Swiss DLT Company Tracker: The Tokenisation Infrastructure Landscape 2025

Switzerland has cultivated one of the world’s densest concentrations of DLT and tokenisation companies, drawing on the Swiss financial centre’s capital, talent, and regulatory clarity to produce a cohort of firms that now compete globally for institutional mandates. From Zug’s Crypto Valley to Geneva’s fintech quarter and Zurich’s banking district, the Swiss DLT company ecosystem spans infrastructure, platforms, and issuance specialists. This tracker provides systematic coverage of the landscape as of 2025.

Ecosystem Overview

The Swiss DLT company ecosystem comprises approximately 250 active firms spanning custody infrastructure, tokenisation platforms, digital asset exchanges, compliance technology, and advisory services. Of these, approximately 40 to 60 are meaningfully focused on the institutional tokenisation and digital securities segment that ZUG DLT covers. The remainder are oriented towards retail cryptocurrency services, DeFi infrastructure, or general blockchain development — segments with different regulatory profiles and business models.

Total venture and institutional investment raised by Swiss DLT companies from 2018 through 2025 is estimated at approximately CHF 500 million, spread across roughly 80 financing rounds of various sizes. This figure excludes the SIX Group’s internal investment in SDX, which is reported separately and likely exceeds CHF 500 million on its own.

Swiss DLT Company Directory: Key Players by Category

The following table covers the most significant Swiss DLT companies in the institutional tokenisation and digital securities space:

The Three-Layer Stack: Infrastructure, Platform, and Issuance

Swiss DLT companies organise naturally into three functional layers of a tokenisation stack:

Layer 1: Infrastructure

Infrastructure companies provide the foundational technology and regulated custody capabilities upon which higher-level services are built. In Switzerland, this layer is dominated by Taurus Group, Custodigit, and — historically — Metaco before its acquisition. Infrastructure companies typically operate as B2B providers to banks and financial institutions, offering:

• Cryptographic key management: multi-party computation (MPC), hardware security module (HSM) integration, and key ceremony protocols that meet FINMA-grade regulatory requirements
• Institutional custody: segregated custody accounts, proof-of-reserves, regulatory reporting, and third-party audit integration
• DLT node operation: running or integrating with permissioned blockchain networks (Corda, Hyperledger Fabric, proprietary chains) as part of client infrastructure

The infrastructure layer’s competitive dynamics favour scale and regulatory credibility: once a bank integrates a custody platform, switching costs are high, making first-mover advantage significant.

Layer 2: Platforms

Platform companies build tokenisation-specific functionality on top of infrastructure, allowing issuers and investors to create, distribute, and manage tokenised assets. Key Swiss platform providers include:

• Taurus EXPLORER: the tokenisation module of Taurus’s stack, allowing banks to issue Registerwertrechte, manage investor registers, execute corporate actions digitally, and handle secondary transfers within the bank’s client base
• Tokenestate: a regulated platform for tokenised real estate fund units under Swiss collective investment law
• Stableton: a platform for tokenised feeder fund access to private market strategies
• Daura: an equity tokenisation platform specifically designed for Swiss AG share digitisation

Platform companies compete on regulatory clarity, ease of integration for issuers, and investor user experience. Swiss platform companies have benefited from the DLT Act’s Registerwertrecht concept, which provides a clean legal foundation that competing jurisdictions lack.

Layer 3: Issuance and Capital Formation

Issuance specialists focus on originating tokenised assets and placing them with investors, operating more like structured finance arrangers than technology companies. BrickMark exemplifies this model in real estate. In the debt space, SDX functions as both infrastructure and the issuance venue, sitting across layers 1 and 2.

Swiss DLT Company Funding: CHF 500m Raised 2018–2025

Swiss DLT company funding has been concentrated in a small number of significant rounds, with the digital asset banks (SEBA and Sygnum) accounting for a disproportionate share of total capital raised. Excluding digital asset banks, the tokenisation-specific infrastructure and platform segment has raised approximately CHF 150–200 million in aggregate, with Taurus Group’s CHF 65m Series B (2022, led by Credit Suisse before its collapse) being the standout round in the infrastructure segment.

Key funding observations:

• Strategic investors dominate: SIX Group invested in both SDX and Daura; ZKB partnered with Daura; Crédit Mutuel invested in Taurus. Strategic alignment with established financial institutions is more common than pure venture funding in this segment.
• Valuation discipline: Swiss DLT companies have generally avoided the speculative valuations of the 2021–2022 crypto bull market, preferring revenue-based or book-value-anchored fundraising that maintains credibility with institutional clients.
• Series B scarcity: few Swiss tokenisation companies have reached Series B scale, reflecting the early-stage nature of the market and the long sales cycles in institutional technology.

International Expansion: Swiss DLT Companies Going Global

Several Swiss DLT companies have moved beyond the domestic market, with particular strength in the Middle East and Africa (MEA) and Asia Pacific:

Taurus Group: established a presence in the ADGM (Abu Dhabi Global Market) and DIFC (Dubai International Financial Centre), targeting the GCC banking sector’s digital asset custody needs. The MEA push is driven by several large regional banks exploring digital asset services and lacking the institutional-grade infrastructure providers available in European markets.

Sygnum Bank: obtained regulatory licences in Singapore (MAS Capital Markets Services licence) enabling digital asset trading and custody, and operates dual headquarters in Zurich and Singapore to serve Asian institutional clients.

Smart Valor: pursued expansion into Nordic and Central European markets, as well as obtaining a Lithuanian licence for EU passporting purposes.

The pattern is consistent: Swiss companies use the credibility of FINMA regulation and the Swiss financial centre as a quality signal when entering new markets, positioning their Swiss regulatory status as an asset rather than merely a home market advantage.

Consolidation: The Metaco-Ripple Transaction

The acquisition of Metaco by Ripple in June 2023 for an estimated $250 million was the most significant consolidation event in the Swiss DLT company ecosystem to date. Metaco, founded in Lausanne in 2015, had built HARMONIZE — an institutional digital asset orchestration platform — and secured enterprise clients including Standard Chartered, BBVA, DZ Bank, and Société Générale. The Ripple acquisition gave Metaco global distribution but removed the most advanced Swiss institutional custody platform from the Swiss competitive landscape.

The Metaco acquisition has benefited Taurus Group significantly: Swiss banks seeking FINMA-regulated, Swiss-domiciled institutional custody infrastructure now have fewer options, and Taurus is the natural beneficiary of relationships that might have gone to Metaco. It also accelerated interest in Taurus from the SIX Group, which made a strategic minority investment in Taurus in 2023.

Outlook: Which Swiss DLT Segments Will Grow Fastest?

The Swiss DLT company landscape in 2025 shows several clear growth trajectories:

Fastest growing: SME equity tokenisation. The Swiss SME market comprises approximately 600,000 active AGs (Aktiengesellschaften), the vast majority with paper share certificates and no mechanism for secondary trading of shares. Daura and Aktionariat are building towards a large addressable market; as ZKB and other cantonal banks integrate equity tokenisation services into their corporate banking offerings, the SME segment will expand rapidly.

Strong growth: tokenised fund access platforms. Switzerland’s position as a global wealth management centre creates demand for tokenised feeder funds providing HNWI access to private equity and alternatives. Stableton and comparable platforms are well-positioned.

Moderate growth: institutional bond tokenisation infrastructure. SDX and Taurus EXPLORER will benefit from continued growth in tokenised bond issuances, but the pace is constrained by bank adoption cycles and secondary market development.

Structural challenge: real estate tokenisation. BrickMark and Tokenestate face a complex combination of property management complexity, investor rights governance challenges, and Lex Koller restrictions on foreign participation in Swiss residential real estate. Growth will be steady but not explosive.

The Swiss DLT company ecosystem is maturing from first-generation proof-of-concept businesses into sustainable institutional technology providers. Regulatory clarity, strategic institutional investment, and growing international reputation combine to make Switzerland’s DLT company cohort globally competitive.

Published by ZUG DLT — Donovan Vanderbilt. zugdlt.com provides independent institutional intelligence on Switzerland’s distributed ledger technology ecosystem.