CoreLedger

CoreLedger AG is a company under Liechtenstein law with its seat in Schaan. The Swiss subsidiary CoreLedger Labs has its office in Baar. Dr. Johannes Schweifer founded CoreLedger in March 2017 after he had sold a crypto brokerage business, and is its CEO.

The Token Economy Operating System, TEOS, is the blockchain service layer under the products of CoreLedger: prebuilt smart contracts, token accounting, governance rules and trading logic that a business connects through one API. TokenWARP is the settlement engine inside TEOS, and the Active Sandbox is a non-production environment for quick prototypes. Clients of CoreLedger include the Swiss gold trader Finemetal, the listed investment company RealUnit and the notary app NOTRZR by Notardec, in real estate, financial services, supply chain and education.

Asset tokenization means that a right to an asset, such as a gold bar, a building or a bond, is recorded as a token on a blockchain. The token can then be held in a wallet, traded and settled without a paper certificate. Real world asset tokenization, RWA for short, is the same idea for physical and financial assets outside crypto.

The law of each country decides what a token is and which rules apply to it. In Germany, the basis of tokenization is the Electronic Securities Act (eWpG), which lets a company issue a bond or share as a crypto security, recorded in a crypto securities register that a BaFin-licensed keeper runs. Liechtenstein, the home of CoreLedger, belongs to the EEA and applies MiCAR next to its own Token and TT Service Provider Act (TVTG). A token that carries the rights of a share or a bond is a tokenized security, while other tokens give access to a service or a claim on an asset.

CoreLedger calls one of its answers to real world asset tokenization non-fungible assets (NFAs). At a Finance Loop event, CoreLedger described NFAs as a way to lower regulatory friction while delivering digital products for the right market segment, based on eight years of work on RWA projects.

Finemetal uses the NFA technology of CoreLedger for DigitalFineGold, a digital warehouse receipt for physical gold in units as small as one milligram, stored in the Swiss Gotthard mountains. Tokenized gold and real estate were the two asset classes CoreLedger talked about most at Finance Loop, and the Terys platform is its example for tokenized real estate.

TokenWARP is a patented routing protocol, European patent EP3496020, for settlement between several parties and several assets at once. TokenWARP finds the path between what each party holds and what it wants, then settles every leg in one transaction, so the whole chain settles or none of it does. This is atomic settlement extended from the two legs of a trade to many.

CoreLedger aims TokenWARP at banks and commodity desks that move value across borders and currencies. In correspondent banking, value moves down a chain of banks over days, banks pre-fund Nostro accounts in every currency they use, and outside the CLS system for currency trades no comparable safeguard covers mixed deals of commodities, currencies and payments. Since March 2026, TEOS with TokenWARP also runs on the Internet Computer, after a port that took nearly two years.

The Launch Package is a fixed-price engagement that ends with a business case, a token model, an architecture plan, an MVP scope with a cost estimate and a clickable prototype. Finka Swiss AG builds a digital auction marketplace where miners offer metal concentrate lots to traders and refineries. In its Launch Package, two workshops tested whether the marketplace needed a blockchain, and the result went into a work breakdown, a Figma prototype designed by S-PRO and an investor deck.

The Active Sandbox lets a client build branded apps before production. The asset manager SWIC used it with the White Label Management Tool, Portal and App, then moved to TEOS for production and had its first product version within five weeks: a token issuing platform for administrators, a web app to buy and redeem tokens and a mobile app for investors.

In December 2020, CoreLedger and Finka issued a revenue-sharing token backed by the cattle of the La Pradera ranch in Bolivia, whose holders share in the profit when cattle are sold. Holders could convert the token on the CoreLedger platform into other tradable assets such as gold, oil or corn through TokenWARP. For Standard Brick GmbH, which runs the real estate investment platform Terys, CoreLedger built a token issuing platform, a web app, a mobile wallet and token cards in credit-card format.

With a Swiss bank and the CAS Blockchain program of the Lucerne University of Applied Sciences and Arts, CoreLedger built a proof of concept for tamper-evident audit trails. Cryptographic proofs of records and their changes are anchored on the SparkNet blockchain of CoreLedger, so an auditor can later check whether data was changed and when a record was created, while the business data stays in the systems of the bank.

The software company S-PRO builds custom frontends and backends on TEOS, and the IT service provider Innowise uses TEOS in its own applications. ChainSecurity reviewed the Ethereum smart contracts of CoreLedger for tokenizing and trading fungible and non-fungible assets, and in November 2020 reported that all issues were fixed, addressed or acknowledged.

In 2021, two new members joined the board of CoreLedger: David Ishag, chief executive of the Swiss wealth manager Beaurivage Finance, and the venture capitalist Spiros Margaris.

Finance Loop and CoreLedger announced their collaboration on 28 December 2024. Under it, CoreLedger provides education and training on blockchain for financial professionals, technical guidance for financial institutions, and blockchain software built for them. CoreLedger is a Premium Member of Finance Loop and takes part in its events. In the review of its first year, Finance Loop thanks CoreLedger among its partners.

On 25 March 2025, the day before the Crypto Assets Conference, CoreLedger hosted the evening "Unlocking the Value of Real-World Assets by Digitization" at TechQuartier in Frankfurt with Finemetal and S-PRO. The talks covered how to tokenize gold and real estate and how to build applications that investors used to low-risk products will accept. The evening belonged to the conference week on tokenization in Frankfurt, and its real estate talks to the field of proptech in Frankfurt.

TEOS, the Token Economy Operating System, is the platform of CoreLedger for issuing tokens and adding custom functions for a business case. The white-label tokenization platform and the API build on it.

TokenWARP is the patented settlement engine inside the Token Economy Operating System of CoreLedger. TokenWARP settles several assets between several parties in one all-or-nothing transaction.

CoreLedger AG has its seat in Schaan, Liechtenstein, and its subsidiary CoreLedger Labs works from Baar in Switzerland.

A tokenization platform issues tokens for an asset, keeps the register of who holds them and runs transfers and payouts. Providers of tokenization platforms differ in the licenses they hold and in the assets they support, from securities under the eWpG to the RWA tokenization of physical goods.