Consensys and ClearToken announced a strategic partnership in London on October 8, 2026, focused on infrastructure for moving tokenised assets and cash in wholesale markets. The companies said they aim to provide banks with a route to always-on operations while preserving the legal certainty and controls expected by institutional market participants. This is a partnership announcement and a statement of intended infrastructure, not confirmation that a complete 24/7 clearing and settlement service is currently operating.
The issuers place two different forms of finality at the centre of the proposed arrangement. Consensys describes cryptographic finality as technical certainty that a transaction recorded on chain cannot be altered. ClearToken is designed to provide settlement finality, which the companies define as legal certainty that a transfer of money or assets is final and irrevocable.
That distinction is relevant because the ability to transfer a token on a blockchain does not by itself establish the legal status needed for wholesale market settlement. The partnership is intended to join blockchain-based movement of assets with clearing, settlement and safeguarding arrangements built for institutional use. For banks, brokers and asset managers, the practical question is therefore not only whether an asset can move at any time, but whether the related controls and legal framework support that movement.
The proposed scope includes both tokenised securities and cash. According to the announcement, Consensys will contribute interoperability across blockchain networks and financial market infrastructures, alongside tokenisation infrastructure, wallets and institutional client reach. ClearToken is developing infrastructure for digital and traditional assets, with its group entities performing distinct roles that should be assessed separately rather than treated as one completed regulatory status.
What the regulatory milestones mean
ClearToken CSD Limited and ClearToken CCP Limited are at different points in their stated regulatory paths. According to the joint announcement, ClearToken CSD Limited has passed Gate 2 of the Bank of England’s Digital Securities Sandbox. The companies state that the entity is approved as a Digital Securities Depository carrying on financial market infrastructure activities in a live environment, subject to the conditions contained in its Sandbox Approval Notice.
The CSD milestone is linked to a specific intended function. The issuers say ClearToken CSD Limited is designed to enable eligible securities held at different banks to be tokenised and recognised as a single fungible instrument. Fungibility matters in this context because the stated design seeks recognition of the securities as one instrument even when they are held at different banks, rather than presenting each tokenised holding as an isolated asset.
The announcement does not say that every element of the broader 24/7 arrangement has received approval or is in operation. It describes the delivery-versus-payment approach as an aim under the stated regulatory conditions. This qualification is important because a Digital Securities Sandbox Gate 2 position for a CSD does not amount to a declaration that central counterparty clearing has been authorised.
ClearToken CCP Limited remains at an earlier stage for that function. The companies say it has applied to the Bank of England for authorisation as a central counterparty under UK EMIR. They also state that the route being built for clearing and settlement on a 24/7/365 basis remains subject to clearing authorisation by the Bank of England, so the application should not be read as a granted authorisation.
ClearToken Depository Limited has a separate status and role within the group. According to the issuers, it went live in December 2025 to provide payment and settlement services for digital assets and fiat currencies. The announcement says it is authorised by the FCA as an Authorised Payment Institution under the Payment Services Regulations 2017 and registered as a cryptoasset business under the Money Laundering Regulations 2017.
For readers evaluating the announcement, the useful comparison is between documented milestones and prospective capabilities. The CSD’s Gate 2 status and the Depository’s December 2025 launch are described as existing developments. The proposed central clearing route remains conditional because the announcement explicitly says the relevant CCP authorisation is still being pursued.
How the proposed settlement route is structured
According to the announcement, ClearToken CSD Limited is designed to work with ClearToken Depository Limited to settle eligible securities on a delivery-versus-payment basis against cash. The cash types named by the companies are fiat, tokenised deposits and stablecoins. This indicates that the intended model addresses both the securities leg and the payment leg of a transaction rather than limiting its scope to issuing or transferring tokenised securities.
Delivery versus payment links delivery of an asset to the related payment obligation. In the structure described by the issuers, the CSD is associated with the proposed treatment of eligible securities, while ClearToken Depository Limited is presented as part of the cash settlement route. The companies say their aim is to support this process around the clock, but that aim remains connected to the stated condition surrounding Bank of England clearing authorisation.
Consensys is described as connecting banks, brokers and asset managers across blockchain networks and financial market infrastructures in a safe, private and compliant manner. ClearToken says it will use Consensys for scalable and resilient tokenisation infrastructure, wallets and institutional client reach. These stated contributions concern technology, interoperability and distribution, whereas the proposed legal and clearing framework addresses separate requirements for institutions relying on settlement arrangements.
The partnership also reflects the issuers’ view that tokenised markets need infrastructure compatible with existing institutional risk and collateral practices. ClearToken’s chief commercial officer said clients have asked for tokenisation that fits with how they already manage risk and collateral. The announcement therefore frames the partnership as an attempt to connect banks, assets and ledgers already in use across the networks institutions select for distributing cash and assets.
The central takeaway is that technical finality and legal settlement finality are not interchangeable claims. The companies have identified CSD Sandbox progress, an operational Depository entity and a pending CCP application as different parts of the overall picture. Treating those stages distinctly helps market participants understand what has been stated as available or approved, and what remains a planned capability subject to further authorisation.
- Cryptographic finality refers to an on-chain transaction record that cannot be altered, while settlement finality refers to a legally final and irrevocable transfer.
- ClearToken CSD Limited has passed Gate 2 of the Bank of England’s Digital Securities Sandbox, subject to conditions in its Sandbox Approval Notice.
- ClearToken CCP Limited has applied for Bank of England authorisation as a central counterparty under UK EMIR; the announcement does not state that approval has been granted.
- The proposed delivery-versus-payment route is intended to settle against fiat, tokenised deposits and stablecoins.
| Entity or concept | Stated role or status | Condition or implication |
|---|---|---|
| Consensys | The partnership describes interoperability across blockchain networks and financial market infrastructures, plus tokenisation infrastructure, wallets and institutional client reach. | Its technology role is distinct from legal settlement finality and from CCP authorisation. |
| ClearToken CSD Limited | According to the issuers, it passed Gate 2 of the Digital Securities Sandbox and is approved as a Digital Securities Depository in a live environment. | Its financial market infrastructure activities are subject to conditions in its Sandbox Approval Notice. |
| ClearToken CCP Limited | The announcement says it has applied to the Bank of England for central counterparty authorisation under UK EMIR. | An application is not a granted authorisation, and the proposed clearing route remains subject to approval. |
| ClearToken Depository Limited | The issuers say it went live in December 2025 to provide payment and settlement services for digital assets and fiat currencies. | It is a separate group entity from the CSD and the entity seeking CCP authorisation. |
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