Tokenization Companies in Germany: The 2026 Map

How the German framework works

Electronic securities. Since June 2021, the Electronic Securities Act (Gesetz über elektronische Wertpapiere, eWpG) has let issuers create securities by entry in an electronic register instead of a certificate. Today it covers bearer bonds, registered shares, and bearer shares held in a central register [1]. It has two register types [1]:

• Central registers, kept by a central securities depository such as Clearstream [11] or an authorised custodian, hold central register securities.
• Crypto securities registers, kept on a tamper-proof recording system by a registrar the issuer names, hold crypto securities.

Licences. Keeping a crypto securities register is a financial service under the German Banking Act (KWG), and safekeeping private keys for crypto securities is "qualified crypto custody" [2]. Both need a BaFin licence, and BaFin supervises register keeping [3][1]. See our guides to the eWpG and to eWpG digital bonds.

DLT Pilot Regime. Since 23 March 2023, this EU regime (Regulation (EU) 2022/858) has let authorised firms trade and settle tokenized financial instruments on a DLT multilateral trading facility (MTF), settlement system (SS) or combined trading and settlement system (TSS) [12]. More in our DLT Pilot Regime guide.

MiCA. MiCA (Regulation (EU) 2023/1114) covers crypto-assets that existing financial services law does not, including e-money tokens, and has applied in full since December 2024. Tokenized securities that qualify as financial instruments stay under securities law such as MiFID II and the eWpG [13][12].

This summary is not legal advice; confirm the licences your structure needs with counsel.

How this map was built

A company is listed if it:

1. is based in Germany or serves clients through a German-licensed entity;
2. was operating in September 2026, per its own site and dated 2025 or 2026 news;
3. has a verifiable role in digital securities, not only in crypto trading;
4. holds any licence we name according to BaFin's database, an ESMA register or its own site (checked 29 September 2026);
5. has every fact linked to a source.

Entries are alphabetical within each role and are not a ranking.

Bitbond builds Token Tool and Offering Manager. We included our own products and applied the same criteria to every platform. Facts about other platforms come from their own public materials, linked in the sources, as of September 2026.

1. Issuance and tokenization platforms

beel, formerly Tokenize.it (Mittweida)

Role: startup fundraising platform built on tokenization.

Tokenize.it GmbH became beel in July 2026 and says tokenization is the right technology for managing company shares and cap tables [14][15]. For public fundraises and its secondary market, it is a tied agent of Concedus GmbH [15].

Bitbond (Berlin)

Role: token creation and offering management software.

Founded in Berlin in 2013, Bitbond issued BB1 in 2019, the first BaFin-approved security token bond, and reports $1.2B+ assets tokenized, 7,000+ tokens deployed and 300+ offerings managed. Token Tool offers no-code token creation and management on 11 public blockchains, including ERC-1400 style security tokens with transfer restrictions and allowlisting on EVM chains, and security tokens on Stellar. Offering Manager runs primary token offerings end to end, from investor onboarding with KYC to multi-rail payments.

Cashlink Technologies (Frankfurt)

Role: tokenization infrastructure provider and licensed crypto securities registrar.

Cashlink holds BaFin permissions for crypto securities register management (since June 2024) and qualified crypto custody [16][17]. It was registrar for KfW's first crypto security (2024) and NRW.BANK's first digital bond (2025), and a DLT operator at the Pontes launch [3][10][7].

Finexity (Hamburg)

Role: listed provider of infrastructure for tokenized securities, from issuance to investor.

In September 2026, Finexity AG said it is working toward authorisation as a DLT trading and settlement system [18]. In 2024 it brought an eWpG crypto security to its investors, with Cashlink as registrar [19].

NYALA (Berlin)

Role: tokenization platform with an affiliated registrar, Smart Registry.

NYALA Digital Asset AG reports more than EUR 160 million in digital assets on its platform (per its site, September 2026) [20]. Smart Registry GmbH, which shares its address and management, received BaFin registrar permission in August 2026 [21][22].

Tokenforge (Hamburg)

Role: no-code tokenization suite for issuers of real estate, bonds and digital securities.

tokenforge GmbH says it took part in the first eWpG-compliant security in 2022 and has run 50+ projects across Europe, per its site in September 2026 [23][24].

2. Crypto securities registrars under the eWpG

On 29 September 2026, BaFin's database listed 8 firms in its crypto securities registrar category [4]. Securities institutions such as 21X hold the same permission under the Securities Institutions Act (WpIG), so the category is incomplete [5].

E-SEC (Düsseldorf)

Role: licensed crypto securities registrar.

E-SEC GmbH states that BaFin authorised it under section 32 KWG to provide crypto securities register management [31][27].

Gesellschaft für Kryptoregisterführung (Willich)

Role: licensed crypto securities registrar.

The company states that it holds a BaFin permission under section 32 KWG to keep a crypto securities register under section 16 eWpG [32][28].

Tradevest Digital Assets (Munich)

Role: registrar and custodian within an infrastructure platform for securities and tokenized assets.

Tradevest gives banks, asset managers and brokers one platform to trade and hold securities, crypto and tokenized assets, including issuance services [33]. Its Digital Assets entity also holds qualified crypto custody and MiCA custody permissions [26].

3. Custody

Safekeeping private keys for crypto securities is qualified crypto custody under the KWG; licence dates below are from BaFin's database [2]. Our custody guide compares custody technology.

BitGo Europe (Frankfurt)

Role: institutional digital asset custodian.

BitGo Europe GmbH received its BaFin crypto custody licence in October 2023 and MiCA custody authorisation in May 2025 [34].

Boerse Stuttgart Digital Custody (Stuttgart)

Role: custody arm of Boerse Stuttgart Group's digital assets business.

It has held a BaFin crypto custody licence since March 2023 and MiCA custody authorisation since January 2025 [35]. Boerse Stuttgart Digital partnered with KfW in 2024 to provide wallet and key infrastructure for a digital bond, and merged with tradias in August 2026 [36][37].

Crypto Finance (Deutschland) (Frankfurt)

Role: Deutsche Börse Group's crypto custody and trading provider in Germany.

It has held a BaFin crypto custody licence since January 2024 and MiCA authorisations since January 2025, and runs trading for Commerzbank's corporate crypto offering [38][39][40].

Hauck Aufhäuser Digital Custody (Frankfurt)

Role: crypto securities custodian and registrar in ABN AMRO's German business.

It has held a BaFin crypto custody licence since 2021 and registrar permission since June 2026, and was custodian for KfW's first crypto security [30][3]. Through it, ABN AMRO, which merged Hauck Aufhäuser Lampe into ABN AMRO Bank in June 2026, offers custody, register keeping and paying agent services for crypto securities [41][42].

Tangany (Munich)

Role: white-label digital asset custody delivered through an API.

Tangany has held a BaFin crypto custody licence since October 2021 and MiCA custody authorisation since August 2025 [43]. Its site lists support for tokenized assets, including crypto securities [44].

4. Trading venues and market infrastructure

21X (Frankfurt)

Role: DLT trading and settlement system (DLT TSS) for tokenized securities.

BaFin authorised 21X as a DLT TSS under the DLT Pilot Regime in December 2024 [6][5]. It launched trading on Polygon in September 2025 and went live on Stellar in May 2026 [45][46].

360X (Frankfurt)

Role: trading venue for digital financial instruments, including a DLT MTF.

BaFin authorised 360X to operate a DLT MTF in April 2025 [47][6]. Backed by Deutsche Börse Group and Commerzbank among others, it hosted a secondary trade in Siemens' EUR 300 million digital bond in August 2025 [48].

Clearstream D7 (Eschborn)

Role: Deutsche Börse Group's digital issuance platform for eWpG central register securities.

Per Clearstream's site in September 2026, D7 processes more than 45,000 digital issuances a week [49][50]. KfW issued euro benchmark bonds on D7 as central register securities in 2024, and Clearstream was a DLT operator at the Pontes launch [51][7].

Seturion, Boerse Stuttgart Group (Stuttgart)

Role: planned pan-European settlement platform for tokenized assets, pending EU licensing.

Boerse Stuttgart Group filed a DLT Pilot Regime licence application for Seturion with BaFin in 2025, and its site says EU licensing is under way (September 2026), with partners including Nasdaq [52][53].

SWIAT (Frankfurt)

Role: blockchain technology provider for regulated institutions and a licensed crypto securities registrar.

SWIAT, whose shareholders are DekaBank, LBBW, SC Ventures (Standard Chartered) and Comyno, has held BaFin registrar permission since November 2025 [54][29]. Its network settled Siemens' 2024 digital bond, and on 28 July 2026 SWIAT handed it to RL1, a Luxembourg-based European cooperative, staying on as technology partner [8][54].

5. Banks active in digital securities

Commerzbank (Frankfurt)

Role: universal bank offering crypto custody and a backer of 360X.

Commerzbank says it became the first German universal bank with a KWG crypto custody licence, in November 2023, and it backs 360X [40][55][48].

DekaBank (Frankfurt)

Role: registrar, custodian, arranger and investor in eWpG securities.

DekaBank says it was the first German bank to receive the crypto securities registrar licence, in mid-2024 [56][25]. It was registrar for Berlin Hyp's digital Pfandbrief and Siemens' EUR 300 million bond in 2024, and on 23 September 2026 took over the register of KfW's third crypto security from Cashlink, moving it from Polygon to SWIAT [9][8][57].

Deutsche Bank (Frankfurt)

Role: arranger and settlement bank in German digital bond issues.

Deutsche Bank was lead arranger and settlement agent for KfW's first crypto security, handled Siemens' settlement in central bank money in 2024, and co-led NRW.BANK's 2025 digital bond [3][8][10].

DZ BANK (Frankfurt)

Role: custodian, collective holder and investor in eWpG securities.

DZ BANK's institutional custody platform, launched in 2023, services eWpG crypto securities under its existing licences [58][59]. It invested in both Siemens digital bonds and is collective holder for investors in KfW's first crypto security [60][8][3].

Helaba (Frankfurt)

Role: participant in the ECB's DLT settlement trials and investor in digital bonds.

Helaba joined the ECB's 2024 DLT trials with four use cases, including a WIBank digital registered bond issued via Cashlink, and invested in Siemens' 2024 digital bond [61][8][62].

LBBW (Stuttgart)

Role: arranger and investor in eWpG securities and a SWIAT shareholder.

LBBW was a lead manager of Berlin Hyp's 2024 digital Pfandbrief, a bookrunner for KfW's first crypto security and an investor in Siemens' 2024 bond [9][3][8][63]. It is a SWIAT shareholder [54].

Metzler (Frankfurt)

Role: bank arranging and investing in eWpG crypto securities.

Bankhaus Metzler was a bookrunner for KfW's first crypto security and a key anchor investor in Berlin Hyp's digital Pfandbrief, both in 2024 [3][9][64].

6. Notable digital securities issued in Germany

Before the eWpG. In early 2021, Vonovia issued a EUR 20M, 3-year registered bond (Namensschuldverschreibung) represented by security tokens on Stellar, privately placed via the firstwire platform with M.M. Warburg as investor [65]. Per Bitbond's case study, Bitbond provided the tokenization and digital asset custody tech stack and expertise (case study). The bond predates the eWpG, so it is not a crypto security.

Under the eWpG.

7. Law firms

For counsel on eWpG, MiCA and DLT Pilot Regime structures, see our list of fintech law firms for digital assets, which includes firms based in Germany.

How to use this map

• If you are issuing a crypto security, start with the registrar, and check its permission in BaFin's company database [1][4].
• If you want registrar and custody from one provider, shortlist firms holding both, such as Cashlink, DekaBank, Hauck Aufhäuser Digital Custody and Tradevest [17][25][30][26].
• If you need regulated secondary trading on DLT, look at the German DLT Pilot Regime venues, 21X and 360X [6].
• If you need software to create tokens and run an offering under your own or a partner's licence, compare the platforms in section 1, including Bitbond's Token Tool and Offering Manager.

FAQ

Which companies do tokenization in Germany?

Issuance platforms include Bitbond, Cashlink, Finexity and NYALA. BaFin lists 8 firms in its crypto securities registrar category, including Cashlink, DekaBank and SWIAT. Custodians include Tangany and BitGo Europe. 21X and 360X run Germany's DLT Pilot Regime venues, and banks such as DekaBank, DZ BANK and LBBW arrange and invest in digital bonds [4][6][18][20][43][34][9].

What is a crypto securities registrar in Germany?

A crypto securities registrar keeps the register in which a German crypto security is recorded, on a tamper-proof recording system such as a blockchain. The issuer names the registrar; if it names none, the issuer itself counts as registrar. Keeping the register is a financial service under the German Banking Act that needs a BaFin licence [1][2][3].

Can shares be issued as crypto securities in Germany?

Yes, within limits. The eWpG covers registered shares, which can be recorded in a crypto securities register, while bearer shares are covered only in a central register. Clearstream says its D7 platform will support electronic share issuance from the second half of 2026. Company law and the articles of association still apply, so confirm the structure with counsel [1][49].

Which German issuers have issued blockchain bonds?

Public examples include Siemens (EUR 60M on Polygon in 2023 and EUR 300M on SWIAT in 2024), KfW (crypto securities in 2024 and 2026), Berlin Hyp (a EUR 100M digital Pfandbrief in 2024) and NRW.BANK (EUR 100M in 2025). Earlier, in 2021, Vonovia issued a EUR 20M registered bond represented by security tokens on Stellar, which predates the Electronic Securities Act [60][66][8][3][57][9][10][65].

Does MiCA apply to tokenized securities in Germany?

Mostly not directly. MiCA covers crypto-assets that existing financial services law does not, so tokenized bonds and shares that qualify as financial instruments stay under securities rules such as MiFID II and the eWpG. MiCA still matters around them: it covers e-money tokens usable as a cash leg, and custodians such as Tangany and BitGo Europe hold MiCA authorisations [13][12][43][34].

Planning a digital securities issue in Germany? Bitbond's team has supported 300+ token offerings since issuing the first BaFin-approved security token bond in 2019. Talk to us about your structure, or try Token Tool on a testnet for free.

Sources

1. Gesetz über elektronische Wertpapiere (eWpG), Bundesministerium der Justiz, https://www.gesetze-im-internet.de/ewpg/ (accessed 2026-09-29)
2. Gesetz über das Kreditwesen (KWG), § 1, Bundesministerium der Justiz, https://www.gesetze-im-internet.de/kredwg/__1.html (accessed 2026-09-29)
3. Erste Blockchain-basierte digitale Anleihe der KfW (fact sheet, 2 July 2024), KfW, https://www.kfw.de/PDF/Investor-Relations/Pdf-Dokumente-Investor-Relations/Erfahrungsbericht-Blockchain-basierte-digitale-Anleihe.pdf (accessed 2026-09-29)
4. Company database: Crypto Securities Registrars (BA), BaFin, portal.mvp.bafin.de, company database search (accessed 2026-09-29)
5. Company database: 21X AG, BaFin, portal.mvp.bafin.de, institution ID 162185 (accessed 2026-09-29)
6. Authorised DLT Market Infrastructures, ESMA, https://www.esma.europa.eu/sites/default/files/2026-01/Authorised_DLT_Market_Infrastructures.pdf (accessed 2026-09-29)
7. Eurosystem brings central bank money to tokenised finance (21 September 2026), European Central Bank, https://www.ecb.europa.eu/press/pr/date/2026/html/ecb.pr260921~e754847a7b.en.html (accessed 2026-09-29)
8. Siemens remains a pioneer: Another digital bond successfully issued on blockchain (4 September 2024), Siemens AG, https://press.siemens.com/global/en/pressrelease/siemens-remains-pioneer-another-digital-bond-successfully-issued-blockchain (accessed 2026-09-29)
9. First Berlin Hyp Blockchain Pfandbrief issued successfully (2 August 2024), Berlin Hyp, https://www.berlinhyp.de/article/press-information-2024/first-berlin-hyp-blockchain-pfandbrief-issued-successfully_amphj73y54_e.html (accessed 2026-09-29)
10. German state bank NRW issues €100m digital bond on Polygon blockchain (11 July 2025), Ledger Insights, https://www.ledgerinsights.com/german-state-bank-nrw-issues-e100m-digital-bond-on-polygon-blockchain/ (accessed 2026-09-29)
11. Company database: Clearstream Europe AG, BaFin, portal.mvp.bafin.de, institution ID 105564 (accessed 2026-09-29)
12. DLT Pilot Regime, ESMA, https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/dlt-pilot-regime (accessed 2026-09-29)
13. Markets in Crypto-Assets Regulation (MiCA), ESMA, https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica (accessed 2026-09-29)
14. Tokenize.it wird zu beel (July 2026), beel, https://beel.com/de/blog/tokenize-it-wird-zu-beel (accessed 2026-09-29)
15. Impressum, beel GmbH, https://beel.com/de/impressum (accessed 2026-09-29)
16. Die Infrastruktur für tokenisierte Assets, Cashlink Technologies, https://cashlink.de/en/ (accessed 2026-09-29)
17. Company database: CASHLINK Technologies GmbH, BaFin, portal.mvp.bafin.de, institution ID 160302 (accessed 2026-09-29)
18. FINEXITY Group: Agenda for the Capital Markets Day (28 September 2026), Finexity AG, https://content.finexity.com/hubfs/press/CMD2026/FINEXITY-Group_CMD2026_Agenda_EN.pdf (accessed 2026-09-29)
19. Finexity emittiert Kryptowertpapier nach eWpG (26 September 2024), IT Finanzmagazin, https://www.it-finanzmagazin.de/finexity-emittiert-kryptowertpapier-nach-ewpg-mit-cashlink-als-registerfuehrer-216449/ (accessed 2026-09-29)
20. Die all-in-one Plattform für Tokenisierung, NYALA Digital Asset AG, https://www.nyala.de/ (accessed 2026-09-29)
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22. Company database: Smart Registry GmbH, BaFin, portal.mvp.bafin.de, institution ID 160639 (accessed 2026-09-29)
23. Tokenization suite for issuers of real estate, bonds and digital securities, tokenforge GmbH, https://www.tokenforge.io/ (accessed 2026-09-29)
24. Legal notice, tokenforge GmbH, https://www.tokenforge.io/legal-notice (accessed 2026-09-29)
25. Company database: DekaBank Deutsche Girozentrale, BaFin, portal.mvp.bafin.de, institution ID 100426 (accessed 2026-09-29)
26. Company database: Tradevest Digital Assets GmbH, BaFin, portal.mvp.bafin.de, institution ID 162132 (accessed 2026-09-29)
27. Company database: E-SEC GmbH, BaFin, portal.mvp.bafin.de, institution ID 160460 (accessed 2026-09-29)
28. Company database: Gesellschaft für Kryptoregisterführung mbH, BaFin, portal.mvp.bafin.de, institution ID 160416 (accessed 2026-09-29)
29. Company database: SWIAT GmbH, BaFin, portal.mvp.bafin.de, institution ID 164062 (accessed 2026-09-29)
30. Company database: Hauck Aufhäuser Digital Custody GmbH, BaFin, portal.mvp.bafin.de, institution ID 157163 (accessed 2026-09-29)
31. Impressum & rechtliche Hinweise, E-SEC GmbH, https://e-sec.io/legal (accessed 2026-09-29)
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33. Tradevest: Digitale Finanzinfrastruktur, Tradevest, https://www.tradevest.ai/de (accessed 2026-09-29)
34. Company database: BitGo Europe GmbH, BaFin, portal.mvp.bafin.de, institution ID 157322 (accessed 2026-09-29)
35. Company database: Boerse Stuttgart Digital Custody GmbH, BaFin, portal.mvp.bafin.de, institution ID 157207 (accessed 2026-09-29)
36. Boerse Stuttgart Digital partners KfW for digital bonds (12 August 2024), Ledger Insights, https://www.ledgerinsights.com/boerse-stuttgart-digital-partners-kfw-for-digital-bonds/ (accessed 2026-09-29)
37. Boerse Stuttgart Digital and tradias close merger (5 August 2026), Boerse Stuttgart Group, https://group.boerse-stuttgart.com/media/qtcd5itm/260805-mr-boerse-stuttgart-digital-tradias.pdf (accessed 2026-09-29)
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39. Company database: Crypto Finance (Deutschland) GmbH, BaFin, portal.mvp.bafin.de, institution ID 157345 (accessed 2026-09-29)
40. Commerzbank and Deutsche Börse Subsidiary Crypto Finance Join Forces for Digital Assets in Corporate Banking (19 September 2024), Commerzbank, https://www.commerzbank.de/group/newsroom/press-releases/commerzbank-crypto-finance.html (accessed 2026-09-29)
41. ABN AMRO startet nach Integration von Hauck Aufhäuser Lampe (HAL) in Deutschland durch (15 June 2026), ABN AMRO, https://www.abnamro.de/de/news-und-presse/pressemitteilungen/abn-amro-startet-nach-integration-von-hauck-aufhaeuser-lampe-hal-in-deutschland-durch.html (accessed 2026-09-29)
42. Digital Assets, ABN AMRO, https://www.abnamro.de/de/asset-servicing/digital-assets/index.html (accessed 2026-09-29)
43. Company database: Tangany GmbH, BaFin, portal.mvp.bafin.de, institution ID 157349 (accessed 2026-09-29)
44. MiCA-Compliant Digital Asset Custody, Tangany, https://tangany.com/ (accessed 2026-09-29)
45. 21X rings the bell as trading starts on the world's first blockchain-based exchange for tokenized securities and stablecoins (8 September 2025), 21X, https://21x.eu/21x-rings-the-bell/ (accessed 2026-09-29)
46. 21X achieves multi-chain milestone as trading and settlement system goes live on Stellar (6 May 2026), 21X, https://21x.eu/21x-achieves-multi-chain-milestone-as-trading-and-settlement-system-goes-live-on-stellar/ (accessed 2026-09-29)
47. Company database: 360X AG, BaFin, portal.mvp.bafin.de, institution ID 160755 (accessed 2026-09-29)
48. DekaBank, Union Investment and 360X set new benchmark with DLT-based trade of Siemens digital bond (11 August 2025), 360X, https://360x.com/news/dekabank-union-investment-and-360x-set-new-benchmark-with-dlt-based-trade-of-siemens-digital-bond (accessed 2026-09-29)
49. Digital Issuance, Clearstream, https://www.clearstream.com/clearstream-en/securities-services/issuance-solutions/digital-issuance (accessed 2026-09-29)
50. Imprint, Clearstream, https://www.clearstream.com/clearstream-en/imprint (accessed 2026-09-29)
51. Clearstream reaches €10 billion digital issuance volume on D7 (21 October 2024), Securities Finance Times, https://www.securitiesfinancetimes.com/securitieslendingnews/industryarticle.php?article_id=227403 (accessed 2026-09-29)
52. Boerse Stuttgart Unveils Seturion, a Pan-European Settlement Platform for Tokenized Assets (4 September 2025), CoinDesk, https://www.coindesk.com/business/2025/09/04/boerse-stuttgart-unveils-pan-european-settlement-platform-for-tokenized-assets (accessed 2026-09-29)
53. Seturion, Boerse Stuttgart Group, https://group.boerse-stuttgart.com/en/seturion/ (accessed 2026-09-29)
54. RL1 press release (28 July 2026), SWIAT, https://www.swiat.io/media/rl1_press_release_en.pdf (accessed 2026-09-29)
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56. Blockchain-Meilensteine eWpG (Was uns bewegt), DekaBank, https://www.deka.de/deka-gruppe/media--research/was-uns-bewegt/blockchain-meilensteine-ewpg (accessed 2026-09-29)
57. Härtetest: Zwei Blockchains, ein Wertpapier, DekaBank, https://www.deka.de/deka-gruppe/media--research/was-uns-bewegt/haertetest-zwei-blockchains-ein-wertpapier (accessed 2026-09-29)
58. DZ Bank launches digital asset custody platform (6 November 2023), Ledger Insights, https://www.ledgerinsights.com/dz-bank-digital-asset-custody-platform/ (accessed 2026-09-29)
59. Company database: DZ BANK AG Deutsche Zentral-Genossenschaftsbank, BaFin, portal.mvp.bafin.de, institution ID 101261 (accessed 2026-09-29)
60. Siemens issues first digital bond on blockchain (14 February 2023), Siemens AG, https://press.siemens.com/global/en/pressrelease/siemens-issues-first-digital-bond-blockchain (accessed 2026-09-29)
61. Helaba beteiligt sich an EZB-Trials (3 June 2024), Helaba, https://www.helaba.com/de/presse/news/meldungen/2024/helaba-beteiligt-sich-an-ezb-trials.php (accessed 2026-09-29)
62. Company database: Landesbank Hessen-Thüringen Girozentrale, BaFin, portal.mvp.bafin.de, institution ID 100435 (accessed 2026-09-29)
63. Company database: Landesbank Baden-Württemberg, BaFin, portal.mvp.bafin.de, institution ID 100430 (accessed 2026-09-29)
64. Company database: B. Metzler seel. Sohn & Co. Aktiengesellschaft, BaFin, portal.mvp.bafin.de, institution ID 100139 (accessed 2026-09-29)
65. Vonovia emittiert erstmals vollständig digitale Schuldverschreibung über Online-Marktplatz firstwire (13 January 2021), Vonovia SE, DGAP-News via Der Aktionär, https://www.deraktionaer.de/nachricht/dgap-news-vonovia-se-vonovia-emittiert-erstmals-vollstaendig-digitale-schuldverschreibung-ueber-online-marktplatz-firstwire-deutsch-56088.html (accessed 2026-11-02)
66. Siemens issues €60m digital bond on public blockchain (14 February 2023), Ledger Insights, https://www.ledgerinsights.com/siemens-digital-bond-blockchain/ (accessed 2026-09-29)
67. Berlin Hyp ist das Kompetenzcenter für gewerbliche Immobilienfinanzierung, Berlin Hyp, https://www.berlinhyp.de/de/ (accessed 2026-09-29)