SettleMint vs SIX Digital Exchange (SDX)
SDX is the Swiss CSD. DALP is the platform for everyone else.
SIX Digital Exchange earned FINMA's CSD and exchange licenses in 2021, settled Swiss bonds using wholesale CBDC, and built institutional credibility through ~120 Swiss bank shareholders. As of October 2025, the SDX brand has been folded into SIX Securities Services. DALP takes a different architecture: open B2B infrastructure for multi-asset tokenization across any EVM-compatible chain, with configurable compliance, self-hosted deployment, and weeks-not-months deployment timelines.
Feature Comparison
DALP vs SIX Digital Exchange (SDX): What's included
| Dimension | DALP | SIX Digital Exchange (SDX) |
|---|---|---|
| Platform type | Enterprise B2B infrastructure for multi-asset digital securities issuance, compliance, and lifecycle management | Regulated CSD and digital exchange (FINMA-licensed). FMI-grade infrastructure, not a B2B deployment platform |
| Asset coverage | 7 asset types: bonds, deposits, stablecoins, equity, funds, real estate, precious metals | Bonds only (full digital bond lifecycle). Fractionalization pilot with Pictet (2025). No equity, funds, stablecoins, deposits, or real estate |
| Compliance model | Ex-ante ERC-3643 enforcement: 12 compliance module types validate every transfer before execution. Configurable jurisdictional rules | Post-trade enforcement via FINMA-licensed FMI. Compliance through institutional gatekeeping, not a configurable policy engine |
| Blockchain / protocol | EVM-native: Hyperledger Besu, Ethereum, and EVM-compatible networks. Open standard | R3 Corda Enterprise (permissioned, non-EVM). Daml smart contracts. Closed ecosystem |
| Settlement | Atomic DvP/XvP via HTLC hashlock. Both legs complete or both revert. Zero counterparty risk | wCBDC settlement via SNB Project Helvetia. Atomic T+0 with central bank money. Gold standard for settlement finality in Swiss context |
| Developer access | REST API, GraphQL, oRPC, webhooks, sandbox environments, 298 CLI commands | No public SDK, API docs, or developer portal. Closed system requiring ~2 months institutional onboarding |
| Deployment model | Cloud, on-premises, hybrid, air-gapped via Kubernetes/Helm. Full data residency | Centralized FMI. No self-hosted option. SDX brand discontinued (Oct 2025); integrated into SIX Securities Services |
| Observability | VictoriaMetrics, Loki, Tempo, 21 Grafana dashboards, automated alerting | CSD-level audit trails. No customer-facing observability dashboards documented |
| Multi-jurisdiction | Jurisdictional templates for MiCA, MAS, FCA, JFSA, Reg D/S/CF. Global deployment | Swiss law primary. AsiaNext (Singapore) is only expansion. Limited cross-border reach |
| Speed to deploy | Weeks from contract to live asset issuance | ~2 months minimum institutional onboarding with KYC and contract requirements |
Why Choose DALP
3 Reasons Regulated Institutions Choose DALP Over SDX
SDX's FMI credibility is real. But its bonds-only scope, closed ecosystem, and ~2-month onboarding are constraints that most global digital asset programs can't accept.
DALP covers 7 asset classes: bonds, deposits, stablecoins, equity, funds, real estate, and precious metals. SDX's digital securities infrastructure is focused on bonds, with a fractionalization pilot just beginning. Multi-asset programs require a different platform.
DALP deploys on Hyperledger Besu, Ethereum, and any EVM-compatible network with REST APIs, GraphQL, webhooks, and sandbox access. SDX uses R3 Corda (non-EVM), has no public developer portal, and requires months of institutional onboarding.
DALP deploys on-premises, air-gapped, or cloud with full data residency control via Kubernetes and Helm. SDX is a centralized FMI with no self-hosted option. The SDX brand itself has been discontinued and integrated into SIX Securities Services.
Key Differentiators
What DALP adds beyond FMI infrastructure
7 asset templates with full lifecycle logic: bonds, deposits, stablecoins, equity, funds, real estate, and precious metals
Ex-ante ERC-3643 compliance with 12 module types: validates every transfer before execution
298 CLI commands, REST API, GraphQL, webhooks, and sandbox environments for developer access
21 pre-built Grafana dashboards: blockchain health, API performance, compliance activity, and operational metrics
Atomic DvP/XvP settlement with HTLC hashlock: both legs complete or both revert
On-premises, air-gapped, and hybrid deployment via Kubernetes and Helm in weeks
Frequently Asked Questions
SDX is a FINMA-licensed CSD and digital exchange focused on Swiss digital bonds with wCBDC settlement. DALP is open B2B infrastructure for multi-asset tokenization (7 asset classes) on EVM-compatible chains, with configurable compliance and self-hosted deployment options. SDX is an FMI; DALP is the platform you deploy.
Yes. DALP supports on-premises, cloud, hybrid, and air-gapped deployment via Kubernetes and Helm. SDX is a centralized FMI with no self-hosted option.
DALP supports 7 asset types: bonds, deposits, stablecoins, equity, funds, real estate, and precious metals. SDX's digital securities infrastructure is focused on bonds, with fractionalization and other asset types still in early stages.
DALP uses ex-ante compliance via ERC-3643 with 12 configurable module types that validate every transfer before execution. SDX uses post-trade enforcement through its FINMA-licensed FMI status and institutional gatekeeping rather than a configurable compliance policy engine.
DALP can be deployed in weeks from contract to live asset issuance. SDX institutional onboarding requires approximately 2 months with KYC requirements and institutional contracts.