Citi and SDX to launch tokenised private shares in 2025

The move is part of a joint initiative aimed at improving access to private market assets. The project is scheduled for launch in the third quarter of 2025 and was unveiled during the Point Zero Forum in Switzerland. As part of the initiative, Citi will tokenise, settle, and protect late-stage, pre-IPO equities using SDX’s regulated digital Central Securities Depository (CSD) platform. These shares will be made available to institutional and eligible investors, with the goal of simplifying participation in private markets. The collaboration aims to streamline liquidity processes for early investors and employees while maintaining cap table oversight for issuers. According to SDX officials, the effort introduces a new digital mechanism for distributing equity in established, privately held firms. They stated that the use of blockchain technology within a regulated infrastructure distinguishes this effort from previous models. Expanding access to private market investments Officials from Citi noted that the regulated environment in Switzerland and SDX's platform enable the launch of a new product designed to reduce frictions in private equity transactions. The private markets sector, they said, continues to grow, but still relies on legacy systems. This project intends to digitise and automate what is currently a largely manual process. Citi’s involvement includes end-to-end support for the servicing of tokenised assets across its global investor and issuer network. The firm views its role on the SDX platform as part of a strategy to accommodate client demand for digital assets, while also advancing internal innovation in the securities domain. The initiative will also involve additional institutions in global distribution. Sygnum, a digital asset bank headquartered in Switzerland, and Singapore-based SBI Digital Markets, will provide access to the tokenised equities for clients in Europe and Asia, respectively.