- CACEIS, a part of Crédit Agricole, has made a minority investment in French tokenization company Kriptown.
- Kriptown’s subsidiary, Lise, is applying for a license under the European DLT Pilot Regime to offer blockchain-based securities trading and settlement.
- The DLT Pilot Regime allows one firm to run both trading and settlement, which differs from traditional rules requiring separate institutions.
- Only four firms have gained any European decentralized ledger technology (DLT) license since early 2023, with just two holding combined trading and settlement rights.
- Other major investors in Kriptown include BNP Paribas and BPI France.
CACEIS, which manages securities for Crédit Agricole, has bought a minority stake in French startup Kriptown. Kriptown focuses on tokenization, the process of converting assets into digital tokens on a blockchain. Its subsidiary, Lise, is seeking a license under the European Union’s DLT Pilot Regime to support blockchain-based trading and settlement for digital securities.
CACEIS confirmed that Lise aims to launch soon. This investment follows other funding rounds for Kriptown in which BNP Paribas and BPI France also participated last year.
The DLT Pilot Regime lets one company operate as both a DLT Trading and Settlement System (called a DLT TSS). This is different from standard laws, which require that stock exchanges and central securities depositories remain separate. The regime is designed to test new blockchain-based ways to handle securities trades and settlements.
The application process for a DLT license is slow and selective. Since the law began in early 2023, only four companies across Europe have received any type of DLT license. Just two—Germany’s 21X and Lithuania’s Axiology—have licenses to run both trading and settlement. Of these, only 21X has a waiver allowing direct support for retail investors.
Other details on Lise‘s launch timeline or project size were not disclosed in the announcement.
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