01
Unknown Gravity: tokenization technology and custom platforms
Unknown Gravity is a technology company based in Málaga, Spain. It builds tokenization platforms, either as a white-label tokenization platform or developed to order, together with the smart contracts behind them and the integrations an issuance needs: investor onboarding with KYC/KYB, payments, the investor area and reporting. It works on Ethereum and EVM networks such as Arbitrum, Polygon and Base, with ERC-20, ERC-721, ERC-1155 and ERC-3643 when transfers must be limited to verified investors.
HokenFi is the tokenization platform of Unknown Gravity, the publisher of this guide: a platform for issuing tokenized securities in Spain under Law 6/2023, with the register kept by an ERIR.
It is a technology provider, not a regulated intermediary. In the United States it is not a broker-dealer, funding portal, transfer agent, investment adviser or law firm: it builds the platform and works alongside the issuer's US securities counsel and the registered intermediaries the offering needs, such as a transfer agent, a broker-dealer or ATS, or a funding portal. The regulatory route is explained in our guide to asset tokenization in the United States. In the EU it works with the issuer's legal advisors and with authorized firms when the token is a financial instrument or a crypto-asset under MiCA.
- Where it fits: issuers, asset managers and platforms that want to own their technology and connect it to the regulated partners they choose.
- Where it does not: if you need one provider that also sells, trades or holds the securities, you need a licensed firm, such as the broker-dealers, transfer agents and venues listed below.
02
Securitize: issuance platform with its own transfer agent, broker-dealer and ATS
Securitize offers issuers a platform to tokenize funds and securities and to administer them after launch, and offers investors access to tokenized private funds and public stocks, according to its website. The group pairs that technology with regulated entities in the United States and in Spain.
- Transfer agent (US): Securitize Transfer Agent, LLC, SEC file No. 084-06638 (latest Form TA-1/A of August 27, 2026).
- Broker-dealer and ATS (US): Securitize Markets, LLC, FINRA CRD 283256, SEC No. 8-69743, Miami, Florida (BrokerCheck). It operates Securitize Markets ATS, which is on the SEC list of ATSs with Form ATS on file as of September 30, 2026.
- Investment firm and DLT market (EU): Securitize Europe Brokerage and Markets, S.V., S.A., Madrid, CNMV register No. 327 since April 25, 2025. The CNMV authorized its DLT trading and settlement system under the DLT Pilot Regime, Regulation (EU) 2022/858, on November 26, 2025, according to ESMA's list of authorized DLT market infrastructures.
Where it fits: issuers that want issuance, the official register of holders and a secondary venue within one group, in the US or in the EU.
03
Tokeny: ERC-3643 tokenization software from Luxembourg
Tokeny sells tokenization software to financial institutions. Its T-REX Platform and T-REX Engine let an issuer create tokenized securities, set who can hold and transfer them through on-chain identity, manage investors and corporate actions, and connect distribution channels, according to its website. Tokeny's founder and CEO, Luc Falempin, is one of the listed authors of ERC-3643, a token standard with Final status in the Ethereum EIP repository.
- Company register: Tokeny S.à r.l., Luxembourg Trade and Companies Register B218805, registered on October 27, 2017, head office in Munsbach. Its legal notice also lists offices in Barcelona and Monaco.
- Group: Tokeny states that it is part of Apex Group, which acquired a majority stake in the company.
- Role: software provider. Tokeny's own process page tells issuers to structure the financial instrument with legal advisors or law firms.
Where it fits: banks, fund managers and issuers that want a ready-made ERC-3643 platform instead of their own build.
04
tZERO: broker-dealers, an ATS and a transfer agent for digital securities
tZERO offers tokenization, secondary trading of tokenized securities on its ATS, custody and transfer agent services, according to its website, from offices in Jersey City, New Jersey, and Salt Lake City, Utah.
- Broker-dealer and ATS: tZERO Securities, LLC, FINRA CRD 123421, SEC No. 8-65585 (BrokerCheck, which lists tZERO ATS, LLC among its other names). tZERO Securities LLC is on the SEC list of ATSs as of September 30, 2026. BrokerCheck shows one disclosure for this firm, the 2022 SEC order against tZERO ATS, LLC described below: read it before you sign.
- Second broker-dealer: tZERO Digital Asset Securities, LLC, FINRA CRD 316189, SEC No. 8-70879 (BrokerCheck).
- Transfer agent: tZERO Transfer Services, LLC, SEC file No. 084-06855. Its Form TA-1/A of August 4, 2026 discloses a settled 2022 SEC administrative proceeding against tZERO ATS, LLC for violating Rules 301(b)(2) and 301(b)(5) of Regulation ATS (SEC file No. 3-20699), with a censure, a cease-and-desist order and a civil penalty of $800,000.
Where it fits: US issuers that want primary issuance, transfer agency and an ATS within one group.
05
Vertalo: SEC-registered transfer agent and tokenization platform
Vertalo, Inc., with its business address in Austin, Texas, according to EDGAR, offers software to tokenize securities and to keep the securityholder register on a shared ledger connected to broker-dealers, trading venues, custodians and blockchains. Its website says an issuer can use Vertalo as primary transfer agent, as sub-transfer agent behind an existing one, or keep the registration itself, and lists Ethereum, Tezos and Aptos among the supported networks.
- Transfer agent: Vertalo, Inc., SEC file No. 084-06663, with its registration effective since November 20, 2019. Its latest annual Form TA-2, filed on July 16, 2026 for 2025, names the SEC as its regulator.
- Former name: Vertalo SEZC, according to EDGAR.
Where it fits: issuers and platforms that already work with a broker-dealer or a venue and need the official register of holders in tokenized form.
06
21X: DLT trading and settlement system authorized in Germany
21X AG, based in Frankfurt am Main, runs a venue where tokenized financial instruments such as shares, bonds and fund tokens are traded and settled on blockchain. Its website says trades can settle against e-money tokens and that it also covers issuance, distribution and listing.
- Authorization: BaFin granted the 21X DLT-TSS a specific permission under the DLT Pilot Regime on December 3, 2024 (ESMA list).
- Company register: HRB 131029, Frankfurt am Main; LEI 529900WC0LESEODR7A83.
Where it fits: EU issuers whose token is a financial instrument and that want trading and settlement in one authorized system.
07
360X: DLT multilateral trading facility authorized in Germany
360X AG, also based in Frankfurt am Main, operates, in its own words, three venues for tokenized securities aimed at wholesale and institutional clients: an OTC venue for bilateral trading, a multilateral trading facility and a DLT MTF. Its website lists sovereign, supranational and corporate debt, equity, private markets and short-term liquidity instruments, and describes the company as a BaFin-regulated investment firm.
- Authorization: BaFin granted the 360X DLT MTF a specific permission under the DLT Pilot Regime on April 29, 2025 (ESMA list).
- Company register: HRB 122917, Frankfurt am Main; LEI 529900M42L36KXZ1JD69.
Where it fits: institutional issuers looking for secondary trading of tokenized securities in the EU.
Conclusion: choose by the role your issuance needs
A tokenized securities issuance can need several of these roles at once: technology to create the token and the platform, an entity that keeps the official record of holders, a firm that sells the securities and, if investors are to resell, an authorized venue. The token does not change the legal nature of the asset. In the US, a statement by SEC staff of January 28, 2026 (a staff view, not a Commission rule) describes how the official securityholder record can sit on or off the blockchain, while the offering still needs SEC registration or an exemption. In the EU, a token that is a financial instrument falls outside MiCA (art. 2(4)(a) of Regulation (EU) 2023/1114) and can trade on a DLT market infrastructure under Regulation (EU) 2022/858, within the size limits of its art. 3 (for example, shares of issuers with a market capitalization below EUR 500 million); for crypto-assets that are not financial instruments, see MiCA licenses by country.
| Company | Based in | Role | Registration checked |
|---|
| Unknown Gravity | Spain | Technology provider: platforms and smart contracts | Not a regulated intermediary |
| Securitize | US and Spain | Issuance platform, transfer agent, broker-dealer and ATS, EU DLT TSS | SEC transfer agent 084-06638; FINRA CRD 283256; CNMV No. 327 |
| Tokeny | Luxembourg | ERC-3643 tokenization software | RCS Luxembourg B218805 |
| tZERO | US | Broker-dealers, ATS and transfer agent | FINRA CRD 123421 and 316189; SEC transfer agent 084-06855 |
| Vertalo | US | Transfer agent and tokenization software | SEC transfer agent 084-06663 |
| 21X | Germany | DLT trading and settlement system | BaFin, DLT TSS since December 3, 2024 |
| 360X | Germany | Trading venues, including a DLT MTF | BaFin, DLT MTF since April 29, 2025 |
Questions to ask any provider
- Which entity keeps the official record of holders, and in which register can I check it?
- Which firm sells the securities, and under which exemption or prospectus?
- Where can investors resell, and is that venue authorized and operating today?
- Who owns the smart contracts and the investor data if I change provider?
For property deals, see our ranking of real estate tokenization companies.
Data verified as of October 13, 2026. Registrations change: check each register before you sign. This comparison is published by Unknown Gravity, which is one of the companies listed. Talk to us.