Upstream
Upstream is a blockchain-powered global stock and collectibles trading app, operated by Horizon Globex GmbH under MERJ Exchange, serving non-U.S. retail investors with dual-listed equities, IPOs, derivatives, and NFTs on a proprietary Ethereum layer-2 blockchain.
- Company typePrivate
- Founded2017
- HeadquartersZug, Switzerland
- Headcount11–50
- GTM typeB2C
- OfferingServices
What Upstream does
Upstream is a blockchain-powered global stock trading app operated by Horizon Globex GmbH (Zug, Switzerland) and listed as a market on MERJ Exchange, a Seychelles-regulated securities exchange and affiliate of the World Federation of Exchanges. The platform enables non-U.S. retail investors to trade dual-listed equities, IPOs, celebrity ventures, derivatives (options, warrants, short selling), and ERC-721 collectibles from iOS, Android, Mac, and web clients.
The technical stack is purpose-built and proprietary: an Ethereum layer-2 optimistic-rollup proof-of-authority blockchain called Ráneum hosts an ERC-20 smart-contract securities matching engine and an ERC-721 collectible auction engine, with on-chain enforcement against naked short selling and payment for order flow. Liquidity is supported by Market Pools (AMM-style automated pools), and settlement is real-time rather than T+2. Funding rails include PayPal, debit/credit cards, USDC via an Ethereum-mainnet bridge, and bank wire, with each user receiving an individually insured USD account through Absa Bank Seychelles.
The revenue model is transaction-based: Upstream charges a 1% fee on executed securities trades, a 2% seller-side fee on successful collectibles transactions, and passes through PayPal processing fees (3.49% + $0.49 domestic, 4.99% + $0.49 international). There are no membership fees, account minimums, or order-placement fees. The customer base is split across two primary segments: global individual investors (excluding U.S. persons from securities activity, plus Canadian and OFAC-restricted exclusions) and small-cap / dual-listing issuers seeking cross-border distribution and secondary liquidity. Issuer-facing GTM relies on press partnerships (Mission Matters, ADVFN), API integrations (Equity Stock Transfer), and in-app advertising.
Upstream firmographics
Firmographics- Name
- Upstream
- Legal name
- Horizon Globex GmbH
- Website
- https://upstream.exchange
- Company type
- Private
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Upstream is a blockchain-powered global stock and collectibles trading app, operated by Horizon Globex GmbH under MERJ Exchange, serving non-U.S. retail investors with dual-listed equities, IPOs, derivatives, and NFTs on a proprietary Ethereum layer-2 blockchain.
- Ownership category
- akta.pro rank
Upstream industry classification
Industry- Product category
- Stock Trading Platform
- NAICS
- Securities and Commodity Exchanges (523210), Securities and Commodity Contracts Intermediation and Brokerage (5231), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221)
- akta.pro primary industry
- NFT Trading, Liquidity & Financialization (AMMs, lending, fractionalization, derivatives) (FSAPAFAG)
- akta.pro secondary industries
- NFT Commerce, Ticketing & Utility Enablement (token-gated access, memberships, passes, ticketing rails) (FSAPAFAJ), Crypto Payments & Stablecoin Settlement Platforms (BPAMAFAL)
Keywords
Where Upstream is headquartered
LocationHeadquarters
- HQ city
- Zug
- HQ country
- Switzerland
- HQ region
- Europe
Offices2 records
Markets served
Upstream business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Others
Revenue model
- Securities Trading Fees: 1% fee charged when securities buy or sell order executes on the Upstream secondary market
- Collectible Seller Fees: 2% fee charged to successful Collectible sellers on Upstream. Buyers are not charged a fee
- Payment Processing Fees: PayPal fees for funding: 3.49% + 49c for US customers, 4.99% + 49c for international customers
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Securities Trading - 1% per transaction |
| Transaction based/ take rate | Pay-as-you-go | Collectible Trading - 2% seller fee |
| Transaction based/ take rate | Pay-as-you-go | PayPal Funding - 3.49% + 49c |
Go-to-market motion2 records
Distribution channels5 records
Marketing channels6 records
Upstream product offering
Product offeringCore offering
Upstream is a blockchain-powered global stock trading app available on iOS, Android, Mac, and web that enables investors to trade shares of dual listed companies, IPOs, celebrity ventures, options, warrants, and short positions with real-time quotes, trades, and settlements. The platform also operates a digital collectibles (NFT) marketplace for creating, auctioning, and trading NFTs. The exchange is operated as a market under MERJ Exchange (regulated by the Financial Services Authority of Seychelles) and runs on Horizon's proprietary Ráneum Ethereum layer-2 blockchain with ERC-20 securities and ERC-721 collectible smart contract engines.
Product overview
Upstream is a blockchain-powered global stock trading platform operated by Horizon Globex GmbH and MERJ Exchange. The platform offers a unified ecosystem comprising the Upstream Mobile Trading App (iOS/Android), Online Trading Platform (web), and Collectibles Marketplace. Secondary trading features include Options Trading, Warrants Trading, and Short Selling services. Liquidity is facilitated through Market Pools using AMM-style technology. The platform is built on Horizon's ERC-20 and ERC-721 smart contract technology running on the Ráneum Ethereum layer-2 blockchain, with a developer API for third-party integrations.
Differentiator
Problem solved
Functional benefit
Products and services
- Upstream Mobile Trading App Blockchain-powered global stock trading app for iOS and Android that lets global investors (excluding U.S. persons) buy and sell shares of U.S. and international companies with real-time quotes, trades, and settlements.
- Upstream Online Trading Platform Browser-based trading platform providing web access to buy and sell securities, with orderbook and quote functionality equivalent to the mobile apps.
- Upstream Collectibles Marketplace NFT marketplace on Upstream where creators can mint and auction digital collectibles and collectors can buy, sell, and claim NFTs, built on ERC-721 smart contract technology.
- Upstream Options Trading Options trading service on Upstream supporting strategies including Long Call, Long Put, Covered Call, and Short Put, with separate terms and conditions governing investor participation.
- Upstream Warrants Trading Warrants trading instrument offered alongside securities and options on the Upstream exchange, governed by dedicated investor terms and conditions.
- Upstream Short Selling Short selling service with stock lending and short liquidation triggers, designed to prevent naked short selling through smart-contract-enforced settlement guarantees.
- Upstream IPO Service IPO service allowing issuers to launch initial public offerings on the Upstream exchange with immediate settlement at IPO close.
- Upstream Listing Service for Issuers Service for companies seeking to list securities on the Upstream global blockchain-powered exchange, including a Listing Sponsor program and referral pathway for issuers.
- Upstream Development APIs Developer APIs enabling third parties to surface NFT listings with deep links to Upstream, query metadata of NFTs exported to Ethereum Mainnet, and submit copy trade reports to Upstream Exchange for regulatory compliance.
- Upstream USDC Bridge Cryptocurrency bridge service using a multisig Ethereum mainnet smart contract to deposit and withdraw USDC stablecoin to and from Upstream trading accounts.
Companies that use Upstream
Customer profileNamed customers2 records
Segments3 records
Ideal customer profiles4 records
Upstream technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration5 records
Feature5 records
Upstream partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered core and minor.
- MERJ ExchangecoreUpstream is a MERJ Exchange market. MERJ operates a fully regulated and licensed integrated securities exchange, clearing system and depository for digital and non-digital securities. MERJ is an affiliate member of the World Federation of Exchanges and member of ANNA.
- Horizon Globex GmbHcoreHorizon Globex GmbH of Switzerland operates Upstream and provides the proprietary technology including ERC-20 smart contract securities matching engine and ERC-721 collectible auction engine.
- World Federation of ExchangesminorMERJ Exchange, which operates Upstream, is an affiliate member of the World Federation of Exchanges (WFE).
- ANNA (Association of National Numbering Agencies)minorMERJ Exchange is a full member of ANNA, the Association of National Numbering Agencies.
- Absa Bank (Seychelles) LimitedcoreU.S. Dollar banking partner for Upstream. Traders receive individual USD bank accounts. All Upstream accounts are individually insured and bankruptcy protected through this partnership.
- Seychelles Financial Services AuthoritycoreMERJ is overseen and regulated by the Seychelles Financial Services Authority (FSA), which is the securities and other non-banking financial services regulator in the Republic of Seychelles.
- Mission MattersminorMission Matters joined Upstream's Strategic Media Package for Issuers Dual Listing on Upstream, providing marketing support for issuers.
- ADVFNminorADVFN added to Upstream's Media Community to boost advertising for Issuers on Upstream's global trading app.
Scale indicators1 record
Recent moves6 records
Expansion highlights5 records
Upstream competitors and assessment
Company assessmentBroad incumbents
- Kraken: Kraken is a major global crypto exchange offering spot, staking, and increasingly derivatives. It competes with Upstream for crypto-native investor flow and has explored tokenized real-world-asset offerings, putting it in broader-incumbent adjacency to Upstream.
- Coinbase: Coinbase is the largest U.S.-regulated crypto exchange and has expanded into tokenized securities and derivatives. While its core business is broader than Upstream's, it increasingly competes for the same issuers and crypto-native investors.
- Sharespost: SharesPost (formerly SharesPost Financial Services) operates a private-company secondary marketplace and previously ran a regulated alternative trading system. It overlaps with Upstream in providing liquidity for previously hard-to-trade securities, though via a more traditional private-company focus.
Emerging players
- Tokeny: Tokeny is a tokenization platform for issuing and managing compliant digital securities across multiple chains and jurisdictions. It overlaps with Upstream on the issuance and lifecycle-management side of tokenized securities, particularly for cross-border issuers.
- Securitize: Securitize is a tokenization issuance and compliance platform enabling companies to issue and manage digital securities. While more focused on issuance rails than exchange operations, it increasingly overlaps with Upstream as it moves into primary-market and transfer-agent workflows.
- Polymath: Polymath provides infrastructure for issuing and managing security tokens on blockchain, including token standards and compliance tooling. It overlaps with Upstream in the digital securities stack, though it focuses on issuance infrastructure rather than running a trading venue.
Direct peers
- Templum: Templum is a blockchain-based alternative trading system and issuance platform for digital assets and security tokens. It targets the same regulated digital-securities niche as Upstream, with overlapping issuer and investor segments.
- DXC (formerly DX.exchange): DXC is a digital securities trading platform offering blockchain-based trading of tokenized equities. It shares Upstream's model of bridging traditional equity listings with on-chain trading infrastructure.
- INX (INX Digital Company): INX operates a regulated digital securities and tokenized-asset exchange with both a retail platform and a regulated U.S. broker-dealer. It is one of the few fully regulated digital-securities exchanges and competes directly with Upstream for tokenized security listings and trading volume.
- tZERO: tZERO is a regulated security token exchange and trading platform focused on tokenized private and public equities. Like Upstream, it combines blockchain-based settlement with a regulated secondary trading venue and targets issuers seeking access to digital-asset investors.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks5 records
Key highlights7 records
Customer concentration
Upstream social profiles
Digital presenceUpstream compliance and trust
Trust signalCompliance5 records
Upstream financial estimates
Financial estimateRevenue estimate
Valuation estimate
Upstream leadership team
Management profileNumber of profiles
Profiles1 record
Upstream funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Upstream 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 Upstream
What does Upstream do?
Upstream is a blockchain-powered global stock trading app available on iOS, Android, Mac, and web that enables investors to trade shares of dual listed companies, IPOs, celebrity ventures, options, warrants, and short positions with real-time quotes, trades, and settlements. The platform also operates a digital collectibles (NFT) marketplace for creating, auctioning, and trading NFTs. The exchange is operated as a market under MERJ Exchange (regulated by the Financial Services Authority of Seychelles) and runs on Horizon's proprietary Ráneum Ethereum layer-2 blockchain with ERC-20 securities and ERC-721 collectible smart contract engines.
Is Upstream a public or private company?
Upstream is a private company. It is classified as corporate owned and is currently operating.
When was Upstream founded?
Upstream was founded in 2017. It employs 11 to 50 people.
Where is Upstream based?
Upstream is headquartered in Zug, Switzerland, in the Europe region.
How does Upstream make money?
Three revenue lines are on record. Securities Trading Fees are the primary driver. The others are collectible Seller Fees and payment Processing Fees.
Who are Upstream's main competitors?
Broad incumbents on record are Kraken, Coinbase and Sharespost. Emerging players are Tokeny, Securitize and Polymath. Direct peers are Templum, DXC (formerly DX.exchange), INX (INX Digital Company) and tZERO.
Does Upstream have an API?
Yes. Upstream Development APIs providing capabilities for NFT listings surface, Mainnet NFT metadata lookup, and trade reporting for regulatory compliance. The APIs enable developers to surface creator NFTs with deep linking back to Upstream for trading, query metadata of NFTs exported to Ethereum Mainnet, and drop copy trade reports to Upstream Exchange. Developer documentation is at apideveloper.upstream.exchange/apis.
What industry is Upstream in?
Upstream's product category is Stock Trading Platform. Its primary akta.pro industry code is FSAPAFAG, NFT Trading, Liquidity & Financialization (AMMs, lending, fractionalization, derivatives), with a secondary code of FSAPAFAJ, NFT Commerce, Ticketing & Utility Enablement (token-gated access, memberships, passes, ticketing rails). Its NAICS code is 523210 and its SIC code is 6200.