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21X operates a trading and settlement system for tokenised stocks, bonds and fund units under the EU DLT Pilot Regime, the EU's trial licence for blockchain-based market infrastructure, licensed in December 2024.
21X scores 2.5 out of 5 (51 out of 100) in the Buckingham Intelligence Tokenisation Index 2026 and ranks 8 of 13. It is strongest for issuers and investors wanting a regulated EU venue for trading tokenised securities, with 5 out of 5 for distribution and trading. Not published or not stated on the pages read: pricing and regulatory standing.
Scores from the Tokenisation Index 2026.
| Segment | Score out of 100 | Rank |
|---|---|---|
| For asset managers | 55 | 8 of 13 |
| For banks and market infrastructure | 52 | 7 of 13 |
| For issuers of private and real assets | 45 | 9 of 13 |
The score out of 5 is the overall score out of 100 divided by 20. Leader goes to the top three overall, Best for to the first in each segment, and Top rated for to a score of 5 out of 5 on a criterion. Awards cannot be bought.
Where it scores best, and where to check closely, as shown in each ranking.
Issuers and investors wanting a regulated EU venue for trading tokenised securities.
What 21X publishes on its own pages, read on 26 October 2026.
21X operates a trading and settlement system for tokenised stocks, bonds and fund units under the EU DLT Pilot Regime, the EU's trial licence for blockchain-based market infrastructure, licensed in December 2024. It also offers tokenisation and registry. It does not publish prices, listed volumes or clients.
| Fact | What the provider publishes |
|---|---|
| Asset coverage | "Trading of all DLT financial instruments such as stocks, bonds and fund tokens." |
| Pricing | Not published on the pages read. |
| Regulatory standing | "In late 2024, 21X became the first company to receive a license to operate the first-ever, fully regulated exchange for trading and settlement of digital assets under the European Union's groundbreaking DLT Regime"; licence awarded December 2024. Licence number not published. |
| Distribution and trading | Secondary market with "atomic, multilateral trade between investors, institutions and market makers"; settlement between e-money tokens and DLT financial instruments; described as "offering asset tokenization, issuance and distribution, through to listing and trading, all on a single platform". |
| Networks and standards | "Public permissionless blockchain infrastructure"; Stellar named. |
| Track record | Not published on the pages read. |
| Date read | 26 October 2026 |
A fact that is not published is scored as not offered or, for a fee, as if it were high. It is never estimated.
Facts read on 26 October 2026 from: 21x.eu.
Each score with the evidence behind it.
Each criterion is scored 0 to 5 against the best published offer in the Tokenisation Index. 0 means not offered or not published. How it is scored
The other providers in the same ranking, ordered by score.
| Provider | Score out of 5 | Rank | Strongest for |
|---|---|---|---|
| Securitize | 4.2 | 1 of 13 | Asset managers tokenising funds for US and global investors |
| Taurus | 4.0 | 2 of 13 | Banks wanting tokenisation, custody and a regulated trading venue from one provider |
| Tokeny | 3.4 | 3 of 13 | Issuers and fund administrators wanting published monthly prices and an open token standard |
| InvestaX | 3.2 | 4 of 13 | Asian issuers and platforms needing a licensed market for tokenised funds |
| Bitbond | 3.0 | 5 of 13 | Banks and issuers wanting no-code token creation with per-token prices |
| Brickken | 2.9 | 6 of 13 | Smaller issuers wanting self-serve tokenisation with published prices |
| Superstate | 2.8 | 7 of 13 | Asset managers and listed companies tokenising funds or shares on public networks |
| Fireblocks | 2.5 | 9 of 13 | Institutions wanting to mint and hold tokens across many networks |
| Cashlink | 2.4 | 10 of 13 | European issuers and banks issuing securities under German electronic securities law |
| Obligate | 2.2 | 11 of 13 | Issuers of bonds and private credit seeking on-chain distribution under Swiss law |
| Kinexys by J.P. Morgan | 1.8 | 12 of 13 | Large institutions wanting tokenised funds and payments inside a global bank's network |
| Zoniqx | 1.8 | 13 of 13 | Real estate and private asset issuers wanting tokenisation with a distribution network |
Side by side on every criterion, fact and award.
Head-to-head comparisons cover pairs within the top five of each ranking. 21X is compared with its alternatives in the table above.
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