A single list of investors, shared by the various stakeholders in a fund: this is the principle behind the register that LetzToken plans to launch by the end of 2026. The Luxembourg-based company behind BlocHome and Reboost announced on 26 October that the first two funds will adopt the system in 2027, without revealing their identities.

A €1.5m fundraising round in the spring is funding the development, which is expected to take nine months rather than the twelve originally planned. LetzToken is thus expanding its business to include the provision of infrastructure for the fund industry.

A shared list to avoid overlaps

“A Luxembourg-based fund now maintains the same list of investors in three or four different places, and pays teams to check that they are all saying the same thing,” explains Arthur Salkin, CEO of LetzToken.

The register is based on distributed ledger technology, or DLT. Each participant views a single record with their own access rights. According to the company, this system should eliminate the need to reconcile lists during subscriptions, redemptions and transfers.

This initial version relates solely to the back office: payments and settlement will continue to operate as at present. LetzToken provides the technology without holding a licence. Institutions that hold the necessary authorisations retain their mandates, in particular the role of registrar and, where applicable, that of supervisory authority.

The experience of BlocHome and Reboost

“We’re not starting from scratch,” emphasises Arthur Salkin. According to him, the technology has been maintaining tokenised securities registers on the LetzToken platforms for nearly five years. “The funds benefit from this experience from day one,” he says.

Since 2021, BlocHome has enabled more than 400 private individuals to invest in the Clapton residential complex in Luxembourg-Cessange via a securitisation vehicle, according to the company. Since December 2024, a secondary market has enabled them to trade their securities amongst themselves. Reboost, for its part, has been financing the construction of housing since 2025: its first two projects, in Steinfort, have received a total of nearly €2m in funding. Both platforms will operate on the new infrastructure.

Two new directors

Within a year, the team grew from two to nine people, including, in particular, the appointment of Petra Krizan as chief strategy officer in September. Pierre Kreemer, managing partner at Estate Real, and Patrick Wies, chartered accountant and independent adviser on strategy and governance, are also joining the board of directors, alongside Jean-Paul Scheuren and Romain Poulles.

Patrick Wies intends to ensure that governance inspires confidence, “through rigorous implementation and ongoing dialogue with authorised stakeholders”.

LetzToken then plans to link payments and settlement to the ledger, and subsequently to enable communication between the ledgers of different institutions. These developments are subject to the applicable regulatory framework and to agreements with institutions that hold the necessary authorisations.