Global investment bank Citi and Switzerland’s SIX Digital Exchange (SDX) have announced a strategic collaboration to transform traditional private markets through blockchain-based tokenization. The initiative, unveiled at the Point Zero Forum in Switzerland on May 6, aims to bring increased transparency, efficiency, and access to pre-IPO equities for institutional and eligible investors.
At the heart of the project is SDX’s blockchain-powered Central Securities Depository (CSD) platform, which will tokenize, settle, and safeguard private assets. The platform is expected to go live in the third quarter of 2025 and is designed to support global distribution of shares in late-stage, venture-backed companies.
Citi will serve as both the digital custodian and tokenization agent, providing full servicing for the digital assets. Ryan Marsh, head of innovation and strategic partnerships at Citi, said the collaboration reflects the bank’s commitment to meeting client demand for emerging digital asset opportunities.
The tokenization framework will offer issuers a compliant, scalable solution to manage liquidity for early investors and employees while maintaining cap table integrity. Investors will gain streamlined access to high-growth companies through a secure, blockchain-based infrastructure.
David Newns, head of SDX, described the partnership as a landmark step in digitizing private market assets. “We are excited to welcome Citi to the SDX platform and together deliver this project that will attract strong investor interest,” he said.
Citi has been a vocal supporter of tokenization as a transformative force in finance. In 2023, it launched Citi Token Services, a blockchain platform for cross-border payments and trade finance. The bank also completed a proof-of-concept with Ava Labs and other partners to tokenize private equity funds earlier in 2024.
This collaboration comes amid a broader surge in real-world asset (RWA) tokenization. In recent weeks, BlackRock, Libre, and Dubai’s MultiBank Group have all announced major blockchain-based initiatives, signaling growing institutional confidence in the technology.
As regulatory clarity improves and technology scales, tokenization is rapidly moving from concept to implementation across global markets.
