21X
21X is a blockchain-based trading and settlement venue for tokenized financial instruments. The German financial regulator BaFin licensed 21X in late 2024 under the EU DLT Pilot Regime. The venue connects the matching of buy and sell orders with the transfer of securities and payment on a blockchain.
21X supports the workflow from tokenization and issuance through listing, trading and settlement of eligible instruments. Issuers and intermediaries can use the platform to bring tokenized securities and eligible real-world assets to a regulated market. Institutional investors, retail investors and regulated intermediaries can participate within the venue's onboarding and market rules.
Matching and settlement in one transaction
21X uses smart contracts to match orders and exchange e-money tokens for DLT financial instruments in one transaction. The exchange completes only if both sides can deliver, reducing the risk that one party pays without receiving its asset.
Matching and settlement on the same ledger shorten the post-trade process. Regulated participants still have to meet the reporting requirements for their transactions.
Tokenized securities on 21X
21X is enabling secondary trading and onchain settlement for tokenized securities such as tokenized stocks, tokenized bonds, and fund tokens under frameworks like MiCA and the EU DLT Pilot Regime.
The main users are regulated market participants that need compliant access and liquidity, including issuers, banks, brokers, asset managers, custodians, trading firms, market makers, and institutional investors (plus eligible professional and retail investors, depending on instrument and access rules).
21X at Finance Loop events
21X and Finance Loop announced a cooperation on onchain finance in Germany and across Europe. At the Frankfurt Forum on Digital Assets & Applications, organized by d-fine, 21X sat on the panel on DLT-based market infrastructures with DekaBank, 360X and Seturion. In Zurich, 21X and Web3 Network hosted Tokenization & On-Chain Capital Markets, a side event of the Point Zero Forum with speakers from Franklin Templeton, DFNS, AMINA and Chainlink.