STO Ecosystem 2020 [Industry Map]
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STO Ecosystem 2020 [Industry Map]

The digitization of assets (also called Tokenization) is one of the most promising trends in the financial landscape.

In this article we’re going to give you an overview of all key players involved in the issuance and secondary market of Security Tokens in 2020.

There are different elements that form together the Security Token Ecosystem. On one hand, we have the issuance phase and the services that are linked to this phase, and on the other hand, we’ve got secondary markets and trading. 


There are several platforms and service providers that can help you with the issuance of digital assets (Security Token Offerings). Some platforms are offering a 360 solution, meaning they take care of the legal and technical aspects of the issuance. Other platforms and service providers are more specialized in offering the technical solutions for Security Token Offerings. 

  1. Polymath
    Polymath is a tokenization platform that has created their own Ethereum based ST-20 protocol. They’re specialized in the tech aspects of STOs 
  2. Securrency
    Securrency is a US based tokenization platform that is focussed on technology and compliance, as they provide several compliance tools.
  3. Icofunding
    Icofunding is a “one stop shop” digital asset platform that offers a 360 solution for the issuance of Security Tokens (legal, compliance and tech). The Security Tokens can be issued and offered to investors on Icofunding’s platform, but they also offer their platform as a white label. 
  4. Securitize
    Securitize has created a tokenization platform and their own DS protocol that is based on Ethereum. Their DS Protocol DS Protocol ensures that securities can be be traded compliantly across exchanges.
  5. Harbor
    Harbor is a white label tokenization platform that allows companies to issue digital assets / security tokens and onboard and verify investors easily. 
  6. Tokeny
    Tokeny provides a white label tokenization platform that works with their own created T-REX standard for security tokens. 
  7. Black Manta Capital Partners
    Black Manta is an EU based STO service provider that acts as an agency to those who would like to launch tokenized assets. Besides being an issuance platform, they’re also a regulated broker / dealer licensed in Germany, for the European Union (within MiFID II).
  8. iStox
    iStox is a strong Asian player in the issuance field, based in Singapore. They offer services to issue digital assets, but also custodian and trading solutions within their platform.
  9. Bitbond
    Bitbond is a German company that has created a platform to issue tokenized securities in a fully compliant way.


The custody of digital assets is being seen as one of the key elements to make security tokens go mainstream as it takes away entry barriers, such as the need of owning a crypto wallet. There are several custody solutions in the market:

  1. Finoa
    Finoa is a German qualified custodian that provides digital asset custody through their own created “warm storage” technology which means withdrawals take just a few seconds. Their custody solution can also be integrated into other products through their API. 
  2. BitGo
    BitGo is a qualified custodian that has been operating since 2013 and has over $100 million in insurance. 
  3. Primetrust
    Primetrust has developed a variety of tools for digital assets, on one hand, it offers solutions for companies to comply with regulations while onboarding investors in an easy and secure way. On the other hand, they provide custody solutions so the overall investment experience is easy, smooth and secure. 
  4. Onyze
    This European crypto custody solution is easy to use and offers maximum security for your digital assets. They offer 3 different packages, for both individual and institutional investors and for companies that want to integrate the Onyze custody solution within their product. 
  5. Trustology
    This custodian aims to enable the adoption of crypto assets by taking away entry barriers through offering custody. They offer individual, corporate and enterprise accounts. 
  6. SolarisBank
    SolarisBank is a digital banking-as-a-service platform that provides a wide range of products and services, among those, a custodian solution for digital assets.


Secondary Markets are obviously a key element for the digital asset industry, as one of their biggest promises is the enhancement of liquidity and the possibility to trade any asset 24/7. In the past year(s), we have seen how several fully compliant and regulated digital asset exchanges have been launched:

  1. OpenFinance
    OpenFinance is a US based trading platform for digital assets and securities. Open to accredited and non accredited investors on a global scale. 
  2. tZero
    tZero is an US based Security Token Exchange and is part of They’re open to retail non-accredited and accredited investors globally. 
  3. LAToken
    LAToken is an exchange that has been operating in the crypto industry for a while and now also provide listing for Security Tokens.
  4. SharesPost
    SharesPost is a leading global marketplace for trading private company shares.
  5. NX’Change
    This digital assets and security token exchange is live, based in Amsterdam. 
  6. Alphapoint
    Alphapoint is based in the US and offers a white label platform for exchanges.
  7. AirSwap
    AirSwap enables peer-to-peer trading on Ethereum, also with Security Tokens, without any trading fees.


To be able to launch a digital asset, companies have to be compliant with several regulations that may vary from jurisdiction to jurisdiction. However, it’s necessary to have a KYC check, AML test and investor status checks when issuing digital assets. These are 6 key players in compliance for STOs:

  1. Netki
    Netki is an ID verification software that can speed up the investor’s onboarding and KYC processes during STOs.  
  2. Jumio
    Jumio is a US based compliance provider specialized in KYC and identity verification powered by AI. 
  3. VerifyInvestor
    VerifyInvestor is specialized in the verification of accredited investor status, which companies can use during the fundraising phase when onboarding investors.  
  4. IdentityMind
    IdentityMind offers KYC/KYB, AML and fraud prevention services. They offer a variety of compliance services for STOs.
  5. iComply
    iComply is a KYC and AML software that allows companies to verify their investors. The software can be easily integrated on other websites. 
  6. Vertalo
    Vertalo offers compliance services for issuers, such as the verification of the accredited investor status. Next to that, they offer other services for Security Token issuers, such as cap table management. 
  7. Notabene
    Notabene is a ready-to-use platform that helps companies to comply with regulation.


To launch a Security Token, it is important to have the right legal structure in place. There are several law firms globally that have dedicated departments to advice their clients on how to issue digital assets and commercialize them. Next to law firms, there are also issuing platforms that provide these legal services, such as Icofunding.

  1. Cooley
    Cooley is an international law firm that has experienced fintech lawyers that can provide the legal structure required for the issuance of a security token. 
  2. SheppardMullin
    SheppardMullin is an US based law firm that has a division dedicated to blockhain and digital assets.  
  3. Winheller
    Winheller is a German law firm that provides advice on all aspects of Security Tokens and have supported several issuances in the past. 
  4. PerkinsCoie
    PerkinsCoie is a law firm that is based in the US and in Asia and has over 1,100 lawyers in office. They have several lawyers specialized in the issuance of digital assets and security tokens. 
  5. WatsonLaw
    WatsonLaw is a Dutch law firm specialized in startups, technology and innovation. One of their expertises is blockchain and security tokens.
  6. Dilendorf Khurdayan
    This US based law firm guides its clients through the whole process of launching a security token offering (STO), from structuring to conducting the STO in compliance with securities regulations and other US federal and state laws.


  1. Entoro
    Entoro is a global investment bank and broker dealer that supports STO. Based in the US. 
  2. Cuttone & Company
    This broker dealer provides advanced institutional trading technology and execution services.
  3. Exemplar
    Examplar is a broker dealer that offers a wide range of services, some of them beyond financial services, such as tax advisory. 
  4. Propellr
    This broker dealer is specialized in and focussed on digital assets, having worked with a variety of security token offerings.
  5. TokenSoft
    TokenSoft is a broker dealer based in the US that also provides issuance services for companies that want to launch security tokens.
  6. Black Manta Capital Partners
    As mentioned above, Black Manta is besides an issuance platform, also a broker / dealer.

Do you want to digitize assets?

If you’re interested in digitizing assets and tokenization, contact us for a call to discuss opportunities. 

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