Our mission at 21X is to promote financial inclusion and ensure that financial tools are within reach for individuals worldwide.
Frankfurt
Joined May 2023
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๐ง๐ผ๐ธ๐ฒ๐ป๐ถ๐๐ฎ๐๐ถ๐ผ๐ป ๐ฑ๐ผ๐ฒ๐ ๐ป๐ผ๐ ๐ฐ๐ฟ๐ฒ๐ฎ๐๐ฒ ๐น๐ถ๐พ๐๐ถ๐ฑ๐ถ๐๐.
๐๐ฒ๐บ๐ฎ๐ป๐ฑ ๐ฑ๐ผ๐ฒ๐.
That is where the conversation around DTC-tokenized equities should start.
โบ Not with: How do we attract issuers?
โบ Not with: How much liquidity incentive do we need?
โบ Not even with: Who will make the market?
But with a more fundamental question:
Who has a reason to trade these assets on day one?
In his latest article, Andy Do Tuan, Senior Business Development Manager at #21X argues that the first institutional users may already be onchain: quantitative firms, proprietary trading desks, arbitrageurs, crypto-native market makers and systematic hedge funds already trading equity risk through perpetual markets.
The numbers suggest the demand is real.
Hyperliquidโs HIP-3 ecosystem has generated more than $400 billion in cumulative volume across equity, commodity, index and FX perpetuals, with equities accounting for close to 70% of activity.
The problem is not access to equity risk.
It is access to a better hedge.
Today, an onchain market maker trading an equity perpetual can hedge with another derivative, move onto separate traditional-market rails through a broker, or carry more inventory risk.
Each option introduces additional basis risk, operational friction or balance-sheet cost.
And ultimately, those costs show up in the spread.
The Depository Trust & Clearing Corporation (DTCC)-tokenized equities could change that equation by bringing DTC-custodied securities onto blockchain rails and creating a much closer connection between onchain trading and the existing equity market.
That distinction matters.
Market makers do not create demand.
They monetize it.
So the real question for tokenized equities is not how to convince liquidity providers to participate.
It is where the organic order flow already exists and how market structure can make serving it economically attractive.
Read Andyโs full article in the first comment.
#Tokenization #TokenizedEquities #DTCC #MarketStructure #OnchainCapitalMarkets
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Read the full article here: 21x.eu/who-are-the-early-adoโฆ
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๐ฎ๐ญ๐ซ ๐ถ๐ ๐ต๐ฒ๐ฎ๐ฑ๐ถ๐ป๐ด ๐๐ผ ๐๐ฎ๐ฟ๐ฐ๐ฒ๐น๐ผ๐ป๐ฎ ๐ณ๐ผ๐ฟ ๐ฆ๐ฃ๐๐ฅ๐ โ๐ฎ๐ฒ ๐ฏ๐ ๐๐ถ๐ฟ๐ฒ๐ฏ๐น๐ผ๐ฐ๐ธ๐, ๐ต-๐ญ๐ญ ๐ก๐ผ๐๐ฒ๐บ๐ฏ๐ฒ๐ฟ
The event brings together leading financial institutions, infrastructure providers and digital asset companies to discuss the future of institutional digital finance, with tokenized securities expected to be a key topic this year.
Representing 21X will be Max Heinzle (Founder & CEO), Mobin Naser (Senior Partnerships Manager), and Philip Filhol (Senior Business Development Manager).
We look forward to engaging with industry peers and discussing the next steps for institutional adoption of tokenized securities and onchain capital markets.
Attending @FireblocksHQ SPARK โ26? Get in touch with our team to connect in Barcelona.
See you there!
#FireblocksSPARK #TokenizedSecurities #DigitalAssets #CapitalMarkets
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๐๐๐ฟ๐ผ๐ฝ๐ฒ ๐ฏ๐๐ถ๐น๐ ๐๐ต๐ฒ ๐ณ๐ฟ๐ฎ๐บ๐ฒ๐๐ผ๐ฟ๐ธ. ๐ง๐ต๐ฒ ๐จ๐ฆ ๐ถ๐ ๐ฏ๐๐ถ๐น๐ฑ๐ถ๐ป๐ด ๐ผ๐ป ๐๐ต๐ฎ๐ ๐ฎ๐น๐ฟ๐ฒ๐ฎ๐ฑ๐ ๐ฒ๐
๐ถ๐๐๐. ๐ช๐ต๐ผ ๐บ๐ผ๐๐ฒ๐ ๐ณ๐ฎ๐๐๐ฒ๐ฟ?
Tokenization is gaining momentum on both sides of the Atlantic. But Europe and the US are taking different approaches to bringing capital markets onchain.
Europe has created a dedicated regulatory framework for DLT-based trading and settlement. The US is exploring how tokenized securities can work within existing market structures, building on established institutions and infrastructure.
In Part two of ๐ฎ๐ญ๐ซ ๐ข๐ป-๐๐ต๐ฎ๐ถ๐ป ๐ฆ๐๐ผ๐ฟ๐ถ๐ฒ๐, Philip Filhol, Senior Business Development Manager at #21X, continues his conversation with Markus Fehn, Head of Strategy & Innovation at Chartered Investment, to discuss what's happening in the US and what Europe can learn from what itโs doing.
They explore three key questions:
โบ How is tokenization of capital markets developing in the US?
โบ What role do transfer agents play in bringing securities onchain?
โบ With digital dollars already available onchain, what opportunities does this create for securities settlement?
๐ง๐ต๐ฒ ๐ฟ๐ฒ๐ฎ๐น ๐ฐ๐ต๐ฎ๐น๐น๐ฒ๐ป๐ด๐ฒ ๐ถ๐ ๐๐๐ฟ๐ป๐ถ๐ป๐ด ๐๐ผ๐ธ๐ฒ๐ป๐ถ๐๐ฎ๐๐ถ๐ผ๐ป ๐ถ๐ป๐๐ผ ๐ณ๐๐ป๐ฐ๐๐ถ๐ผ๐ป๐ถ๐ป๐ด ๐ฐ๐ฎ๐ฝ๐ถ๐๐ฎ๐น ๐บ๐ฎ๐ฟ๐ธ๐ฒ๐๐.
For Europe, the goal is not to copy the US approach. It is to build on the regulatory foundations already in place and turn them into market infrastructure that can attract participants, support trading and bring liquidity onchain.
The decisions being made today will shape how these markets develop and where liquidity ultimately flows.
๐ฌ What's your take? What will matter most in bringing onchain capital markets to scale: regulatory clarity, existing market infrastructure, or the ability to attract liquidity?
And where do you see Europe or the US having the biggest advantage?
We'd love to hear your perspective in the comments.
๐๏ธ Part 2 is live now. Watch the full conversation via the link in the comments below.
Missed Part 1 on multi-chain fragmentation and liquidity? You'll find it in the comments as well.
#Tokenization #CapitalMarkets #MarketInfrastructure #OnchainFinance
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๐ช๐ต๐ฎ๐ ๐ถ๐ณ ๐ฎ ๐ฟ๐ฒ๐ด๐๐น๐ฎ๐๐ฒ๐ฑ ๐๐ฒ๐ป๐๐ฒ ๐ฐ๐ผ๐๐น๐ฑ ๐ฟ๐๐ป ๐ถ๐ป๐๐๐ถ๐๐๐๐ถ๐ผ๐ป๐ฎ๐น ๐ผ๐ฟ๐ฑ๐ฒ๐ฟ ๐ณ๐น๐ผ๐ ๐ฒ๐ป๐๐ถ๐ฟ๐ฒ๐น๐ ๐ผ๐ป๐ฐ๐ต๐ฎ๐ถ๐ป - ๐ฎ๐ ๐ณ๐๐น๐น ๐๐ฐ๐ฎ๐น๐ฒ?
Today, 21X AG and @LayerZero_core are sharing the results of a joint pilot that put that question to the test.
Over a month of continuous testing, we ran 21X AGโs live central limit order book on a private-permissioned instance of Zero, LayerZeroโs high-performance blockchain. The results:
โบ10,000 order matches per second, with headroom to go further
โบUp to a 45x improvement over the EVM baseline
โบMatching and settlement completed in the same transaction
โบNo offchain matching
Many venues that call themselves onchain still match orders on private servers and post the results to a chain afterward. Our CLOB was built to do it all onchain, and itโs already live in production in Europe. This pilot shows the same approach can reach materially higher throughput on EVM.
โOur pilot demonstrates that the Zero blockchain architecture enables a regulated venue to run institutional order flow, end to end, entirely onchain,โ said Max J. Heinzle, Founder and CEO of 21X Group.
Thank you to the LayerZero Labs team for a great collaboration - and weโre excited to keep pushing performance even further as we pursue our multichain protocol strategy.
The full press release is available by clicking the link in the comments below ๐
#Tokenization #OnchainFinance #CapitalMarkets #DLT #LayerZero
Read the full announcement here: 21x.eu/21x-ag-and-layerzero-โฆ
Read the full announcement here: 21x.eu/21x-ag-and-layerzero-โฆ
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๐ฆ๐๐ฒ๐น๐น๐ฎ๐ฟ ๐ ๐ฒ๐ฟ๐ถ๐ฑ๐ถ๐ฎ๐ป ๐ฎ๐ฌ๐ฎ๐ฒ: ๐ง๐๐ผ ๐ฑ๐ฎ๐๐ ๐ถ๐ป ๐๐ถ๐๐ฏ๐ผ๐ป ๐๐ต๐ฎ๐ ๐๐ต๐ผ๐๐ฒ๐ฑ ๐๐ต๐ฒ๐ฟ๐ฒ ๐ผ๐ป๐ฐ๐ต๐ฎ๐ถ๐ป ๐ฐ๐ฎ๐ฝ๐ถ๐๐ฎ๐น ๐บ๐ฎ๐ฟ๐ธ๐ฒ๐๐ ๐ฎ๐ฟ๐ฒ ๐ต๐ฒ๐ฎ๐ฑ๐ถ๐ป๐ด
Thank you to the Stellar Development Foundation for an outstanding Meridian 2026, hosted in Lisbon. Set in the 16th-century Convento do Beato, the conference brought together builders, financial institutions and policymakers, and the energy across both days was unmistakable.
The program was on point from start to finish. The SDF leadership keynote from Denelle Dixon - CEO of the @Stellar Development Foundation - set out Stellarโs priorities for the year ahead, and further sessions ranged from how issued assets are put to work and privacy for the enterprise to faster blocks at scale, US policy on a live Crypto In America show and a live intraday repo demonstration. One theme ran through all of it: Tokenization is moving from pilots to real markets.
Nothing proved that better than The Depository Trust & Clearing Corporation (#DTCC) Tokenization Service going live on 28 October, during Meridian, on the same day DTCCโs Nadine Chakar took to the main stage. Itโs an important move for the whole industry, with Stellar on the roadmap for 2027.
For 21X, Meridian was a busy and rewarding week.
Our Founder and CEO, Max J. Heinzle, joined Emilio Anting, EMEA Lead - Digital Assets Client Engagement at @FranklnTempletn, on the main stage for โWhere every trade starts: The case for tokenized cashโ. They explored why cash is where every trade starts and ends, and how a regulated secondary market lets institutions move between stablecoins and yield with instant settlement - just as Franklin Templetonโs grBenji fund share class does on 21X, on Stellar.
Our CTO, Marc Hegen, took part in the closed-door roundtable โTokenization & RWA: Whereโs the demand?โ - a candid exchange with issuers, banks and infrastructure providers on what it will take for tokenized assets to scale.
Max was interviewed on @CoinDesk Live to talk about 21Xโs US expansion and grBenji, and recorded a video interview with @AmerBanker on where banks fit in onchain capital markets, publishing soon.
Our meetings with senior executives from the @StellarOrg Development Foundation were especially valuable, and weโre grateful for the SDF teamโs time and openness. Mobin Naser from our partnerships team was on hand throughout, and the networking sparked conversations weโll be following up on for weeks.
The closing celebration, Last Night in Lisbon, was the perfect finale: Great food, music that ran from traditional to modern, and excellent company.
A huge thanks to the organizing team, who did a superb job before and during the event, and to the many support staff who kept everything running smoothly.
Until Meridian 2027.
#StellarMeridian #Tokenization #OnchainFinance #RWA #DTCC
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๐ง๐๐ป๐ฒ ๐ถ๐ป ๐๐ผ๐ฑ๐ฎ๐ ๐ข๐๐ฟ ๐๐ผ๐๐ป๐ฑ๐ฒ๐ฟ & ๐๐๐ข ๐ ๐ฎ๐
๐. ๐๐ฒ๐ถ๐ป๐๐น๐ฒ ๐ท๐ผ๐ถ๐ป๐ ๐๐ผ๐ถ๐ป๐๐ฒ๐๐ธ ๐๐ถ๐๐ฒ ๐ณ๐ฟ๐ผ๐บ ๐ฆ๐๐ฒ๐น๐น๐ฎ๐ฟ ๐ ๐ฒ๐ฟ๐ถ๐ฑ๐ถ๐ฎ๐ป ๐ถ๐ป ๐๐ถ๐๐ฏ๐ผ๐ป
Max J. Heinzle will cover a number of tokenized capital markets topics including 21X Groupโs expansion into the US and Franklin Templetonโs grBenji onchain on 21X.
๐ Today, Thursday 29 October
๐ 11:15-11:35 WET / 12:15-12:35 CET
โถ๏ธ Watch live on the following links:
Available on coindesk.com: coindesk.com/
X: xitter.cf/coindesk
YouTube: youtube.com/c/Coindesk/live
#Tokenization #OnchainFinance #StellarMeridian
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๐ง๐ผ๐ธ๐ฒ๐ป๐ถ๐๐ฎ๐๐ถ๐ผ๐ป ๐๐ฎ๐ ๐บ๐ฒ๐ฎ๐ป๐ ๐๐ผ ๐ฐ๐ผ๐ป๐ป๐ฒ๐ฐ๐ ๐บ๐ฎ๐ฟ๐ธ๐ฒ๐๐. ๐๐ ๐ถ๐ ๐ณ๐ฟ๐ฎ๐ด๐บ๐ฒ๐ป๐๐ถ๐ป๐ด ๐๐ต๐ฒ๐บ ๐ถ๐ป๐๐๐ฒ๐ฎ๐ฑ?
The same security can exist on multiple blockchains. Digital dollars come in different forms, across different networks. More choice. More infrastructure. But does that mean more liquidity or more fragmentation?
Inpart one of our second ๐ฎ๐ญ๐ซ ๐ข๐ป-๐๐ต๐ฎ๐ถ๐ป ๐ฆ๐๐ผ๐ฟ๐ถ๐ฒ๐ interview, Philip Filhol, Senior Business Development Manager at 21X, sits down with Markus Fehn, Head of Strategy & Innovation at Chartered Investment, to ย discuss one of the key challenges facing onchain capital markets โ tokenized instruments on multiple chains.
They explore three important questions:
โบ Why are issuers going multi-chain, and what complexity does that create?
โบ With different forms of digital dollars across blockchains, and what actually settles the trade?
โบ How can trading venues prevent liquidity from fragmenting across different networks?
The challenge goes beyond connecting blockchains.
๐๐ป๐๐ฒ๐ฟ๐ผ๐ฝ๐ฒ๐ฟ๐ฎ๐ฏ๐ถ๐น๐ถ๐๐ ๐ฎ๐น๐ผ๐ป๐ฒ ๐ฑ๐ผ๐ฒ๐๐ป'๐ ๐ฐ๐ฟ๐ฒ๐ฎ๐๐ฒ ๐ฎ ๐บ๐ฎ๐ฟ๐ธ๐ฒ๐.
Connecting networks is one thing. Bringing together liquidity, trading and settlement is another.
And that is where regulated market infrastructure has an important role to play.
We'd like to hear your perspective: What's the biggest obstacle to liquidity in onchain capital markets today? Fragmented assets, different settlement currencies, or something else?
Share your thoughts in the comments.
๐๏ธ Part 1 is live now. Watch the full conversation via the link in the comments below.
Watch out for Part two - out shortly โ when Philip and Markus will be looking across the Atlantic at how tokenization is developing in the US. And make sure you follow 21X to keep up-to-date with all of our posts exploring the latest in tokenized capital markets.
#Tokenization #CapitalMarkets #MarketInfrastructure #OnchainFinance
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๐๐ผ๐ฟ ๐ฎ ๐๐ฟ๐ฎ๐ฑ๐ถ๐ป๐ด ๐๐ฒ๐ป๐๐ฒ, ๐ฒ๐๐ฒ๐ฟ๐ ๐ป๐ฒ๐ ๐ฏ๐น๐ผ๐ฐ๐ธ๐ฐ๐ต๐ฎ๐ถ๐ป ๐ถ๐ ๐ฎ ๐ฝ๐ฟ๐ผ๐ท๐ฒ๐ฐ๐, ๐ป๐ผ๐ ๐ฎ ๐ฝ๐น๐๐ด-๐ถ๐ป
If you missed the recently posted article: โ๐๐ฉ๐ฆ ๐ณ๐ฆ-๐ง๐ณ๐ข๐จ๐ฎ๐ฆ๐ฏ๐ต๐ข๐ต๐ช๐ฐ๐ฏ ๐ฐ๐ง ๐ค๐ข๐ฑ๐ช๐ต๐ข๐ญ ๐ฎ๐ข๐ณ๐ฌ๐ฆ๐ต๐ดโ by Philip Filhol, Senior Business Development Manager at 21X, hereโs why itโs worth reading.
Each new ledger, transfer agent or settlement asset brings its own legal, compliance, risk, operational and technology work:
โบ Legal: When is a transfer final, and under which law?
โบ Compliance: How are investor eligibility and transfer restrictions enforced?
โบ Risk: What credit and liquidity exposure does each form of digital cash create?
โบ Operations: How are dividends, corporate actions and reconciliation handled?
โบ Technology: Who runs the nodes, keys and wallets for each chain?
Now look at the economics. Every new connection adds cost. Revenue follows liquidity. But liquidity is already split across the same chains, token types and cash options that drive the cost.
So venues make the rational choice: They support what is already liquid and skip the rest. Issuers then issue where venues already are. Fragmentation locks itself in.
Picking one chain wonโt fix this. What tokenized markets need is a shared layer that does the translation once, covering identity, eligibility, settlement, cash and reporting, so no venue has to connect to everything one by one.
21X already removes part of the problem. As a regulated DLT trading and settlement system under the EU DLT Pilot Regime, 21X runs trading and settlement in one system. That means one finality regime, no hand-off to a separate depository, and multiple settlement assets against a single order book.
But no single venue can make different versions of the same asset interchangeable.
So the question for exchanges is no longer just โWhich chain do we support?โ Itโs this: Do we keep paying for one-off integrations, or help build the layer that removes them?
Philip explores this in his latest article, with insights from Markus Fehn, Head of Strategy & Innovation at Chartered Investment.
Find the full article down below in the comments
๐๏ธ And look out for a post next week when Philip Filhol and Markus Fehn continue the discussion on the 21X On chain stories podcast.
#Tokenization #CapitalMarkets #MarketInfrastructure #DLTPilotRegime #DigitalSecurities
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๐ฆ๐ถ๐
๐๐ฒ๐ฒ๐ป ๐ผ๐ฏ๐ท๐ฒ๐ฐ๐๐ถ๐ผ๐ป๐ ๐ฎ๐ฟ๐ฒ ๐ป๐ผ๐ ๐ฎ ๐๐ฒ๐ฟ๐ฑ๐ถ๐ฐ๐. ๐ง๐ต๐ฒ๐ ๐ฎ๐ฟ๐ฒ ๐ฎ ๐ฏ๐ฟ๐ถ๐ฒ๐ณ.
Since the SEC opened the door to Tokenized Securities Venues (TSVs) in September, 16 US companies - and counting - have formally objected to their stocks being traded on the first one.
In a new op-ed for Ledger Insights, Ray Tierney, CEO of 21X LLC, argues that issuers arenโt rejecting tokenization. Theyโre asking fair questions, and itโs up to the industry to answer them.
Ray sets out how to earn issuer trust:
โบย Build in safeguards now: Price bands, volatility halts and transparent rules for off-hours trading
โบย Bring market infrastructure onchain: A central limit order book, institutional market makers and atomic settlement, rather than formula-priced liquidity pools
โบย Give issuers clarity: Plain guidance on what tokenization means for disclosure, reporting and shareholder communications
The case for tokenized stocks is strong. The route there should be decided with corporate America, not around it.
๐๐๐๐ ๐๐๐ฎโ๐จ ๐๐ช๐ก๐ก ๐ฅ๐๐๐๐ ๐ซ๐๐ ๐ฉ๐๐ ๐ก๐๐ฃ๐ ๐๐ฃ ๐ฉ๐๐ ๐๐ค๐ข๐ข๐๐ฃ๐ฉ๐จย ๐
#Tokenization #TokenizedStocks #CapitalMarkets #DigitalAssets
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Read the full opinion piece in Ledger Insights:
ledgerinsights.com/why-are-uโฆ
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๐ฎ๐ญ๐ซ ๐ถ๐ ๐ต๐ฒ๐ฎ๐ฑ๐ถ๐ป๐ด ๐๐ผ ๐ฃ๐ผ๐ฟ๐๐๐ด๐ฎ๐น ๐ณ๐ผ๐ฟ ๐ฆ๐๐ฒ๐น๐น๐ฎ๐ฟ ๐ ๐ฒ๐ฟ๐ถ๐ฑ๐ถ๐ฎ๐ป ๐ฎ๐ฌ๐ฎ๐ฒ
On 28-29 October the @Stellar ecosystem will come together at Convento do Beato in Lisbon to discuss whatโs next for blockchain, tokenization and the future of global finance. And 21X will be there.
With 21X live on @Stellar - enabling regulated listing, trading and settlement of tokenized securities - Meridian is an important opportunity for us to connect with the institutions, asset managers, issuers and infrastructure providers shaping the next generation of capital markets.
Representing 21X in Lisbon will be:
Max J. Heinzle, Founder & CEO, 21X Group
Marc Hegen, CTO, 21X
Mobin Naser, Senior Partnership Manager, 21X
๐ฉ ย So, if you are attending Meridian and would like to discuss regulated tokenization, secondary-market liquidity, onchain trading and settlement, multichain market infrastructure or institutional adoption, reach out to us. We will be happy to set up a meeting.
๐ค ย And make sure to join us on the main stage on Thursday for a @FranklnTempletn + 21X Fireside Chat
Emilio Anting, EMEA Lead - Digital Assets Client Engagement, Franklin Templeton
Max J. Heinzle, Founder & CEO, 21X Group
๐
Thursday, October 29
๐ 3:40 PM
๐ Tejo Stage - Main Stage
Weโre looking forward to two days with the Stellar community and the institutions turning tokenization from concept to real financial market infrastructure. See you there!
#Meridian2026 #Stellar #Tokenization #DigitalAssets #CapitalMarkets #OnchainFinance
Get your ticket here: meridian.stellar.org/registeโฆ
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