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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.

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.

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.

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.

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.

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

The Conditional Subscription Agreement (ASC) combines legal innovation with regulated fintech infrastructure to align co-investment processes between funds and private investors, making transactions faster and more efficient. Already proven in live transactions, the framework is now public to establish a new industry standard.

MILAN, May 13, 2026 – Weltix, a leading fintech platform specializing in the digitization of unlisted financial instruments (private assets), in collaboration with law firm LEXIA and the Italian Tech Alliance, has unveiled the Accordo di Sottoscrizione Condizionato (ASC / Conditional Subscription Agreement). This new legal-operational framework is designed to make co-investment between institutional and private investors more efficient, aligned, and scalable.

The initiative took center stage at an launch event held on May 7 at LEXIA’s headquarters in Milan. The session highlighted the core features and practical applications of the ASC, which has already been successfully deployed in live transactions—including an €8 million secondary market operation involving D-Orbit S.p.A.

In the current market landscape, investment rounds that combine venture capital/private equity (VC/PE) funds with private investors often suffer from misaligned timelines, operational bottlenecks, and fragmented processes. These inefficiencies frequently disrupt deal execution and jeopardize overall transaction success. The ASC was created to overcome these hurdles. It introduces a regulated mechanism that allows platforms to raise capital from private investors ahead of the fund’s closing, subject to specific conditions precedent. The entire process is managed via platforms authorized and supervised by Consob in accordance with European Crowdfunding Service Providers (ECSP) Regulation (EU) 2020/1503.

By seamlessly integrating this legal instrument with a regulated digital infrastructure, the ASC transforms private investors from a fragmented, ancillary component into a fully integrated and strategic asset within the funding round.

LEXIA spearheaded the development of the ASC’s contractual architecture, defining its legal foundations and applications across various investment scenarios.

The Italian Tech Alliance, the benchmark association for the Italian venture capital and innovation ecosystem, supported the initiative to drive adoption and foster dialogue around these new operational workflows.

To maximize its impact on the industry, the ASC framework has been made available to the entire ecosystem as an open-source tool.

Media Contacts

Italian Tech Alliance | info@italiantechalliance.com | www.italiantechalliance.com

Weltix S.p.A. | press@weltix.tech | www.weltix.tech

LEXIA | milano@lexia.it | www.lexia.it

Already active in the equity incentive plans segment through partnerships with Uptevia and Optio Incentives, Weltix is structuring a direct go-to-market approach to consolidate its role as the benchmark Italian provider for multinationals, listed mid-caps, and innovative SMEs.

MILAN, May 12, 2026 — Weltix operates in the Italian equity compensation market as a partner to two of the sector’s leading international players: Uptevia, a joint venture between BNP Paribas SA and CACEIS Bank, which serves as the benchmark provider for share registry services and stock plan administration for major French groups such as EssilorLuxottica, Sanofi, and Saint-Gobain; and Optio Incentives, a European platform specializing in stock plan administration. To accelerate the penetration of its solutions within the Italian corporate market, Weltix announces the appointment of Gianni Orlandi as Senior Manager Equity Compensation, who will be responsible for leading and developing the business line dedicated to ESOP (Employee Stock Ownership Plan) and LTI (Long Term Incentive) plans.

A Consolidated Operational Base, Two International Partnerships

Equity compensation represents one of the most significant levers for talent attraction and retention in Italian companies of all sizes. Multinationals with Italian employees, listed mid-caps, and innovative SMEs increasingly rely on stock plans and stock options as central components of their reward and retention strategies. Weltix operates in this segment as the Italian withholding tax agent (sostituto d’imposta) for plans administered by Uptevia on behalf of international groups with employees in Italy, including EssilorLuxottica, Sanofi, and Saint-Gobain. On this consolidated operational foundation, the company is now launching a dedicated business line aimed directly at the corporate market, with the goal of offering an integrated value proposition that combines the technical depth of its trust structure with direct local client insight.

The Role of Senior Manager Equity Compensation

Orlandi will assume direct responsibility for the development of the business line, overseeing new business development, corporate client relations, strategic partnerships, and the coordination of operational delivery. Key areas of focus include: defining the go-to-market strategy, qualifying and closing new commercial agreements, managing existing accounts with responsibility for retention and cross-selling, co-designing the evolution of the offering, and defining the pricing model and competitive positioning.

Profile of Gianni Orlandi

Gianni Orlandi brings over ten years of experience in strategy and go-to-market roles at leading consulting firms and industrial groups. At Deloitte, where he held the position of Senior Strategy Manager, he led over thirty go-to-market initiatives in the banking, insurance, real estate, and investment management sectors, managing substantial budgets and multidisciplinary teams. Throughout his career, he has developed deep expertise with financial and insurance clients, including post-merger integration projects at Banca Patrimoni Sella and program management at Nexi, overseeing 80 projects across 8 divisions. Previously, at PwC and Capgemini Invent, he managed omnichannel and digital projects for major European banking, insurance, and telecom groups.

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:

• Regulated Placement (EU Reg. 2020/1503, Consob Authorization No. 22966)
• Trust Custody & Integrated Taxation (MIMIT Authorization dated 10/03/2020)
• Tokenization of Financial Instruments & DLT Registry Management (Consob Authorization No. 23641)

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.

Partners

• Uptevia is the European leader in share registry services and equity compensation plan administration. Born from the integration of the issuer services business lines of BNP Paribas Securities Services and CACEIS, Uptevia serves over 350 listed issuers and manages stock plans for hundreds of multinationals, including EssilorLuxottica, Sanofi, and Saint-Gobain.
• Optio Incentives AS is a Norwegian stock plan administration platform, headquartered in Oslo and with a consolidated presence in the Italian market, specializing in software and services for the end-to-end management of employee stock plans. Optio serves corporate clients across Europe with an offering that combines technology, multi-jurisdictional compliance, and local tax services, including its collaboration with Weltix Fiduciaria for the Italian market.

The entry of two heavyweights from wealth management, private insurance, and quantitative finance accelerates the fintech’s positioning as the benchmark regulated infrastructure for private assets in Italy.

MILAN, 2026 – Weltix S.p.A., the first integrated and regulated fintech infrastructure for the digital management of private assets in Italy, announces a major enhancement of its governance with the appointment of Giuseppe Frascà and Mario Bortoli to its Board of Directors.

The appointment of two highly prominent figures in the Italian and European financial landscape comes during a phase of strong strategic acceleration for Weltix. The objective is to consolidate the company’s role as the leading technological and infrastructural partner for banks, advisory networks, and asset managers, backed by its three authorizations supervised by Consob, the Bank of Italy, and MIMIT (Ministry of Enterprises and Made in Italy).

Profiles of the New Board Members

Giuseppe Frascà is one of the leading figures in wealth management and private insurance in Italy and Europe. He holds a Law degree with a specialization in tax law from the Università Cattolica of Milan and began his professional career at the Zurich and RAS-Allianz groups. In 2001, he founded Farad International Luxembourg, an insurance broker that was among the first to introduce unit-linked and index-linked products under the Freedom to Provide Services (FOS) framework in Italy. In 2010, he co-founded Firstance (formerly First Advisory), today a leading European tech platform for private insurance solutions in wealth management, with over €40 billion in intermediated assets, where he currently serves as Founder & Board Member. From 2007 to 2010, he was also Chairman of the Permanent Technical Commission on Private Insurance established within AIPB (Italian Private Banking Association).

Mario Bortoli brings over twenty years of experience at the highest levels of asset management and quantitative finance. He holds a degree in Electronic Engineering from the University of Padua and earned a Master of Science in Computational Finance from Carnegie Mellon University in Pittsburgh. Throughout his career, he has held senior leadership roles at Dresdner Kleinwort Benson in London, Banca Monte dei Paschi di Siena, Sanpaolo Alternative Investments, and Eurizon Alternative Investments—where he served as General Manager and Chief Investment Officer—as well as Fideuram Investimenti SGR, where he was Head of Multi-Manager Investments. In 2015, he co-founded Euclidea SIM, the first Italian digital wealth management firm, which was recently acquired by Banca Ifis. He currently serves as Chairman of the Board of Directors at Hercle, an institutional infrastructure that integrates fiat currencies, digital assets, and stablecoins for global payment flows.

Corporate Statement

The addition of Frascà and Bortoli to the Weltix board addresses the need to guide a market—that of private assets and tokenization via DLT (Distributed Ledger Technology)—which is undergoing a structural paradigm shift. The combination of regulatory expertise, deep knowledge of private distribution networks, and quantitative asset management experience of the new directors will enable Weltix to accelerate the development of solutions capable of seamlessly, digitally, and scalably connecting the €5 trillion of Italian private savings with the real economy.

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. 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
• IRTOP Consulting – Media Relations Advisor | Via Bigli 19, Milan | +39 02 4547 3884

Corporate Information

• Company: Weltix S.p.A.
• Placement: Consob Authorization No. 22966
• DLT Registration: Consob Authorization No. 23641 (issued 23/07/2025)
• VAT Number: 09650010961
• Certified Email (PEC): weltix@pec.it
• Registered & Operational Headquarters: Piazzale Cadorna 13, 20123 Milan, Italy

Securitization Goes Natively Digital on DLT

Milan, June 8, 2026 · 5 min read

Weltix and doValue announce a partnership to issue and circulate securitization notes directly on a DLT registry, leveraging Weltix’s Consob-authorized infrastructure.

Securitization is one of the financial system’s most widely used tools for transforming receivables, mortgages, loans, and invoices into tradable securities.

While highly effective, it comes with a burden well-known to industry professionals: multiple intermediaries, manual reconciliations, long settlement times, and structuring costs that often make mid-sized transactions unsustainable.

This exact friction is the focus of the partnership announced on June 8, 2026, by doValue and Weltix.

The two companies have forged a strategic partnership to apply Distributed Ledger Technology (DLT) to securitization transactions—the first initiative of its kind in Italy.

The concept is simple in theory but highly complex in execution: securities are issued, held, and circulated digitally on a distributed ledger, while maintaining full legal equivalence with traditional instruments.

doValue, a leading European provider of integrated financial services with approximately €136 billion in assets under management, is opening access to this new funding tool for its client base. Weltix acts as the DLT Registry Manager, authorized by Consob (Authorization No. 23641).

Two complementary sets of expertise: the structuring and servicing of complex transactions on one side, and compliant natively digital issuance on the other.

Cosa cambia quando il titolo nasce su un registro distribuito

The practical result is a streamlined settlement and servicing process. Transaction settlement cycles are shortened, and data governance becomes truly end-to-end. Consequently, smaller-scale transactions—which are currently penalized by the fixed costs of traditional structuring—become economically viable. This is not the replacement of a financial instrument, but its technological upgrade within the existing regulatory framework.

The impact on issuers and investors

For Issuers. Banks, intermediaries, funds, and corporates gain access to a more efficient and scalable issuance tool, featuring streamlined processes and data control across the entire lifecycle.

For Investors. The native digitization of securities translates into greater transparency, faster settlement, and broader accessibility. This makes mid-sized transactions viable—assets that, under the traditional model, often fall short of the profitability threshold due to high structuring costs.

For Weltix, this confirms its role as a regulated technological infrastructure that enables financial institutions to adopt digital private asset management without forcing them to reinvent their processes.