Apex Group to Acquire Full Stake in Fund Tokenization Firm Tokeny

Apex Group, a fund administration company, plans to buy all shares in Luxembourg-based fund tokenization firm Tokeny over a three-year period. This agreement follows previous investments by Apex, including participation in Tokeny‘s 2022 funding round and becoming its main strategic investor in December 2023. Earlier, exchange operator Euronext acquired a 23.5% stake in Tokeny in mid-2019.

Apex Group founder and CEO Peter Hughes stated, “As a majority owner, Apex Group is enhancing its ability to deliver comprehensive, future-proof solutions to our clients. Tokenisation is a foundational shift in how assets will be managed, distributed, and accessed.” He explained that the partnership with Tokeny supports Apex’s vision to provide digital finance infrastructure.

Blockchain technology allows administrators to automate many fund processes using smart contracts, which are digital agreements that run automatically when conditions are met. By using public, or “permissionless,” blockchains, asset managers can offer fractional investments and extend their reach to international markets. Recently, tokenization of money market funds has begun to attract attention in the financial industry.

There are regulatory developments that support tokenized assets as well. The U.S. Commodity Futures Trading Commission (CFTC) is testing tokenized forms of collateral, allowing these digital tokens to be used as margin for financial trades. This trend favors tokenized money market funds and stablecoins, which are cryptocurrencies pegged to stable assets like the U.S. dollar. The U.S. Securities and Exchange Commission (SEC) also announced plans to review retail investment rules for private funds, and blockchain automation could help asset managers expand retail participation in these markets.

Tokeny is known for creating the T-REX ERC-3643 security token standard, which lets companies issue permissioned—meaning access-controlled—tokens on public blockchains. The company recently joined a cross-chain trial for delivery versus payment (DvP) transactions between Polygon and Base blockchains, with partners including ABN AMRO and Fasanara Capital.

According to a client survey from about four years ago, Tokeny had tokenized $32 billion in assets. The company operates as a software-as-a-service (SaaS) platform and does not have full visibility into the entire client usage. Its partners include data automation firm Inveniam—which oversees more than $65 billion in assets and uses Tokeny’s technology—and ABN AMRO, for whom it has handled bond tokenization. Tokeny CEO Luc Falempin stated, “To bring tokenisation to scale, institutional distribution and credibility are key – and that’s exactly what Apex Group brings to the table.”

Apex Group has built its blockchain and tokenization capabilities over several years. In 2022, it purchased the fund administration platform FundAdminChain. Apex has partnered with traditional firms like Hamilton Lane, as well as crypto-focused companies including Deutsche Börse’s Crypto Finance. Earlier this month, Apex reached a deal with Coinbase Asset Management to offer digital fund administration services.

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