PrimeTel Vault
Summary
This vault finances PrimeTel’s purchase of wholesale voice capacity. CommTrade verifies settlement data, and WrapX records transaction settlement on Berachain.
What is voice minutes trading?
Voice minutes trading is the wholesale buying and selling of international call capacity between telecom carriers. Carriers capture profit from pricing gaps between routes, routing efficiency, and volume-driven unit cost reductions.
Who is PrimeTel?
PrimeTel is a Cypriot quad-play telecom operator (mobile, fixed internet, fixed-line, and TV) with its own mobile and fiber infrastructure in Cyprus. It holds an estimated 11% share of the Cyprus telecom market and trades in global wholesale carrier capacity. Signal Capital Partners backs the company.
Invoice and repayment cycle
- Invoice 1: issued on the 16th for usage from the 1st to 15th
- Invoice 2: issued on the 1st for usage from the 16th through month end
- Payment term: 15 days from each invoice date
Redemptions queue against this repayment cycle when capital is deployed.
Supported assets
The vault accepts deposits in USDC.e, USD₮0, and HONEY. All three paths receive the same duPRT share token.
Fees
SukukFi’s standard performance fee of up to 20% is currently waived for this vault. Depositors receive the full profit share from their position, subject to pool performance.
Risk assessment
Credit default risk (total loss): Low. PrimeTel is an established operator with infrastructure assets, recurring commercial activity, and a meaningful market position.
Fraud risk (total loss): Very low. CommTrade validates usage and settlements against real traffic activity.
Negative yield risk: Low. Negative yield is expected only in a stress-recovery scenario that triggers offsetting recovery mechanisms.
Payment processor risk (operational): Low. A regulated payment processor receives PrimeTel’s fiat invoice payments, converts them to stablecoin and credits the carrier’s own wallet; the protocol then reclaims the owed amount on-chain, outside the processor’s rail. Repayment is first-party and the processor never pays the vault. LP capital is on-chain throughout and is not held by the processor. Carrier fiat is safeguarded on a for-benefit-of (FBO) basis in segregated accounts with the processor’s regulated banking partner, the standard, insolvency-remote structure for USD custody, and carrier stablecoin is held segregated and not rehypothecated. Residual risk is timing: there is no contractual settlement window and no freeze notice or maximum hold period, the processor may hold or freeze a balance at its discretion for AML or regulatory reasons, and its liability is capped at prior-quarter fees, not principal. SukukFi reconciles settlement against CommTrade data and maintains a processor substitution contingency plan within the 60-day termination notice window. See Risk Considerations for full detail.
Liquidity and exit
- Primary: Redeem duPRT through the async vault flow when liquidity is available
- Secondary: A duPRT market on Kodiak AMM is planned but not yet live; no pool exists today, so there is currently no secondary exit
See How to Redeem & Withdraw and Secondary Market Liquidity.
Sharia structure
PrimeTel uses a Mudarabah postpaid structure. See Mudarabah Principles for Traffic Funding and Use Case 1.