Stobox vs Tokeny
Two non-custodial technology providers, two permissioned-token lineages, and completely different customers. Tokeny is infrastructure institutions integrate. Stobox is a journey private companies are taken through.
The verdict, up front
Choose Tokeny if you are a bank, an asset manager or a fund platform buying white-label tokenization infrastructure. It wrote ERC-3643, the most widely used permissioned token standard, and since May 2025 it has been majority-owned by fund administrator Apex Group, which brings administration and, since November 2025, a US broker-dealer into the same group.
Choose Stobox if you are a private company that needs the whole journey rather than a component: a free readiness score, one canonical record, offering documents prepared by specialists, licensed broker-dealer routing in the US, and published flat fees instead of an enterprise sales cycle.
| Tokeny (Apex Group) | Stobox | |
|---|---|---|
| What it is | Enterprise tokenization infrastructure, the T-REX platform. White-label software for regulated institutions.tokeny.com | An operator-run stack for private companies: organize the business, prepare the regulated raise, issue the token. |
| Ownership | Apex Group took a majority stake in May 2025, with a stated path to full control over the following three years.Tokeny, 21 May 2025 | Independent. |
| Customers | 120+ customers on its own count, institutional in character.tokeny.com | 100+ clients across 20+ jurisdictions since 2018, private companies and asset owners. |
| Token standard | ERC-3643, which Tokeny created in 2018 and whose EIP it authored. Governance now sits with the non-profit ERC-3643 Association. Its site counts $32B tokenized.eips.ethereum.org | ERC-7943 (uRWA), the newer permissioned standard Stobox is a backer of, with eligibility read from attestations so no identity documents live on the platform. |
| Identity | ONCHAINID, Tokeny's own on-chain identity system.tokeny.com | Attestations from EAS and Coinbase Verifications, read as a verified yes or no. |
| Custody | Non-custodial. Wallets are generated through trusted third-party providers by API, which Tokeny explains is how it avoids the VASP licensing that applies when the issuer holds keys.docs.tokeny.com | Non-custodial: passkey smart wallets under ERC-4337. |
| Chains | Any EVM chain, plus Hedera through a partnership with the HBAR Foundation announced 28 April 2025.tokeny.com | Base by default, Arbitrum supported, USDC-native settlement. |
| US distribution | Through the Apex group, which acquired broker-dealer Globacap in November 2025 and has since launched its own US broker-dealer and trading venue.CoinDesk, 19 Nov 2025 | Routed to licensed US broker-dealer partners as part of the Raisable flow. |
| Pricing | Not published anywhere on its site. Enterprise licensing.tokeny.com | Published flat fees: free start, Intelligence from $0, flat raise windows, $499 asset mint, $749 contract deploy. Never a percentage. |
| Getting ready | Not advertised as a Tokeny product. Its public material describes issuance, compliance and distribution infrastructure.tokeny.com | Intelligence builds your canonical record and scores it across 7 readiness pillars, free to start. |
Where Tokeny genuinely wins
It wrote the standard everyone else implements
ERC-3643 is the most widely adopted permissioned token standard, and Tokeny authored it. That is real technical authority.
The Apex group around it
Fund administration, and now a US broker-dealer and trading venue, inside the same ownership. For an institution that wants one counterparty, that matters.
Institutional footprint
120+ customers, most of them the kind of institution we do not serve.
Where Stobox wins
A price you can read
Tokeny publishes none. You find out what it costs through a sales cycle.
The journey, not a component
Tokeny is infrastructure you integrate. If you do not already have counsel, structure and a distribution route, integrating it does not get you a raise.
No enterprise threshold
You can start with a free readiness score and no conversation with anybody.
Every claim in the left column was checked against the sources below on 7 September 2026. A figure without a date is a figure that will be wrong within months, so the ones that move carry theirs.
Questions this raises
Answered plainly.
Who owns Tokeny?
Apex Group has held a majority stake since May 2025, with a stated intention to reach full ownership over the following three years. Apex is a fund administrator, so the roadmap is set by an administration group rather than by a standalone software company.
Is ERC-3643 better than ERC-7943?
They solve the same problem differently. ERC-3643 carries identity on-chain through ONCHAINID and has by far the larger installed base. ERC-7943 is a minimal interface that reads eligibility from attestations, so no identity documents sit with the platform. Which is better depends on whether you want the identity layer inside the standard or outside it.
Does Tokeny prepare offering documents?
It does not advertise that it does. Its public material describes issuance, compliance and distribution infrastructure. We do not have a source saying it does not, so we do not claim that.
