Bit2Me STX deploys its Stock Exchange 3.0 on ISBE for tokenised shares, bonds and funds

The Bit2Me group subsidiary, which has already validated the full lifecycle of Spain's first tokenised corporate bond in the CNMV's regulatory sandbox and holds authorisation as a Securities Agency, is laying the groundwork to join the ISBE public European infrastructure as a federated network.

Bit2Me, a cryptocurrency exchange founded in 2015 by Leif Ferreira and Andrei Manuel Costache, and the first company outside the banking sector in Spain to obtain both the MiCA and PSD2 licences, is deploying on ISBE its platform for the issuance, trading, custody and settlement of tokenised shares and bonds. The Bit2Me group is backed by leading institutional partners and investors, including Telefónica, Unicaja, Investcorp, BBVA, Cecabank, Bankinter, Inveready and Tether, the world's leading stablecoin issuer.

The development is being carried out by Bit2Me Security Tokens Exchange STX, AV, S.A. (Bit2Me STX), the subsidiary set up in 2023 together with Javier Tordable to build a securities market infrastructure based on distributed ledger technology (DLT/blockchain). Backed also by the Community of Madrid, this project allows Bit2Me STX to lay the groundwork for joining the ISBE public European infrastructure as a federated network.

The starting point is a widely recognised diagnosis: traditional capital markets are hampered by slow processes (with settlement in T+2), very high costs and considerable fragmentation stemming from the multiplicity of intermediaries, such as clearing houses and central depositories. This lack of agility and high cost severely limit access to stock market financing for SMEs, scaleups and investment funds.

Bit2Me STX proposes to resolve these limitations with a regulated stock exchange built on blockchain that operates around the clock (24/7), in which smart contracts replace traditional clearing houses, enabling instant atomic settlement (T+0) through the delivery versus payment (DvP) mechanism.

To achieve this, a banking custodian guarantees the connection with the financial system through the tokenisation of euro deposits. On this basis, the platform operates as a market under CNMV supervision. As Bit2Me STX also takes on the role of Entity Responsible for Registration and Recording (ERIR) and handles the custody and marketing of tokenised securities on behalf of third parties, the system removes post trade intermediaries entirely, making the whole process considerably more efficient.

The model is not purely theoretical: it has been successfully tested in the CNMV's financial sandbox, in trials that began on 12 November 2024 and concluded on 20 February 2025. During these trials, Bit2Me STX issued, traded and settled Spain's first tokenised corporate bond, issued by the Spanish firm Valorix (Activos y Valores Digitales, S.A.): the Valorix Token 4T24 (VLRX4T24, ISIN ES0305845002), with a total value of 145,000 euros, a nominal value of 1,000 euros per bond, a three month maturity and a coupon of 3.25%, payable together with the principal.

The trials covered every phase of the bond's lifecycle:

• Issuance on the primary market: the bond was successfully tokenised on the blockchain, demonstrating the technical and regulatory viability of the process.
• Trading on the secondary market: over three months, investors were able to buy and sell the tokenised bonds on the platform, in a secure and regulated environment.
• Maturity, settlement and distribution of principal and coupon: at maturity, investors received the principal and interest directly into their bank accounts via immediate transfers, without incident.

In addition, the tokenisation of bank deposits and the resilience of the blockchain infrastructure in the event of node failures were also tested successfully.

In November 2025, the CNMV authorised Bit2Me STX to become a Securities Agency (AV), the first of the authorisations required and the legal step enabling it to operate a blockchain based financial market infrastructure within the EU. Bit2Me STX is currently in the final stage of processing to obtain a licence as a Trading and Settlement System (SNL) under the European Union's DLT Pilot Regime.

These authorisations add to the MiCA licence obtained by the Bit2Me group in July 2025, the first granted to a company outside the banking sector in Spain, positioning the group as an operator capable of offering complete and regulated solutions across the full spectrum of digital assets: from crypto assets (under MiCA) to tokenised transferable securities (under the DLT Pilot Regime and the Securities Market Law).

This is complemented by the recent PSD2 licence, obtained on 29 June 2026, through which the Bank of Spain authorises Bit2Me to provide payment services based on electronic money tokens (EMT), meaning stablecoin transfers, making it the first crypto asset platform in Europe to combine MiCA with this payments regulation.

In the words of Leif Ferreira, CEO and cofounder of Bit2Me: “We are enabling the transition from traditional finance to a tokenised, regulated and secure model, bringing confidence to issuers and investors alike.”

Objective: to become the Stock Exchange for private markets

With this infrastructure, and in the words of its CEO and cofounder, Javier Tordable, Bit2Me STX aims to become a kind of “Nasdaq of Europe”: a pan European market for tokenised securities offering “an alternative financing solution that is innovative, efficient and secure”.

As Tordable notes, this platform will complement banks and private equity funds, targeting “mid cap companies, particularly in the technology, growth, pharmaceutical and renewable energy sectors, that want to go public in an efficient, innovative, affordable and liquid way”. Bit2Me STX will also play an active role in the new European capital markets network and in wholesale settlement using tokenised money, where DLT technology will play a fundamental part.