Lithuania’s Axiology, licensed under Europe’s DLT Pilot Regime, has announced a €5 million ($6m) seed funding round led by Exponential Science, e2vc and Coinvest Capital. New investors TIBAS Ventures and Plug and Play joined other existing investor participants in the round, BSV Ventures, NGL Ventures and others, bringing total funds raised to €7 million ($8m).
The company holds one of just four licenses as a combined DLT Trading and Settlement System (TSS), alongside 21X, Lise and Securitize. Each of the companies has a particular tokenization focus. In Axiology’s case, it operates a permissioned version of the XRP Ledger, targeting fixed income securities and the institutional market. Since launching its platform in September last year it has introduced a securities depository, shareholder registry management and a Multilateral Trading Facility (MTF). So far the platform supports regulated stablecoins for atomic settlement, and plans to participate in Europe’s wholesale CBDC initiatives and enable settlement on the TARGET2 system via the European Central Bank’s Project Pontes and Project Appia.
When Axiology received its TSS license in June last year it said it hoped to work with Lithuania’s Ministry of Finance on government bonds. That has progressed and the company is now working on a digitally-native version of the country’s Government Defence Bonds, with the goal of enabling distribution throughout the European Economic Area. The bonds will be issued in smaller amounts accessible to retail investors, including Lithuania’s diaspora. With the Ukraine war and Lithuania’s Eastern geographic position in Europe, defense finance is a pressing need.
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