Client Overview:
PAX Markets is building a new crypto exchange and isthe first – in all capital markets – to operate from a single chip. When PAXcame to Brico, they were a lean team of just four people with big ambitions andan urgent need to reach the market quickly. With zero prior experiencenavigating the MTL application process, and a groundbreaking product requiringcareful 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-moveradvantage. Second, inexperience: none of the four team members had evernavigated the MTL process before, making state requirements feel like an unchartedmaze. Third, complexity: as a crypto-forward company, PAX needed expertguidance on how to present their novel product to regulators in a way that wasboth transparent and compelling.
Brico’s Solution and Results:
Brico offered an automated platform that transformed the entire license application workflow for Funding Circle. 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 deeplyinvolved 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 demystifyingeach 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.
Client Testimonial :
"We were four people trying to get licensed across multiple states with a product nobody had seen before. Brico didn't just handle the applications — they helped us understand the landscape, advised us on how to talk to regulators about what we were building and kept us moving fast"
— John Peter Stevenson, CEO and Co-Founder, PAX Markets
