21X LLC, the US arm of Frankfurt-based 21X Group, announced on September 29, 2026, that it is seeking regulatory approvals to operate as a US broker-dealer and alternative trading system (ATS) for tokenized securities. The company has appointed capital markets veteran Ray Tierney as CEO of 21X LLC to lead its expansion into the United States.
The move marks 21X Group’s first expansion outside Europe. In the EU, its affiliate 21X AG operates the first fully regulated distributed ledger technology trading and settlement system (DLT TSS), launched on September 8, 2025, under oversight from BaFin and ESMA. The EU platform enables smart contract-based issuance, trading, and settlement of tokenized stocks, bonds, and funds with atomic on-chain settlement.
Max Heinzle, founder and CEO of 21X Group, said recent US regulatory advances “opening the way for tokenized securities trading and stablecoin adoption” prompted the entry into the American market. He added that the company aims to make on-chain issuance, trading, and settlement of tokenized securities “the standard for how capital markets operate.”
Ray Tierney said the US embrace of tokenization “has only just begun” and that current infrastructure decisions will determine which firms remain relevant as tokenized capital markets mature.
The company noted that 21X LLC is not yet a registered broker-dealer under the US Securities Exchange Act of 1934 or a FINRA member, and the release was reviewed by FINRA.
