Swarm

What Swarm does

Swarm is a Berlin-based blockchain financial infrastructure company that provides compliant DeFi infrastructure for the tokenization, liquidity provision, and trading of real-world assets (RWAs). The company operates Swarm Capital GmbH under BaFin oversight in Germany, with subsidiary SwarmX GmbH acting as the issuing entity for tokenized securities. Its core offering combines automated market maker (AMM) liquidity pools across seven blockchain networks (Ethereum, Polygon, Hedera, Base, Arbitrum, Plasma, BNB Chain, and HyperEVM) with proprietary tokenization standards (SX1411 for fractional RWAs and SX1155 for unique assets), a decentralized OTC protocol (dOTC) for slippage-free block trades, and a novel redemption pool mechanism that executes traditional-market buy/sell orders from smart contracts for instant exit liquidity.

The platform serves three primary customer groups: retail investors accessing tokenized US stocks (AAPL, TSLA, COIN, NVDA, MSFT, MSTR, BLK, INTC, CPNG) and US Treasury bond ETFs (TBONDS01, TBONDS13) via a self-serve app with no minimum investment; institutional clients (banks, hedge funds, broker-dealers, asset managers) requiring regulatory-grade DeFi infrastructure; and enterprise partners embedding Swarm's white-label tokenization infrastructure into their own ecosystems, exemplified by the Cloud Payments carbon credit platform and the Volksbank gold NFT offering. Revenue mechanics are transaction-based: Swarm captures 25% of AMM swap fees or 0.1% of assets swapped (whichever is larger), supplemented by the SMT utility token (50% fee discount) and bespoke white-label licensing.

Swarm became the first organization to offer tokenized US Treasury bills and public stocks on a compliant decentralized platform in February 2023. The company was acquired by Inveniam, a global leader in decentralized private-market data infrastructure, in February 2026, with the deal positioning the combined entity at the intersection of tokenized public markets, private market data, and AI-native financial infrastructure. Swarm continues to operate under its existing brand and regulatory framework post-acquisition, feeding into Inveniam Capital.

Name

Swarm

Legal name

Swarm Capital GmbH

Website

https://swarm.com

Company type

Private

Founded year

2021

Operating status

Acquired

Headcount range

1–10 employees

Short description

Swarm is a Berlin-based blockchain platform providing compliant infrastructure for tokenizing and trading real-world assets, including stocks, bonds, and gold. It serves retail investors, financial institutions, and partners through multi-chain deployment and white-label licensing.

Ownership category

akta.pro rank

Product category

Digital Asset Tokenization & Trading Infrastructure

NAICS

Securities and Commodity Exchanges (52321), Securities and Commodity Exchanges (523210), Miscellaneous Financial Investment Activities (523999)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211), Finance Services (6199)

akta.pro primary industry

Tokenized Securities & Capital Markets Infrastructure (equities, bonds, funds, ATS/MTF connectivity) (FSAPAIAD)

akta.pro secondary industries

Transfer Agent, Cap Table & Token Lifecycle Management (registrar, corporate actions, burns/mints) (FSAPAIAF), Compliance, Risk & RegTech for Tokenized Assets (KYC/AML, sanctions, travel rule, reporting) (FSAPAIAH), Interoperability & Integration Middleware (ERP/core banking connectors, messaging, APIs, cross-chain to permissioned) (FSAPAIAL)

Keywords

• Real-world asset tokenization
• Compliant DeFi infrastructure
• Tokenized securities trading
• Blockchain trading platform
• White-label tokenization

Headquarters

HQ city

Berlin

HQ country

Germany

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales

Revenue model

1. AMM Swap Fees: Traders pay fees to liquidity pool owners for swapping assets. Pool creators set their own swap fee. Swarm captures 25% of pool swap fees or 0.1% of assets being swapped, whichever is larger, before pool owners receive their fee.
2. SMT Token Utility: SMT is the native payment token (ERC20 on Ethereum). Users get 50% discount on protocol fees when paying with SMT. Loyalty rewards boosted for wallets holding SMT, paid out weekly based on SMT value ratio to deposited assets.
3. White-Label Platform Licensing: Bespoke solutions licensing for partners to integrate tokenization infrastructure into their own services. Partners embed custom marketplaces using Swarm's API and smart contracts.

Pricing tiers

Go-to-market motion4 records

Distribution channels4 records

Marketing channels9 records

Core offering

Swarm operates a blockchain-based financial platform that provides compliant DeFi infrastructure for the tokenization, liquidity provision, and trading of real-world assets (RWAs) including tokenized public stocks, US Treasury bond ETFs, and tokenized gold. The platform combines AMM-based trading, decentralized OTC (dOTC) protocol for large block trades, and a white-label licensing model enabling partners to embed compliant tokenization and trading marketplaces into their own ecosystems.

Product overview

Swarm is a blockchain-based finance platform offering compliant DeFi infrastructure for tokenization, liquidity, and trading of real-world assets. The platform operates as a unified ecosystem combining: (1) Core Swarm Platform for issuance and trading of tokenized assets, (2) dOTC Protocol for peer-to-peer large-volume transactions, (3) White-Label Platform for partners to embed custom marketplaces, (4) Tokenized Stocks (AAPL, TSLA, COIN, MSTR, NVDA, BLK, CPNG, INTC, MSFT), (5) Tokenized US Treasury Bond ETFs (TBONDS01, TBONDS13), (6) xGOLD for tokenized gold with Brink's custody, (7) Swap and Staking features for liquidity provision, (8) SMT native payment token with fee discounts and rewards, (9) Liquid Staking for institutional-grade staking, (10) KYC/Onboarding API for compliance, (11) SX1411 and SX1155 token standards for asset issuers. The platform spans multiple blockchains (Ethereum, Polygon, Hedera, Plasma, Base, Arbitrum, BNB Chain, HyperEVM) and targets both retail and institutional investors with a hybrid model combining DeFi innovation with regulatory compliance.

Differentiator

Problem solved

Functional benefit

Brands

• SwarmX: Issuing entity for tokenized stock and bond tokens, a subsidiary of Swarm Capital GmbH
• xGold
• dOTC
• SMT

Products and services

• Swarm Platform Core blockchain-based finance platform providing compliant DeFi infrastructure for token issuance, liquidity, and trading of real-world assets including stocks, bonds, and commodities. Targets retail investors and financial institutions.
• xGOLD (Tokenized Gold) Tokenized gold product representing physical gold bars held by institutional custodian Brink's. Fully asset-backed, redeemable, and tradeable peer-to-peer with MiCAR compliance. For retail and institutional investors.
• dOTC Protocol Decentralized over-the-counter protocol enabling peer-to-peer large-volume transactions using autonomous smart contracts. Removes slippage and counterparty risk for block trades across crypto, tokenized RWAs, NFTs, and commodities.
• Tokenized Stocks Prospectus-based tokenized public stocks (AAPL, TSLA, COIN, MSTR, NVDA, BLK, CPNG, INTC, MSFT) backed 100% by real equities held by institutional custodians. Available 24/7 on compliant decentralized infrastructure. For retail and institutional investors.
• Tokenized US Treasury Bond ETFs

Quantifiable outcome

• 11% increase in platform users in first month of launching tokenized stocks and bonds
• +3 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration23 records

AI capability3 records

Feature6 records

Partnerships

16 partnerships are on record, tiered flagship, core and minor.

• InveniamflagshipStrategic or Co-development Partner · 9 December 2025Swarm being acquired by Inveniam to launch full stack platform for agentic asset management. Transaction closed February 24, 2026. Combines Swarm's tokenization and trading infrastructure with Inveniam's data and valuation capabilities for AI-native financial markets. Swarm feeds into newly-created Inveniam Capital business unit.
• Plasma NetworkcoreTechnology or Integration · 23 September 2025Plasma is a layer 1 blockchain backed by Tether, Bitfinex, and Framework Ventures. Swarm launched nine tokenized equities on Plasma's mainnet beta including AAPL, MSTR, COIN, NVDA, BLK, CPNG, INTC, MSFT, TSLA. Plasma provides zero-fee stablecoin transfers with $2B+ liquidity at launch.
• Hedera FoundationcoreTechnology or Integration · 15 August 2025Strategic collaboration to launch tokenized stocks on Hedera Network. Equities like Apple, Tesla, and MicroStrategy made available on-chain, backed 1:1 with insolvency protection. Features novel redemption pool for instant exit liquidity bypassing T+2 settlement.
• Cloud PaymentscoreStrategic or Co-development Partner · 14 May 2025Strategic partnership with global leader in mobile wallet and digital currency infrastructure. Cloud Payments has 1.5 billion users across 50+ countries. First milestone delivered: live on-chain platform for trading biochar carbon credits built on Polygon whitelabeling Swarm's technology.
• MattereumminorStrategic or Co-development Partner · 17 July 2023Partnership to securitize real world assets on chain. Mattereum provides digital identity layer for RWAs on Ethereum with legal structures ensuring transfers are enforceable. Enables onboarding of high-value assets like real estate, gold, fine art for institutional trading.
• VolksbankcoreChannel Partner/ Reseller/ Distributor · 21 April 2023Germany's oldest cooperative bank launched gold NFTs in partnership with Swarm. Partnership allows Volksbank customers to buy NFT tokens representing precious metals (gold, palladium, platinum, silver) with no minimum investment and self-custody capability.
• ChainlinkcoreTechnology or IntegrationChainlink provides industry standard for building hybrid smart contracts. Swarm leverages Chainlink price feeds to access secure and reliable data for off-chain-listed assets.
• FireblockscoreTechnology or IntegrationEnterprise-grade digital asset infrastructure platform used by Swarm for secure custody and transaction processing.
• CoppercoreTechnology or IntegrationAward-winning digital asset security provider serving as ultimate protection for trading platforms and institutions. Swarm uses Copper for institutional-grade custody.
• SumsubcoreTechnology or IntegrationMarket-leading identity verification services provider. Swarm builds on Sumsub's KYC/KYB technology to meet highest compliance and security requirements.
• PolygoncoreTechnology or IntegrationDecentralized Ethereum scaling platform providing low transaction fees and high security. Swarm implements layer 2 scaling solution for faster and cheaper transactions.
• Brink'scoreOthersPhysical gold custodian with vaults in London. Gold bars held by Brink's with unique identifiers linked to NFT ownership tokens.
• Rialto MarketsminorChannel Partner/ Reseller/ DistributorU.S.-based digital ATS providing global liquidity layer for Swarm's platform connecting to traditional capital markets.
• MANTRA FZEminorChannel Partner/ Reseller/ DistributorDubai-based partner providing global liquidity layer and regulatory framework for Swarm's expansion into Middle East markets.
• HedgehogminorChannel Partner/ Reseller/ DistributorSolutions provider for private market interval funds, part of Swarm's global liquidity layer for tokenized asset trading.
• Fundz Europe GmbHminorChannel Partner/ Reseller/ DistributorEuropean distributor for Cloud Payments, enabling Swarm's white-label technology deployment across European markets.

Scale indicators12 records

Recent moves6 records

Expansion highlights6 records

Emerging players

• Polytrade: Polytrade is an RWA tokenization platform focused on tokenizing trade finance receivables and other real-world assets on Polygon. Comparable to Swarm's RWA focus and Polygon deployment, though narrower in asset coverage.
• Plume Network: Plume Network is a modular L2 blockchain purpose-built for real-world asset tokenization. Comparable to Swarm as an RWA infrastructure platform, though operates as a chain rather than an issuer and could integrate with Swarm's multi-chain deployment.
• Toucan Protocol: Toucan Protocol tokenizes carbon credits as on-chain assets. Comparable to Swarm's partnership with Cloud Payments on biochar carbon credits, both operating at the intersection of RWA tokenization and carbon markets on Polygon.

Broad incumbents

• Coinbase: Coinbase is a major centralized cryptocurrency exchange with expanding RWA and tokenized securities initiatives. Comparable as a broader incumbent in regulated crypto trading and institutional custody infrastructure competing for similar retail and institutional capital.

Direct peers

• Ondo Finance: Ondo Finance is a leading tokenized US Treasuries and institutional-grade RWA platform. Directly comparable to Swarm's tokenized T-bill ETFs (TBONDS01, TBONDS13) and competes for the same institutional DeFi capital, though Ondo is significantly larger and US-focused.
• Matrixdock: Matrixdock is an RWA platform focused on tokenized short-duration US Treasuries (STBT). Comparable to Swarm's tokenized treasury bond ETFs as a similar fixed-income-on-chain offering competing for the same DeFi treasury allocator base.
• Centrifuge: Centrifuge tokenizes real-world assets (invoices, real estate, royalties) for use as collateral in DeFi via Tinlake. Comparable to Swarm's on-chain lending markets for tokenized RWA collateral, targeting similar DeFi-native institutional and protocol users.
• Backed Finance: Backed Finance issues tokenized securities (tracker certificates) on public chains replicating stocks, bonds, and ETFs. Closely comparable to Swarm's tokenized stocks offering (AAPL, TSLA, MSFT) as both deliver 1:1 backed, regulated on-chain equity exposure.
• Securitize: Securitize operates an end-to-end platform for tokenizing and managing regulated digital securities, including private credit, real estate, and equities. Directly comparable to Swarm's tokenization standards and KYC/onboarding APIs for institutional RWA issuance.
• Maple Finance: Maple Finance is an institutional digital asset lending marketplace. Comparable to Swarm's on-chain lending markets for tokenized RWA collateral, though Maple focuses primarily on credit underwriting rather than asset tokenization itself.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/SwarmMarkets
• LinkedInlinkedin.com/company/swarm-markets

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Swarm