Citigroup is joining forces with Switzerland’s SIX Digital Exchange (SDX) to bring blockchain to one of finance’s final frontiers: the private markets. The two firms are launching a platform to tokenize late-stage private company shares, offering institutional and qualified investors streamlined access to assets that have long been opaque, illiquid, and manually managed.
Announced at the Point Zero Forum in Switzerland, the project will run on SDX’s blockchain-enabled Central Securities Depository (CSD) and is expected to go live by Q3 2025. It aims to digitize equity distribution and safekeeping for high-growth, pre-IPO companies—allowing issuers to unlock liquidity for early employees and investors without sacrificing cap table control.
For investors, the model provides greater transparency and easier exposure to private firms traditionally difficult to access. For issuers, it offers a compliant, scalable solution to manage investor flows and administrative overhead. SDX Head David Newns called the initiative a “landmark project” for private share tokenization.
Citi Steps in as Tokenization Agent and Custodian
Taking center stage in the project, Citi will serve as both digital custodian and tokenization agent—offering end-to-end servicing for the new tokenized assets. The move reflects Citi’s long-term commitment to blockchain finance and positions the bank as one of the few global institutions bridging traditional capital markets with digital infrastructure.
“We’re meeting client demand for access to emerging digital asset ecosystems,” said Ryan Marsh, Citi’s Global Head of Innovation for Investor Services.
“Tokenization is evolving into a core enabler of automation, liquidity, and access across markets.”
Citi’s track record in the space is notable. In 2023, the bank launched its proprietary Citi Token Services platform, and by 2024, it had already partnered with Ava Labs to explore tokenized private equity. Now, with SDX, it’s bringing those efforts to the private markets—a $75 billion sector still dominated by legacy workflows and paperwork.
BlackRock, Telegram, and Dubai Deals Signal Broader Tokenization Boom
The Citi–SDX project isn’t launching in a vacuum. Financial institutions across the globe are racing to tap real-world asset (RWA) tokenization as blockchain infrastructure gains legitimacy. Just last week, BlackRock filed to launch a blockchain-native share class for its $150 billion Treasury Trust Fund—a move that could bring institutional-grade assets onto distributed ledgers for the first time.
Meanwhile, Libre announced plans to tokenize $500 million in Telegram-linked debt through its new Telegram Bond Fund, targeting digital-native capital pools. And in the Middle East, MultiBank Group signed a staggering $3 billion agreement with UAE property developer MAG and blockchain platform Mavryk to tokenize real estate.
These developments are ushering in a new phase where blockchain technology isn’t just being piloted—it’s being implemented at scale by the world’s largest capital allocators.
Quick Facts
- Citigroup and SIX Digital Exchange (SDX) are collaborating to tokenize late-stage private shares, modernizing the $75 billion private markets sector.
- The platform will operate on SDX’s blockchain-based Central Securities Depository, with launch expected in Q3 2025.
- Citi will act as digital custodian and tokenization agent, offering full end-to-end servicing of tokenized assets.
- The partnership aligns with a broader industry trend where major institutions are accelerating real-world asset tokenization across equities, bonds, and real estate.
