CriptoSalud Costa Rica — Investor Executive Report

Executive Summary

CriptoSalud is moving from concept to pilot: it has an active website and operating portals, an internally tested end-to-end quote–payment–settlement workflow, and two executed healthcare-provider agreements reported by management, including one with a clinical laboratory. The executed documents were not independently reviewed for this report; counterparties, effective dates, scope, economics and operational status remain subject to data-room verification.

The opportunity combines three frictions: a large tourist flow dominated by North American visitors; meaningful price differences in selected healthcare categories; and the complexity of finding a provider, confirming availability, understanding cross-border coverage and paying with certainty. The model does not need to discredit all insurers. It can win by offering a complementary, verifiable and direct path to non-emergency private care.

For travelers already in Costa Rica, laboratory testing, consultations and diagnostics sell speed, bilingual support and a confirmed price. For planned procedures, public benchmarks indicate materially larger potential savings, although each offer must ultimately be replaced by an itemized quotation from the treating clinic.

Management is evaluating a US$500,000 seed financing to support an 18-month validation plan. The priority should be to convert current assets into repeatable evidence: verifiable agreements, external paid orders, auditable reconciliation, unit economics by service and legal opinions covering payments and any token component. The financing instrument, valuation, investor rights, issuer, jurisdiction and closing conditions have not been determined.

Investment thesis

CriptoSalud is not a clinic, insurer or emergency service. Its product is a layer of coordination, trust and payment administration between international patients and participating private healthcare providers.

The platform receives a request in English or Spanish, routes it to an appropriate provider, confirms scope and availability, presents the price, supports direct provider payment or a processor-facilitated payment route subject to legal review, and creates a reconcilable record of the service, commission and settlement.

It can begin as an asset-light, agreement-based operation while accumulating defensible assets: a provider network, priced service catalogs, response-time data, conversion data, quality history and a specialized healthcare-payment workflow.

Progress to date: from concept to pilot

• Initial network: management reports two executed healthcare-provider agreements, including one with a clinical laboratory. Before presenting this as closed diligence, the data room should include legal names, executed copies, effective dates, territories, services, prices, commissions and evidence of operational status.
• Product: active domain, bilingual experience, patient portal, provider portal and a request-and-quotation workflow.
• Operations: an internal test completed provider registration, order creation, collection, settlement and evaluation. It demonstrates technical operation, not commercial revenue.
• Hybrid collection: the patient can pay the provider directly or use a proposed platform-facilitated payment route through an appropriately contracted processor. Agreements must define invoicing, merchant-of-record responsibilities, service confirmation, refunds, chargebacks and settlement.
• Channels: official website and @CriptoSaludCR on X. The account communicates the project but does not demonstrate token adoption.
• Tokenization: the investor portal states that SALUD was minted on Solana with a total supply of 100 million. Distribution, reserves and liquidity remain proposed.

Stage assessment: the principal risk is no longer whether the workflow can be designed, but whether it can generate real orders with margin, compliance and repeat use.

Tourism market: sufficient volume, disciplined focus

Costa Rica received 2,943,991 international arrivals in 2025, including 2,689,278 by air. Tourism generated approximately US$5.54 billion in preliminary receipts, excluding cruise passengers. The United States and Canada accounted for about 69% of air arrivals, supporting an English- and Spanish-first experience.

Juan Santamaría International Airport received 1,783,761 air tourists and Guanacaste Airport received 904,762. The SJO–Central Valley corridor offers volume, while Liberia–Guanacaste provides a second concentrated gateway for North American travelers.

ICT recorded only 8,363 trips — 0.3% — for which health was the primary stated purpose. That figure does not measure leisure travelers who need incidental care, the most natural initial market. The 2.94 million arrivals are not “potential patients”; the serviceable market must be derived from incidence scenarios and validated through actual orders.

Sources: ICT Tourism Yearbook 2025 and ICT/BCCR tourism receipts.

Cost comparison: laboratory testing opens the relationship

Five comparable public test baskets show indicative price differences of 18.1% to 37.8% versus U.S. self-pay references. The corresponding dollar difference is US$46–US$76 per order: potentially attractive for a traveler already in Costa Rica, but generally insufficient to motivate a trip by itself.

The value proposition should combine price, speed, digital results, bilingual coordination and predictable payment.

The table retains both price and absolute savings so that an attractive percentage does not obscure a modest dollar benefit. No figure should be advertised as a signed laboratory's rate until its written catalog has been received.

Higher-value procedures: opportunity with disciplined claims

Available public benchmarks suggest indicative price differences of approximately 50%–74% for implants, bariatric surgery and certain elective procedures. Costa Rica does not always win on price, however: an MRI without contrast may cost the same as, or more than, a U.S. promotional price.

CriptoSalud should not promise that every service is less expensive. It should select categories with a material differential and always compete on access, transparency and support.

Insurance friction and documented regulatory incidents—not a generalized fraud claim

The investment case does not depend on characterizing international insurers as fraudulent. Official evidence supports a more defensible thesis: Costa Rica has documented unauthorized insurance offerings, advertising capable of misleading consumers, impersonation scams and friction in complaint and claims processes. SUGESE also maintains supervision and review mechanisms.

In 2024, insurer-operated consumer channels handled 352 complaints and 472 claims. SUGESE received 79 formal reports (denuncias) and resolved 76. These figures document consumer-service activity, not systemic fraud. The 2020 impersonation alert was not evidence of insurer misconduct.

For travelers, the practical problem may involve provider verification, preauthorization, policy exclusions, advancing funds and later seeking reimbursement. A foreign policy may be governed by another jurisdiction. CriptoSalud can reduce operational friction without selling insurance or promising coverage.

Sources: Law 8653, SUGESE guidance on foreign policies and the SUGESE 2024 Institutional Report.

Why patients would contact CriptoSalud directly

1. One bilingual point of contact: the patient explains the need once.
2. Participating provider network: the request is routed to providers operating under an agreement and known service parameters.
3. Written pricing for a defined scope: any additional clinical service requires explanation and authorization.
4. Payment choice: payment at the clinic under its policy, including after service when permitted, or a proposed platform-facilitated prepayment route after the patient accepts a written quote.
5. Traceability: the order, service, invoice, commission, refund and settlement remain linked.
6. Less dependence on authorization timing: the patient may pay directly and seek separate reimbursement from an insurer when the policy permits.

CriptoSalud does not replace travel or health insurance, emergency response, evacuation coverage or protection against catastrophic events.

Flexible payment and provider settlement

Under the direct route, the clinic collects from the patient and subsequently pays CriptoSalud the agreed coordination commission. Under the proposed facilitated route, an appropriately contracted payment processor would support collection after the patient accepts a written quote; the provider would receive the net settlement after confirmed service and reconciliation.

For the pilot, weekly settlement is appropriate, no later than five business days after confirmation and reconciliation. Funds should not be settled before service delivery, so cancellations, refunds and unfulfilled orders can be controlled.

CriptoSalud does not claim to provide escrow, custody, money transmission or other regulated payment services. Before launch, contracts and legal advice must define the merchant of record, beneficial ownership and safeguarding of funds, refunds, chargebacks, taxes, foreign exchange, reserves and settlement timing.

Business model

| Revenue stream | Range or base case | Role | |---|---:|---| | Transaction commission | 2.0%–3.5%; 2.5% base case | Revenue proportional to service value | | Provider plan | US$79–US$199/month | Tools, visibility and operating support | | Travel Health Pass | US$9–US$29 | Traveler benefit or prepayment product | | B2B integrations | US$2,500–US$15,000 plus per-user fee | Hotels, employers and partners | | Complementary services | Variable | Marketplace and transparent currency conversion |

Laboratory testing increases frequency; elective procedures increase average order value; subscriptions and B2B reduce dependence on a single transaction. The combination must be tested with real cohorts before it can support a valuation.

Healthcare referral commissions, provider subscriptions and the proposed Travel Health Pass require legal and tax review, including any restrictions involving professional fee sharing, stored value or payment services.

Seed financing under evaluation and illustrative use of proceeds

Management is evaluating a US$500,000 seed financing to support an 18-month validation plan. The illustrative allocation assigns 32% to product and technology, 20% to sales and partnerships and 18% to legal, compliance and audit. The capital should turn the current operation into reliable infrastructure, not finance discounts or speculation.

The instrument, valuation, investor rights, issuer, jurisdiction and closing conditions have not been determined. Any financing would be undertaken only through definitive documents and in compliance with applicable law; it is separate from SALUD token activity.

The illustrative management scenario approaches break-even in Year 3. It is an unaudited assumption map, not guidance or a promise. Implied revenue as a share of GMV is 10.5% in Year 1, 7.6% in Year 2 and 6.4% in Year 3; this does not reconcile to the 2.5% transaction-fee base case without a bridge for subscriptions, B2B and other revenue streams. Each step should be linked to active providers, paying patients, average order value, net revenue, CAC, repeat use and settlement time.

Tokenization: utility before speculation

CriptoSalud maintains @CriptoSaludCR on X, and its investor portal states that SALUD was minted on Solana with a reported supply of 100,000,000 units. This report did not independently verify the mint address, current supply, mint or freeze authorities, treasury wallets or vesting.

The illustrative portal allocation describes 35% for adoption, 23% for treasury and development, 15% for the founder under proposed vesting, 12% as a future-investor reserve, 10% for liquidity and 5% for advisors. Every allocation remains proposed; the 12% designation should be renamed or used only after legal review. X can support transparency and community, but it does not legally tokenize the project or prove adoption or liquidity. A prudent sequence is: first, a closed-loop healthcare credit; second, utility tied to actual use; and only if legally viable, transferability or liquidity.

SALUD does not represent equity, debt, insurance, a deposit or a promise of return, liquidity or appreciation. Activation should wait for a legal opinion, corporate structure, treasury policy, technical audit, independent review and AML/KYC controls. The referenced Central Bank of Costa Rica publication does not substitute for a current, transaction-specific legal opinion.

Executive recommendation

Fund a controlled validation—not a token-first narrative. The investable asset today is the coordinated care and payment workflow.

Next 90 days:

• Add the two management-reported executed agreements to the data room and independently verify the laboratory agreement.
• Convert each agreement into a service catalog covering price, hours, English availability, service-level commitment, commission, cancellation and invoicing.
• Process 25–50 external orders and measure conversion, average order value, margin, response time, refunds and satisfaction.
• Implement order-level reconciliation and weekly settlement with supporting records through an appropriately contracted payment structure.
• Obtain legal advice covering merchant-of-record responsibilities, funds handling, health data, healthcare referral economics, insurance boundaries, AML/KYC and the token.
• Concentrate acquisition in the SJO–Central Valley and Liberia–Guanacaste corridors.
• Replace public benchmarks with contracted rates and publish anonymized real-world cases.

The signal for a subsequent round should not be follower count or token price, but paid orders, providers generating recurring volume and dispute-free settlements.

Open due-diligence questions

• What are the legal names, signatories, execution and effective dates, terms, scope, operating status and commercial conditions of the two agreements?
• Has the laboratory supplied a catalog, turnaround times, locations, English availability and specimen-collection policy?
• Which parts of the workflow are automated, and which depend on the founder?
• Which entity is merchant of record, who beneficially owns patient funds before service and how are safeguarding, reserves and accounting handled?
• What is the contribution margin after card fees, foreign exchange, support, refunds and taxes?
• What health data is stored, where, for how long and under what consent?
• Is there a legal opinion covering SALUD, the investor reserve and public communications?
• What are the verified mint address, current supply, mint/freeze authorities, treasury wallets, vesting, key-management and on-chain audit policies?
• What financing instrument, valuation, investor rights, issuer, jurisdiction and closing conditions are contemplated?
• How many paid external orders, excluding tests, have been completed?

Assumptions and limitations

• Providers: management reports two executed healthcare-provider agreements, including one with a clinical laboratory. Executed copies, counterparties, effective dates, scope, economics and operational status were not independently reviewed.
• Pilot: the end-to-end test was internal; it is neither revenue nor commercial traction.
• Tourism: arrivals and receipts are not patients; only 0.3% identified health as the primary trip purpose.
• Prices: public references do not always cover identical scopes; travel, add-ons, complications and follow-up may change total cost.
• Insurance: complaints, alerts and administrative sanctions do not establish generalized fraud. International insurers should not be collectively characterized as fraudulent.
• Payments and regulation: the facilitated-payment route is a proposed operating design subject to legal and contractual review. CriptoSalud does not claim to provide escrow, custody or regulated payment services. It should not sell policies, promise indemnification, decide coverage or handle claims as an intermediary without the applicable authorization.
• Financials: the financing, illustrative use of proceeds and three-year scenario are unaudited internal plans, not guidance. The projected revenue-to-GMV ratios require a revenue bridge.
• Token: the investor portal's mint, supply and allocation statements were not independently verified. They do not guarantee utility, demand, liquidity, value or investor rights.

As of July 28, 2026 (Costa Rica, UTC−6). This document contains forward-looking and illustrative statements, is for information only and is not an offer of securities or medical, legal, tax or financial advice. Any financing would be made only through definitive documents and in compliance with applicable law.

Further questions

1. What share of tourists in the two priority corridors requires non-emergency private healthcare?
2. Which mix of laboratory testing, consultations, dentistry and diagnostics produces the strongest contribution margin?
3. Does trust improve more with payment at the clinic, a confirmed advance price or an operational refund commitment?
4. Which provider categories generate enough repeat use to support a subscription?
5. Can a closed-loop credit system solve most cases without a transferable token?