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About ClearToken
ClearToken is a UK-based digital asset clearing and settlement infrastructure provider. Its core business is to act as a central counterparty (CCP) for crypto trades, offering clearing, settlement, and payment services under one roof.
Specifically, it operates three services: CT Clear (a CCP for digital assets), CT Settle (a net DvP settlement service for fiat, stablecoins, and cryptoassets), and CT Pay (a payment service for fiat, stablecoins, and tokenised deposits). The UK Financial Conduct Authority (FCA) authorised CT Settle and CT Pay in November 2025, while CT Clear is expected to be authorised by the Bank of England.
The market pain point ClearToken addresses is the current bilateral trading model in digital assets, where participants must individually manage counterparty credit risk, leading to inefficiencies, high capital requirements, and settlement risks. By interposing itself as a CCP, ClearToken novates trades, becoming the buyer to every seller and the seller to every buyer, thereby eliminating counterparty risk and enabling multilateral netting, which reduces capital needs and operational complexity.
In the past six months (February to August 2026), ClearToken has progressed with its FCA authorisation, launched CT Settle and CT Pay as independent services, and adopted Nasdaq's Eqlipse Clearing technology platform to support its CCP operations, enabling 24/7 processing and real-time risk management. No significant negative events were reported in the period.
Over the past six months, ClearToken has advanced its regulated digital asset clearing and settlement infrastructure. In March 2026, the company deployed CT Register, CT Pay, and CT Settle—three FCA-authorised services—on the Canton Network, delivering PvP settlement for stablecoin FX and DvP net settlement for cryptoassets and stablecoins, eliminating Herstatt and principal risks.
Separately, ClearToken continues to pursue Bank of England (BoE) CCP authorisation. CT Clear, its clearing house, is slated for launch in 2026. It will adopt a horizontal clearing model, connecting multiple trading venues, custodians, and settlement banks. Through novation, it will act as the counterparty to both sides of every trade, enabling portfolio margining and cross-product netting. Initial coverage includes cryptocurrencies, stablecoins, and fiat, with phases two and three extending to commodities, equities, and fixed income.
According to the official roadmap, future priorities include: securing BoE CCP authorisation, followed by CFTC (DCO) recognition in the US and FSRA authorisation in ADGM; advancing the Digital Securities Depository (CT Settle) within the BoE’s Digital Securities Sandbox (DSS); and ultimately building an end-to-end digital asset FMI spanning clearing, settlement, payments, and registration.
Benjamin Santos-Stephens (CEO, Co-founder): Ex-MD at Nomura, ex-Global Head of Product at Instinet; founded ClearToken in 2022.
Robert Karlsson (CTO): 25+ years in fintech; ex-Head of Technology at Laser Digital, ex-CTO at a proprietary trading firm.
Eric Dorre (Co-founder & COO): Ex-MD at UBS and RBS, ex-Group CIO at London Clearing House; led large-scale systems.
Steve Briscoe (CIO): Ex-MD at UBS, ex-Group CIO at LCH; specialist in trading infrastructure and digital assets.