21X
- Company typePrivate
- Founded2023
- HeadquartersFrankfurt, Germany
- Headcount51–100
- GTM typeB2B
- OfferingServices
21X firmographics
Firmographics- Name
- 21X
- Legal name
- 21X AG
- Website
- https://21x.eu
- Company type
- Private
- Founded year
- 2023
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Ownership category
- akta.pro rank
21X industry classification
Industry- Product category
- Regulated Digital Asset Exchange / DLT Trading and Settlement Infrastructure
- NAICS
- Securities and Commodity Exchanges (52321), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- Tokenized Securities & Capital Markets Infrastructure (equities, bonds, funds, ATS/MTF connectivity) (FSAPAIAD)
- akta.pro secondary industries
- Blockchain Settlement & Clearing Infrastructure (On-/Off-chain Post-Trade) (FSAGAMAC), Tokenized Securities & Capital Markets (Equity, Debt, Funds) (FSADAEAA)
Keywords
Where 21X is headquartered
LocationHeadquarters
- HQ city
- Frankfurt
- HQ country
- Germany
- HQ region
- Europe
Offices1 record
Markets served
21X business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Others, Marketing or Sales, Infrastructure
Revenue model
- Trading and Transaction Fees: Fees charged to participants for trading activities on the platform. As of May 2026, trade participant onboarding and annual participation fees are EUR 0, with new Orderflow Provider fees of EUR 10,000 onboarding and EUR 20,000 annual.
- Listing and Admission Fees: Fees charged to issuers for listing tokenized securities on the platform. Money Market Funds added as new asset class with dedicated fee structure in 2026.
- Participant Fees: Annual participation fees from trading participants, market makers, listing sponsors, and other platform participants.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Annual | Trade Participants (Issuers, Market Makers, Listing Agents, Brokers, Liquidity Providers, etc.) |
| Transaction based/ take rate | Annual | Orderflow Providers |
| Transaction based/ take rate | Annual | Money Market Funds |
Go-to-market motion2 records
Distribution channels5 records
Marketing channels7 records
21X product offering
Product offeringCore offering
21X operates a BaFin-licensed distributed ledger technology (DLT) trading and settlement system (DLT TSS) under the EU DLT Pilot Regime, providing end-to-end digital asset market infrastructure for tokenized securities. The platform enables primary market issuance and listing as well as secondary market multilateral trading of stocks, bonds, fund tokens, and money market funds using smart contract-based atomic matching and settlement on public permissionless blockchains (Polygon PoS and Stellar), with stablecoin (USDC, EUR stablecoins) and fiat settlement rails and wallet-based participant access.
Product overview
21X operates as a platform-plus-ecosystem architecture built around its core DLT Trading and Settlement System (DLT TSS) — the world's first fully regulated blockchain-based exchange for tokenized securities under the EU DLT Pilot Regime, licensed by BaFin. The platform provides end-to-end services: primary market issuance (via listing sponsors like AMINA Bank, Apex Group, ISP Securities, Particula) and secondary market trading of tokenized stocks, bonds, fund tokens, and money market funds. Core capabilities include smart contract-based atomic matching and settlement (within two seconds), wallet-based access, and multi-chain infrastructure across Polygon and Stellar. The platform supports settlement with USDC (via Circle) and EUR stablecoins (via AllUnity), with connectivity to institutional-grade wallet infrastructure (Dfns, Cordial Systems) and regulatory technology (eflow Global). Listed products include the USMO tokenized note and the Franklin OnChain U.S. Government Money Fund (grBENJI). Supplementary governance and operational documents (Rulebook, Fee Schedule, Pre-Trade Controls, Default Management Policy) define the regulatory framework for participants.
Differentiator
Problem solved
Functional benefit
Products and services
- 21X DLT Trading and Settlement System (DLT TSS) Fully regulated distributed ledger technology trading and settlement system licensed by BaFin under the EU DLT Pilot Regime, providing end-to-end services encompassing asset tokenization, issuance, distribution, listing, and trading of tokenized securities with smart contract-based atomic matching and settlement on public blockchain networks.
- 21X Primary Market Regulated primary market infrastructure for tokenized securities issuance, enabling issuers and listing sponsors to list and distribute tokenized equity, debt, and fund instruments on the 21X platform, with subscription and redemption against stablecoins direct from wallets.
- 21X Secondary Market Blockchain-based secondary market for DLT financial instruments including tokenized stocks, bonds, fund tokens, and money market funds, enabling multilateral trading with direct wallet-based market access for onboarded investors, institutions, and market makers and featuring atomic settlement within two seconds.
- 21X Multi-Chain Trading Infrastructure Regulated multi-chain trading and settlement infrastructure operating across multiple public blockchain networks under EU regulation, with the 21X trading venue deployed on Polygon PoS and Stellar, and cross-chain asset and stablecoin access powered by Chainlink oracles and CCIP.
Quantifiable outcome
- Settlement time reduced from days/weeks to 2 seconds
- +2 more outcomes
Companies that use 21X
Customer profileNamed customers5 records
Segments5 records
Ideal customer profiles3 records
21X technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration26 records
Feature6 records
21X partnerships and signals
Strategic signalPartnerships
36 partnerships are on record, tiered core, key and minor.
- AMINA BankcoreSwiss FINMA-regulated crypto bank became first regulated bank to join 21X as listing sponsor, providing institutional-grade custody and banking services alongside Tokeny's tokenization platform.
- LeveL MarketskeyStrategic partnership connecting traditional equity workflows with wallet-based trading and settlement rails, expanding institutional access to tokenized capital markets.
- SOOHO.IOkeyKorean blockchain fintech powering Project Namsan, an institutional consortium. Collaboration to explore stablecoin FX operations and regulated tokenized securities market.
- Finance LoopkeyFrankfurt-based professional community focused on blockchain, digital assets and AI. Strategic cooperation to advance adoption of emerging technologies in financial services.
- ISP Securities LtdkeySwiss financial services provider supports issuers with structuring and listing of tokenized equity and debt instruments while enabling clients direct access to trading.
- StellarcorePublic blockchain network hosting $2 billion in tokenized real-world assets. 21X deployed trading venue on Stellar network as second public chain, cementing multi-chain position.
- DekaBankkeySecurities services provider of German Savings Banks Finance Group. Completed on-chain trade on Polygon testnet demonstrating feasibility of joint system for tokenized assets.
- DekaBankkeySuccessfully completed on-chain trade on Polygon testnet as part of collaboration to expand tokenization and digital asset services for institutional clients.
- NCC GroupkeyCyber resilience business providing iMXDR service to secure Europe's first fully regulated digital asset exchange.
- ChainlinkcoreChainlink provides oracle services for on-chain secondary market price feeds and Cross-Chain Interoperability Protocol (CCIP) for accessing assets across blockchain protocols. Powers majority of DeFi and adopted by major financial institutions including Swift, Euroclear, Mastercard, and Fidelity International.
- CirclecoreCircle issues USDC and EURC stablecoins. USDC integrated as key settlement currency on 21X platform enabling atomic settlement of tokenized securities.
- PolygoncorePolygon Labs provides Layer 2 scaling solution for Ethereum, enabling fast and low-cost transactions. 21X built on Polygon PoS blockchain from inception.
- SBI Digital MarketscoreSubsidiary of Japan's SBI Group, the largest online financial services group. Acts as listing agent and service provider for asset tokenization and custody. Opens distribution corridors from Asia-Pacific (Japan, Singapore, Thailand) into Europe for tokenized securities.
- TradevestkeyDigital infrastructure provider for financial institutions acting as first market maker for 21X's regulated DLT trading and settlement system.
- Noumena DigitalkeySwitzerland-based technology provider of bank-grade gateway infrastructure partnering to accelerate institutional adoption of tokenized securities across Europe.
- SwissFinTechLadiesminorAssociation dedicated to empowering women in finance, technology, and blockchain. Partnership to accelerate female-led innovation in digital finance.
- ParticulakeyPrime rating provider for digital assets acting as official listing sponsor on 21X's regulated on-chain exchange.
- AllUnitykeyStrategic partner securing BaFin E-Money Institution license enabling regulated EUR stablecoin settlement on 21X platform.
- Brick TowerskeyTrading participant for on-chain treasury management, following successful go-live of 21X's regulated primary market.
- Cordial SystemskeyProvider of zero-trust MPC wallet infrastructure making their wallet solution compatible with 21X for institutional digital asset custody.
- d-finekeyLeading European technology and consulting firm boosting 21X's capacity to onboard institutional clients onto its market infrastructure.
- Quantoz PaymentskeyLicensed Dutch e-money institution and MiCA-compliant stablecoin issuer enabling atomic settlement of tokenized securities with regulated stablecoins.
- ZühlkekeyGlobal innovation and transformation partner collaborating to accelerate institutional adoption of tokenized securities trading.
- Apex GroupcoreGlobal financial services provider acts as first official listing sponsor on 21X, leveraging pioneering position as innovator in tokenization space.
- DuskkeyTrade participant at launch, gaining access to regulated market infrastructure with initial focus on stablecoin treasury investment in tokenized money market funds.
- Digital Investment SecuritieskeyStrategic advisor to 21X expanding reach of institutional-grade tokenized securities infrastructure and supporting next wave of capital markets innovation.
- CashlinkkeyLeading provider of infrastructure for issuance and distribution of tokenized securities in Germany. Strategic collaboration to capitalize on German market expansion.
- ABN AMROkeyLeading Dutch bank conducted successful on-chain trade of tokenized assets against stablecoins in preparation for 21X launch.
- AllUnitykeyJoint venture between DWS, Flow Traders, and Galaxy Digital developing MiCA-compliant EUR-denominated stablecoin for settlement on 21X platform.
- TokenycoreLeading on-chain finance operating system. Provides white-label tokenization solutions enabling issuers to admit financial instruments to trading on 21X. Connects DINO distribution network (50+ liquidity platforms) with 21X market infrastructure.
- Backed FinancekeySwiss-based tokenization provider listing bTokens (ERC-20 tokens tracking real-world assets) on 21X DLT exchange, ensuring technical compatibility with EU DLT regime.
- DfnskeyDigital asset wallet infrastructure providing wallets-as-a-service, private key management, and custody technology for institutional clients on 21X.
- eflow GlobalkeyRegTech provider offering trade surveillance, best execution, and transaction reporting for 21X's compliance strategy.
- think tank Business SolutionskeyMunich-based IT and business consulting company with in-house software development. Offers services for regulatory-compliant IT environments and MaRisk, BAIT, DORA compliance.
- tokenforgekeyBerlin-based API-native infrastructure provider offering compliant asset tokenization. Provides tokenization, distribution, shareholder registry, and securities actions functionality.
- Nucleus FinancekeyFintech for automated structuring, lifecycle management, and auditing of financial contracts. Enables issuers to realize cost savings throughout asset lifecycle.
Scale indicators8 records
Recent moves9 records
Expansion highlights6 records
21X competitors and assessment
Company assessmentDirect peers
- Boerse Stuttgart Digital Exchange (BSDEX): BSDEX is the digital asset trading venue of Boerse Stuttgart, Germany's largest traditional exchange group. It operates as a regulated marketplace for digital assets, directly comparable to 21X's regulated DLT exchange for tokenized securities in the same German regulatory environment.
- SIX Digital Exchange (SDX): SDX is the Swiss-regulated digital asset exchange operated by SIX Group, offering tokenized securities trading and settlement. It is the closest European peer to 21X in terms of operating a fully regulated venue for DLT financial instruments under a national regulator (FINMA).
- tZERO: tZERO operates a regulated marketplace for tokenized securities and digital assets, with a focus on private company equity and other DLT-based financial instruments. It is a direct competitor to 21X in the regulated tokenized securities trading category, though primarily US-focused.
- HQLAx: HQLAx operates a DLT-based collateral mobility platform using the Corda blockchain for securities lending and collateral management with major financial institutions. It shares 21X's focus on regulated DLT financial-infrastructure for institutional markets.
Emerging players
- Securitize Markets: Securitize provides tokenization infrastructure and operates a marketplace for private digital asset securities, with a strong focus on private equity and fund tokens. It overlaps with 21X in the tokenized securities space but emphasizes issuance and primary-market infrastructure over multilateral exchange.
- Société Générale FORGE: FORGE is Société Générale's regulated subsidiary for digital asset issuance and DLT-based financial services, offering tokenized securities, custody, and trading. It is a bank-led competitor whose issuance and settlement capabilities directly overlap with 21X's venue.
- Fnality International: Fnality is a consortium-led wholesale CBDC and payment-versus-payment settlement network backed by major global banks. It shares 21X's positioning in regulated DLT financial infrastructure and was a fellow Eurosystem DLT exploratory work participant.
Broad incumbents
- JPMorgan Kinexys (formerly Onyx): JPMorgan's Kinexys is a Permissioned-Blockchain-based platform for tokenized collateral, value transfer, and digital asset services. As a large incumbent's broad DLT initiative, it competes with 21X in tokenized asset and settlement infrastructure for institutional clients.
- Deutsche Börse: Deutsche Börse is one of Europe's largest exchange operators (Xetra, Eurex, Clearstream) and is actively exploring DLT-based post-trade and digital asset services. It is a broad incumbent whose traditional infrastructure and post-trade assets create competitive pressure on 21X's regulated venue.
- MarketAxess: MarketAxess is a leading electronic trading platform for fixed-income and credit products, actively expanding into portfolio trading and emerging digital asset workflows. It serves as a broad incumbent in electronic capital markets and is relevant to 21X's institutional credit and bond tokenization ambitions.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
21X social profiles
Digital presence21X compliance and trust
Trust signalCompliance2 records
21X financial estimates
Financial estimateRevenue estimate
Valuation estimate
21X leadership team
Management profileNumber of profiles
Profiles13 records
21X funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
21X M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about 21X
What does 21X do?
21X operates a BaFin-licensed distributed ledger technology (DLT) trading and settlement system (DLT TSS) under the EU DLT Pilot Regime, providing end-to-end digital asset market infrastructure for tokenized securities. The platform enables primary market issuance and listing as well as secondary market multilateral trading of stocks, bonds, fund tokens, and money market funds using smart contract-based atomic matching and settlement on public permissionless blockchains (Polygon PoS and Stellar), with stablecoin (USDC, EUR stablecoins) and fiat settlement rails and wallet-based participant access.
Is 21X a public or private company?
21X is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was 21X founded?
21X was founded in 2023. It employs 51 to 100 people.
Where is 21X based?
21X is headquartered in Frankfurt, Germany, in the Europe region.
How does 21X make money?
Three revenue lines are on record. Trading and Transaction Fees are the primary driver. The others are listing and Admission Fees and participant Fees.
Who are 21X's main competitors?
Direct peers on record are Boerse Stuttgart Digital Exchange (BSDEX), SIX Digital Exchange (SDX), tZERO and HQLAx. Emerging players are Securitize Markets, Société Générale FORGE and Fnality International. Broad incumbents are JPMorgan Kinexys (formerly Onyx), Deutsche Börse and MarketAxess.
Does 21X have an API?
No public API is recorded for 21X.
What industry is 21X in?
21X's product category is Regulated Digital Asset Exchange / DLT Trading and Settlement Infrastructure. Its primary akta.pro industry code is FSAPAIAD, Tokenized Securities & Capital Markets Infrastructure (equities, bonds, funds, ATS/MTF connectivity), with a secondary code of FSAGAMAC, Blockchain Settlement & Clearing Infrastructure (On-/Off-chain Post-Trade). Its NAICS code is 52321 and its SIC code is 6200.