eNor Securities

eNor Securities is a regulated digital asset exchange, brokerage, and custodian headquartered in San Salvador, El Salvador. Founded in 2021, the platform specializes in tokenized Real World Assets (RWAs) and offers a unified marketplace where investors can access both cryptocurrencies and regulated tokenized securities. Operating under El Salvador's progressive digital assets framework, eNor positions itself as a gateway for Latin American retail and institutional investors to participate in blockchain-native capital markets.

What It Does

eNor Securities combines exchange, brokerage, and custody on a single regulated platform. It lists assets including Bitcoin, Ethereum, and Solana for spot trading, and increasingly focuses on bringing traditional capital market instruments — equities, ETFs, and bonds — to on-chain form. The platform also offers tokenization advisory services, guiding asset issuers through the structuring, legal compliance, and distribution of regulated digital securities.

The exchange is designed to serve institutional, corporate, and high-net-worth individual (HNWI) investors alongside retail users, with infrastructure hosted in top-tier datacenters supporting institutional trading workflows. Its global account model gives clients access to multi-currency accounts, global payments, and digital asset exposure in a compliant environment.

Regulatory Framework

eNor Securities holds a Digital Asset Service Provider (DASP) license (PSAD-0014) issued by El Salvador's CNAD (National Digital Assets Commission) under the Digital Assets Issuance Law of 2023. It is also registered as a Bitcoin Service Provider (BSP), giving it dual-regulation status — one of the first exchanges in Latin America to hold both designations simultaneously. This legal standing allows eNor to offer tokenized securities to retail investors, a distinction that separates it from many crypto-native platforms operating in regulatory gray areas.

El Salvador's early and explicit framework for digital assets — beginning with the Bitcoin Law in 2021 and expanding to the Digital Assets Issuance Law in 2023 — gives eNor a compliance foundation that most jurisdictions still lack, making it a notable first mover for licensed on-chain securities in Latin America.

Tokenized Real World Assets

eNor's core product offering centers on tokenized RWAs: blockchain representations of traditional financial instruments. In August 2024, eNor announced a partnership with Backed Finance, a Switzerland-based tokenized asset issuer. Under the agreement, Backed's bTokens were listed on eNor's exchange, making it one of the first licensed investment exchanges to carry tokenized securities for both retail and institutional clients.

Listed products through the Backed partnership include:

• bCOIN — tokenized Coinbase stock
• bCSPX — tokenized shares in BlackRock's S&P 500 ETF
• Corporate bond ETFs
• Government bond ETFs

Backed's bTokens are backed 1:1 by the underlying assets held in regulated custody, giving eNor clients economic exposure to equities and fixed income on-chain without requiring traditional brokerage accounts. For investors in Latin America, this fills a practical gap: direct access to global capital market instruments that were previously unavailable or restricted in the region.

eNor has also introduced Tokenized IPOs (T-IPOs), a structure designed to let startups raise capital from global investors through on-chain primary issuances. The T-IPO model combines compliance infrastructure with blockchain-based distribution, enabling startups to reach a broader investor base than traditional venture or IPO pathways allow.

Solana Integration and Institutional Staking

Solana is one of the assets listed for spot trading on the eNor Securities exchange. Beyond trading, eNor extended its Solana integration through a partnership with Figment, an institutional staking infrastructure provider. Under this arrangement, eNor's institutional clients can access non-custodial staking for Solana alongside Ethereum, Avalanche, Polkadot, and additional networks.

The staking setup is non-custodial: clients retain full control of their digital assets via eNor's Safe Vault custody infrastructure while earning on-chain staking rewards. For institutions looking to generate yield on Solana holdings without surrendering custody, this provides a compliance-friendly route through a regulated intermediary rather than a self-managed validator setup.

Payments Infrastructure

In July 2024, eNor tapped Matera to provide cross-border payment capabilities, adding an international fiat layer to its digital asset services. The payments integration enables multi-currency global accounts and cross-border transfers — giving institutional and corporate clients the fiat on/off-ramp connectivity they require alongside crypto and tokenized securities trading.

This builds on eNor's positioning as a full-stack financial services provider: exchange, custody, staking, tokenization advisory, and cross-border payments under one regulated entity.

Team

eNor Securities was co-founded by Rodrigo Mendes (CEO) and Julio Max (CTO). Bruno Winik serves as Co-Founder and COO and has been the company's most prominent public spokesperson, representing eNor in partnership announcements with Backed and Figment. The company employs approximately 46 people.

Ecosystem Position

eNor Securities occupies a well-defined niche: a licensed exchange at the intersection of traditional finance and on-chain capital markets in Latin America, with explicit Solana exposure through both spot trading and institutional staking. Its compliance-first approach — dual-regulated in a jurisdiction that has actively built out digital asset law — differentiates it from unregulated alternatives in the region.

The RWA tokenization sector that eNor operates in is growing rapidly. With over $21 billion in real-world assets already tokenized on public blockchains as of mid-2025, and projections pointing to $2 trillion by 2030, eNor's market positioning is aligned with an accelerating structural shift. The combination of regulatory licensing, an institutional staking partnership with Figment, and a tokenized securities listing partnership with Backed gives the platform a multi-layered stack that few exchanges in the region can match.