Finery Markets

Finery Markets is a non-custodial crypto ECN (Electronic Communication Network) and trading SaaS provider built exclusively for institutional clients — delivering the execution infrastructure that payment companies, banks, brokers, OTC desks, hedge funds, and custodians need to access deep digital asset liquidity without counterparty custody risk.

Founded in 2019 and headquartered in Cyprus, the company has grown to serve more than 150 institutional clients across 35+ countries. Its co-founder and CEO Konstantin Shulga has guided the platform's focus toward institutional-grade execution at a time when demand for non-custodial, transparent trading venues accelerated following high-profile industry failures.

How It Works

At its core, Finery Markets operates a proprietary matching engine that connects institutional liquidity takers to a curated network of liquidity providers without the "last look" rejection mechanism common on traditional venues. The platform advertises 0% order rejections and zero slippage by design. Institutions can access liquidity through three execution modes:

• Order book trading — a firm, displayed market for price discovery
• Quote streams — direct, continuous pricing from individual liquidity providers
• RFQ (Request for Quote) — on-demand quotes for larger block sizes

All three modes are available through a single API integration, giving clients a unified workflow regardless of how they prefer to trade.

Products

Finery Markets packages its technology into five distinct products:

FM Marketplace is the flagship multi-dealer platform where aggregated institutional liquidity is accessible across 200+ crypto and fiat pairs. Supported assets include BTC, ETH, SOL, XRP, BNB, ADA, LTC, DOGE, and others, paired against USD, EUR, USDC, USDT, and DAI. The platform's stablecoin infrastructure has seen particularly rapid adoption — stablecoin trades accounted for 26% of OTC volume on the platform in 2023 and reached 81% by the first half of 2026, a shift Shulga attributes to institutional demand for fast, low-volatility settlement rails.

FM Liquidity Match is a software-as-a-service offering for institutions that want to embed electronic trading capability inside their own operations. It provides the matching and connectivity layer without requiring clients to build their own ECN infrastructure.

FM White Label packages Finery Markets' trading technology under a B2B white-label model, allowing brokers, crypto banks, and fintech companies to deploy a branded institutional trading front-end powered by Finery Markets' back-end.

FM Pulse is a real-time market data and analytics layer that tracks trading costs, spreads, and execution quality across the network, giving traders and risk managers live visibility into market conditions.

FM Space functions as a counterparty relationship and discovery tool — a directory where institutions can identify, vet, and connect with verified liquidity providers across the network.

Settlement and Custody Model

Finery Markets is explicitly non-custodial: client assets are never held by the platform. Settlement is handled flexibly across multiple bank relationships and blockchains, allowing institutions to settle according to their existing treasury and compliance arrangements. The platform supports a master and sub-account architecture alongside role-based access controls, which is particularly useful for multi-desk trading operations and firms managing client money under strict segregation requirements.

Security and Compliance

The company holds SOC 2 Type 1 and Type 2 certifications (the Type 2 examination was completed in February 2025), as well as ISO 27001 (information security management) and ISO 27701 (privacy information management) certifications. BitGo custody integration is available for clients who require insured digital asset custody, carrying up to $250 million in insurance coverage. Finery Markets was named among CNBC's "Top 300 Fintech Companies: 2025" and recognized as a top-50 rising star in the Deloitte Technology Fast 50 competition.

Key Partnerships

In June 2026, Finery Markets announced a strategic partnership with GSR, a major crypto market maker regulated by both the UK Financial Conduct Authority and Singapore's Monetary Authority. The integration, which was live at announcement, allows GSR to supply firm liquidity quotes to Finery Markets' 150-strong network of institutional participants — expanding the depth available to payment providers, OTC desks, and brokers executing large transactions. Earlier case studies on the platform highlight clients including Kauri Finance, CoinsPaid (via its FinchTrade division), and DAMEX, covering use cases from hybrid crypto banking to OTC desk operations.

Finery Markets is also a member of Circle's Alliance Partner program, integrating USDC and EURC into its settlement infrastructure — reflecting the broader stablecoin-first direction the platform has taken.

Market Context and Solana Ecosystem Fit

Finery Markets operates at the institutional infrastructure layer of the digital asset market rather than as a consumer-facing application. Its ECN and trading SaaS model is designed to be the plumbing behind the products that retail and semi-institutional users interact with: the payment provider that converts crypto at checkout, the broker offering crypto exposure, the OTC desk executing large block trades.

SOL is among the supported trading pairs on the FM Marketplace, making Finery Markets relevant infrastructure for institutions seeking deep, low-slippage access to Solana's native asset. As stablecoin volume on the platform has grown dramatically — and as Solana has emerged as a dominant blockchain for stablecoin issuance and transfer — Finery Markets' institutional rails sit at an intersection of institutional OTC demand and Solana-native asset liquidity.

The firm's OTC market data for 2024 showed trading volume doubling year-over-year, with stablecoin transactions growing 147% in the same period. That trajectory positions Finery Markets as a growing piece of the infrastructure connecting institutional capital to digital assets, including Solana-based markets.