Our vision

Democratized trading by design

Upstream is a revolutionary exchange and trading app for digital securities.

We aim to unlock liquidity for investors of all levels on our intuitive, app-based market. Under the hood, Upstream introduces what we believe to be the future of trading featuring some of the highest levels of transparency, accessibility, and investor protections enforced using Ethereum blockchain technology. These innovations include direct access to our exchange on the Upstream app, best bids and offers displayed on a public orderbook, and prevented predatory market practices like short selling.


Our Values

We believe that investment opportunities should be open to investors of all levels, regardless of net-worth. Upstream was designed for the everyday investors with secure, clear and intuitive functionality.

Openness is an integral part of the investment experience on Upstream. Everything from the transparent orderbook, to the clear fee structure, to the issuer disclosure requirements are to ensure our traders are informed and empowered to participate on our platform.

Upstream is fundamentally structured to create a fair trading environment and protect against market manipulations. All your securities and their movements are controlled solely by you, with layered failsafes at each level. Listed securities ensure recognized international standards of governance.

Who’s behind Upstream

exchange & trading app for digital securities

MERJ Exchange Limited ("MERJ") began in 2011 as the operator of the national securities market for the Republic of the Seychelles. The exchange was born as part of the IMF backed Economic Reform Programme to diversify the country’s economy in the wake of the global financial crisis of 2009. The group operates an integrated end to end set of market infrastructure combining a full status stock exchange, a clearing and settlement system, and depository facility. This enables MERJ to offer a complete suite of securities market services including listing, trading, clearing, settling and registry services. MERJ has worked hand in hand with government and regulators as well as international agencies to ensure the market meets the highest global standards. MERJ is an affiliate of the World Federation of Exchanges and was identified in 2019 and 2020 as one of the fastest growing stock markets globally.

Building a new stock exchange in 2011 gave the MERJ team an opportunity to look at other stock markets around the world and build a platform that took the best elements to serve the evolving needs of global issuers and investors. By combining a future proof approach to technology, with a listing framework built to address some of the pain points in global markets, MERJ has created a unique regulated market venue that truly democratizes access to the capital markets. MERJ infrastructure is designed to work with international partners to create a fair and transparent marketplace that is both robust and highly accessible. Upstream is a bespoke exchange technology suite licensed by MERJ Exchange, leveraging the innovative use of blockchain technology and other cutting-edge tools developed by Horizon Globex GmbH of Switzerland (Horizon). MERJ Exchange Limited, MERJ Clearing and Settlement Limited and MERJ Depository and Registry Limited are all licensed and regulated by the Financial Services Authority Seychelles. The FSA Seychelles is an associate member of the International Organisation of Securities Commissions (IOSCO)


MERJ Recognitions include:

Affiliate of the World Federation of Exchanges
Full member of the Association of National Numbering Agencies (ANNA).
HMRC Recognised Stock Exchange
Qualifying Foreign Exchange (QFE) under the United States OTC Markets framework.
Member of the Sustainable Stock Exchanges Initiative

exchange & trading app for digital securities

Horizon is a fintech company that builds and powers global securities exchanges, unlocking liquidity for traditionally illiquid asset classes. 7 years in the making, Horizon has built a complete and integrated suite of software for compliant issuance, management, and secondary trading of digital securities.

At the end of 2020, Horizon announced the launch of two key marketplaces we built and are powering: Upstream, the digital stock exchange and trading app; and Global Fan Exchange, the fan engagement platform. Through a licensing agreement with MERJ Exchange, Horizon’s revolutionary Ethereum blockchain technology provides investors around the world with direct access to Upstream’s global exchange through a userfriendly trading app. Led by established leaders across sports and entertainment, GFX is a next generation fan engagement platform giving fans the opportunity to invest, drive awareness, and share in the success of celebrity ventures. Through GFX’s affiliation with Upstream, the goal is for these shares to trade amongst fans.

Our team combines the regulatory experience of our Wall Street bankers and proven track record of our technology veterans to bring compliance, efficiency, security, and transparency into the next generation of trading.

exchange & trading app for digital securities

What sets us apart

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Our team

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Our technology

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Our commitment

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Our compliance