RQD* Raises $74 Million for Tokenized Markets
Bain Capital is leading the round, with ABN AMRO Clearing Bank also on board. RQD* wants to expand its clearing and custody infrastructure for tokenized securities and onchain settlement.
Key Takeaways
- RQD* Clearing raised $74 million to expand its infrastructure for digital assets and tokenization.
- Bain Capital Tech Opportunities led the round, with participation from ABN AMRO Clearing Bank and Nyca Partners.
- The company wants to expand in North America, Asia, and the Middle East and is working on custody and tokenization products.
RQD* Clearing has raised $74 million to expand its infrastructure for digital assets and tokenization. The American clearing and custody firm wants to better serve a crypto market and capital market that are increasingly operating onchain.
Bain Leads the Round
Bain Capital Tech Opportunities led the minority investment. ABN AMRO Clearing Bank and Nyca Partners also participated, the company said Thursday.
RQD* wants to use the capital to expand in North America, Asia, and the Middle East. The company is also working on products for digital asset custody and tokenization.
The move shows that attention in tokenization is not only going to issuing tokens, but also to what is needed after that. Tokenized securities still need custody, clearing, risk management, and settlement, especially now that trading is happening more and more outside traditional market hours.
More Pressure on Market Infrastructure
RQD* provides clearing and custody for broker-dealers, investment advisers, and foreign financial institutions looking for access to the U.S. market. The company tracks positions, moves securities and cash, and manages risk between a transaction and final settlement.
In March, RQD* already worked with Blue Ocean Technologies on clearing and settlement infrastructure for tokenized U.S. NMS stocks. That project aligned with the emerging framework of the Depository Trust & Clearing Corporation, the group that supports clearing and settlement for the U.S. securities market. In June, the DTCC also took a step toward 24/5 clearing.
For European crypto and market watchers, this matters because tokenization is increasingly shifting from experiment to market infrastructure. The growth of tokenized RWAs and the interest from major financial firms show that the market's back end is changing fast too, not just the tokens themselves.
Large Volume in the Traditional Market
RQD* also said it has already processed about 515 million stock transactions this year, with a value of nearly $2 trillion (€1.7 trillion). That works out to about 2.4% of U.S. National Market System stock trading.
That existing scale makes the new move into digital assets stand out. The company is now trying to connect its role in the traditional market with the infrastructure needed for tokenized securities and other onchain products.
