Cordial Systems, Dusk, and NPEX have joined forces to develop one of Europe’s first blockchain-powered stock exchanges, combining regulatory compliance with the benefits of decentralized technology.
NPEX: Bridging Traditional Markets with Blockchain
NPEX, a licensed stock exchange operating a multilateral trading facility (MTF) in the Netherlands, is bringing regulated financial instruments on-chain by issuing, trading, and tokenizing assets using Dusk. By supporting both primary and secondary market trading, NPEX is positioning itself at the forefront of financial market modernization.
MTF operators utilizing distributed ledger technology must ensure compliance with the existing regulatory framework, particularly concerning market integrity, investor protection, and systemic risk management.To help facilitate post-trade processes and settlements, NPEX has selected Cordial Systems’ self-hosted wallet solution, Cordial Treasury. This integration enables on-premise wallet management at the stock exchange, ensuring full control and security without reliance on external third-party custody solutions.
Dusk: Privacy, Compliance, and Institutional-Grade Infrastructure
Dusk is a public blockchain offering privacy and compliance, including auditability—essential requirements for business processes involving regulated financial institutions. By partnering with Dusk, NPEX not only modernizes its operations but also gains significant cost savings while benefiting from the same composability and liquidity as DeFi. NPEX and Dusk have been working together to bring the stock exchange on-chain, enabling the tokenization and native issuance of regulated assets.
Cordial Systems: Delivering Institutional-Grade Custody
Cordial Systems is already a trusted partner in the tokenization space, working with industry leaders such as Figure Markets which launched a US Securities and Exchange Commission (SEC) registered yield-bearing stablecoin. Figure has also originated over $10 billion in private credit on-chain through a sister entity.
For NPEX, Cordial Treasury was the natural choice due to its seamless deployment and fully on-premises capability. As a regulated financial institution, NPEX requires full control over its technology stack and cannot risk exposure to black-box SaaS custody solutions. Cordial’s rapid blockchain integration capabilities—adding support for new chains in just a few weeks—made its integration with Dusk, as an approved Layer 1 blockchain for NPEX, straightforward.
Additionally, existing Cordial clients can now leverage the Dusk network to hold and transfer assets, expanding the institutional adoption of compliant blockchain solutions.
The Future of On-Chain Finance in 2025
The momentum behind on-chain finance continues to accelerate in 2025. From the tokenization of money market funds to the increasing adoption of stablecoins, financial institutions are expanding their presence in blockchain-based markets.
With Dusk’s mainnet launch earlier this year, the tokenization and native issuance of regulated assets are gaining significant traction. In partnership with NPEX, Dusk is building the necessary infrastructure to enable institutions of all sizes to adopt distributed ledger technology securely and compliantly. Their approach, rooted in EU regulatory compliance and strategic partnerships, is paving the way for mass institutional onboarding into the blockchain-powered financial ecosystem.
As more institutions recognize the benefits of blockchain-driven efficiency, cost savings, and security, collaborations like this set the foundation for a more transparent, accessible, and innovative financial market.
For additional details, refer to the official press release with Business Insider here.
