What IX Swap does

IX Swap (IXS) is a Singapore-based private blockchain infrastructure company that operates a licensed tokenization and trading platform for regulated real-world assets (RWAs). Founded circa 2018, the company describes itself as an 'Institutional Exchange Settlement Layer' providing end-to-end rails covering tokenization, distribution, and trading of tokenized RWAs, including U.S. Treasuries, private credit, corporate bonds, and Bitcoin yield strategies sourced from licensed institutional issuers such as BlackRock and Fidelity.

The platform is built on a dual-vault architecture: Permissioned Vaults requiring KYC/AML for institutional clients, and Permissionless Vaults using the ERC-4626 standard with no protocol-level KYC, positioned as compliant infrastructure for autonomous AI agents (agentic finance). Supporting infrastructure includes IXS Launchpad for tokenized asset issuance, IXS DEX for trading, OTPs (Oracle/Other Tokenized Products), and IXS SaaS for institutional tokenization. The platform spans 10+ live blockchains, reports $88M+ raised across 60+ institutional deals over seven operating years, and offers yield products with APYs ranging from 4% to 12%.

Revenue mechanics are not explicitly disclosed but appear to derive from a combination of transaction fees on tokenized asset issuance and trading, recurring SaaS/Platform licensing for institutional clients using IXS infrastructure to tokenize assets, and potential management or performance fees on yield products. The company targets institutional issuers and partners as its primary segment, with individual investors accessing yield products via USDC deposits on the self-service app (app.ixs.finance). Go-to-market is product-led for individual users and direct-sales-led for institutions, with a regional U.S. entity (IXS USA) in build-out to expand the addressable market.

Name

IX Swap

Legal name

IX Swap (legal name not explicitly stated on website)

Website

https://ixswap.io

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

IX Swap is a Singapore-based blockchain infrastructure company operating a licensed tokenization platform for regulated real-world assets, offering yield products (4-12% APY), issuance tools, and trading rails for institutional issuers, individual investors, and emerging agentic finance applications.

Ownership category

akta.pro rank

Product category

Real-World Asset Tokenization Infrastructure

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Securities and Commodity Contracts Intermediation and Brokerage (5231), Investment Banking and Securities Intermediation (523150), Securities and Commodity Exchanges (52321)

SIC

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

akta.pro primary industry

RWA Tokenization Platforms (asset onboarding, structuring, issuance) (FSAPAIAC)

akta.pro secondary industries

Settlement, Clearing & Reconciliation for Tokenized Assets (DvP, PvP, netting, post-trade) (FSAPAIAI), Blockchain Settlement & Clearing Infrastructure (On-/Off-chain Post-Trade) (FSAGAMAC), Compliance, Risk & RegTech for Tokenized Assets (KYC/AML, sanctions, travel rule, reporting) (FSAPAIAH), Transfer Agent, Cap Table & Token Lifecycle Management (registrar, corporate actions, burns/mints) (FSAPAIAF)

Keywords

• Tokenization infrastructure
• Real-world assets
• Security token exchange
• Blockchain settlement layer
• Institutional yield products

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

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

Revenue model

1. Platform Transaction/Fees: IXS operates as an infrastructure platform for tokenizing, distributing, and trading regulated real-world assets. Revenue likely derives from transaction fees, platform fees for issuance through Launchpad, trading fees on the DEX, and potentially management/performance fees on yield products.
2. SaaS/Platform Licensing: SaaS offering for institutions to tokenize assets using IXS infrastructure, suggesting a software-as-a-service revenue stream for institutional clients.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

IX Swap operates the Institutional Exchange Settlement Layer, providing licensed blockchain and tokenization infrastructure for the compliant, large-scale adoption of institutional tokenized real-world assets. The platform delivers end-to-end rails spanning tokenization, distribution, and trading via permissioned and permissionless vaults, a Launchpad, DEX, OTPs, and SaaS offerings, alongside tokenized yield products (BTC Real Yield, Corporate Bonds, Open-Ended, Vaults) offering 4-12% APY sourced from licensed institutional issuers.

Product overview

IXS (IX Swap) is an Institutional Exchange Settlement Layer providing licensed blockchain and tokenization infrastructure for the compliant adoption of institutional tokenized real-world assets. The platform operates as a unified ecosystem combining yield products (BTC Real Yield, Corporate Bonds, Open-Ended, and Permissioned/Permissionless Vaults offering 4-12% APY), trading infrastructure (Launchpad, DEX, OTPs), and tokenization SaaS. The platform supports 7 live blockchains and has facilitated over $88M raised across 60+ institutional deals.

Differentiator

Problem solved

Functional benefit

Brands

• IXS Token: Native token of the IX Swap platform for individuals.
• IXS Launchpad
• IXS DEX
• IXS SaaS
• OTPs (Oracle Tokenized Products)
• BTC Real Yield
• IXS USA

Products and services

• IXS Token Native cryptocurrency token of the IXS platform used for governance, staking, and accessing platform services within the Institutional Exchange Settlement Layer. Designed for individual participants in the IXS ecosystem.
• BTC Real Yield Tokenized yield product offering 4-12% APY that provides exposure to Bitcoin yield sourced from licensed institutional issuers. Available to users depositing USDC on the IXS platform.
• Corporate Bonds Yield product providing exposure to corporate bonds, currently offering 6% APY sourced from BlackRock Corporate Bond. Accessed via USDC deposits on the IXS platform.
• Open-Ended Yield Product Open-ended yield product offering 9% APY exposure to private credit sourced from licensed institutional issuers. Accessed via USDC deposits on the IXS platform.
• Permissioned Vaults Regulated RWA vault structures requiring KYC/AML verification, providing compliant yield access to tokenized real-world assets including U.S. Treasuries and private credit for institutional investors.
• Permissionless Vaults Open-access RWA vaults using the ERC-4626 standard with no KYC required at the protocol layer, designed as compliant rails for agentic finance where autonomous agents interact with yield products.
• IXS Launchpad Institutional-grade launch platform for tokenizing and distributing regulated real-world assets, supporting issuers and partners in bringing new RWA offerings and security token offerings to market.
• IXS DEX Decentralized exchange infrastructure for trading tokenized real-world assets with institutional-grade compliance and liquidity.
• IXS SaaS Licensed tokenization Software-as-a-Service platform providing end-to-end rails for tokenizing, distributing, and trading regulated real-world assets, offered to issuers and partners.
• OTPs (Tokenized Payment Tokens / Other Tokenized Products) Platform for issuing and managing tokenized payment tokens and other tokenized products for institutional use, expanding the range of regulated real-world assets available on the IXS ecosystem.

Quantifiable outcome

• $88M+ raised on platform across 60+ institutional deals
• +2 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Three partnerships are on record, tiered minor and core.

• DBS BankminorStrategic or Co-development Partner · 1 January 2021DBS Bank issued a SGD $15 million tokenized bond through its DBS FIX Marketplace in 2021. While not explicitly a partner of IXS, this demonstrates industry validation of the tokenized RWA ecosystem that IXS operates within.
• Fidelity InvestmentscoreStrategic or Co-development PartnerFidelity provides the USD Money Market Fund referenced as a yield source on the IXS platform. Users can deposit USDC to access 4% APY through Fidelity's money market fund, representing a strategic yield source partnership for the platform's corporate bond and treasury yield products.
• BlackRockcoreStrategic or Co-development PartnerBlackRock provides corporate bond exposure on the IXS platform, offering users 6% APY on BlackRock Corporate Bond products through USDC deposits. This represents a core institutional yield source partnership, positioning IXS as bridging retail and institutional capital to BlackRock's investment products.

Scale indicators5 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Backed Finance: Backed issues tokenized securities (equities, ETFs, treasuries) on public chains with KYC-gated compliant wrappers. Comparable as a regulated tokenization and distribution competitor for institutional issuers moving assets on-chain.
• Maple Finance: Maple is a credit-focused on-chain capital marketplace originating and distributing institutional and crypto-native loans; its yield products and credit underwriting service the same institutional and high-yield segment IXS targets with its 9% APY Private Credit product.
• Swarm Markets: Swarm Markets operates a regulated (BaFin) DEX and tokenization platform for tokenized equities, bonds, and funds. Comparable as a licensed on-ramp for traditional securities, addressing the same compliance-conscious issuer/customer set that IXS targets.
• Ondo Finance: Ondo issues tokenized U.S. Treasuries and yield products (e.g., USDY, OUSG) for both institutional and retail users via permissioned/permissionless structures. Its institutional treasury-yield and credit offerings compete head-on with IXS's Corporate Bonds, Open-Ended, and permissioned vault products.
• Centrifuge: Centrifuge provides RWA infrastructure (Tinlake/Prime) to tokenize, finance, and trade real-world credit assets, with a native DEX for secondary trading. It is highly comparable as end-to-end RWA issuance + distribution rails targeting the same institutional asset originators.
• Securitize: Securitize is a leading regulated RWA tokenization platform offering issuance, transfer agent, and on-chain primary/secondary trading infrastructure for tokenized securities. It directly overlaps with IXS's tokenization/distribution/trading stack and competes for the same institutional issuer and fund manager segments.

Emerging players

• Polymath: Polymath originally provided a security token issuance standard (ST-20) and compliance engine for STOs. It has evolved into a broader tokenization and RWA infrastructure provider competing in the same issuance/compliance workflow IXS enables.
• MakerDAO / Sky: Sky (formerly MakerDAO) operates a massive RWA vault business investing in Treasuries and credit to back DAI/USDS, effectively competing as a yield destination for tokenized stable-value exposure — overlapping with IXS's permissioned/permissionless RWA vault thesis.
• Bitfinex Securities: Bitfinex Securities operates a regulated security token platform and ATS for tokenized equities and bonds, comparable to IXS's exchange-settlement positioning for tokenized securities in regulated jurisdictions.

Broad incumbents

• DBS Bank (DBS FIX Marketplace): DBS operates a tokenized bond issuance and trading venue in Singapore referenced in the dataset. As an established incumbent bank, it is a comparable — though not head-to-head — player running licensed RWA infrastructure that competes for the same regional institutional issuers and mandates.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/IxsFinance

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds13 records

Investors11 records

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 IX Swap