Thursday, October 16, 2025

Lise: France’s Tokenized Stock Exchange Poised to Disrupt IPOs

France's Lightning Stock Exchange (Lise) secures a DLT license, aiming to revolutionize IPOs in Europe with tokenized equities, backed by major banks and...

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Lise: France’s Tokenized Stock Exchange Poised to Disrupt IPOs

A New Dawn for European IPOs

The financial landscape in Europe is bracing for a potential paradigm shift. Lightning Stock Exchange (Lise), a French startup backed by prominent financial institutions like BNP Paribas and Bpifrance, has received a Distributed Ledger Technology (DLT) trading and settlement (TSS) license from the French Prudential Supervision and Resolution Authority (ACPR). This crucial authorization paves the way for Lise to launch a fully tokenized equity exchange, primarily targeting small and medium-sized enterprises (SMEs). This move positions Lise as a pioneer, poised to fundamentally reshape how initial public offerings (IPOs) are conducted in the European market.

Understanding the DLT TSS License

The DLT TSS license, granted under the European Union’s DLT Pilot Regime, provides a legal framework for market infrastructures utilizing distributed ledger technology. This regime, which came into effect in March 2023, aims to facilitate the trading and settlement of crypto assets classified as financial instruments. Lise’s DLT TSS license allows it to merge market and post-trade functions into a single infrastructure, essentially combining multilateral trading facilities (MTFs) with central securities depositories (CSDs). This integrated approach represents a significant advancement in market operations.

Market infrastructures within the EU’s DLT Pilot Regime. Source: The European Securities and Markets Authority
Market infrastructures within the EU’s DLT Pilot Regime. Source: The European Securities and Markets Authority

Tokenization: A Catalyst for Change

Lise‘s core mission revolves around tokenization, aiming to drastically reduce the costs and improve the security of IPOs. By leveraging asset tokenization, Lise plans to offer a more efficient and accessible pathway for SMEs to access capital markets. This could lead to a more diverse and vibrant investment ecosystem within Europe. The company anticipates its first tokenized IPO to launch in early 2026, serving as a proof of concept, with plans to tokenize ten more IPOs in 2027.

Backed by Banking Giants

The project enjoys considerable backing from major financial players. Crédit Agricole, through its asset servicing banking group Caceis, has invested in Kriptown, Lise‘s parent company. This investment underscores a broader trend of established financial institutions embracing digital assets and exploring the potential of tokenization to modernize market infrastructure. This backing provides Lise with a solid foundation as it navigates the complexities of launching a new exchange.

Implications and the Road Ahead

The emergence of Lise highlights the growing momentum of tokenized securities within the EU. Major crypto exchanges, like Gemini and Kraken, have already introduced tokenized securities products for European customers. Lise‘s efforts could serve as a catalyst for broader adoption, influencing how traditional financial institutions and investors approach digital assets. The success of Lise‘s initial tokenized IPOs will be crucial in determining the future of this market. This innovative approach, if successful, could redefine how companies raise capital and how investors participate in the market.

The future looks promising for this new financial venture.

Daniel Hayes
Daniel Hayes
Daniel Hayes is a seasoned cryptocurrency analyst specializing in market trends and trading strategies. With over a decade of experience in financial markets, Daniel provides in-depth analyses and price predictions to guide investors through the complexities of the crypto world.

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