21X was the first organization to land an EU license as a combined DLT trading and settlement venue (DLT TSS) under the EU DLT Pilot Regime. Now it’s planning to launch a US exchange and has incorporated a subsidiary in Delaware. It follows preliminary meetings with the Securities and Exchange Commission (SEC) during the summer as part of the US Crypto Taskforce.
The EU exchange went live in September trading a tokenized money market fund. Novel features include an on-chain order book and immediate settlement of the trade against a stablecoin. The 21X U.S. exchange intends to support the trading of financial instruments, ranging from tokenized equities and debt instruments to ETFs, mutual funds and structured products.
Key questions include: what will the exchange look like from a regulatory perspective? And if 21X launches in the US, won’t Coinbase and Robinhood with their established user bases become competitors? We’ll add more detail later today following an interview with 21X’s CEO Max Heinzle.
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