21X Journey: Transforming Capital Markets with Blockchain

Bitcoin, Fiat & Rock'n'Roll

How the first TSS under the European DLT Pilot Regime revolutionizes tokenized securities settlement

In this BFRR episode, hosts Stefan Grasmann and Manuel Klein dive into the third big pillar of digital finance: tokenized securities and the regulated market infrastructure needed to scale them. They’re joined by Max Heinzle (Founder & CEO) and Victoria Jahn (Head of Regulatory Affairs) from 21X—the company operating what they describe as Europe’s first DLT trading and settlement system (DLT-TSS).

Max traces his journey from traditional capital markets to blockchain, arguing that distributed ledgers are the “missing” settlement layer for securities. He explains how 21X runs a blockchain-enabled exchange (currently on Polygon, with multi-chain plans) that atomically matches and settles trades in ~T+2 seconds, removing the need for a CSD and slashing post-trade friction and cost. Victoria unpacks the EU DLT Pilot Regime, clarifies what a TSS license allows (combining exchange and settlement on-chain), and why stringent issuer standards and disclosure are crucial to attract the buy side.

The conversation gets practical: why stablecoins (e-money tokens under MiCA) are the cash leg today, how wholesale CBDC could complement them, and what it takes to onboard wallet-native investors, RWAs funds, custodians, brokers, and—eventually—neo-banks and large distribution platforms. The hosts press on the perennial hurdles: secondary markets for on-chain bonds, bootstrapping liquidity with market makers, and solving the “chicken-and-egg” problem via multilateral venues rather than OTC.

Looking ahead, 21X outlines a US expansion via broker-dealer/ATS licensing plus targeted exemptive relief, citing open doors at regulators and growing institutional demand. The panel imagines a near future where 24/7 programmable markets, per-second yield accrual, automated treasury, and T+1-second DvP finality are standard—and where public, permissionless rails connect global issuers and investors within robust regulatory guardrails.

If you want a clear, insider view of how regulated on-chain capital markets could finally scale—from stablecoin settlement to tokenized MMFs, ETFs, bonds, and equities—this episode is your blueprint.

21X website Bitcoin, Fiat & Rock'n'Roll Website

Bitcoin, Fiat & Rock'n'Roll Telegram Channel

---

Relai*: Buy Bitcoin with Relai – you can do a one-time purchase or savings plan: Click here. Use the referral code "ROCK" to reduce transaction fees by 0.1% while supporting Bitcoin, Fiat & Rock'n'Roll.

Value4Value Podcast Streaming: Support our podcast by listening to our episodes on the Fountain Podcast App. This way, if you wish, you can support us "Value4Value" while listening to the podcast. You can find us on the Fountain Podcast App here: Click here

Disclaimer: The content of this podcast reflects the private opinions of the hosts, serves exclusively for general information purposes and does not constitute investment advice. Always remember: Do your own research - inform yourself before making any investment decisions, such as buying Bitcoin. First try to understand what Bitcoin is and how to store it. This podcast does not provide financial advice. Note that the co-hosts might be invested in crypto assets. Read more on our website: Click here

---

All links marked with "*" are affiliate links. If you use these links for purchase, the podcast receives a small share of the revenue without any additional costs to you. On the contrary, affiliate links often include discount promotions, so you can even save money. We would appreciate it if you use these links to support us. Thank you very much!

Kapitel

1. Intro (00:00:00)

2. The Journey and the Vision (00:02:41)

3. What is 21x? (00:05:58)

4. The different licences (00:11:44)

5. Infrastructure Deep Dive (00:22:19)

6. US regulation (00:27:53)

7. The future of the market infrastructure (00:45:56)

8. Wrap-up (00:48:57)