BullionFX

What BullionFX does

BullionFX is a blockchain-based financial technology company headquartered in Sydney, Australia, incorporated as BullionFX Ltd in the United Kingdom. The company develops the Alchemy platform, a decentralized financial ecosystem built on auditable physical gold. Its core product, $GOLD, is a tokenized gold asset backed 1:1 with one troy ounce of physical vaulted gold, featuring wholesale spot gold market liquidity, ETF-level auditing, and full redemption facilities. Alchemy Vault is a self-custodial mobile wallet enabling instant, low-fee Mastercard, Visa, and peer-to-peer transactions in $GOLD. Alchemy L2 is an Ethereum Layer 2 network that serves as the base layer of the ecosystem, with $GOLD as native gas and native account abstraction. $ALCHEMY is a fixed-supply deflationary governance and utility token providing protocol fee sharing, yield boosters, zero gas fees on Alchemy L2 for stakers, and buyback-and-burn mechanics funded by sequencer fees.

The platform targets three primary customer segments: retail investors seeking yield on physical gold positions through DeFi mechanisms, institutional investors looking for DeFi-TradFi fusion products with gold-backed collateral, and blockchain/Ethereum developers building applications on Alchemy L2. Revenue mechanics, when commercial, derive from transaction fees, sequencer fees, protocol fee sharing distributed to $ALCHEMY stakers, yield booster tiers tied to lock-up duration, and Forge launchpad allocations. The company is pre-commercial activation with a Q3 2026 commercial launch target. In May 2026, BullionFX executed an asset acquisition agreement with Functional Brands Inc. (NASDAQ: MEHA), valued at approximately $142.9 million in share-based consideration, with founder Stephen Moss and co-founder Simon Rahme expected to join MEHA at no additional cost to lead the platform's commercialization. As of June 2026, the acquirer reported advanced discussions with multiple strategic financial parties regarding Alchemy's commercialization, indicating imminent institutional partnership formation.

Name

BullionFX

Legal name

BullionFX Ltd

Website

https://bullionfx.com

Company type

Private

Founded year

2020

Operating status

Acquired

Headcount range

11–50 employees

Short description

BullionFX develops the Alchemy platform, a blockchain-based decentralized financial ecosystem built on tokenized physical gold, featuring the $GOLD token, Alchemy Vault self-custody wallet, Alchemy L2 Ethereum Layer 2, and $ALCHEMY governance token, targeting retail investors, institutional investors, and Ethereum developers, and acquired by Functional Brands Inc. (MEHA) for ~$142.9 million in May 2026.

Ownership category

akta.pro rank

Product category

Blockchain Financial Infrastructure

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Tokenized Treasury, Money Market & Cash Management Products (FSADAEAB)

akta.pro secondary industries

On-Chain Payments & Stablecoin Infrastructure (Issuance, Rails, Treasury) (FSAGAMAD), Crypto Payments & Stablecoin Settlement Platforms (BPAMAFAL), Mint/Redeem, Issuance APIs & Treasury Operations Platforms (FSADADAE), Cross-Border FX, Multi-Currency & Treasury for Payments (FSAGABAK)

Keywords

• Tokenized gold
• Blockchain financial infrastructure
• Ethereum Layer 2
• Gold-backed DeFi
• Decentralized finance protocols

Headquarters

HQ city

Sydney

HQ country

Australia

HQ region

Oceania

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

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

Revenue model

1. Protocol Fee Sharing: Stakers of $ALCHEMY tokens earn a cut of all fees paid to Alchemy's core ecosystem protocols, creating a recurring revenue mechanism for token holders.
2. Sequencer Fees: Transaction fees on Alchemy L2 are paid in $GOLD and used for token buyback and burn mechanisms, reducing token supply while generating protocol revenue.
3. Yield Boosters: Locking staked $ALCHEMY for longer periods boosts $GOLD yields, creating tiered engagement and potential premium service revenue.
4. Forge Launchpad Allocations: Earning allocations in new ecosystem projects built on Alchemy L2 through the Forge launchpad, potentially generating revenue from successful project launches.
5. Tokenized Gold Infrastructure Services: Revenue from providing blockchain-based financial technology and infrastructure for developing a decentralized gold-backed ecosystem featuring stablecoins, lending protocols, and yield products.

Go-to-market motion1 record

Distribution channels1 record

Core offering

BullionFX develops the Alchemy platform, a decentralized financial ecosystem built on auditable physical gold. Its core offerings include $GOLD, a tokenized gold token backed 1:1 by physical vaulted gold; Alchemy Vault, a self-custodial mobile wallet for payments, yield, and borrowing in $GOLD; Alchemy L2, an Ethereum Layer 2 network with $GOLD as native gas; and $ALCHEMY, a deflationary governance and utility token enabling fee sharing and yield boosters.

Product overview

Alchemy is a unified decentralized financial ecosystem built on auditable physical gold, comprising four interconnected products: $GOLD (a tokenized gold token backed 1:1 by physical vaulted gold), Alchemy Vault (a self-custodial mobile wallet enabling payments, earning, and borrowing in $GOLD), Alchemy L2 (an Ethereum Layer 2 network providing the blockchain infrastructure with $GOLD as native gas), and $ALCHEMY (a deflationary governance and utility token enabling fee sharing, yield boosting, and ecosystem participation). The platform targets retail, institutional, and blockchain markets with DeFi services including lending protocols, yield products, and credit facilities anchored by auditable physical gold.

Differentiator

Problem solved

Functional benefit

Brands

• Alchemy: A decentralized financial ecosystem built on auditable physical gold, featuring the $GOLD token, Alchemy Vault decentralized mobile wallet, Alchemy L2 Ethereum Layer 2 network, and institutional DeFi-TradFi fusion products.

Products and services

• $GOLD A tokenized gold token backed 1:1 with one troy ounce of physical vaulted gold, featuring wholesale spot gold market liquidity, ETF-level auditing, and full redemption facilities. Designed for retail investors, institutions, and developers needing a stable, non-volatile on-chain asset.
• Alchemy Vault A decentralized mobile wallet enabling self-custody of $GOLD with customizable security and recovery options. Supports instant low-fee Mastercard, Visa, and peer-to-peer transactions in $GOLD, yield earning through TradFi and DeFi mechanisms, and collateral-based borrowing and lending.
• Alchemy L2 An Ethereum Layer 2 network serving as the decentralized base layer of the Alchemy ecosystem. Provides low fees, high throughput, gas sponsorship, and native account abstraction, with $GOLD as native gas and novel fee-burn mechanics.
• $ALCHEMY Token A fixed-supply deflationary token providing protocol fee sharing, $GOLD yield boosters, zero gas fees on Alchemy L2, automatic token allocations in early-stage projects built on Alchemy L2, and buyback-and-burn mechanics funded by sequencer fees.

Quantifiable outcome

• Tokenized gold market reached $90.7 billion in trading volume during Q1 2026
• +3 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature6 records

Partnerships

One partnership is on record.

• Functional Brands Inc. (NASDAQ: MEHA)flagshipStrategic or Co-development Partner · 22 May 2026Functional Brands Inc. is acquiring BullionFX's Alchemy platform assets for approximately $142.9 million in share-based consideration. The acquisition aims to position MEHA as one of the first publicly listed U.S. companies to offer regulated, gold-backed digital asset infrastructure targeting the underserved DeFi lending and cross-border settlement markets. Key talent from BullionFX including founder Stephen Moss and co-founder Simon Rahme are expected to join MEHA at no additional cost following the amended agreement.

Scale indicators4 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Aurus: Tokenizes precious metals (gold, silver, platinum) on Ethereum and other chains for institutional and retail use. Comparable product offering to $GOLD with similar RWA tokenization and DeFi integration thesis.
• DigixGlobal (DGX): Pioneer of on-chain gold-backed tokens (DGX) on Ethereum, with Proof-of-Provenance audit. One of the earliest comparable gold tokenization platforms and a direct functional competitor to $GOLD.
• Vaulted: Fractionalized, redeemable physical gold investment platform with vaulted storage. Comparable to the $GOLD/Alchemy Vault proposition for retail investors seeking digitized, auditable gold exposure.
• Kinesis Money: Gold- and silver-backed digital currencies with built-in yield via transaction fees. Closely comparable to Alchemy's gold-yield engine and credit protocol, and focused on monetizing physical gold for everyday payments.
• Paxos (PAXG): Issuer of PAXG, a regulated gold-backed token redeemable for physical gold. Direct competitor to BullionFX's $GOLD, with established liquidity, regulatory standing, and an institutional-grade trust framework.
• Tether (XAUT): Issuer of Tether Gold (XAUT), a tokenized gold product backed by physical gold. Competes directly with $GOLD on chain-agnostic accessibility, with materially larger liquidity and broader distribution.
• Perth Mint Gold Token (PMGT): Government-guaranteed gold-backed token issued by Perth Mint, an Australian precious metals authority. Direct comparator for $GOLD given physical gold backing, regulated issuance, and Asia-Pacific footprint overlap with BullionFX's Australian base.

Broad incumbents

• Optimism: Major Ethereum Layer 2 network with established DeFi ecosystem. Comparable to Alchemy L2 as a general-purpose EVM-equivalent L2, though Optimism is not commodity-token-native and does not offer gold-backed native gas.

Emerging players

• Acala Network: DeFi-focused Layer 1/L2 with stablecoin (aUSD) and liquid staking primitives. Comparable to Alchemy L2 as a DeFi-native chain, though Acala is stablecoin-rather than gold-anchored and serves a different asset-narrative.

Others

• Archblock (formerly TrustToken / TrueFi): Issuer of tokenized real-world assets including commodity-backed and stablecoin products; also the home of BullionFX's compliance lead (CCO at Archblock). Adjacent infrastructure comparator for tokenized-asset issuance and credit protocols.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/BullionFx
• Facebookfacebook.com/itsBullionFX
• LinkedInlinkedin.com/company/bullionfx

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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 BullionFX