Former BitGo and Galaxy executives Matt Ballensweig and Leon Marshall launch Marble to give
institutions one platform to trade frontier markets and to unlock institutional credit for the AI compute buildout
NEW YORK, Nov. 10, 2026 /PRNewswire/ — Marble today announced its launch and an $11 million seed round led by Polychain Capital with participation from Maven 11, Ripple, Susquehanna Crypto, Lattice, Blockwall and other venture and strategic investors, along with a select group of AI-focused angels.
Marble powers the world’s frontier markets with capital and liquidity through two businesses. Marble Compute builds institutional private credit rails for AI infrastructure, connecting institutional lenders with neoclouds and GPU operators driving the AI buildout. Marble Markets is building an institutional trading platform across digital assets, real-world assets, prediction markets and compute.
Matt Ballensweig and Leon Marshall founded Marble and serve as co-CEOs. Ballensweig was most recently Global Head of Trading at BitGo, where he built and led the institutional trading business. He previously co-headed trading and lending at Genesis. Marshall was CEO of Galaxy Digital’s European business and previously held roles at Genesis, Apollo and Trafigura. Marble is actively expanding its team with senior hires from leading trading firms, exchanges and AI infrastructure companies over the coming months.
“Matt and Leon have built and run institutional trading and lending businesses at scale through multiple market cycles, and they understand market structure from the inside,” said Angelo Goepel, Partner at Polychain Capital. “That experience positions Marble to compete in two of the largest opportunities of this decade: bringing institutional trading to frontier markets and building the credit markets that AI infrastructure needs. We’re excited to lead Marble’s seed.”
Marble Compute is building private credit rails and financing products for independent neoclouds and GPU operators. It gives institutional lenders access to the mid-market operators building AI infrastructure, through both traditionally structured and on-chain credit opportunities.
The largest publicly traded neoclouds can fund their growth through public markets and large bank lenders. Smaller independent operators often have fewer financing options, even when customers have committed to buying their capacity. Marble Compute plans to originate, underwrite and structure financing for these operators and bring the opportunities to lenders.
Marble’s underwriting will assess the equipment, the creditworthiness of contracted customers and the operator’s ability to service its debt. Marble Markets’ strategy includes compute forwards that allow operators to agree on a rental price today for capacity they will deliver in the future. Subject to applicable regulatory approvals, Marble intends to finance these opportunities through a series of single-opportunity funds, building toward multi-opportunity funds all through one asset management platform.
“Two GPU operators can buy identical hardware and raise very different amounts of debt against it. A lender wants to know who’s buying the compute, at what price and for how long,” said Leon Marshall, co-founder and co-CEO of Marble. “We’re bringing buyers, operators and lenders together so operators can secure customers for their capacity, lock in pricing on the share they want to hedge and raise financing against those cash flows. That gives lenders a clearer basis for deciding how much they can lend and operators a clearer view of how much equity they’ll need to build the next cluster.”
Marble Markets is building a platform through which institutions can trade across multiple markets with Marble as their counterparty. Marble is developing spot trading, lending and derivatives for digital assets, alongside block trading in prediction markets and over-the-counter forwards on compute capacity. Its longer-term plans include tokenized equities and equity swaps, subject to applicable regulatory approvals. The platform is designed to improve capital efficiency by letting clients use eligible digital and traditional assets held with participating custodians and brokerages as collateral, reducing the need to prefund trades separately with each counterparty.
“Institutions want exposure to the markets that will define the next decade, from prediction markets to AI compute, but the liquidity and credit in those markets are still fragmented,” said Matt Ballensweig, co-founder and co-CEO of Marble. “Marble brings the trading and financing infrastructure institutions rely on to the markets they actually want to be in.”
“As a liquidity provider across the digital asset ecosystem, we see every day how quickly market structure is evolving,” said Chase Lax, CEO of Susquehanna Crypto. “Matt and Leon see that evolution the same way we do, and they’ve spent their careers operating through it. We’re looking forward to seeing what Marble builds.”
“We’ve worked and traded with both Matt and Leon over the years through BitGo and Galaxy, and few people have a clearer view of where institutional markets are headed in a continuously changing environment,” said Balder Bomans, CIO at Maven 11 Capital. “The market needs a more nimble, dynamic player to bring these frontier markets together on one platform, and we’re confident Marble can be that firm.”
Institutions can register their interest in Marble Markets or Marble Compute at marblegroup.xyz.
About Marble
Marble is a capital markets firm founded by Matt Ballensweig and Leon Marshall. Marble Markets is building an institutional trading platform spanning digital assets, real-world assets, prediction markets and compute. Marble Compute is developing private credit financing for independent AI cloud providers and GPU operators. Marble is backed by Polychain Capital, Maven 11, Ripple, Susquehanna Crypto and other leading venture and strategic investors.
Learn more at marblegroup.xyz.
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SOURCE Marble Group, Inc
