What Aplo does

Aplo SAS (formerly SheeldMarket SAS) is a Paris-based digital asset prime brokerage platform serving institutional clients including hedge funds, asset managers, neobrokers, fintechs, and Web3 foundations. The company provides a unified execution venue spanning 300+ crypto assets and 100,000+ tradable pairs, connected to major liquidity venues (Binance, Bitstamp, Coinbase, Gate, Kraken, OKX) and wrapped in regulatory infrastructure including French DASP registration with the AMF (E2020-005), ACPR oversight, SOC 1 certification, and an in-progress MiCA CASP authorization application.

The platform is built around a Smart Order Router that evaluates price, cost, speed, fill probability, and venue quality to determine optimal execution paths, supplemented by Direct Market Access, an RFQ system for bilateral price discovery, and algorithmic execution strategies (TWAP, VWAP). Synthetic pairs expand the tradable universe beyond directly listed pairs. Custody is delivered through an institutional-grade architecture combining Hardware Security Modules, Trusted Execution Environments, and Multi-Party Computation (MPC), with a conflict-free execution model that precludes proprietary trading. API access is offered alongside a self-service web interface and a high-touch trading desk for complex or illiquid orders.

Aplo generates revenue through transaction fees on a matched-principal basis, with quote-based pricing for institutional clients and a choice between explicit fees or all-in pricing. The go-to-market is enterprise field sales complemented by self-service onboarding. The company was founded in 2019-2020 by Oliver Yates and Simon Douyer with Jacques Lolieux (creator of Credit Suisse's CrossFinder dark pool) joining shortly after, raised $11M in venture funding (2020 seed, 2021 Series A from Atomico, DraperDragon, Axeleo), and was acquired by Coincheck Group N.V. (Nasdaq: CNCK) in October 2025.

Name

Aplo

Legal name

Aplo SAS

Website

https://aplo.io

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Short description

Paris-based digital asset prime brokerage serving 60+ institutional clients with Smart Order Routing, Direct Market Access, algorithmic execution, RFQ, and qualified MPC/HSM custody across 300+ crypto assets and 100k+ trading pairs; subsidiary of Coincheck Group N.V.

Ownership category

akta.pro rank

Product category

Digital Assets Prime Brokerage

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Prime Brokerage (Multi-Asset Crypto) (FSADAJAA)

akta.pro secondary industry

Market Making & Liquidity Provision (FSADAJAC)

Keywords

• Digital assets prime brokerage
• Crypto execution platform
• Algorithmic crypto trading
• Institutional crypto custody
• Smart order routing

Headquarters

HQ city

Paris

HQ country

France

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales, Others

Revenue model

1. Prime Brokerage Transaction Fees: Aplo generates revenue through transaction fees for digital asset trading execution services. The platform offers transparent fee structures with explicit fees or all-in pricing options, operating on a matched-principal (riskless principal) basis without proprietary trading.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Aplo operates a digital assets prime brokerage platform that provides institutional clients unified access to liquidity across 300+ crypto assets and 100,000+ trading pairs. The platform combines Smart Order Routing, Direct Market Access, algorithmic execution, and RFQ trading capabilities with institutional-grade qualified custody using HSM, TEE, and MPC security architecture. Aplo executes client orders on a matched-principal (riskless principal) basis across regulated venues including Binance, Bitstamp, Coinbase, Gate, Kraken, and OKX.

Product overview

Aplo is a digital assets prime brokerage platform designed for financial institutions, offering a unified platform for trading, custody, and execution services. The core platform provides liquidity access across 300+ crypto assets and 100,000+ trading pairs, powered by Smart Order Routing (SOR), Direct Market Access (DMA), algorithmic execution, and high-touch trading services. The platform integrates Qualified Custody (using HSM, TEE, and MPC security architecture) with execution services through a single operational relationship. Key product components include synthetic pairs for expanded trading universe, execution reporting with benchmark analysis, RFQ system for institutional control, and API access for programmatic trading. The platform connects to multiple liquidity venues (Binance, Bitstamp, Coinbase, Gate, Kraken, OKX) and serves institutional clients including hedge funds, asset managers, neobrokers, fintechs, and web3 foundations.

Differentiator

Problem solved

Functional benefit

Products and services

• Aplo Prime Brokerage Platform

Quantifiable outcome

• 17 bps average VWAP improvement versus market benchmarks
• +4 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature6 records

Partnerships

Three partnerships are on record, tiered core and strategic.

• Coincheck Group N.V. (Nasdaq: CNCK)coreStrategic or Co-development Partner · 14 October 2025In October 2025, Coincheck Group N.V. completed the acquisition of Aplo SAS, a French digital asset prime brokerage. Aplo now operates as a subsidiary of Coincheck Group, a publicly listed company on Nasdaq. The acquisition strengthens Coincheck's presence in digital asset trading and infrastructure, particularly in Europe, and positions the combined platform for broader global crypto financial services growth. The acquisition was completed through share exchange.
• FireblocksstrategicTechnology or IntegrationStrategic technology partner providing digital asset infrastructure and wallet technology for custody operations.
• CirclestrategicTechnology or IntegrationStrategic partner for stablecoin infrastructure and USD Coin (USDC) services integrated into Aplo's platform.

Scale indicators6 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• FalconX: Leading institutional digital asset prime brokerage offering execution, custody, lending, and clearing across multiple venues. Direct competitor to Aplo in multi-asset crypto prime brokerage for hedge funds, asset managers, and corporates.
• Galaxy Digital: Diversified institutional digital asset platform spanning trading, prime services, asset management, and mining/infrastructure. Direct competitor in institutional execution and prime brokerage for crypto-native and traditional allocators.
• Cumberland (DRW): Institutional crypto trading arm of DRW, providing OTC liquidity, block trading, and prime-style services. Competes with Aplo for large institutional crypto orders and RFQ flow.
• Wintermute: Leading crypto-native liquidity provider and OTC desk offering execution and trading services to institutions across spot and derivatives. Comparable to Aplo as a venue-agnostic liquidity and execution partner.
• BitGo: Institutional digital asset custodian and prime services provider offering qualified custody, trading, and financing. Overlaps with Aplo on institutional custody and execution, with a stronger lending and staking offering.
• Zodia Markets: Standard Chartered-backed institutional crypto brokerage and custody platform serving institutions and corporates. Comparable to Aplo as a regulated, bank-affiliated institutional prime broker targeting professional clients.
• Binance Institutional: Institutional services arm of Binance offering execution, custody, and OTC to professional clients. Competes for institutional flow and uses Binance as a primary execution venue — one of Aplo's own integration partners.
• Coinbase Prime: Institutional arm of Coinbase offering prime brokerage, custody, financing, and execution across spot crypto markets. Competes directly with Aplo for institutional flow with the backing of a publicly listed exchange.

Regional players

• OSL: Hong Kong-based regulated digital asset platform providing brokerage, custody, and SaaS services to institutions. Comparable to Aplo as a regulated institutional prime broker, but operating primarily in APAC rather than EMEA.

Broad incumbents

• Kraken Institutional: Institutional offering of Kraken exchange providing execution, custody, and staking to professional clients. Broader incumbent that overlaps with Aplo on execution and custody for institutions.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/aplocrypto
• Xx.com/aplo_crypto

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Aplo