The team at Ultramarkets were gearing for launch when they discovered a problem with their current ledger.
Quick backstory! The team had initially integrated with another ledger provider. They'd spent time building on it, testing in development, and everything seemed to be working smoothly.
Then, just three days before their planned launch date, they realised they couldn't easily set it up in production:
As an on-chain platform, they now needed a ledger capable of handling complex financial operations: inflight transactions, real-time position management, seamless reconciliation, etc, while supporting a short go-to-market timeline.
A ledger that 'just works'
Ultramarkets needed their ledger to serve as the source of truth for all user-facing financial operations:
- Deposit and withdrawal processing
- Trade execution and position management
- Opening and closing leveraged positions with proper inflight transaction handling
- Real-time balance calculations across multiple account types
- Reconciliation with blockchain settlement contracts
The system also needed to handle the complexity of leverage trading: for example, when a user opens a $100 position with 50x leverage, the ledger must accurately track the $5,000 exposure, manage collateral requirements, and handle liquidation scenarios.
This is where Blnk came in.
Finding Blnk: A last-minute switch
David, Snr. Engineer at Ultramarkets, shared: "I'd seen Blnk before … so when we had this constraint, I suggested it right away."
The team signed up to Blnk on a Friday, and by Monday, they were ready to ship.
Deposits, withdrawals, and trades were beginning to flow through Blnk by the start of the new week. The team took an extra week to test thoroughly and ensure all boxes were checked.
And then, they went live!
Great docs, great experience
"The documentation was really, really good," David emphasizes. "I could literally just go to the docs, copy everything, give it to my LLM, and it could make sense out of it. Even if I didn't want to do the integration myself, it was very detailed."
"I remember when I was reading the other [provider's] documentation, I had to ask AI, 'Okay, what does this mean? What edge case is this trying to solve?'" David recalls.
"But for Blnk, the moment I saw 'inflight transaction,' I just knew we were good. The concepts were clear and intuitive."
Blnk as the source of truth
Blnk now handles Ultramarkets' complete user-facing financial infrastructure. Every deposit, withdrawal, trade, position opening, and position closing flows through Blnk as the system's source of truth.
This makes it easy to separate other business logic from the core money movement flows. Blnk focuses on the user accounting and balance tracking, while their vault and smart contracts handle the on-chain settlements.
"We've had some tiny issues here and there where we had to go to the [Cloud] dashboard and check what happened," Justice says.
"Big props on the dashboard—it's really helpful. It helps with visualizing the flow of money, which is critical for us as an on-chain platform where everything comes from the blockchain."
What's next?
For Ultramarkets, Blnk has become a core part of their infrastructure. The team is currently exploring ways to use our Reconciliation engine to automate transaction reconciliation between their ledger records and the blockchain, and quickly catch errors/drifts in their system.
In day-to-day operations, the Blnk Cloud dashboard has become the first line of visibility when something looks off.
"Right now we’re providing leverage for prediction market traders," Justice said, "but the wider goal is to be the infrastructure for margin trading on event-based assets.”
