Driving the Future of Digital Securities: NYALA in Conversation

As Europe’s private capital markets undergo a digital transformation, one company stands at the forefront of this change: NYALA.

As a regulated financial institution and trusted CONDA Capital Market technology partner, NYALA supports companies across Europe in issuing and managing tokenized securities. In this exclusive interview, NYALA’s CEO Daniel Wernicke shares insights into the company’s journey, its mission, and the future of tokenization in capital markets.

NYALA is one of the pioneers in the field of tokenized securities in Germany. How has your company developed since it was founded – and what are you particularly proud of today?

From issuing our first bond in 2022, to partnering with CONDA and jointly helping companies like SK Rapid, one of Austria’s biggest soccer clubs, raise almost €5 million, NYALA has come a long way.

We started with 5 people 3 years ago and have grown to 20 employees in 2025. Since launch, we have become one of the few solution providers in Germany that tokenizes and registers a new security almost every week. And this is also what I am particularly proud of: the fact that we have registered over 50 issuances in total, amounting to a total of 31.22M EUR, that we have tokenized bonds in 5 different EU countries as well as shares of innovative German startups.

Our Product combines all core elements required for digitization of securities: a beautifully designed and user-friendly tokenization platform, a robust and innovative API and a blockchain-based securities registry, complying with the German eWpG (The Electronic Securities Act), the regulation created in 2021 specifically for tokenized securities.

We really believe that instead of waiting on the sidelines for the financial technologies space to change, it pays off to jump into the fold and try to be one step ahead.

With a sound technological basis, regulatory clarity, and a healthy dose of optimism almost everything is possible, and we are a real-life example of it!

NYALA supports companies in issuing digital securities - from the technical infrastructure to register management. How exactly does this work in practice?

We do indeed handle the full lifecycle of tokenized securities. Think of it like this: if you are a company that wants to raise capital digitally, we are both the technological engine and the regulatory back office powering the fundraising project.

We create tokens on a public blockchain that legally are financial securities, whether it’s a bond or equity share, and maintain a compliant register of it by leveraging blockchain technology.

A perfect example to illustrate how this works is our successful cooperation with CONDA and our deep integration into CONDA’s crowdfunding platform. CONDA accesses the NYALA software via API, so for all the issuers on CONDA we register the digital bonds, and we also distribute them to the investors that subscribe to the issuance via CONDA’s investment platform.

Additionally, we also handle the register updates and specific reporting duties on the state of the register. In short, we do almost everything one would expect from a traditional capital markets partner, but we would argue that the way we do it is more efficient and hence superior, mainly due to the combination of our powerful API and the blockchain technology that serves as the infrastructure for the issuances.

You have already accompanied numerous issues. Which projects were particularly groundbreaking for you - and why?

Every project teaches us something new, but some stand out. Obviously, there was our own equity shares- the first ever tokenized shares under the German electronic securities act back in 2024. It is these shares, that we now offer publicly via what we call our Digital Public Offering (DPO).

As mentioned above, another important milestone was helping CONDA and one of Austria’s biggest soccer clubs, SK Rapid Wien, tokenize a bond. This was exciting because it showed that tokenization can build deep emotional connections. SK Rapid fans, friends, and supporters had the opportunity to invest in their club through crowd investing via tokenized securities.

CONDA was able to easily engage the crowd and connect passionate SK Rapid supporters with the club to address its funding needs. Instead of relying on just a few big investors, thousands of fans could contribute smaller increments through digital financing enabled by tokenization.  A total of 1.076 investors were onboarded and the whole process was 100% digital. The public issuance data is recorded on the blockchain, enhancing the transparency of the entire funding project.

The digitalization of the capital market is picking up speed - in your opinion, what are the three most important developments in recent years?

As the CEO of Blackrock Larry Fink recently said: “I believe the next generation for markets, the next generation for securities, will be tokenization of securities.” At NYALA, we build the infrastructure that makes digital securities (via tokenization) possible, and practical with the right regulatory framework. The three most important developments in recent years are:

First, regulation in Germany became trusted across the EU: The eWpG gave legal backing to tokenized securities in Germany and is now considered the gold standard for tokenized securities across the EU. This regulatory clarity is the reason why businesses are flocking to Germany for digital asset issuance and making more institutional involvement and investor protection possible. Second, Decentralized infrastructure is becoming usable: It’s one thing to run a “DeFi” proof of concept application on a blockchain and another to have systems that plug into real-world compliance needs like KYC, registries, etc. We are witnessing those tools finally reaching maturity and getting to be used. Some important milestones aiding this development are the legal recognition of blockchain-based securities registers under Germany’s eWpG, which allows companies to issue bonds or shares natively on-chain while staying fully compliant with financial regulations, and the use of decentralized identity solutions like Polygon ID, which enable privacy-preserving, on-chain KYC—making it possible to meet regulatory requirements without compromising user data. Finally, a mindset shift has occurred: From startups to mid-sized firms, more businesses are now seeing tokenization not as a gimmick or as a scam but as a serious financing tool. That’s a huge leap from where we were just a couple years ago.

NYALA is ISO 27001 certified and its 100% subsidiary maintains its own crypto securities register in accordance with the German eWpG. Why are these points so relevant for issuers and investors?

It cannot be overemphasized that the only reason why we can offer our investment-grade service and issue real financial securities, i.e. bankable products, is the existence of the regulated subsidiary, the crypto securities registrar.

NYALA’s ISO 27001 certification reinforces this status, as it demonstrates that we meet internationally recognized standards for information security management. We have implemented processes to effectively identify and mitigate risks, protect sensitive data, and continuously improve our security framework.

Transparency is another key element. The eWpG mandates that the terms of the issue be published in a stable electronic format before a security is registered, ensuring that potential investors have access to relevant information from the outset, along with other requirements regarding issuing registry extracts. Both issuers and investors can operate in a transparent environment with access to accurate information.

NYALA’s role as a Crypto Registrar and its ISO 27001 certification are not just formalities, they are key elements that ensure integrity, confidentiality, accuracy and , ultimately, a high level of investor protection.

Which types of companies benefit most from tokenized capital raising? Are there ideal conditions?

Tokenized financing is especially attractive for SMEs that want to raise money from a broad base of investors without the time and cost of getting listed on a stock exchange via a traditional IPO and that also may not be eligible for VC funding, which often requires companies to meet a strict set of criteria.

We help SMEs bypass these traditional intermediaries and give them greater control over the investment process and also the investor relationships.

We are committed to providing a clear “all digital” end-to-end solution to platforms like CONDA and others across the entire EU where we can jointly help anyone raise the capital they need in a more efficient manner. Overall, access to investments across the EU can be faster and cheaper via our e-securities.

What distinguishes NYALA from other tech providers in the field of tokenized securities?

According to a 2025 report by Boston Consulting Group, tokenized securities are projected to become an $18 trillion market by 2033. We have become a key player in this market based on different factors:

First, few providers can combine both the technology and the regulatory compliance within one platform, and that is exactly what we do. We know how crucial it is for tokenization of securities to meet strict regulatory standards while staying agile, so that is why we decided to go down that path.

Second, we are pan-European: We issue securities under the German electronic securities act (eWpG), but our strategic focus and DNA is making NYALA accessible to issuers and investors across the EU, with the goal of using our solution to bridge the funding gap faced by many companies throughout Europe.

Third, we don’t just sell technology - we want to transform capital markets.  Whether it’s about making fragmented markets more efficient, integrating with distribution partners to allow institutional investors to easily hold tokenized shares or expanding our suite of smart contracts tools to allow on-chain payments, we think in terms of real up-and-coming use cases, not just theoretical software problems.

How do you see the future of the private market in Europe - and what role do platforms like CONDA play in this?

Private markets in Europe are about to undergo an important transformation. Regulatory frameworks like eWpG are making it easier to issue digital securities and operate in a “borderless” market, without the need for traditional banks or intermediaries. The value chain is being re-calibrated and rebuilt for a new type of capital market. Services like ours in combination with CONDA’s platform have the opportunity to carve out and service a large share of this new market.

CONDA is one of the most accomplished digital investment platforms for Europe, having over 10 years of experience in the alternative financing market, with a secure and transparent environment for corporate participation and interest-bearing investments. Platforms like CONDA play a crucial role because they help bridge the gap between issuers and investors. They understand how to provide offerings to both sides, handle investor relationships, and now, with NYALA’s tokenization technology integrated, CONDA can do it with more flexibility and less overhead. By combining NYALA’s blockchain-secured infrastructure with CONDA’s investor-friendly platform, we have made capital raising for startups and all kinds of growing businesses easier and more accessible than ever. We help companies get funded and investors get access to opportunities they did not have before.

What excites you about NYALA's mission - and why do you believe in the digitalization of the capital market?

What excites me is how real this is becoming. Our mission is to unlock access to capital markets for the companies left behind by legacy finance.

We are not talking about something that might happen in a decade. We are building infrastructure that is already being used to raise real money, by real businesses, from real people.

As proof of how much we believe in our own technology, and our mission, we launched NYALA’s funding round, our “Digital Public Offering” using our own technology to open the opportunity for everyone who wants to invest in our company. Whoever believes in us can also own a share of NYALA.  And we are very happy to do this together with Conda, who will help us add experienced crowd investors who are interested in and curious about this new technology to our cap table.

I believe in capital markets that are more open, transparent, and accessible. Tokenization helps get us there – not by replacing everything, but by improving what’s already there. That’s a mission worth showing up for every single day and that is why we at NYALA are deeply passionate about it.

Interested in becoming part of NYALA's journey?

You can now invest in NYALA directly via their Digital Public Offering.

>> Click here to learn more and invest <<