LMAX Group today (Tuesday) launched Kiosk, a hosted interface that allows brokers and other institutional investors to receive digital assets from their clients, hold them in LMAX custody, and margin those assets to the Group’s wide range of trading venues.
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The product sits on top of LMAX Group’s existing regulatory infrastructure and is delivered as a single broker-branded portal. According to the company, customers can deposit cryptocurrencies into LMAX custody and immediately use their balances as collateral to trade spot FX, precious metals, digital assets, CFDs, and perpetual futures.
According to the company, the interface combines deposits, withdrawals, API credential management, WalletConnect support, security management, and cross-asset financial management into a single workflow.
Jenna Wright, Managing Director, Digital Assets, LMAX Group
LMAX has been previewing this product for several months. In a March 2026 thought leadership article, Jenna Wright, the group’s managing director of digital assets, said the company is “now bringing institutional brokers to a new fully hosted broker-branded interface with asset-to-asset collateral capabilities.”
Tuesday’s announcement officially unveils that pipeline as a named product.
Crypto collateral competition intensifies across the stack
LMAX is entering a corner of the market that has become significantly more crowded over the past 12 months, as banks, prime brokers, and liquidity providers each seek to monetize institutional demand for using digital assets as working capital.
In October 2025, JPMorgan announced plans to accept Bitcoin and Ether as loan collateral for institutional clients around the world through third-party custodians.
StoneX Digital, the institutional cryptocurrency arm of Forex.com’s parent company, launched a Bitcoin-backed lending platform for institutional investors in February 2026.
Rebranded Hidden Road, Ripple Prime is building cross-margin across digital assets, FX, fixed income, and cleared derivatives. $RLUSD Its use as a collateral asset is increasing.
B2PRIME expanded the B2TRADER platform in March 2026 to add cryptocurrency spot and perpetual futures in addition to FX and CFDs, and support for cross-collateralized margins. $BTC, $ETH and a basket of stablecoins.
The Singapore Exchange launched Marex-cleared Bitcoin and Ether perpetual futures trading in late 2025, targeting accredited and institutional investors, providing a centrally cleared onshore exchange alternative to offshore venues.
The LMAX pitch differs in one particular respect. While StoneX, JPMorgan, and Ripple Prime primarily serve as direct counterparties to end clients, Kiosk is designed to be embedded within the broker’s own front-end and provide LMAX Custody as a back-office.
BlackBull’s approval involves disclosure.
Michael Walker, Director, BlackBull Markets
A press release accompanying Tuesday’s launch included a supporting quote from Black Bull Markets CEO Michael Walker, who said the kiosk is “an important step forward in helping brokers securely and efficiently integrate digital assets into their infrastructure.”
That support doesn’t come at arm’s length. As part of the partnership, LMAX acquired an approximately 20.8% stake in the New Zealand-based multi-asset broker in 2024. The companies said they will improve execution quality and expand BlackBull’s crypto capabilities through LMAX’s institutional digital asset infrastructure.
BlackBull is currently undergoing an IPO roadshow with the goal of dual listing on the ASX and NZX, with BlackBull Market offering investors nearly $200 billion in monthly customer trading volume. LMAX is one of the company’s three largest shareholders, along with the founders and Milford Private Equity Fund III.
LMAX cross-asset push components
The kiosk is the latest part of LMAX’s multi-year build-out aimed at sitting in the middle of the traditional finance and crypto stack. The group has launched institutional perpetual futures trading. $BTC/USD and $ETHWe launched /USD in September 2025 with up to 100x leverage and later integrated the service with Gold-i in December to expand access to brokers.
In March 2025, LMAX added Ripple services. $RLUSD Stablecoins were introduced on LMAX Digital and since then, stablecoins have been used as the primary collateral asset for cross-margin across spot cryptocurrencies, FX, gold, perpetual futures, and CFDs.
Kiosks extend that logic further to the digital assets held by clients, putting what was previously a bespoke onboarding process into a packaged interface.
“The kiosk represents an important step forward,” Wright said in a statement, positioning the product as a way to “provide greater market access to trusted, institutional-grade solutions that bridge traditional and digital capital markets.”
LMAX did not disclose the number of institutions committed to the product or pricing details at launch.
