CDRX - Trade Equities and Bonds as Securitised Tokens

Crypto Depository Receipts (CDR's) and native issuance open up a whole new world of finance, removing corporate actions, allowing fractional ownership, and almost eliminating transaction costs. Underlying shares are sourced from the market or corporate entity (new issue). CDR's are then issued by the custodian trust on a blockchain which allows voting via smart contract. Each CDR represents a single share and can be traded in fractions of a share, single or multiple shares. CDR's can be traded on the exchange or directly between two parties. CDR's are in testing now.

STO/ICO Status

Start Date
End Date
Soft Cap
5,000,000 USD
Hard Cap
100,000,000 USD
Initial Price
1 CDRX = 0.50 USD
Token Supply
STO/ICO Website Owner of CDRX?
Claim this listing and publish updates.


AcceptingBTC, ETH
Circulating Supply50%
Restricted AreasN/A
HomepageWebsite URL
White PaperView/Download


CDRX will be a dedicated marketplace where crypto instruments (coins, tokens, and CDR's) can be freely traded. Clients can deposit and withdraw crypto instruments via secure and dedicated wallets.

  • Trading is conducted 24/7, via a high-speed matching engine
  • Global liquidity sourcing and negligible trading costs, ensuring deep markets to meet client needs
  • Initially supporting: market; limit and stop orders, with an algo tool-kit following shortly thereafter
  • Enterprise-grade API and periodic auction service for institutional/professional clients
  • Multiple institutionally acceptable settlement options


Crypto Depository Receipts (CDRs) and cryptoshares are the natural evolution of traditional equity ownership, they provide all the advantages of traditional stock (aka share) ownership and the solution to its frictional disadvantages.

Analogous to American Depository Receipts23 (ADRs), Crypto Depository Receipts (CDRs) are securitised tokens issued on a blockchain (a modern share ledger) and intended to be an intermediary step prior to regulators allowing full native equity issuance directly via a blockchain.

ADRs are typically certificates securitized against a block of shares (aka stocks) held by a domestic depository bank, an ADR can represent a fraction of a share, a single share, or multiple shares.

CDRs likewise are dedicated tokens securitized against a class of shares (aka stocks), held by a depository bank or specialized trust. The custodian issues the tokens on a blockchain against the shares held on deposit. Fractional ownership support makes the ratio irrelevant but in the interests of simplicity we have adopted the convention that they are issued on a 1 for 1 basis.

The only difference between CDRs and cryptoshares is that CDRs are securitised against an underlying traditional equity issuance held in custody, whereas cryptoshares are issued directly in pure electronic form. In stark contrast to functionally restricted tokens in the market, our solution provides a suite of innate functions, delivering significant speed and cost savings over traditional methods, benefiting investors and issuers alike:

  • Dividends – are distributed via the issuance of dividend tokens through the embedded smart contract in the CDRs. These tokens are underwritten by a dividend pool and tradable between parties.
  • Voting – is conducted by the smart contract embedded in the CDRs.
  • Corporate Actions – are virtually eliminated, stock splits are redundant due to fractional ownership, administrative costs associated with most corporate actions and maintenance of a share register are eliminated.
  • Transaction costs – broker costs are virtually eliminated. Shares can be transferred directly between parties, crypto exchanges supplant traditional equity exchanges.
  • Speed – updates to the central share register (blockchain) happen automatically and in near real-time.
  • Transparency – the central share register is public and immutable.

Our approach is deliberately designed to enable both existing and new issuance to be converted into securitized tokens, thereby bringing the benefits of lower costs, faster transaction times and a global trading platform, to the entire global financial market.


Already in progress, we will be launching our exchange (version 0.9) this year. Starting with a non-securitised token-to-token trading platform – a proven model, not requiring regulatory approval – which will be expanded to include securitised tokens and token-to-fiat currencies for registered participants, subject to regulatory approval (as required). In addition to standard crypto-exchange functionality, we include the ability for approved equity issuers to easily convert existing equity issuance into CDRs, as well as issue new CDRs or cryptoshares. A rating service, announcement and document repository is also included. The exchange features include:

  • Security model conforming to both Crypto Currency Security Standard (CCSS) and ISO 27001:2013 standards
  • Support for and coverage of all major crypto-instruments
  • High-speed matching engine
  • Institutional grade uptime and API
  • Optional settlement via CCP (securitized tokens)
  • Optional settlement via currency-backed tokens
  • Global liquidity sourcing, ensuring deep markets to meet the needs of all clients
  • Various order type support (market, limit, stop, day, GTC etc)
  • Periodic auction service for extended regulatory conformance
  • Listing process for new and existing equity issuers looking to move to CDRs, including a rating service
  • Notice and document repository for issuers
  • Multi-language support (English, Korean, Chinese, Italian, Japanese, Bahasa etc)



  • listing fee (including setup, legal, depository and custody fees where applicable)
  • rating fee
  • smart contract transactions (corporate actions, voting, dividends)
  • other fees (document store, smart notifications, reporting, voting and dividend)


  • transaction/settlement fee
  • liquidity (taker) fee
  • index licensing (institutional)
  • liquidity licensing (institutional)
  • custody (institutional)
  • other fees (professional order book market data, automated algo/arbitrage fees)


Q2 2019

  • Indices launch and licensing (including 6 months of history)
  • Sponsorship of collaborative R&D program across industry and universities
  • Custody service (ver 0.9 beta) launches
  • Launch of institutional OTC desk

Q3 2019

  • Custody service (ver 1.0) released
  • Extension into derivative CDRs and native issuance
  • Licensing of liquidity to brokers and banks
  • Purchase of stake in an authorised and regulated exchange
  • Release of decentralised Exchange (ver 2.0), non-securitised

Q4 2019

*Regulator approvals received (mid-sized jurisdictions)

Q4 2020

*Regulator approvals received (large jurisdictions)

Q2 2021

*Purchase of stake in traditional bank enabling improved ‘real-world’ integration

Team View All

David Ward
David Ward
Matthew Spittle
Matthew Spittle
Zung Le
Zung Le
Head of Market Microstructure
Thanh Nguyen
Thanh Nguyen
Head of Software Engineering
Mo Hakeem
Mo Hakeem
Head of eCommerce
Ethan Low
Ethan Low
General Counsel