From 4-person startup to nationwide crypto exchange

How a 4-person crypto exchange used Brico to compress a multi-year MTL licensing timeline into months, with flat-fee pricing and regulator-ready guidance.

Client Overview

PAX Markets is building a new crypto exchange and is the first – in all capital markets – to operate from a single chip. When PAX came to Brico, they were a lean team of just four people with big ambitions and an urgent need to reach the market quickly. With zero prior experience navigating the MTL application process, and a groundbreaking product requiring careful positioning with state regulators, they needed more than software — they needed a trusted licensing partner.

The Challenge

PAX faced a three-part challenge. First, speed: they needed to go nationwide fast to capture a first-mover advantage. Second, inexperience: none of the four team members had ever navigated the MTL process before, making state requirements feel like an uncharted maze. Third, complexity: as a crypto-forward company, PAX needed expert guidance on how to present their novel product to regulators in a way that was both transparent and compelling.

Brico’s Solution and Results

Brico offered an automated platform that transformed the entire license application workflow for PAX Markets. By slashing application times and costs compared to traditional methods, Brico exceeded expectations.

• Speed to market: All MTL applications run in parallel, compressing a multi-year DIY timeline into months.
• Crypto SME: Brico’s licensing experts are deeply involved in the crypto space, and helped craft regulator-ready narratives, building credibility with state agencies from day one.
• First-timer guidance: End-to-end strategic support demystifying each state's requirements for a first-time applicant team.
• Budget certainty: Flat-fee pricing — no surprise legal bills, giving a four-person startup essential cost predictability.