Citi and SDX to Launch Tokenized Private Market Access by Q3 2025

The joint initiative was announced at the Point Zero Forum in Switzerland and is set to go live in Q3 2025.

The collaboration will allow institutional and eligible investors to access late-stage, pre-IPO equities via SDX’s regulated blockchain-based platform. Citi will serve as both a digital custodian and tokenization agent, providing settlement, safekeeping, and asset servicing for tokenized shares.

Making Private Markets Accessible and Efficient

This initiative aims to modernize private equity access—a market known for being fragmented, opaque, and heavily paper-based. Using SDX’s regulated Central Securities Depository (CSD), Citi will offer a streamlined path for issuers to manage liquidity for early shareholders and employees, while preserving control over their cap tables.

“We’re unlocking access to high-growth private companies for global investors,” said David Newns, Head of SDX. “This project delivers real innovation in tokenizing mature private shares.”

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Global Reach and Ecosystem Growth

Citi will offer end-to-end servicing for tokenized assets across its global investor base, according to Ryan Marsh, Citi’s Head of Innovation & Strategic Partnerships. The bank aims to meet rising demand for access to digitally native investments, while advancing its own innovation roadmap.

Sygnum in Europe and SBI Digital Markets in Asia will help distribute these pre-IPO equities to their regional clients, further expanding the project’s reach.

“This is about replacing paper-heavy processes with blockchain efficiency,” said Marni McManus, Citi’s Country Officer for Switzerland. “The regulatory clarity in Switzerland makes this possible.”

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