Swiss crypto bank Amina has joined 21X, becoming the first regulated banking institution to connect traditional finance with a market for issuing tokenized securities. This integration marks a significant step towards merging digital asset technology with conventional capital markets.
Amina, headquartered in Zug, announced that it will act as a listing sponsor for 21X, enabling its participation in a blockchain-enabled settlement platform adhering to the European Union’s DLT pilot regime.
This new role allows Amina to facilitate companies wanting to issue tokenized securities on the 21X platform, in collaboration with Tokeny, a tech company from Luxembourg specializing in the creation and management of tokenized assets.
The partnership endeavors to eliminate a main hurdle for the institutional adoption of tokenized assets by connecting regulated banks with the processes of issuing and trading these digital securities.
21X acquired an infrastructure permit under the EU’s DLT pilot regime in December 2024, permitting it to manage a regulated market for blockchain-based securities within a controlled regulatory environment.
Baker McKenzie’s European Financial Services group highlighted in June that “a lack of interoperability between tokenized asset platforms” remains a significant barrier to tokenization among financial entities. Zurich partner Yves Mauchle noted that scalability will only be feasible when various market players engage through common or interconnected platforms.
Launched in 2023, the DLT framework is designed to allow market operators to test blockchain-based trading and settlement of financial products within a regulatory sandbox, aiding regulators to assess how such technologies might fit into current market structures.
Despite early interest, this regime has sparked concerns regarding its limitations, which could hinder European on-chain markets from evolving and competing globally. It is uncertain if the involvement of banks like Amina will expedite the adoption of these advancements.
Strong Growth in Tokenized Real-World Assets
This development arrives at a time when financial organizations are increasingly investing in blockchain infrastructures for tokenized assets. In the US, companies like BNY, Nasdaq, and S&P Global have supported the expansion of the Canton Network. Meanwhile, Europe is experimenting with regulated trading venues such as 21X under the DLT pilot scheme.
In February, eight digital asset firms across the EU called on policymakers to hasten the legislation on digital assets, cautioning that the region risks lagging behind the US and other areas in establishing tokenized financial markets.
Despite challenges, progress is being made. For instance, Kraken recently introduced tokenized securities trading for European users through its xStocks platform, offering blockchain-based alternatives to US-listed stocks. Additionally, the Ondo tokenization platform received approval in Liechtenstein to facilitate tokenized equity trading for European investors.
