Flashnet
Flashnet builds non-custodial Bitcoin infrastructure on Spark L2, offering an orchestration API (Orchestra), a hybrid AMM/CLOB DEX (Markets), and a Bitcoin-native stablecoin (USDB), targeting wallets, exchanges, commerce, and fintech developers globally.
- Company typePrivate
- Founded2024
- HeadquartersLos Angeles, United States
- Headcount1–10
- GTM typeB2B
- OfferingSoftware
What Flashnet does
Flashnet (legal entity Flashnets Markets, Inc., incorporated in the Republic of Panama) is a Bitcoin infrastructure company founded in 2024 and headquartered in Los Angeles. It operates a non-custodial trading and orchestration stack built on Spark, a Bitcoin Layer-2 network, combining an AMM with a central limit order book and using FROST threshold signatures and statechains for off-chain Bitcoin ownership transfer. The company sells three core products: Orchestra, an async orchestration API that routes, bridges, and settles BTC and stablecoin transactions across 12+ chains with approximately 10 bps total cost and sub-second settlement; Markets, a non-custodial Bitcoin DEX on Spark; and USDB, a dollar-backed stablecoin (issued by partner Brale) earning 3.5-6% BTC rewards distributed daily from protocol activity.
Flashnet monetizes primarily through transaction-based fees: approximately 5 bps platform fee on swaps executed through Markets, 0.20% on USDB transactions and 0.40% on other asset transactions via Orchestra, plus 0.20-0.40% on fiat-to-crypto onramp flows. Liquidity providers earn roughly 5 bps LP spread from AMM swaps. Go-to-market is API-first and self-serve, targeting developers and businesses integrating Bitcoin buy/sell, instant deposits via ZeroConf, cross-chain settlement, automated accumulation, and payout distribution. Documented customers and integration partners include Breez, Daimo, Trust Wallet, Xverse, Wallet of Satoshi, MoonPay, Polymarket, Tether, Rumble, Guap, and Brale, spanning wallets, exchanges, prediction markets, payments, and commerce segments.
The company is venture-backed by operators who previously scaled Coinbase and dYdX, with $4.5 million raised in February 2025 from Abstract (lead), Accomplice, Chapter One, Stratus Ventures, HF0, Soma Capital, and UTXO Management. Leadership comprises CEO Ethan Marcus and VP of Engineering Jesse Schulman. Operating with a lean 1-10 person team, Flashnet positions itself as a global Bitcoin liquidity layer targeting the price gap between retail crypto trading costs and traditional equity trading costs.
Flashnet firmographics
Firmographics- Name
- Flashnet
- Legal name
- Flashnets Markets, Inc.
- Website
- https://flashnet.xyz
- Company type
- Private
- Founded year
- 2024
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Flashnet builds non-custodial Bitcoin infrastructure on Spark L2, offering an orchestration API (Orchestra), a hybrid AMM/CLOB DEX (Markets), and a Bitcoin-native stablecoin (USDB), targeting wallets, exchanges, commerce, and fintech developers globally.
- Ownership category
- akta.pro rank
Flashnet industry classification
Industry- Product category
- Bitcoin Infrastructure
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Securities and Commodity Exchanges (52321)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- On-Chain Payments & Stablecoin Infrastructure (Issuance, Rails, Treasury) (FSAGAMAD)
- akta.pro secondary industries
- Crypto Payments & Stablecoin Settlement Platforms (BPAMAFAL), Stablecoin Protocols (Decentralized) (FSADAMAD)
Keywords
Where Flashnet is headquartered
LocationHeadquarters
- HQ city
- Los Angeles
- HQ country
- United States
- HQ region
- North America
Markets served
Flashnet business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Infrastructure, Marketing or Sales, Operations
Revenue model
- Trading Fees: Platform charges approximately 10 basis points total cost per trade, comprising a 5 bps platform fee plus approximately 5 bps LP spread. Fees are charged on swap transactions executed through the exchange.
- USDB Yield Distribution: Flashnet generates revenue from protocol activity (trading fees, AMM fees) and converts a portion to BTC for daily distribution to USDB holders. The reward rate (3.5-6%) scales with protocol usage.
- Liquidity Provider Fees: AMM liquidity providers earn approximately 5 bps spread from each swap. Flashnet operates concentrated liquidity AMM similar to Uniswap V3.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Standard Trading Fee - 10 bps total cost |
| Transaction based/ take rate | Pay-as-you-go | USDB Transaction Fee - 0.20% |
| Transaction based/ take rate | Pay-as-you-go | Bitcoin/Stablecoin Transaction Fee - 0.40% |
| Transaction based/ take rate | Pay-as-you-go | Fiat Onramp via Orchestra - 0.20-0.40% |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels6 records
Flashnet product offering
Product offeringCore offering
Flashnet provides Bitcoin infrastructure built on the Spark Bitcoin L2. Its core products are Orchestra, an async orchestration API that routes, bridges, and settles Bitcoin and stablecoin transactions across 12+ chains at roughly 10 bps total cost with sub-second settlement; Markets, a non-custodial Bitcoin DEX combining an AMM and a central limit order book on Spark; and USDB, a dollar-backed stablecoin native to Spark that pays 3.5–6% BTC rewards daily from protocol activity. The platform enables partners to add Bitcoin buying, selling, accumulation, onramp, offramp, and commerce settlement to their products without taking custody of user funds.
Product overview
Flashnet is a Bitcoin infrastructure company offering three main products: Orchestra (an async orchestration API for routing, bridging, and settling Bitcoin transactions across 12+ chains), Markets (a non-custodial Bitcoin DEX combining AMM and order book trading on Spark L2), and USDB (a dollar-backed stablecoin on Spark earning 3.5-6% BTC rewards daily). The company also provides free Bitcoin trading tools including calculators, comparison tables, and yield trackers. Flashnet's products work together as a full-stack Bitcoin trading and liquidity ecosystem: Orchestra handles cross-chain orchestration and payment flows, Markets provides the trading venue with deep liquidity, and USDB serves as the native stablecoin with built-in yield.
Differentiator
Problem solved
Functional benefit
Brands
- Orchestra: Bitcoin orchestration API for routing, bridging, and settling BTC transactions across 12+ chains including Spark, Lightning, Bitcoin L1, Base, Solana, Ethereum, Arbitrum, Optimism, Polygon, Tron, Tempo, and Plasma.
- Markets
- USDB
Products and services
- Orchestra Flashnet Orchestra is an async orchestration API for moving between BTC and stablecoins across 12+ chains (Base, Solana, Ethereum, Arbitrum, Optimism, Polygon, Tron, Lightning, Spark, Bitcoin, Tempo, Plasma). Partners specify source asset, destination asset, amount, and recipient; Orchestra handles routing, bridging, AMM execution, and delivery. The API supports quote/submit flows, accumulation addresses, liquidation addresses, pay links, ZeroConf instant BTC credit, fiat onramp, and affiliate fees, with approximately 10 bps total cost and sub-second settlement. Designed for developers and businesses integrating Bitcoin buying, selling, accumulation, and commerce settlement into their products.
- Markets Flashnet Markets is a non-custodial Bitcoin decentralized exchange built on Spark (Bitcoin L2). It combines an automated market maker with a central limit order book to enable native Bitcoin swaps against USDB with total costs around 10 basis points (5 bps platform fee plus approximately 5 bps LP spread), sub-second settlement, and deep liquidity. Users retain custody of their private keys. Designed for retail and professional traders seeking low-fee, non-custodial Bitcoin trading.
- USDB USDB is a dollar-backed stablecoin built natively on Spark (Bitcoin L2). It is issued by US-regulated stablecoin issuer Brale and backed 1:1 by U.S. Treasury bills. Holders earn 3.5–6% BTC rewards distributed daily from protocol activity (trading fees, AMM fees), with no staking or lockups. USDB offers sub-second transfers and zero fees on Spark-to-Spark transactions, and is available directly at usdb.flashnet.xyz and through integrated wallets including Luminex, Xverse, Blitz, Guap, Layerz, Privy, Bitbit, Bread, and DeBlock.
Quantifiable outcome
- 10 bps total cost vs 70-80 bps on tier-1 exchanges
- +3 more outcomes
Companies that use Flashnet
Customer profileNamed customers10 records
Segments4 records
Ideal customer profiles3 records
Flashnet technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Feature6 records
Flashnet partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- BralecoreBrale is a US-regulated stablecoin issuer that issues USDB and maintains T-bill reserves. Flashnet operates the protocol and shares revenue with USDB holders. Independent companies working together - Brale handles issuance and reserves, Flashnet handles protocol and trading.
Scale indicators3 records
Recent moves6 records
Expansion highlights6 records
Flashnet competitors and assessment
Company assessmentEmerging players
- Spark: Spark is the Bitcoin L2 on which Flashnet's Markets DEX, Orchestra API, and USDB stablecoin are built. It is both infrastructure dependency and adjacent competitor as its native DEX capabilities overlap with Flashnet Markets.
- Alex: Alex is a Bitcoin DeFi protocol on Stacks offering swaps, launchpad, and liquidity mining. As a Bitcoin-native DEX with yield products, it overlaps with Flashnet Markets' core trading and liquidity offering.
Broad incumbents
- Stacks: Stacks is a major Bitcoin L2 enabling smart contracts and DeFi on Bitcoin. It is a broader incumbent in the Bitcoin L2 ecosystem where Flashnet operates, with competing DeFi protocols like Alex built on top.
Direct peers
- Bisq: Bisq is a decentralized peer-to-peer Bitcoin exchange focused on non-custodial trading. It shares Flashnet's philosophical commitment to non-custodial Bitcoin trading and serves a comparable user segment.
- LayerSwap: LayerSwap is a cross-chain bridge and swap service with strong fiat onramp integrations. It competes with Flashnet Orchestra in the cross-chain routing and bridging category, especially for exchange-to-L2 flows.
- Sovryn: Sovryn is a non-custodial Bitcoin DeFi protocol for trading, lending, and borrowing built on RSK. Like Flashnet, it targets Bitcoin-native financial services with non-custodial design, making it a direct comparator for Bitcoin DeFi users.
- SideShift.ai: SideShift.ai is a no-account crypto-to-crypto swap service supporting Bitcoin and many altcoins. Flashnet Orchestra competes head-to-head for the developer and application integration use case with similar cross-asset swap APIs.
- ChangeNOW: ChangeNOW is a non-custodial crypto exchange service enabling instant swaps across hundreds of assets. Its API and partner integration model closely mirrors Flashnet Orchestra's developer-first distribution.
- THORChain: THORChain is a decentralized cross-chain liquidity network enabling native swaps between Bitcoin and other assets. Flashnet competes directly in the cross-chain Bitcoin swap space, though THORChain is Cosmos-based while Flashnet builds on Spark.
Others
- MoonPay: MoonPay is a fiat-to-crypto onramp provider and is both a partner and competitor. Flashnet Orchestra's onramp offering at 0.20-0.40% directly competes with MoonPay's 1.5-4.5% card-based rates for fiat-to-crypto flows.
Market position
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Flashnet social profiles
Digital presenceFlashnet financial estimates
Financial estimateRevenue estimate
Valuation estimate
Flashnet leadership team
Management profileNumber of profiles
Profiles2 records
Flashnet funding detail
Funding detailFunding overview
Funding rounds1 record
Investors7 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Flashnet M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Flashnet
What does Flashnet do?
Flashnet provides Bitcoin infrastructure built on the Spark Bitcoin L2. Its core products are Orchestra, an async orchestration API that routes, bridges, and settles Bitcoin and stablecoin transactions across 12+ chains at roughly 10 bps total cost with sub-second settlement; Markets, a non-custodial Bitcoin DEX combining an AMM and a central limit order book on Spark; and USDB, a dollar-backed stablecoin native to Spark that pays 3.5–6% BTC rewards daily from protocol activity. The platform enables partners to add Bitcoin buying, selling, accumulation, onramp, offramp, and commerce settlement to their products without taking custody of user funds.
Is Flashnet a public or private company?
Flashnet is a private company. It is classified as venture growth investor backed and is currently operating.
When was Flashnet founded?
Flashnet was founded in 2024. It employs 1 to 10 people.
Where is Flashnet based?
Flashnet is headquartered in Los Angeles, United States, in the North America region.
How does Flashnet make money?
Three revenue lines are on record. Trading Fees are the primary driver. The others are USDB Yield Distribution and liquidity Provider Fees.
Who are Flashnet's main competitors?
Emerging players on record are Spark and Alex. Stacks is listed as a broad incumbent. Direct peers are Bisq, LayerSwap, Sovryn, SideShift.ai, ChangeNOW and THORChain. MoonPay is listed as an others.
Does Flashnet have an API?
Yes. Flashnet Orchestra is an async orchestration API for moving between BTC and stablecoins across 12+ chains. It supports quote/submit flows, pay links, accumulation addresses, and liquidation addresses. Partners specify source asset, destination asset, amount, and recipient. Orchestra handles routing, bridging, AMM execution, and delivery. Key features: ~10 bps total cost, <5s settlement, 12 chains (Base, Solana, Ethereum, Arbitrum, Optimism, Polygon, Tron, Lightning, Spark, Bitcoin, Tempo, Plasma), ZeroConf instant BTC credit, fiat onramp via Cash App, affiliate fees. The API is REST-based with webhook notifications. Base URL: https://orchestration.flashnet.xyz. The rewards system has a separate REST API at https://rewards.flashnet.xyz with endpoints for rewards, endorsements, Flashpoints, and stats. Developer documentation is at docs.flashnet.xyz.
What industry is Flashnet in?
Flashnet's product category is Bitcoin Infrastructure. Its primary akta.pro industry code is FSAGAMAD, On-Chain Payments & Stablecoin Infrastructure (Issuance, Rails, Treasury), with a secondary code of BPAMAFAL, Crypto Payments & Stablecoin Settlement Platforms. Its NAICS code is 522320 and its SIC code is 6200.