LMAX Group today (Tuesday) launched Kiosk, a hosted interface that lets brokers and other institutional clients accept digital assets from their customers, hold them in LMAX Custody and then post those assets as margin across the group's wider trading venues.
Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!)
The product sits on top of LMAX Group's existing regulated infrastructure and is delivered as a single, broker-branded portal. According to the firm, clients can deposit crypto into LMAX Custody and immediately use those balances as collateral to trade spot FX, precious metals, digital assets, CFDs and perpetual futures.
The interface bundles deposits, withdrawals, API credential management, WalletConnect support, security controls and cross-asset treasury management in one workflow, the company said.
LMAX has been previewing the offering for months. In a March 2026 thought-leadership piece, Jenna Wright, the group's managing director for digital assets, described the firm as "currently onboarding institutional brokers to a new, fully hosted, broker-branded interface" with cross-asset collateral functionality.
- London Moves First, Tokyo Trades Bigger: New Data Shows Split in FX Market Dynamics
- LMAX Brings Gold to Its Perpetual Futures Lineup with 24/7 XAU/USD Trading
- LMAX Launches Omnia to Enable Real Time Asset Transfers Across FX, Crypto and Stablecoins
Tuesday's announcement formalizes that pipeline as a named product.
Crypto Collateral Race Picks Up Across the Stack
LMAX is moving into a corner of the market that has become noticeably crowded over the past 12 months, as banks, prime brokers and liquidity providers each try to monetize institutional demand for using digital assets as working capital.
JPMorgan said in October 2025 that it planned to accept Bitcoin and Ether as loan collateral for institutional clients globally, working through a third-party custodian.
StoneX Digital, the institutional crypto arm of the Forex.com parent, launched a Bitcoin-backed lending platform for institutional traders in February 2026.
Ripple Prime, the rebranded Hidden Road, has built out cross-margining across digital assets, FX, fixed income and cleared derivatives, with RLUSD increasingly used as the collateral asset of choice.
B2PRIME extended its B2TRADER platform in March 2026 with crypto spot and perpetual futures alongside FX and CFDs, supporting cross-collateral margin in BTC, ETH and a basket of stablecoins.
Singapore Exchange went live with Marex-cleared Bitcoin and Ether perpetual futures in late 2025, targeting accredited and institutional investors with a centrally cleared, onshore alternative to offshore venues.
LMAX's pitch differs in one specific way. Where StoneX, JPMorgan and Ripple Prime operate primarily as direct counterparties to end clients, Kiosk is designed to slot inside a broker's own front end and present LMAX Custody as the back office.
BlackBull Endorsement Comes With a Disclosure
The press release accompanying Tuesday's launch carries a supporting quote from Michael Walker, chief executive of BlackBull Markets, who said Kiosk "is an important step forward in helping brokers safely and efficiently integrate digital assets into their infrastructure."
That endorsement is not arms-length. LMAX acquired a roughly 20.8% stake in the New Zealand-headquartered multi-asset broker in 2024 as part of a partnership the two firms said would improve execution quality and expand BlackBull's crypto capabilities through LMAX's institutional digital asset infrastructure.
BlackBull is currently running an IPO roadshow targeting a dual listing on the ASX and NZX, with BlackBull Markets presenting monthly client trading volume of close to $200 billion to investors. LMAX is one of the company's three largest shareholders alongside the founders and Milford's Private Equity Fund III.
Building Block in LMAX's Cross-Asset Push
Kiosk is the latest piece in a multi-year build-out at LMAX aimed at sitting in the middle of the traditional finance and crypto stack. The group launched institutional perpetual futures on BTC/USD and ETH/USD in September 2025 with leverage of up to 100x, then integrated the offering with Gold-i in December to widen broker access.
In March 2025, LMAX added Ripple's RLUSD stablecoin to LMAX Digital, and the stablecoin has since been used as the main collateral asset for cross-margining across spot crypto, FX, gold, perpetual futures and CFDs.
Kiosk extends that logic to client-held digital assets more broadly, putting a packaged interface around what was previously a bespoke onboarding process.
"Kiosk represents a significant step forward," Wright said in the launch statement, framing the product as a way to "deliver greater market access to trusted, institutional-grade solutions that bridge traditional and digital capital markets."
LMAX did not disclose how many institutions had committed to the product at launch, nor any pricing details.
