21X

𝗧𝗵𝗲 𝗳𝘂𝘁𝘂𝗿𝗲 𝗼𝗳 𝗰𝗮𝗽𝗶𝘁𝗮𝗹 𝗺𝗮𝗿𝗸𝗲𝘁𝘀 𝘄𝗶𝗹𝗹 𝗻𝗼𝘁 𝗷𝘂𝘀𝘁 𝗯𝗲 𝗱𝗶𝗴𝗶𝘁𝗮𝗹. 𝗜𝘁 𝘄𝗶𝗹𝗹 𝗿𝗲𝗾𝘂𝗶𝗿𝗲 𝗲𝗻𝘁𝗶𝗿𝗲𝗹𝘆 𝗻𝗲𝘄 𝗺𝗮𝗿𝗸𝗲𝘁 𝗶𝗻𝗳𝗿𝗮𝘀𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗲.  We’re excited to share that Max J. Heinzle, Founder & CEO of 21X, will join the panel “𝗧𝗼𝗸𝗲𝗻𝗶𝘇𝗲𝗱 𝗖𝗮𝗽𝗶𝘁𝗮𝗹 𝗠𝗮𝗿𝗸𝗲𝘁𝘀: 𝗘𝘅𝗰𝗵𝗮𝗻𝗴𝗲𝘀, 𝗖𝗦𝗗𝘀 𝗮𝗻𝗱 𝘁𝗵𝗲 𝗡𝗲𝘄 𝗣𝗹𝘂𝗺𝗯𝗶𝗻𝗴” at CV Summit 2026 in Zurich. Together with leading voices from across the financial market infrastructure ecosystem, the panel will explore one of the most important questions for the next generation of capital markets: 𝗪𝗵𝗮𝘁 𝗱𝗼𝗲𝘀 𝘁𝗵𝗲 𝗺𝗮𝗿𝗸𝗲𝘁 𝗶𝗻𝗳𝗿𝗮𝘀𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗲 𝗼𝗳 𝗮 𝗳𝘂𝗹𝗹𝘆 𝘁𝗼𝗸𝗲𝗻𝗶𝘇𝗲𝗱 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝘀𝘆𝘀𝘁𝗲𝗺 𝗮𝗰𝘁𝘂𝗮𝗹𝗹𝘆 𝗹𝗼𝗼𝗸 𝗹𝗶𝗸𝗲? From trading venues and settlement to the evolving role of exchanges and CSDs, the discussion will focus on how blockchain-based infrastructure is reshaping the foundations of securities markets, and what is needed to move tokenized assets from experimentation to real institutional scale. At 21X, this is not a theoretical discussion. We are building regulated, blockchain-native market infrastructure designed for the next generation of capital markets. 📍 CV Summit 2026, Kongresshaus Zürich 📅 Tuesday, September 29, 2026 🕔 5:05 PM to 5:33 PM 🎤 ANCHOR STAGE Panelists:  Lucas Bruggeman , Board of Directors, Seturion  Carlo Mondani, Head Sales Digital, Securities Services, SIX  David Guerrero, Executive Director, New Digital Markets, Deutsche Börse Group  Max J. Heinzle, Founder & CEO, 21X  Moderator: Nicola Plain , Principal Consultant Digital Assets, Zühlke Group If you’re attending CV Summit, join us for a discussion on what the new plumbing of global capital markets could look like, and how quickly it may become reality. #CVSummit #DigitalAssets #MarketInfrastructure #Securities  

𝟮𝟭𝗫 𝗢𝗻-𝗰𝗵𝗮𝗶𝗻 𝗮𝗰𝗮𝗱𝗲𝗺𝘆 #𝟭𝟯 | 𝗦𝗲𝗰𝗼𝗻𝗱𝗮𝗿𝘆 𝗺𝗮𝗿𝗸𝗲𝘁𝘀: 𝘀𝗮𝗺𝗲 𝗷𝗼𝗯, 𝗯𝗲𝘁𝘁𝗲𝗿 𝘁𝗼𝗼𝗹𝘀 Traditional finance already knows what a secondary market does. Buyers and sellers meet. Prices form. Positions can be entered and exited. Market makers keep order books deep enough to trade on.   Tokenization doesn't change that job. It changes how well the market can do it.   So the real question for anyone running a desk, a fund or an issuance program isn't "what is a secondary market" - it's why would a tokenized security trade better than a traditional share does today? It's not a new proposition, just a faster one.   A tokenized security trading on a regulated venue does the same things a listed share does: ► Price discovery through matched buy and sell orders ► Market makers quoting and supporting depth ► Investors with real entry and exit routes, not just a primary allocation Nothing about the mechanics needs re-learning.   Where it's genuinely different ► Settlement happens on the same infrastructure as trading, so delivery-versus-payment doesn't need a separate settlement layer bolted on afterwards ► Ownership records update directly on-chain, cutting out reconciliation between registries, custodians and exchanges ► The full lifecycle - issuance, listing, trading, settlement - sits inside one regulated environment instead of being stitched together across several   Why that matters for the decision to list A traditional share only becomes liquid once enough infrastructure exists around it - clearing relationships, custody arrangements, registrar links. A tokenized security carries much of that infrastructure with it from issuance.   That doesn't manufacture liquidity out of nothing. A venue still creates the market structure, not the trading activity itself. But it removes several of the operational steps that would otherwise sit between "issued" and "tradable."   At 21X, eligible tokenized securities move from issuance into regulated on-chain listing, secondary-market trading and settlement within one regulated environment - which is the part that looks unfamiliar on paper but is, in practice, the same market job done with fewer moving parts.   Swipe through On-chain Academy #13 to see the comparison.   What would make you more comfortable listing on a tokenized venue: proof of market depth, familiar settlement guarantees, or seeing more traditional issuers already there?   #RWA #TokenizedSecurities #SecondaryMarkets #CapitalMarkets

𝗙𝗼𝗿 𝗯𝗮𝗻𝗸𝘀, 𝗲𝗻𝘁𝗲𝗿𝗶𝗻𝗴 𝗼𝗻-𝗰𝗵𝗮𝗶𝗻 𝗰𝗮𝗽𝗶𝘁𝗮𝗹 𝗺𝗮𝗿𝗸𝗲𝘁𝘀 𝗶𝘀 𝗻𝗼𝘁 𝗷𝘂𝘀𝘁 𝗮 𝘁𝗼𝗸𝗲𝗻𝗶𝘇𝗮𝘁𝗶𝗼𝗻 𝗽𝗿𝗼𝗷𝗲𝗰𝘁. 𝗜𝘁 𝗶𝘀 𝗮𝗻 𝗼𝗽𝗲𝗿𝗮𝘁𝗶𝗻𝗴 𝗺𝗼𝗱𝗲𝗹 𝘁𝗿𝗮𝗻𝘀𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻. In Part 1 of our conversation with Dr. Matthias Hirtschulz of d-fine, we explored why 21X integrates trading and settlement within one regulated DLT infrastructure. Part 2 focuses on a more practical question: what does a financial institution need to participate?   Marc Hegen, CTO of 21X, identifies four essential capabilities:   First, institutions need an API connection to access product information, price streams, and other market data.   Second, they must be able to interact with an on-chain central limit order book. That means creating, signing, and transmitting blockchain transactions. 21X supports this process through an SDK, but the institution still needs the required wallet infrastructure.   Third, banks must address custody. 21X is self-custody enabled and does not hold client assets. Banks therefore need a custody or wallet solution that allows them to safeguard assets and sign transactions for their own account or on behalf of clients.   Fourth, institutions need to prepare for continuous markets. Today, many traditional trading and operational systems are not designed for 24/7 availability. Moving toward continuous on-chain trading will require changes across technology, risk management, treasury, compliance, and operational support.   The technical connection may be straightforward. The organizational transformation is not. Swipe through the carousel for an overview of the infrastructure banks need to access regulated on-chain markets.   The question is not only which digital assets should we offer, but also is our institution ready to trade and settle them on-chain? #TokenizedMarkets #DLT #CapitalMarkets #BlockchainInfrastructure

𝗧𝗼𝗸𝗲𝗻𝗶𝘇𝗲𝗱 𝗺𝗮𝗿𝗸𝗲𝘁𝘀 𝘄𝗶𝗹𝗹 𝗻𝗼𝘁 𝗿𝗲𝗮𝗰𝗵 𝘁𝗵𝗲𝗶𝗿 𝗳𝘂𝗹𝗹 𝗽𝗼𝘁𝗲𝗻𝘁𝗶𝗮𝗹 𝗯𝘆 𝘀𝗶𝗺𝗽𝗹𝘆 𝗽𝘂𝘁𝘁𝗶𝗻𝗴 𝗹𝗲𝗴𝗮𝗰𝘆 𝗺𝗮𝗿𝗸𝗲𝘁 𝘀𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗲𝘀 𝗼𝗻 𝗮 𝗯𝗹𝗼𝗰𝗸𝗰𝗵𝗮𝗶𝗻. 𝗧𝗵𝗲𝘆 𝗿𝗲𝗾𝘂𝗶𝗿𝗲 𝗮 𝗻𝗲𝘄 𝗺𝗮𝗿𝗸𝗲𝘁 𝗮𝗿𝗰𝗵𝗶𝘁𝗲𝗰𝘁𝘂𝗿𝗲.  In the second part of our conversation with Dr. Matthias Hirtschulz of d-fine, Marc Hegen, CTO of 21X, explains one of the most important design decisions behind the 21X infrastructure: trading and settlement are integrated within one regulated DLT trading and settlement system. (see the link to the interview in the comments below - and part one of the interview here: https://lnkd.in/p/ezc3Jz77) Why does that matter? In traditional capital markets, execution and settlement take place across separate systems, institutions, and processes. That creates dependencies, reconciliation work, counterparty exposure, and the possibility of settlement failure. An on-chain infrastructure can fundamentally change this model. At 21X, matching and settlement are designed to happen atomically. Once an order is matched, the asset and the payment are exchanged within the same blockchain transaction. Both sides of the transaction are completed or neither is. The second major design choice is openness. Rather than building a closed, permissioned network, 21X operates on public blockchain infrastructure. This allows issuers, asset managers, and financial institutions to connect existing tokenization projects without moving every asset into a proprietary ecosystem. 21X currently uses Polygon Labs + Stellar Development Foundation and is pursuing a multi-chain strategy as additional protocols gain market relevance. The bigger lesson is clear: blockchain creates the most value when it changes the market structure, not when it merely digitizes existing processes. Here in Part 2, we look at the other side of the equation: what banks and financial institutions actually need to access these markets. Where do you see the greatest efficiency gain from combining trading and settlement? #TokenizedMarkets #DLT #CapitalMarkets #BlockchainInfrastructure

An actively managed UCITS that trades like an ETF - without building an ETF. That's what our new partnership with Investre S.A. makes possible. Investre is authorized by the Commission de Surveillance du Secteur Financier (CSSF) as a control agent under Luxembourg's #Blockchain IV Law, and issues funds natively on #DLT. 21X is the EU's first licensed DLT Trading and Settlement System. Put the two together and a natively tokenized fund can be issued in Luxembourg and listed and traded in Frankfurt, with on-chain matching and atomic settlement, end-to-end on DLT. For fund managers, that means intraday tradability on a regulated venue without a separate ETF wrapper, authorized participants, or a parallel product structure. The fund stays as a fund. It just becomes tradable. As Georges Bock, CEO and Co-founder of Investre, puts it: "Tokenization delivers its full value when natively issued funds can also be easily traded. This closes that loop." And Ralf Wandmacher, CFO of 21X, added: “The combination of an on-chain funds registry and smart contract-based trading on 21X is transforming capital markets through efficiency gains and novel use cases for agentic finance.” Full press release in the comments. #UCITS #ETF #Tokenization #SecondaryMarkets #DigitalSecurities #CapitalMarkets #DLTTSS

𝗧𝗼𝗸𝗲𝗻𝗶𝘇𝗮𝘁𝗶𝗼𝗻 𝗶𝘀 𝗼𝗻𝗹𝘆 𝘁𝗵𝗲 𝘀𝘁𝗮𝗿𝘁𝗶𝗻𝗴 𝗽𝗼𝗶𝗻𝘁. A tokenized asset can live on-chain. But without a functioning secondary market, the asset cannot be traded.   Issuance creates the asset. Markets create access, price discovery and liquidity.   That is where a regulated market infrastructure comes in.   21X brings the key stages of the digital securities lifecycle into one regulated, on-chain environment:   ► Issuer onboarding and due diligence ► Tokenization and primary issuance ► Secondary market listing Trading participant onboarding and admission ► Multilateral on-chain trading ► Atomic settlement Asset servicing and redemption   For issuers and asset managers, the question therefore goes beyond:   "How do we tokenize this asset?"   The more important question becomes:   "How do we build a regulated market around it?"   Because the real opportunity of tokenization is only realized by putting an asset on-chain.   It is enabling that asset to move from issuance to secondary market trading and settlement within an integrated digital market infrastructure.   Issuers and asset managers: where could secondary market liquidity create the most value across your portfolio?   #Tokenization #SecondaryMarkets #DigitalSecurities #CapitalMarkets  

𝗧𝗼𝗸𝗲𝗻𝗶𝘇𝗮𝘁𝗶𝗼𝗻 𝗶𝘀 𝗺𝗼𝘃𝗶𝗻𝗴 𝗳𝗿𝗼𝗺 𝗲𝘅𝗽𝗲𝗿𝗶𝗺𝗲𝗻𝘁𝗮𝘁𝗶𝗼𝗻 𝘁𝗼 𝗺𝗮𝗿𝗸𝗲𝘁 𝗶𝗻𝗳𝗿𝗮𝘀𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗲.  Severin Kranz, Head of Business Development at 21X, was featured in the latest Institutional Briefing by Blockstories, where he lays out what is pushing traditional exchanges toward tokenization:   "Tokenized wrappers offer a quick path to market, but the real institutional prize is natively tokenized securities: instruments with the same legal rights as their conventional counterparts, settled on faster, onchain rails."   Major market operators are now exploring onchain issuance, instant settlement, and continuous 24/7 trading. The trajectory is clear. Tokenization has outgrown the phase of simply mirroring assets in digital form. Native Tokenization, Collateral Mobility and Atomic Settlement will make the difference.    That is the transformation we are building for at 21X.   Thanks to Blockstories for including Severin's perspective in this discussion.   #Tokenization #DigitalSecurities #CapitalMarkets #DLT #OnchainFinance

𝗔𝗜 𝗰𝗮𝗻 𝗺𝗮𝗸𝗲 𝗳𝗶𝗻𝗮𝗻𝗰𝗲 𝗺𝗮𝗿𝗸𝗲𝘁𝗶𝗻𝗴 𝗺𝗼𝗿𝗲 𝗿𝗲𝗹𝗲𝘃𝗮𝗻𝘁. 𝗜𝘁 𝗰𝗮𝗻 𝗮𝗹𝘀𝗼 𝘀𝗰𝗮𝗹𝗲 𝗺𝗶𝘀𝘁𝗮𝗸𝗲𝘀 𝗳𝗮𝘀𝘁𝗲𝗿 𝘁𝗵𝗮𝗻 𝗮𝗻𝘆 𝗵𝘂𝗺𝗮𝗻 𝘁𝗲𝗮𝗺.  That is why responsible AI is not a side topic. It is the operating model. Poor data, unclear objectives, hidden bias or weak governance can quickly turn personalization into unsuitable targeting. In finance, the question is not only whether we can target a customer. It is whether we should. A responsible workflow starts before AI gets involved: define the use case, check the data, set clear boundaries, apply AI in a controlled environment, keep human review in the loop and measure performance and risk together. The winners will not be the firms producing the most content. They will be the ones building marketing systems that compound trust. Link to the full article in the comments. #FinanceMarketing #ResponsibleAI #FinancialServices #Governance 

𝗘𝘃𝗲𝗿𝘆 𝘁𝗿𝗮𝗱𝗲 𝗵𝗮𝘀 𝘁𝘄𝗼 𝗹𝗲𝗴𝘀: 𝘁𝗵𝗲 𝗮𝘀𝘀𝗲𝘁 𝗮𝗻𝗱 𝘁𝗵𝗲 𝗰𝗮𝘀𝗵. Tokenise only one, and you haven't fixed settlement. You've split it in two.   One leg settles on-chain in seconds. The other still crawls through correspondent banks, cut-off windows and a lag measured in days.   In the gap between them sits everything treasury teams want gone: open settlement risk, and capital trapped until the second leg finally lands.   That is why digital cash matters. Not as a crypto talking point, but as the missing half of the trade.   On 21X, both legs move as one.   Tokenised equities, bonds and fund instruments settle atomically against regulated digital cash: today in USDC, with regulated euro settlement coming through AllUnity's EURAU, Germany's first BaFin-licensed euro stablecoin.   Delivery versus payment, in a single workflow, on infrastructure supervised by BaFin, the Bundesbank and ESMA.   The point was never to use stablecoins for their own sake.   It is that the cash leg and the security leg finally settle as one event: simultaneously, or not at all.   ► No failed half-trades ► No multi-day exposure ► No reconciliation between two systems that were never built to talk   Treasurers and payment teams, one honest question:   Would you settle a tokenized bond in usdc today or keep waiting for a cbdc ?   #TokenizedAssets #Settlement #DvP #Stablecoins