarding, provider integration, controls, and runbooks.
Current Atlas state · Shepherd · 31 Aug 2026 Working development flows. Not yet a production service.

That is not a sales weakness if we frame the next step correctly: a controlled discovery and evidence exercise, not a promise that Crowdster should switch on tomorrow.

08 Direct answers for Crowdster

The complete chain, stated without ambiguity.

Each answer names the accountable entity, its action, and the evidence attached to the handoff.

Direct answer

Valuno is the service brand; QB Europe AB is Crowdster's contracting entity and conversion counterparty. QB Europe receives USDC for the off-ramp and fiat for the reverse route. Atlas, V-Atlas, and Ballista are technology operated inside that service.

Launch-state permission

The operating model starts after QB Europe receives its Swedish MiCA CASP authorisation and completes the required EEA notifications. The launch permission covers the exchange, execution, transfer, and limited receipt/administration used in this flow.

Direct answer

QB Europe does not provide continuing custody. Fiat is held in QB Europe's segregated FinXP account and crypto is held at the depositing, sending, or exchange partner only for the period needed to complete conversion and settlement.

Control evidence

Each job retains the customer reference, wallet and account allocation, on-chain event, exchange trade, FinXP payment, and reconciliation status. Customer assets are never booked as freely available company funds.

Direct answer

QB Europe is the conversion counterparty. Its authorised OTC operator executes through an approved exchange venue, captures quote and trade evidence, and instructs FinXP to pay the resulting European currency to the Crowdster/project beneficiary account.

€100,000 example

An investor sends the quoted amount of USDC. After KYC, wallet screening, Travel Rule checks, and execution, the relevant project account receives the agreed net amount—such as €100,000—with the quote, trade, chain, and FinXP payment references joined in Atlas.

Direct answer

Crowdster or the project sends European currency to QB Europe's segregated FinXP account. QB Europe verifies the investor and destination wallet, executes the fiat-to-USDC trade, and transfers USDC to the verified investor wallet.

Control evidence

Repayment entitlement, source of funds, investor KYC, wallet ownership, screening decision, quote, trade, transfer, and final on-chain confirmation share one correlation reference.

Responsibility split

Crowdster remains responsible for its ECSP investor and investment obligations. QB Europe performs its own investor KYC/AML for the ramp and owns the crypto-service compliance decision. Crowdster supplies the minimum identity, investment, originator, beneficiary, and wallet context required for that independent decision.

Control execution

V-Atlas records sanctions, PEP, wallet, blockchain, transaction, and Travel Rule evidence. Atlas enforces clear, hold, or block; Ballista signs and transfers only after release. QB Europe owns review and case disposition.

Third-party chain

FinXP Ltd. supplies the segregated fiat account and European payment rail as an MFSA-licensed electronic money institution. The approved exchange supplies execution liquidity. Neither entity contracts with Crowdster for the ramp service.

Responsibility boundary

There is no separate third-party crypto custodian, safeguarding provider, payment provider, or conversion provider in the customer chain. QB Europe remains accountable for the service and uses those institutions as infrastructure.

Direct asset scope

Atlas accepts USDC through the direct Crowdster route using the asset and network specified in the payment instruction. USDT is not accepted directly and is handled only through a separate alternative rail.

Fiat scope

The route settles agreed European currencies, including EUR, SEK, and DKK. The quote fixes the net beneficiary amount, fees, expiry, and settlement currency before transfer.

09 A 30-minute trust conversation
Opening · 60 seconds
“You should not need to become a crypto company to let an investor fund in stablecoin. We see this as a new input rail into the same Crowdster investment process: USDC comes in, controls run before value moves, QB Europe converts it, and FinXP pays ordinary European currency to the project. The reverse route returns USDC to a verified investor.”
Lead with

The unchanged outcome for Crowdster and the developer.

Then prove

The decision gates and the separation between compliance and execution.

Close with

A joint evidence pack and one controlled test transaction.

Tuesday agenda30:00
  1. State the outcome

    USDC in; European currency to the project; reverse USDC repayment supported.

  2. Walk the €100k flow

    Quote, receipt, checks, conversion, settlement, reconciliation.

  3. Name the regulated chain

    Entities, permissions, custody, safeguarding, conversion, fiat rails.

  4. Show compliance ownership

    Crowdster ECSP duties, QB Europe investor KYC, screening, Travel Rule, and exceptions.

  5. Agree the evidence sprint

    Owners, documents, pilot scope, decision date.

If the conversation turns practical

Risky wallet

The transaction is held or blocked before conversion; it does not become available project money.

Wrong network

Only the asset and network in the payment instruction are valid. The recovery policy controls any mismatch.

Expired quote

Atlas does not silently reprice. It parks the payment and obtains explicit acceptance of a new quote or follows the refund route.

Control-provider outage

The route fails closed, moves to manual review, and follows the incident and reconciliation SLA.

Stablecoin rationale

USDC gives eligible investors a 24/7 funding rail without changing the project’s European-currency destination or investment contract.

USDT scope

USDT is not part of the direct Crowdster route. A separate alternative rail handles it independently.

10 Evidence room

Bring the chain, not a claim.

These are the source layers behind this brief and the pack Crowdster should receive next.

Current source basis

Public registerCrowdlending Europe AB · ECSP entry
Verified 31 Aug ↗
Public registerQB Europe AB · financial-institution registration
Verified 31 Aug ↗
Launch verificationESMA MiCA register · verify grant before activation
Official source ↗
Shepherd · currentAtlas current state · approved rev 7
Fresh 31 Aug
Shepherd · currentIntegration contract + operating flows
High confidence
Direct communicationCrowdster / Valuno email thread
25 Aug
Latest operating discussionAtlas partner and jurisdiction transcript
31 Aug · 11:00
Public payment-rail evidenceFinXP Ltd. · MFSA-licensed EMI
Verified 01 Sep ↗

The pack to produce

  1. 01
    Regulatory perimeter map

    Every verb mapped to legal entity, permission, regulator, jurisdiction, and partner.

    Owner: Legal
  2. 02
    Funds + asset flow

    Wallet and bank-account ownership, title passage, safeguarding, segregation, and insolvency.

    Owner: Legal + Ops
  3. 03
    Compliance RACI

    Investor KYC, KYB, wallet screening, Travel Rule, monitoring, cases, SAR, data-controller roles.

    Owner: Compliance
  4. 04
    Commercial execution terms

    Assets, networks, quote convention, fees, slippage, limits, settlement, refund, and SLA.

    Owner: Product
  5. 05
    Pilot evidence

    One inbound and one reverse test with all references, holds, exception paths, and reconciliation.

    Owner: Engineering + Ops
Asset scope
USDC is the direct route. USDT is not.

The Crowdster payment instruction identifies the approved USDC network. USDT uses an alternative rail with separate monitoring and legal treatment and is never presented as interchangeable with the direct Atlas route.

The proposed next step

Prove one route.
Earn the right to scale it.

Agree the entity and responsibility map, close the evidence pack, then run one controlled inbound and one controlled repayment journey before discussing rollout.

Open the pre-meeting checklist
01Nameentities + permissions
02Provecontrols + safeguarding
03Pilotinbound + repayment
04Scaleonly after evidence
11 Internal pre-flight

Nine settled positions for the meeting.

Use speaker view for the current-state caveat, then print this section as the meeting answer sheet.