Weltix

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  • doValue and Weltix accelerate innovation in securitization with the first tokenized issuance under strategic partnership

    doValue and Weltix accelerate innovation in securitization with the first tokenized issuance under strategic partnership

    The €10 million transaction represents the first concrete application of the partnership announced in June and marks a significant step forward in the use of DLT technology in NPL securitizations.

    Just over a month after the announcement of the strategic partnership between doValue and Weltix to apply Distributed Ledger Technology (DLT) to securitization operations, the project reaches a significant operational milestone today with the completion of the first tokenized issuance within an NPL securitization.

    doValue S.p.A., a European strategic financial services provider, and Weltix S.p.A., an infrastructure provider authorized by CONSOB as a DLT Register Manager, have given concrete execution to the industrial vision presented by the two companies last June, demonstrating doValue’s ability to swiftly turn this vision into an operational, regulated solution applied to a real market transaction.

    The doValue group, through its subsidiary doNext S.p.A., handled the establishment of the special purpose vehicle and serves as Master Servicer, Corporate Services Provider, Calculation Agent, Representative of the Noteholders, and Paying Agent, leveraging its expertise in structuring and managing securitization transactions. Teda Service S.r.l. acts as the Special Servicer for the transaction and coordinated the investor club deal. Weltix S.p.A. acted as Manager of the DLT Register, ensuring the digital issuance, management, and circulation of the financial instruments in compliance with the Italian regulations introduced by the FinTech Decree, with legal support from Simmons & Simmons and technological support from BlockInvest. Legal counsel for the transaction was provided by Intellexia Sta S.r.l., with a team led by managing partner Vanessa Solimeno.

    The use of DLT technology allows securities to be natively digital, eliminating the need for subsequent dematerialization and streamlining issuance, management, and transfer processes. Furthermore, The infrastructure developed by BlockInvest, Weltix’s technological partner, enables greater transaction traceability, digital governance over the entire lifecycle of the financial instrument, and faster settlement times compared to traditional models.

    The transaction confirms growing market interest in using DLT technology in structured finance and represents a further step toward the digitalization of securitizations.

  • Leonardo Capital SIM Acquires Stake in Weltix

    Leonardo Capital SIM Acquires Stake in Weltix

    The industrial alliance aims to accelerate Weltix’s growth in the capital markets, with LCS acting as a strategic partner for institutional and corporate clients.

    Leonardo Capital SIM S.p.A. (“LCS”), a leading independent investment firm specialized in investment banking and capital markets services, with a consolidated presence among institutional investors and large enterprises, has acquired a 5% stake in the capital of Weltix S.p.A. (“Weltix”), a regulated infrastructure for the digital management of private assets. The transaction marks the launch of a wide-ranging industrial collaboration between the two companies.


    The transaction is configured as a strategic partnership aimed at accelerating the positioning of Weltix in the institutional market by combining complementary skills, consolidated relationships and a shared vision, with the objective of expanding business opportunities and consolidating Weltix’s presence in the capital markets. Leonardo Capital SIM will provide its experience in capital markets and its consolidated relationship with institutional investors, banks, asset managers, insurance companies and corporate clients, contributing to expanding the diffusion of Weltix’s regulated infrastructures within the professional market.

    The entry of LCS fits into a path that has already brought Weltix to the center of the Italian private asset market, with a particular focus on natively digital financial instruments, commonly known as tokenized, and aims to spread this very innovative method of issuance and circulation among institutional investors and large enterprises.


    In October 2025, Weltix was the first Italian company to issue its share capital in the form of tokens on a public blockchain. In its capacity as DLT Register Manager, with Consob authorization pursuant to the Fintech Decree, Weltix has been involved in a series of transactions that have opened up a previously non existent market alongside leading banking and institutional counterparties: the first tokenized minibond with UniCredit as arranger, CDP among the investors and a SACE guarantee (December 2025); the first tokenized structured note issued by UniCredit (January 2026); and, during 2026, securitization transactions with the main master servicers, including doValueand 130 Servicing, and minibonds on a growing range of instruments and counterparties, including UniCredit itself and Frigiolini & Partners.

    A track record that, from the tokenization of shares to structured products up to securitizations, demonstrates the interest and solidity of the model on which the partnership with LCS now aims to accelerate.

  • Weltix and 130 Servicing strengthen their strategic partnership to advance tokenised securitisations

    Weltix and 130 Servicing strengthen their strategic partnership to advance tokenised securitisations

    Milan, 22 July 2026

    Following the positive experience gained with the first transaction completed in the digital securitisation market through the issuance of natively tokenised ABS, Weltix and 130 Servicing announce a further strengthening of their partnership, confirming their commitment to contributing to the development of increasingly efficient, digital and interoperable infrastructure in support of the private markets.

    The strategic partnership between the two companies stems from the complementarity of their respective areas of expertise and forms part of the broader innovation and digitalisation programme promoted by 130 Servicing, a company of the BDG Group. On the one hand, 130 Servicing brings its established experience in the structuring and management of securitisation and structured finance transactions; on the other, Weltix contributes its expertise in the issuance and management of digital financial instruments, in full compliance with its status as an entity authorised by Consob to act as DLT register manager for tokenised securities.

    Weltix operates in the Italian market as an independent operator authorised to provide a complete infrastructure for such activities, through its Consob authorisation as DLT register manager and its other regulated services dedicated to the private markets. The partnership with 130 Servicing reflects a logic of integrating specialist expertise and adopting the best solutions available across the market ecosystem, consistent with the path of innovation and digital development pursued in coordination with the distinctive technological expertise of the BDG Group.

    As part of this evolution, Weltix manager Andrea Papa will join 130 Servicing on 27 July, where he will contribute to the development of commercial initiatives dedicated to the debt and securitisation markets, strengthening the company’s capabilities and supporting the integration of the services offered by 130 Servicing — including from an innovation perspective — with those of the market’s leading operators. During his time at Weltix, Andrea Papa contributed to the development of the practice dedicated to Debt Capital Markets and of initiatives aimed at the digitalisation of the private markets.

    The partnership between Weltix and 130 Servicing forms part of both companies’ development strategies, geared towards building an open ecosystem of industrial and commercial collaborations. For 130 Servicing, this evolution is consistent with the path of innovation, digitalisation and development of new specialist capabilities defined at BDG Group level.

    Both companies will also continue to work independently with banks, intermediaries, servicers, asset managers, issuers, investors and other specialist operators, in the belief that the evolution of the private markets depends on interoperable infrastructure, complementary expertise and models of cooperation capable of generating value for the entire financial value chain.

  • The First End-to-End Ecosystem for Digital Financial Markets Launches in Italy

    The First End-to-End Ecosystem for Digital Financial Markets Launches in Italy

    Weltix, BlockInvest, and Seturion sign a strategic agreement to transform digital capital markets and European-scale settlement infrastructure.

    MILAN, June 18, 2026 – Europe has made giant strides in the tokenization of financial instruments, driven by increasingly advanced regulatory frameworks. However, the weak link for mass institutional adoption has always been settlement—a phase that has so far remained fragmented and complex.

    To address this structural challenge, Weltix, BlockInvest, and Seturion (a Boerse Stuttgart Group platform) have announced a strategic collaboration destined to reshape the digital capital markets landscape, positioning Italy as a benchmark model on a European scale.

    The initiative gives rise to the first integrated, end-to-end infrastructure for the issuance, settlement, and trading of DLT (Distributed Ledger Technology)-based financial instruments within the Italian market. This synergy combines three complementary and fully regulated components: the DLT registry managed by Weltix (authorized by Consob under the Italian Fintech Decree), the tokenization technology developed by BlockInvest, and Seturion’s pan-European settlement platform, capable of operating with both on-chain payments and central bank money.

    A Bridge for Private Asset Tokenization

    This ecosystem promises to radically transform operations for banks, intermediaries, corporate issuers, and institutional investors, offering a solution that seamlessly integrates into existing workflows while remaining fully compliant with regulations.

    Under this new model, the entire lifecycle of a security is completely digitalized. An issuer now has the ability to structure and launch tokenized financial instruments via the BlockInvest platform, and subsequently record their circulation on the DLT registry managed by Weltix in total compliance with regulatory frameworks.

    Transaction settlement is managed flexibly on Seturion’s platform, with the option to settle either on-chain or using central bank money. Finally, the instruments gain operational eligibility for MTF and OTC trading environments, securing direct access to Boerse Stuttgart Group’s market venues and other connected European venues.

    Breaking Down Institutional Bottlenecks

    Overcoming fragmentation in the settlement phase represents the true turning point for the market. Until now, the lack of an integrated and secure settlement layer has held back large institutional capital from entering the world of tokenized financial instruments and other Real-World Assets (RWAs).

    Outlook and an Open Ecosystem

    The agreement extends beyond national borders, looking directly at the European market. Seturion, part of the continent’s sixth-largest exchange group with over 160 years of history, brings deep expertise in tokenized securities infrastructure to the project, alongside its strategic control of BX Digital, the first FINMA-licensed DLT trading facility in Switzerland. The open architecture has been specifically designed to support a wide range of digital assets and diverse financial instruments.

    The project stands on solid ground: BlockInvest already counts major banking players such as UniCredit and Crédit Agricole among its shareholders, while Weltix consolidates its position as the only independent infrastructure in Italy simultaneously authorized by Consob, the Bank of Italy, and MIMIT for private asset management. The path toward the efficiency of European digital markets is now firmly set.

    About Weltix S.p.A.

    Weltix is Italy’s first integrated infrastructure for the digital management of private assets, backed by three regulatory authorizations from Consob, the Bank of Italy, and MIMIT (Ministry of Enterprises and Made in Italy). Its regulated platform offers plug-and-play services for issuance placement, natively digital trust custody, and financial instrument tokenization on DLT registries. It enables banks, intermediaries, and private investors to manage unlisted financial instruments in a compliant, digital, and scalable manner across three business lines:

    1. Regulated Placement (EU Reg. 2020/1503, Consob Authorization No. 22966)
    2. Trust Custody & Integrated Taxation (MIMIT Authorization dated 10/03/2020)
    3. Tokenization of Financial Instruments & DLT Registry Management (Consob Authorization No. 23641 issued on 23/07/2025)

    With its plug-and-play architecture, Weltix empowers banks, financial intermediaries, funds, and issuers to seamlessly adopt advanced technology for efficient private asset lifecycle management.

    Media Contacts

    • Weltix S.p.A. | Piazzale Cadorna 13, Milan | press@weltix.tech | www.weltix.tech
  • WELTIX – The Private Asset Operating System

    WELTIX – The Private Asset Operating System

    The regulated infrastructure redefining the digital management of private assets

    ClubDeal Digital evolves into WELTIX, marking the launch of the first “Private Assets Operating System”:
    a regulated FinTech infrastructure that enables a fully digital, transparent, and efficient management of private assets.

    Thanks to its three regulatory authorizations—Consob, the Bank of Italy, and MIMIT—Weltix brings together in a single architecture all processes related to the issuance, placement, custody, governance, and taxation of private assets.
    This integrated model offers banks, intermediaries, institutional investors, and companies a scalable, compliant, end-to-end operating system.

    Weltix is not just another digital platform.
    It is the underlying infrastructure that connects every player in the private assets value chain, enabling process digitalization and the secure circulation of financial instruments.

    With a “compliant by design” approach, Weltix brings new levels of efficiency to the management of shares, units, minibonds, securitized products, and employee share ownership plans, integrating fiduciary and tax workflows in a fully automated environment.
    This allows operators to focus on the strategic value of their work, while Weltix handles operational complexity.

    In a market that is still fragmented and largely analog, Weltix’s infrastructure makes private asset management scalable and interoperable, powered by a technology already tested in the field.
    Today, this technology supports over 110 issuing companies across 7 geographies—Europe, North America, and Asia—managing the assets of more than 16,000 private and institutional clients.

  • Weltix and ARC Real Estate Bring Tokenized Securitization to Professional Private Investors with SOLARIS SPV

    Weltix and ARC Real Estate Bring Tokenized Securitization to Professional Private Investors with SOLARIS SPV

    The transaction—an NPL securitization featuring ABS notes issued natively digital on the public Polygon blockchain—is aimed at a private club deal of non-institutional professional investors.

    Milan, 09/22 2026 – Weltix S.p.A., a company authorized by CONSOB as a DLT Register Manager, announces that it has supported ARC Real Estate S.p.A. in the SOLARIS transaction—a new securitization of NPL (Non-Performing Loan) receivables whose notes are created natively digital on a public blockchain. For the first time, the tokenization of a transaction of this kind expands beyond the institutional realm, opening up to a club deal of professional private investors.

    The underlying portfolio consists of NPL receivables sold directly by banks and backed by real estate collateral: an asset class that is typically difficult for private individuals to access through traditional channels. Thanks to the structure developed by ARC and the implementation of tokenization, professional private investors can access this opportunity directly on the primary market, as the transaction is being structured.

    ARC Real Estate S.p.A. acted as Originator and Special Servicer, coordinating a network of specialized entities. 130 Servicing S.p.A. served as Master Servicer, Corporate Servicer, and Calculation Agent; Greenberg Traurig acted as legal partner. Weltix S.p.A. acted as the DLT Register Manager, ensuring issuance and wallet ownership verification, and will manage the entire lifecycle of the tokenized ABS notes in compliance with Italian regulations introduced by the FinTech Decree, supported by BlockInvest‘s technology. The entire structure was created in compliance with Italian Law 130/99.

    The ABS notes issued by the vehicle are recorded on the public Polygon blockchain. Under this model, the DLT Register Manager serves as the layer guaranteeing legal validity and clear ownership of the instruments: the blockchain is not merely a technology to digitally represent assets and track records, but is embedded within a regulated infrastructure that accompanies the transaction from primary market issuance to potential secondary market trading.

    The transaction confirms the evolution of tokenization from an experimental technology into a concrete operational model for structured finance, capable of expanding the investor base with access to private assets.

  • Interview with Corrado Fiscale, Lawyer and Partner at Bird and Bird

    Interview with Corrado Fiscale, Lawyer and Partner at Bird and Bird

    Corrado Fiscale is one of the leading expert voices in Italy on structured finance. His professional career has witnessed the advent of dematerialization and the growth of fintech. At Bird & Bird, he focuses on structured finance. Regarding the tokenization of financial instruments, he believes the market is mature and that investors and operators need a full understanding of the advantages this technique can offer.

    Who is Corrado Fiscale and what were the milestones that brought you to where you are today?

    I am a lawyer who has been dealing with structured finance for about thirty years. I started in 1996 at Clifford Chance, where I stayed for eight years, splitting my time between the Milan office and the London headquarters. In 2004, I moved with my team to Simmons & Simmons, where I worked for five years and became a partner. Then, from 2009 to 2024, I built the structured finance department at Hogan Lovells. Those were fifteen important years. In July 2024, I began another new stage of my career as a partner at Bird & Bird.

    In such a long career, which project has given you the most satisfaction?

    The next one! I’m serious. Structured finance is a constantly evolving world, and to keep up with it, you must always be up-to-date and willing to innovate. This is exactly what makes the job fun and stimulating, for me and for the people I work with. The greatest satisfaction is always the one that is yet to come.

    Bird & Bird is a law firm with a strong focus on technology and innovation. Was joining it a choice dictated by your nature, or did something else happen?

    Let’s just say we found each other. On one hand, I was no longer comfortable in the firm where I had worked for fifteen years; on the other, Bird & Bird wanted to develop and strengthen its structured finance practice. The conditions were there to build something together. Then, of course, the innovative approach, the leadership in new technologies, and the focus on people were factors that weighed heavily. Without that common ground, it wouldn’t have made sense to embark on this path.

    After dematerialization, now comes the tokenization of traditional finance. Do you see trends you already saw back then? And what is still missing for this technology to become the standard?

    There is a fundamental difference. Dematerialization was introduced by law; it came from top-down, and adapting to it was mandatory. Blockchain, on the other hand, stems from a need of the market and its operators, which is to make financial transactions faster and more secure. It is a bottom-up push. What is still missing is, above all, a cultural shift. All operators, first and foremost the investors, need to fully understand its advantages, including the economic ones. That being said, I have the impression that the market is finally mature and is moving toward this opportunity very quickly.

    What are your expectations for the future then, and on what timeframe?

    Already this year, we have seen the first major tokenization operations on a blockchain structure. I expect rapid widespread adoption to arrive next year and that, within three or four years, blockchain will become commonly used in the financial world. It is no longer a question of “if,” but of “when,” and the timeframes are getting shorter.

  • Digital Fiduciary: How Capital Raising Management is Changing

    Digital Fiduciary: How Capital Raising Management is Changing

    The fiduciary company is one of the most effective tools for neatly managing a capital raise with multiple investors. It keeps the cap table clean, simplifies the exercise of rights, and consolidates into a single point of contact what would otherwise be fragmented across dozens of entities. With digitalization, all of this becomes faster and simpler than ever. Let’s look at what a fiduciary does, how it works, and what changes when it goes digital.

    What a Fiduciary Is and What It Does in Practice

    A fiduciary company (regulated by Law No. 1966/1939) manages equity holdings and rights on behalf of the trustors based on a mandate. In practice, when an investment is made through a fiduciary, the fiduciary becomes the registered holder of the share and appears on the shareholder register and the company registration filing of the investee company, while the trustors remain the ultimate beneficial owners. This separates ownership which remains with the trustors from formal registration, which remains with the fiduciary.

    This separation does not affect economic rights. The individual trustor continues to receive dividends and capital gains and issues instructions regarding decisions (voting, participating in capital increases, selling) that the fiduciary executes on their behalf. It is an administrative tool, not an investment product, and it is not an opaque shield: the fiduciary knows the trustors and is subject to identification and customer due diligence obligations regarding anti-money laundering.

    This model is particularly useful in operations with many investors, such as club deals. Instead of having dozens of individuals appear separately on the cap table, the fiduciary represents them as a single registered entity. The ownership structure remains orderly, collecting instructions and exercising rights becomes simplified, and the company raising capital manages meetings and capital increases without becoming bogged down.

    The Limitations of the Traditional Fiduciary

    The way fiduciaries have historically been managed—on paper with manual steps—presents certain limitations. These do not concern the legal nature of the tool, but rather the process, and center on three main points:

    • Speed: Activating a mandate—between collecting documents, original signatures, and setup—takes anywhere from a few days to several weeks. This delay is problematic when the transaction is already underway and the mandate is the final step before closing, often needing to be completed for dozens of entities.
    • Bureaucracy: Every stage relies on physical documents in multiple copies, multiplying compliance burdens and increasing the margin for error with every manual step.
    • Group Coordination: When there are many investors, collecting their instructions and forwarding them to the fiduciary through forms, emails, and reminders becomes a slow, manual chore.

    Because these limitations stem from the process rather than the legal tool itself, the digital fiduciary steps in to streamline that very process.

    What a Digital Fiduciary Is and What It Solves

    A digital fiduciary transitions the entire lifecycle—mandate opening, onboarding, instruction gathering, compliance, reporting, and transfers—onto an online platform instead of managing it on paper. The legal nature of the tool does not change; what changes is process execution, which resolves the three limitations of the traditional model.

    Opening a mandate occurs entirely online, even from a mobile device. Investor identification and document signing are completed remotely via qualified electronic signature, eliminating paper documents. This compresses timeframes from weeks to just minutes and removes physical bureaucracy.

    From that point forward, the entire lifespan of the mandate is managed through a single dashboard: the trustor views their holdings, documents, and communications, and issues instructions (voting, transfers, sales) in a few clicks with full traceability. Corporate communications, general meeting administration, periodic reporting, and tax benefit documentation are all handled by the platform.

    Coordinating large groups of investors no longer requires collecting instructions one by one; each investor operates online, and every decision remains tracked. Because previously manual work becomes a standardized process, recurring mandate costs are reduced as well. As a result, operations cease to be a bottleneck. The fiduciary returns to being chosen for its primary function—the most orderly way to manage a multi-investor transaction—without the friction of paper-based workflows.

    Weltix Fiduciaria

    Weltix Fiduciaria S.p.A., authorized by the Italian Ministry of Enterprises and Made in Italy, operates under this model through the platform www.weltix.tech, which is also accessible via smartphone:

    • Fast Mandate Setup: Open a mandate in 7 minutes, completely online, compared to weeks under traditional processes.
    • Digital Onboarding & KYC: Remote identification and qualified electronic signatures with zero physical paperwork.
    • Unified Dashboard: View equity holdings, documents, and communications, and issue instructions with just a few clicks.
    • Integrated Management: Seamlessly handle corporate communications, tax compliance, and governance; adding investors or managing subsequent transactions adds no administrative complexity.

    This infrastructure reduces processing time and operational friction, making access to private assets simpler for both investors and capital-raising companies.

  • Interview with Luciano Serra, Country Manager Italy at Boerse Stuttgart Digital

    Interview with Luciano Serra, Country Manager Italy at Boerse Stuttgart Digital

    Boerse Stuttgart Group, through the Seturion project, is Weltix’s technology partner for the near-real time settlement of tokenized financial instrument transactions. In this interview, Luciano Serra discusses Boerse Stuttgart’s evolution in digital assets, the decision to focus exclusively on institutional investors in Italy, and the outlook for security tokens (tokenized financial instruments)—which Serra believes are destined to progressively replace today’s dematerialized financial instruments.

    Who is Luciano Serra, and how did you enter the world of digital finance?

    I am an electronic engineer with a master’s degree from Bocconi University. I have spent around thirty years working in technological and financial innovation, with the last fifteen focused primarily on fintech. I got involved with blockchain in 2017, and in 2018 I co-founded Iconium—an Italian initiative created to support international startups developing protocols, blockchains, and tokens, mainly by investing in their tokens. This experience eventually led me to represent Boerse Stuttgart Digital in Italy.

    What is Boerse Stuttgart Digital, and how was its expertise built?

    Boerse Stuttgart Digital is the digital asset and digital finance arm of the Stuttgart Stock Exchange Group. Behind it is an exchange group with a 165-year history—the second-largest in Germany after Frankfurt and the sixth-largest in Europe.

    Our digital journey began between 2017 and 2018 with the acquisition of a specialized company, followed by the launch of our first services in 2019: initially a Multilateral Trading Facility (MTF) to buy, sell, and custody crypto assets, and later Bison, a retail brokerage app.

    From the very beginning, we adopted a fully regulated model, obtaining several licenses in Germany. Today, we also hold a MiCAR license and operate in Italy, Germany, Austria, Switzerland, France, Spain, and Slovenia.

    How are you approaching the Italian market?

    In Italy, we chose an exclusively institutional positioning, unlike in Germany and other countries where we also serve retail clients. Our goal is not to compete with traditional financial players, but to become the partner of choice for regulated entities looking to enter digital finance.

    We serve hundreds of thousands of retail clients globally and dozens of institutional clients. We apply the same rigorous processes to digital assets as traditional finance—ranging from compliance and anti-money laundering (AML) to combating financial crime. These are standards we adopted even before they were explicitly mandated by regulations.

    Boerse Stuttgart Digital also has a market segment dedicated to security tokens. What are they?

    Unlike cryptocurrencies, security tokens are financial instruments such as stocks and bonds that, instead of being centrally dematerialized, are cryptographically recorded on a blockchain or Distributed Ledger Technology (DLT). In Italy, they are commonly referred to as tokenized financial instruments.

    These instruments do not fall under MiCAR regulations, but rather under the DLT Pilot Regime—the temporary European regulatory framework upon which the Italian Fintech Decree and the Consob authorization (which designates Weltix as the manager of the DLT register) are based.

    As an exchange dedicated to security tokens, we are preparing to become operational in the European Union, having already been operational in Switzerland for a year. Within the EU, we plan to launch our services from Stuttgart early next year.

    Do you believe there is genuine interest in tokenized financial instruments?

    Absolutely. We are looking at a market driven by technological replacement: just as we transitioned from paper certificates to dematerialized securities, the next step will be moving toward tokenized ones.

    The benefits are significant: a reduction in intermediaries and costs, greater liquidity and fractional ownership, and, above all, faster settlement—moving from the current two days to around 30 minutes, which in the future could be reduced to just a few seconds. Furthermore, tokenization can expand the investor base to include younger generations who prefer interacting through a wallet rather than opening a traditional securities account.

    Finance quickly adopts technologies capable of improving efficiency, speed, and margins. For this reason, I consider the adoption of tokenization to be inevitable; it innovates the underlying infrastructure without altering the core nature of finance.

    Major U.S. players are already several years ahead: institutions like JP Morgan and BlackRock, after initial skepticism, have fully embraced both the crypto world and security tokens. While it is hard to pinpoint exactly how quickly this transformation will happen, the direction is clear: security tokens are destined to progressively replace the current dematerialized model.

    What is the nature of the collaboration between Boerse Stuttgart Digital and Weltix?

    Within the Boerse Stuttgart Group, we created Seturion—our company dedicated to the settlement of security tokens, which involves the exchange of funds (in traditional fiat currency or stablecoins) for tokenized financial assets.

    Alongside Weltix (the legal infrastructure backed by Consob authorization) and BlockInvest (the technology infrastructure), Seturion acts as the settlement infrastructure.

    This three-legged partnership, combined with the operations already executed in Italy, aims to establish an industry standard in the country for all institutions looking to adopt financial instrument tokenization.

  • Interview with Lorenzo Rigatti, Founder of BlockInvest, Weltix’s Technology Partner for Financial Instrument Tokenization

    Interview with Lorenzo Rigatti, Founder of BlockInvest, Weltix’s Technology Partner for Financial Instrument Tokenization

    Lorenzo Rigatti is the founder and CEO of BlockInvest, Weltix’s technology partner for financial instrument tokenization. In this interview, Lorenzo Rigatti reflects on his journey, the creation of BlockInvest, and the collaboration with Weltix, a Consob-authorized DLT Register Operator.

    Who is Lorenzo Rigatti?

    I was born in Naples in 1989 and, even before calling myself an entrepreneur, I consider myself a sports and technology enthusiast. For many years, basketball was a fundamental part of my life, and I believe it taught me two key lessons that I bring to work every day: the value of teamwork and the ability to manage pressure in complex situations.

    After high school, I moved to Turin to study Engineering at the Politecnico, which included an internship experience in Detroit. I then began my professional career at Fincantieri, but at a certain point, I realized I wanted to build something of my own. Discovering the blockchain world marked the turning point of my professional life.

    Can you tell us about your professional journey?

    Looking back, I view my path as a combination of very different yet complementary experiences. The first phase was industrial at Fincantieri, where I worked as a Project Planner in cruise ship construction. It was an incredible training ground: managing multi-hundred-million-euro projects with strict deadlines and international stakeholders taught me what it truly means to handle operational complexity.

    Afterward, I moved to Switzerland, jumping into the heart of the European blockchain ecosystem. First with Noku and then with Luxochain, I deepened my understanding of both the technical and business aspects of blockchain, including working on luxury authentication through NFTs.

    That experience made me realize not only the technology’s immense potential, but also its limitations when it fails to engage with the regulated world. The synthesis of my entire journey emerged from that insight: BlockInvest.

    How did you discover the world of blockchain?

    I was still working at Fincantieri when I realized that blockchain was a technology capable of profoundly transforming the inner workings of financial markets, asset management, and digital trust. From that point on, I began studying protocols, infrastructure, and use cases in traditional finance.

    How was BlockInvest born, and what were its key development milestones?

    BlockInvest was officially founded in Milan at the end of 2019, but the idea had matured the previous year while I was working in Switzerland alongside Fabio Pacchioni, who would later become the company’s CTO. Our initial idea was to tokenize real estate, but we quickly ran up against European regulatory constraints.

    From there, we realized the real opportunity lay not in tokenizing real estate directly, but in working on financial layers and regulated instruments. That was the strategic pivot that led us to become a smart-contract factory for finance.

    In the following years, we built a very gradual yet concrete track record. In 2021, Crédit Agricole Italia fully subscribed our pre-seed round, providing strong industrial validation for the project. In 2022, we entered the European market by working on tokenized green bond operations in Luxembourg. In 2023, we were selected both by Borsa Italiana for Euronext’s TechShare program and by the Bank of Italy in its Call for Proposals.

    The year 2024 was likely our breakthrough year: we won CDP’s tender for the first Italian institutional tokenized financial instrument, subscribed by Intesa Sanpaolo. In 2025, we carried out the equity tokenization of Weltix, the first E4 tokenized minibond purchased by UniCredit and CDP, and the first structured note issued by UniCredit aimed at retail investors. Finally, in 2026, UniCredit itself acquired a stake in BlockInvest as the lead investor.

    What does BlockInvest offer?

    BlockInvest is an institutional tech infrastructure for the tokenization of financial instruments. One of our key defining features is the “permissioned token on permissionless ledger” model: we leverage public blockchains like Polygon to ensure transparency and resilience, but with proprietary control layers that grant full regulatory compliance over token management.

    What is the nature of the partnership between BlockInvest and Weltix?

    The collaboration with Weltix is very close and represents one of the most advanced examples of regulated tokenization in Italy today.

    BlockInvest provides the tech infrastructure for issuing and managing digital financial instruments, while Weltix operates as a DLT Register Operator authorized by Consob. In practice, the two companies work complementarily: we develop the technology layer and smart contracts, while Weltix handles the regulatory component related to the digital circulation of financial instruments.

    The main tokenization transactions carried out in Italy mentioned earlier—stemmed directly from this partnership. Our shared goal is to build a new infrastructure for European financial markets one that is more digital, efficient, and accessible.

  • First Italian Securitization with Blockchain-Native ABS Launched

    First Italian Securitization with Blockchain-Native ABS Launched

    Sorec, a specialist operator in the acquisition and recovery of distressed financial, banking, and insurance credit portfolios, today announces Italy’s first Non-Performing Loan (NPL) securitization transaction featuring the issuance of native digital Asset-Backed Securities (ABS) on the blockchain.

    The initiative, promoted, conceived, and structured by RE Chain Srl—which acted as transaction coordinator overseeing its development and implementation, features Sorec as Special Servicer, supported by 130 Servicing as Master Servicer and calculation agent for the vehicle, Weltix as manager of the DLT register for Digital Circulation (authorized and supervised by Consob); BlockInvest as the platform and technological infrastructure provider powering the entire operation; and Simmons & Simmons as legal advisor to the transaction.

    The transaction introduces a fully digital operating model that improves the overall efficiency of the entire securitization lifecycle. Benefits include a reduction in costs, intermediaries involved, and time required for issuance and settlement. This yields greater transparency and traceability, giving investors and stakeholders direct and continuous access to information regarding portfolio performance, cash flows, and note status. It also enables enhanced risk control and management—a particularly critical aspect for NPL and UTP portfolios, where information quality is key.

    The transaction involved establishing a dedicated compartment within the Dolomiti SPV securitization vehicle, issuing a single class of asset-backed notes up to a maximum amount of €23 million. These notes are natively registered and managed on a public blockchain, marking a significant innovation in the Italian NPL market. The underlying portfolio consists of 134,167 non performing loans with a total Gross Book Value (GBV) of €965,581,897.80.

    Sorec relied on the contributions of a multidisciplinary internal team. Specifically, Claudia Lo Curto, attorney and Head of Legal & Compliance at Sorec, who handled the legal structuring of the compartment and the definition of the transaction’s contractual framework, and Stefano Platini, NPL Strategy, responsible for defining and overseeing portfolio management strategies, contributing to pricing definition, business plan development, and financial structuring throughout the investment lifecycle.