21X and Investre Partner to Launch Tokenised UCITS on Regulated DLT Exchange

Quick Summary

21X and Investre S.A. have partnered to enable **tokenised investment funds** to be listed and traded on a regulated secondary market. By combining Investre’s issuance infrastructure with 21X’s DLT-licensed exchange, fund managers can offer **intraday tradability for UCITS** without the complexity of traditional ETF wrappers.

How do 21X and Investre enable tokenised investment funds?

**Tokenised investment funds** are now a reality on regulated secondary markets through this strategic collaboration. Investre S.A. utilizes its **CSSF-authorised Control Agent** status to issue funds natively on the blockchain, while 21X provides the **DLT Trading and Settlement** infrastructure. This integration allows for **on-chain order matching** and **atomic settlement**, removing the need for traditional intermediaries. Key features of this setup include:

• **Native DLT issuance** via Investre’s Blockchain IV Law infrastructure.
• **Regulated secondary trading** on 21X’s BaFin-licensed exchange.
• **Direct market access** for investors without mandatory broker intermediation.

Georges Bock, CEO and co-founder of Investre, said "tokenisation delivers its full value when natively issued funds can also be easily traded, and that together with 21X the firms are closing that loop."

What are the advantages of an ETF-like experience for UCITS?

This partnership allows fund managers to provide an **ETF-like experience** for actively managed UCITS without the **burdensome setup costs** associated with traditional ETF wrappers. By listing **tokenised investment funds** directly on a regulated exchange, managers can offer **intraday liquidity** to their investors. This shift **dramatically changes economics** for fund distribution, as it bypasses the structural hurdles of creating a separate ETF vehicle. Managers can now focus on **active portfolio management** while benefiting from the **secondary market visibility** and accessibility typically reserved for passive exchange-traded products.

Georges Bock added that "an actively managed UCITS can now be as accessible as an ETF in the hands of an investor without the manager having to build an ETF," which he said "dramatically changes the economics of fund distribution."

How does the EU DLT Pilot Regime support this partnership?

The collaboration leverages the **EU DLT Pilot Regime**, which allows 21X to operate a fully regulated exchange with **integrated settlement systems**. Unlike traditional exchanges that rely on **algorithmic market makers**, 21X conducts matching directly **on-chain through smart contracts**. This technological leap ensures **transparency and efficiency** in the trading of **tokenised investment funds**. Since 21X went live for **secondary trading in 2025**, it has expanded its reach to the **Stellar network**, proving the scalability of its **multichain strategy** for institutional finance.

FF NEWS TAKE:

This partnership moves the needle by solving the liquidity trap for **tokenised investment funds**. By removing the need for an ETF wrapper to achieve intraday tradability, 21X and Investre are effectively **disrupting the fund distribution** model. This is a massive win for the **EU DLT Pilot Regime**, demonstrating that blockchain infrastructure can deliver **tangible economic benefits** and institutional-grade efficiency to the UCITS market without compromising on regulatory compliance.