eNor Securities

eNor Securities is a licensed financial firm in San Salvador, El Salvador. It started in 2021 as an exchange for tokenized real-world assets (RWAs): stocks, bonds and goods issued as blockchain tokens. As of October 2026, its website sells mostly to other businesses. Fintechs, wealth managers and companies use it for bank-style accounts in many currencies, crypto custody, payments abroad and tokenized assets. They get these without building the systems or getting their own licence. eNor holds two Salvadoran licences, one for digital assets and one for Bitcoin. It also plugs straight into the country's instant payment system. Its ties to Solana are small. It can hold SOL for clients, and it has offered SOL staking through Figment.

How eNor Securities works

eNor sells its services as parts. A client can switch on one or several, and usually sells them under its own brand. The website lists five:

• Global Accounts: multi-currency accounts connected to international and regional payment networks.
• Asset Custody: safekeeping of digital assets, run on Fireblocks and BitGo.
• Liquidity: pooled pricing from several providers for crypto, foreign exchange and stablecoins.
• Global Payments: cross-border transfers, sent over stablecoins where that is cheaper.
• Asset Exchange: conversion between fiat currencies, crypto and tokenized assets.

eNor calls its model "regulatory leverage". A partner offers these services under eNor's licence instead of getting its own. eNor says it has processed more than US$8 billion and reaches over 100 countries. Those are its own figures. No outside source confirms them.

eNor also runs a consumer app. Its iOS listing is published by eNor Digital Assets and describes crypto trading, staking, fixed-income products and tokenized RWAs, with deposits through Brazil's Pix payment system.

Is eNor Securities regulated in El Salvador?

Yes. eNor's licences page lists three active authorisations, all in El Salvador:

• DASP licence from the CNAD (Comisión Nacional de Activos Digitales), granted under the 2023 Digital Assets Law. It covers custody, exchange, transfers, token issuance and distribution, staking and OTC (over-the-counter) trading.
• Bitcoin Service Provider (BSP) registration with the Banco Central de Reserva (BCR), under the 2021 Bitcoin Law. It covers BTC custody, conversion, transfers and payments.
• Direct participation in Transfer365, the BCR's instant payment system. eNor says this gives it real-time settlement across El Salvador, Guatemala, Honduras, Costa Rica, Panama and the Dominican Republic.

The company behind the brand is IB Maker X. A 2024 CriptoNoticias report names "IB Maker X, cuya marca comercial es eNor Securities" (whose trade name is eNor Securities) as a service provider. All three licences are from El Salvador. They do not let eNor serve customers in the US, the EU or Brazil.

eNor Securities in Brazil

Brazil is a key market for eNor, though its licences are in El Salvador. Its website and help centre are written in Portuguese first. The help centre's crypto list prices coins in BRZ, a stablecoin pegged to the Brazilian real, as well as in USDT. The app takes deposits by Pix, and the exchange page lists the real (BRL) among its currencies. In July 2024 eNor signed up Matera, a Brazilian banking-software firm with a large Pix business. Matera supplies QR-code payments and hosted wallets. These help eNor turn cash payments into bitcoin and stablecoins.

eNor Securities tokenized assets: Backed stocks and the ESOY soybean token

Two tokenization deals are on record:

• ESOY (January 2024). eNor was the service provider and first trading venue for $ESOY, a soybean-backed token issued by E-Grains and registered with the CNAD. CriptoNoticias reported an offering of up to US$100 million and 7.6 million tokens.
• Backed (August 2024). Backed Finance listed its tokenized securities on eNor for both retail and institutional users. DiarioBitcoin reported that the list included tokenized Tesla and Coinbase shares, BlackRock's S&P 500 ETF, and corporate and government bond ETFs. These were ERC-20 tokens on Ethereum, not Solana tokens.

eNor's wealth management page now offers tokenized bonds, gold, grain, property, and foreign stocks and funds. It does not say which blockchains or issuers it uses.

eNor Securities custody and Solana support

eNor's custody page says it holds assets through Fireblocks and BitGo using MPC (multi-party computation). MPC splits each private key into pieces, so no single person or device ever holds the whole key. The page also lists separate accounts for each client, multi-signature approvals, insurance against loss, and proof of reserves. Solana is one of the 20-plus blockchains its wallets support.

On staking, Figment said in August 2023 that eNor's institutional clients could stake six tokens, including SOL, ETH, AVAX and DOT. Figment ran the validators. The tokens were staked from eNor's own vault, so they stayed in eNor's custody.

The retail app is a different story. Its help centre lists only BTC, ETH and USDT (on Ethereum) for deposits and trading. It does not mention SOL or the Solana network. We found no current eNor source showing that retail users can trade SOL.

Who eNor Securities is for

eNor is built for businesses in Latin America, Brazil in particular, that want regulated custody, payments and tokenized assets without holding a licence themselves. That includes fintechs and neobanks launching accounts or cards, wealth managers and family offices adding tokenized assets, and corporates making cross-border payments. eNor's pitch to wealth managers is that they can launch "in weeks, not years" and set their own fee models.

It is a weak fit for people who want to buy SOL. The retail help centre lists no SOL trading. Solana users can already buy tokenized stocks on-chain. It also won't suit anyone who needs a firm licensed in the US, the EU or Brazil.

eNor Securities risks

• Custodial model. eNor or its custody providers hold client assets, so clients rely on eNor's controls, its Fireblocks and BitGo setup, and Salvadoran supervision. eNor's page describes insurance, independent audits and proof of reserves, but we found no published audit report, insurer name or reserve attestation.
• Single-jurisdiction licensing. Every licence is Salvadoran. A change in El Salvador's digital-asset regime, or action by another country against eNor serving its residents, would directly affect the service.
• Self-reported metrics. The US$8 billion volume and 100-country figures come from eNor's marketing, with no independent confirmation.
• Stale documentation. The help centre (faq-v1) still describes older products: liquidity pools, DeFi baskets, an NFT marketplace, an OR15 staking token and a $IBLFX utility token with staking tiers. None of these appear on the current B2B website. Check which products are still live before relying on them. We found no $IBLFX token on Solana.
• No Solana programs. eNor has no on-chain programs listed with us, so there is no program upgrade authority to assess. Its risks are those of a regulated intermediary, not of a smart contract.

As of October 2026, we found no reported hacks or regulatory penalties against eNor.

eNor Securities alternatives

• Backpack Securities issues tokenized US stocks directly on Solana, redeemable one-for-one for real shares. Recent listings include tokenized Moderna and tokenized BlackRock. It is the better fit for users who want tokenized equities they can hold in a Solana wallet.
• Securitize launched Securitize Stocks on Solana in October 2026, under a US regulatory framework.
• xStocks AAPLx$348.32-0.1%, Backed's tokenized stock line, trades on Solana. Backed is the same issuer whose securities eNor listed in 2024.
• For SOL staking, institutions can work with a staking provider such as Figment directly. Holders who keep their own keys can delegate to a validator themselves. Solana Compass runs a validator, and our guide to staking SOL from your own wallet covers that route.

eNor offers things these don't. It has a licence in El Salvador and local payment links in Central America and Brazil. Businesses can also sell its accounts under their own brand.

eNor Securities team and history

• 2021: founded in El Salvador.
• August 2023: Figment staking partnership. Co-founder and COO Bruno Winik was quoted in the announcement.
• January 2024: service provider and first venue for the ESOY soybean token.
• Liquid Federation: joined Blockstream's Liquid Federation, the group of companies that jointly operate the Liquid Bitcoin sidechain.
• July 2024: Matera payments partnership, announced by CEO Rodrigo Mendes.
• August 2024: Backed tokenized securities listing.
• February 2026: chose Corsa to run AI-assisted KYC, KYB and AML monitoring across its fiat, digital and cross-border rails.
• By October 2026: its website was repositioned around B2B financial infrastructure. Its October 2026 posts on X use the line "Built globally. Structured locally."

eNor has no token on Solana that we could verify.