REAL Finance pilots tokenization, taps $100M pipeline

REAL Finance has signed a securities tokenization agreement with EU-regulated broker Factori AD to pilot on-chain representations of real securities and to activate a committed institutional pipeline exceeding $100 million in client assets.

The pilot will tokenize 5,000,000 warrants of Alpha Bulgaria AD on an EVM-compatible blockchain. The warrants are currently priced at about €2.75 each, putting the tranche at roughly €13.75 million in aggregate value.

Under the agreement, client assets will flow through Factori AD. Factori will handle OTC securities execution, client onboarding, KYC and AML compliance, and will maintain segregated custody arrangements. International assets involved in the transaction will be held at the Bank of New York, while Bulgarian securities will remain at the Central Depository in Bulgaria.

REAL Finance will perform the on-chain tokenization using its tokenization engine ahead of the planned launch of its purpose-built EVM-compatible Layer 1 mainnet. The pilot is structured to test sourcing a real instrument, executing a licensed OTC trade, placing securities into regulated custody under a transfer-agent model, and creating on-chain token representations.

The company says its model focuses on tokenizing actual securities rather than creating synthetic exposures. Regulatory responsibilities for the underlying securities remain with the licensed broker and the issuing entities. The platform is designed to cover public shares and derivatives, private market shares, and both public and private bonds.

Factori AD has committed to directing more than $100 million of client assets for tokenization through REAL’s infrastructure, with the Alpha Bulgaria warrants serving as the first tranche of that flow. The structure keeps traditional custody and transfer-agent roles in place while adding an on-chain layer intended to enable faster settlement and programmatic use of the tokenized instruments.

Ivo Grigorov, CEO of REAL Technologies, said the agreement shows REAL’s tokenization capabilities are operational and contracted with a regulated broker. Valentin Dimitrov, REAL’s COO, added the architecture was built around licensed custody, full compliance and genuine instruments.

Alpha Bulgaria AD is a publicly traded investment company listed on the Bulgarian Stock Exchange with holdings across financial services, real estate, energy and renewables. Factori AD is a licensed EU investment broker offering brokerage, OTC execution, custody and advisory services, and maintains custody relationships including the Bank of New York and Bulgaria’s Central Depository.