Rulematch
Rulematch operates an institutional crypto-asset trading, clearing, and settlement venue for regulated banks and securities firms, built on Nasdaq matching engine technology across Swiss and MiCA-licensed European platforms.
- Company typePrivate
- Founded2023
- HeadquartersZürich, Switzerland
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What Rulematch does
Rulematch AG is a Zurich-headquartered financial technology company that operates an institutional crypto-asset trading, clearing, and settlement venue exclusively for supervised banks and securities firms and their institutional clients (hedge funds, family offices, external asset managers). The platform launched spot trading of Bitcoin and Ethereum against USD in December 2023 and supports an RFQ model with multi-dealer quoting, plus direct and sponsored access via FIX 4.4/5.0SP2 and ITCH/OUCH protocols. Underlying technology is anchored by a Nasdaq matching engine and market surveillance stack, Ripple Custody for off-balance-sheet asset segregation using IBM FIPS 140-2 Level 4 HSMs, Elliptic for real-time blockchain AML, and triparty settlement with simultaneous Delivery-versus-Payment (DvP) and multi-collateral margining calibrated to a 99% confidence level. Geographic reach is delivered through two entities: RULEMATCH AG in Switzerland (serving banks and securities firms from equivalently regulated jurisdictions) and the wholly-owned subsidiary RULEMATCH Europe AG in Vaduz, Liechtenstein, which received a MiCA trading platform license from the FMA in June 2026 to onboard institutions across the EEA.
The business model is transaction-based, generating revenue from tiered maker/taker trading fees (0.005% / 0.015%), volume-independent clearing and settlement fees (0.003% / 0.003%), crypto and fiat withdrawal fees (USD 8 / USD 38), and a USD 1,000/month subscription for ITCH market data. Distribution is hybrid: direct enterprise sales to regulated participants, sponsored access through prime brokers and crypto service providers (ISP Securities, GCEX, Bank Frick, DLT Finance), and integrations into OMS/PMS platforms (Talos, Haruko, Wyden). The company has raised approximately $14 million in a pre-Series A round from FiveT Fintech, ConsenSys Mesh, and Flow Traders (the latter also serving as a designated market maker), with follow-on participation from Mulana Capital. Leadership includes CEO David Riegelnig, CCO Stefan Lütolf, COO Helena Schöni, CFO Rolf Gätzi, CRO Dorette Daume, and Chairman Dr. Martin Hess.
Rulematch firmographics
Firmographics- Name
- Rulematch
- Legal name
- RULEMATCH AG
- Website
- https://rulematch.com
- Company type
- Private
- Founded year
- 2023
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Rulematch operates an institutional crypto-asset trading, clearing, and settlement venue for regulated banks and securities firms, built on Nasdaq matching engine technology across Swiss and MiCA-licensed European platforms.
- Ownership category
- akta.pro rank
Rulematch industry classification
Industry- Product category
- Institutional Crypto Trading Venue
- NAICS
- Securities and Commodity Exchanges (523210), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Spot Crypto Exchanges (Order-Book & Matching Engine) (FSADAAAA)
- akta.pro secondary industries
- Clearing, Settlement & Trade Processing (FSADAJAE), Settlement, Reconciliation & Merchant Treasury Tools (Crypto) (FSADAIAK), Transaction Policy Controls & Wallet Security (Allowlisting, Limits, Approvals) (FSADACAI), Risk Management, Controls, Governance & Policy (Crypto) (FSADALAJ), Digital Asset/Crypto Trade Execution Platforms (FSAFANAO)
Keywords
Where Rulematch is headquartered
LocationHeadquarters
- HQ city
- Zürich
- HQ country
- Switzerland
- HQ region
- Europe
Offices2 records
Markets served
Rulematch business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales, Others
Revenue model
- Trading Fees (Maker/Taker): Tiered trading fees based on trading volume of each organization using a Maker/Taker model. Maker fees: 0.005% / Taker fees: 0.015%. Additional reduced fee tier available for accounts providing liquidity meeting specified conditions.
- Clearing and Settlement Fees: Trading volume independent fees for clearing and settlement services. Maker/Taker: 0.003% / 0.003%.
- Withdrawal Fees: Digital asset withdrawal fee of USD 8.00 per transaction. Fiat withdrawal fee of USD 38.00 per transaction.
- Market Data Fees: Market data available free via FIX and NMDF protocols. Market data via ITCH protocol subject to fee of USD 1,000 per month.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Monthly | Standard Trading Fee Tier |
| Transaction based/ take rate | Monthly | Clearing and Settlement Fee |
| Transaction based/ take rate | Monthly | Liquidity Provision Fee Tier |
| Unit Pricing | Pay-as-you-go | Digital Asset Withdrawal |
| Unit Pricing | Pay-as-you-go | Fiat Withdrawal |
| Subscription | Monthly | ITCH Market Data |
Go-to-market motion2 records
Distribution channels4 records
Marketing channels5 records
Rulematch product offering
Product offeringCore offering
Rulematch operates institutional-grade crypto-asset trading venues for banks and securities firms, providing spot trading, clearing, and settlement of digital assets. The platform combines Nasdaq matching engine technology with integrated triparty settlement featuring Delivery-versus-Payment (DvP), Ripple custody, and multi-collateral margining. It operates RULEMATCH Crypto in Switzerland and RULEMATCH Europe Crypto in Liechtenstein under a MiCA license for the EEA.
Product overview
Rulematch operates two institutional crypto trading platforms: RULEMATCH Crypto (operated by RULEMATCH AG in Zurich, Switzerland) and RULEMATCH Europe Crypto (operated by RULEMATCH Europe AG in Liechtenstein under MiCA license). Both platforms provide trading, clearing, and post-trade settlement for financial institutions using Nasdaq matching engine technology. The Swiss platform targets banks and securities firms from Switzerland and equivalently regulated countries, while the European platform serves MiCA-licensed institutions across the EEA.
Differentiator
Problem solved
Functional benefit
Brands
- RULEMATCH Crypto: A crypto-asset market providing trading, clearing and settlement for financial institutions, operated by RULEMATCH AG in Switzerland.
- RULEMATCH Europe Crypto
Products and services
- RULEMATCH Crypto Swiss-based interbank spot crypto trading venue operated by RULEMATCH AG in Zurich, providing trading, clearing, and settlement for cryptocurrencies and digital assets exclusively to regulated financial institutions.
- RULEMATCH Europe Crypto MiCA-licensed crypto-asset trading platform for institutional market participants in the EEA, operated by RULEMATCH Europe AG in Liechtenstein, providing trading, clearing and settlement services with an RFQ trading model.
- Triparty Settlement Service for Off-Exchange Crypto Trading Triparty settlement service enabling bilateral off-exchange crypto trading using Rulematch's institutional-grade clearing infrastructure with true Delivery-versus-Payment, ad hoc cycle renegotiation, and flexible settlement cycles.
Quantifiable outcome
- Over 500 clearing cycles completed without fail since December 2023 launch
- +2 more outcomes
Companies that use Rulematch
Customer profileNamed customers7 records
Segments2 records
Ideal customer profiles2 records
Rulematch technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration3 records
Feature8 records
Rulematch partnerships and signals
Strategic signalPartnerships
Ten partnerships are on record, tiered core and minor.
- NasdaqcoreProvides trading engine and market surveillance technology with world-class multi-matching engine and integrated market surveillance technology. Powers the central limit order book matching engine.
- SIX (SIX Digital Exchange)coreStrategic partnership providing end-to-end solution combining RULEMATCH trading and settlement capabilities with SIX Digital Exchange's off-exchange crypto custody services.
- Ripple CustodycoreCrypto asset custody solution used by RULEMATCH. Leverages IBM FIPS 140-2 Level 4 certified HSM hardware hosted on-premises for key creation and protection. Ensures strict asset segregation on individual blockchain addresses.
- EllipticcoreBlockchain analytics solution used by RULEMATCH for blockchain address screening, transaction forensics, and AML compliance in handling crypto assets.
- Luzerner KantonalbankcoreAA+-rated, state-guaranteed Swiss bank handling fiat funds for trading in segregated fiduciary accounts. Used for triparty settlement service.
- Grant ThorntonminorExternal auditor for RULEMATCH.
- ISP SecuritiesminorSwiss-based securities firm offering sponsored access to RULEMATCH, allowing institutional clients to trade directly on the venue while the sponsoring participant handles clearing and settlement.
- GCEXminorLondon-based prime brokerage offering access to RULEMATCH venue for institutional clients.
- Bank FrickminorLeading Liechtenstein-based crypto service provider offering sponsored access to RULEMATCH trading venue.
- DLT FinanceminorOffers access to RULEMATCH for institutional clients through its multi-venue aggregator platform.
Scale indicators7 records
Recent moves7 records
Expansion highlights6 records
Rulematch competitors and assessment
Company assessmentDirect peers
- LMAX Digital: Institutional crypto spot exchange operated by LMAX Group, offering a regulated trading venue for institutions in the EEA and globally. Closely comparable to Rulematch in business model (central limit order book for institutions) but with broader asset coverage and more established liquidity.
- OSL: Hong Kong-headquartered licensed digital asset platform providing institutional trading, custody, and SaaS. Operates regulated trading venues targeting professional investors, similar to Rulematch's institutional regulated venue model.
- Zodia Markets: Institutional crypto trading venue backed by Standard Chartered. Targets banks and asset managers with regulated OTC and exchange access in the EEA and UK. Highly comparable to Rulematch's institutional-only, regulated positioning and European focus.
Others
- Talos: Institutional digital asset trading and portfolio management platform integrated with Rulematch. Functions as both a distribution partner (giving buy-side firms access to Rulematch) and an indirect competitor offering white-label infrastructure to other venues.
- Flow Traders: Leading global liquidity provider in both traditional and crypto markets. While not a venue, Flow Traders is Rulematch's strategic investor and primary designated market maker, making it a key ecosystem participant and indirect competitor for institutional flow.
Regional players
- B2C2: Leading institutional crypto liquidity provider and OTC desk, predominantly active in Europe and Asia. Functions as a competing liquidity provider for institutional flow and could expand into formal venue operations that overlap with Rulematch.
Broad incumbents
- CME Group: Largest US-regulated derivatives exchange with growing crypto derivatives franchise. While primarily a derivatives venue, CME's regulated institutional franchise and Nasdaq partnership heritage make it a relevant incumbent competitor for institutional crypto flow in adjacent product categories.
- Kraken Institutional: Institutional arm of Kraken exchange offering OTC, custody, and trading for institutions. While Rulematch's regulatory positioning is more restrictive, Kraken competes for the same institutional crypto trading flow in Europe.
- Coinbase Prime: Institutional brokerage and custody offering from Coinbase. Provides prime brokerage, lending, and trading for institutions with broader asset coverage than Rulematch. Operates as a large incumbent in the institutional crypto space.
- FalconX: Institutional digital asset prime broker offering trading, credit, and custody. Competes with Rulematch for institutional crypto flow, though with broader asset coverage and credit capabilities extending beyond pure exchange services.
Market position
Strengths4 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights6 records
Customer concentration
Rulematch social profiles
Digital presenceRulematch compliance and trust
Trust signalCompliance1 record
Rulematch financial estimates
Financial estimateRevenue estimate
Valuation estimate
Rulematch leadership team
Management profileNumber of profiles
Profiles14 records
Rulematch subsidiaries and ownership
Company hierarchySubsidiaries1 record
Rulematch funding detail
Funding detailFunding overview
Funding rounds2 records
Investors4 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Rulematch 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 Rulematch
What does Rulematch do?
Rulematch operates institutional-grade crypto-asset trading venues for banks and securities firms, providing spot trading, clearing, and settlement of digital assets. The platform combines Nasdaq matching engine technology with integrated triparty settlement featuring Delivery-versus-Payment (DvP), Ripple custody, and multi-collateral margining. It operates RULEMATCH Crypto in Switzerland and RULEMATCH Europe Crypto in Liechtenstein under a MiCA license for the EEA.
Is Rulematch a public or private company?
Rulematch is a private company. It is classified as venture growth investor backed and is currently operating.
When was Rulematch founded?
Rulematch was founded in 2023. It employs 11 to 50 people.
Where is Rulematch based?
Rulematch is headquartered in Zürich, Switzerland, in the Europe region.
How does Rulematch make money?
Four revenue lines are on record. Trading Fees (Maker/Taker) is the primary driver. The others are clearing and Settlement Fees, withdrawal Fees and market Data Fees.
Who are Rulematch's main competitors?
Direct peers on record are LMAX Digital, OSL and Zodia Markets. Others are Talos and Flow Traders. B2C2 is listed as a regional player. Broad incumbents are CME Group, Kraken Institutional, Coinbase Prime and FalconX.
Does Rulematch have an API?
No public API is recorded for Rulematch.
What industry is Rulematch in?
Rulematch's product category is Institutional Crypto Trading Venue. Its primary akta.pro industry code is FSADAAAA, Spot Crypto Exchanges (Order-Book & Matching Engine), with a secondary code of FSADAJAE, Clearing, Settlement & Trade Processing. Its NAICS code is 523210 and its SIC code is 6200.