SDX and Citi partner on tokenised equities rollout

Citi and SIX Digital Exchange (SDX) are developing a platform for the tokenisation and custody of private market assets, with a launch planned for the third quarter of 2025. Announced at the Point Zero Forum in Zurich on 6 May, the collaboration will allow Citi to tokenise, settle, and safekeep private company shares using SDX’s digital central securities depository. The offering is expected to go live in the third quarter of 2025.

The project is aimed at providing institutional and eligible investors with broader access to late-stage, pre-IPO equities, assets that have historically been difficult to reach due to the manual and fragmented nature of private markets.

Custodian

Citi will serve as both custodian and tokenisation agent on the SDX platform. The partners are developing a solution that promises to make private market investments more accessible and manageable, while maintaining regulatory compliance. In addition to offering investors new entry points into the private equity space, the setup will support issuers in managing liquidity events for early stakeholders and controlling their cap tables more efficiently.

The service is being designed with scalability in mind, suggesting a broader strategic move towards institutional-grade tokenisation infrastructure.

Hub position

Citi’s involvement with SDX builds on its efforts to expand into digital asset servicing through regulated platforms. As a global custodian, the bank has signalled growing interest in meeting demand for tokenised assets, especially in areas where legacy processes remain paper-heavy.

The partnership also contributes to Switzerland’s positioning as a hub for digital asset infrastructure. SDX, which operates under FINMA regulation, is one of the few digital market infrastructures globally offering end-to-end support for tokenised securities.

Sygnum Bank and SBI Digital Markets will act as distribution partners, helping channel tokenised pre-IPO shares to clients in Europe and Asia, respectively. Their involvement is intended to support cross-border access and build broader connectivity between the Swiss infrastructure and international investors.