Finery Markets

Finery Markets is an institutional crypto Electronic Communication Network (ECN) and Software-as-a-Service trading infrastructure provider founded in 2019 and headquartered in Limassol, Cyprus. The company was established by co-founders Konstantin Shulga (CEO) and Ilya Drozdov with the goal of bringing institutional-grade execution technology to the digital asset market — a segment that had long lacked the non-custodial, multi-dealer infrastructure standard in traditional FX and equities markets.

What Finery Markets Does

Rather than operating as an exchange or brokerage, Finery Markets supplies the technology rails that connect institutional buyers and sellers. The company is explicit that it "provides software and technology infrastructure only" and does not intermediate, match, execute, clear, or settle transactions on its own behalf. This distinction matters: Finery Markets functions as a B2B infrastructure layer, not a trading venue.

Its network connects more than 150 institutional participants — including payment service providers, OTC trading desks, hedge funds, asset managers, banks, prime brokers, and stablecoin issuers — across more than 41 countries. As of mid-2026, the platform has processed over 60 billion USD in cumulative trading volume.

Core Product Suite

Finery Markets offers five primary products:

FM Marketplace is the flagship multi-dealer marketplace aggregating liquidity from a curated network of institutional counterparties. It enables price discovery across more than 200 crypto and fiat trading pairs using three execution modes: an order book with firm pricing and zero rejection rate, quote streams providing continuous two-way prices from top liquidity providers, and RFQ (Request for Quote) that solicits real-time competitive bids from multiple participants simultaneously.

FM Liquidity Match is the SaaS engine underlying the marketplace — a smart order routing system that directs flow to the best available price across the connected network, without requiring clients to manage multiple bilateral relationships independently.

FM White Label allows prime brokers, exchanges, and broker-dealers to embed Finery Markets' ECN technology into their own platforms, enabling them to offer institutional OTC execution to their clients under their own brand.

FM Pulse provides real-time market data analytics, offering pre-trade price intelligence and post-trade reporting tools to inform execution decisions and demonstrate best execution to counterparties.

FM Space is a counterparty selection and relationship management tool that helps clients navigate the network, identify suitable liquidity providers, and manage counterparty risk.

Technology Architecture

The platform is non-custodial by design: Finery Markets never holds client assets. Settlement occurs bilaterally between counterparties, with optional BitGo custody integration providing insurance coverage up to 250 million USD for participants who require it. The non-custodial model eliminates counterparty credit risk to the infrastructure provider itself — a meaningful differentiation from exchange-based institutional venues.

A single API gives clients access to all execution modes (order book, quote streams, and RFQ) simultaneously. New asset pairs and stablecoin integrations can be connected within 24 hours. SOL is among the supported trading pairs on the network.

The platform holds several compliance certifications uncommon in crypto infrastructure: ISO 27001 (information security management) and ISO 27701 (privacy information management), SOC 2 Type 1 and SOC 2 Type 2, and CREST-certified penetration testing. Finery Markets was the first crypto ECN to receive SOC 2 Type 2 certification.

Founding, Funding, and Growth

Konstantin Shulga, CEO and co-founder, brings over 18 years of institutional capital markets experience across equities, FX, and derivatives. Prior to founding Finery Markets, he served as Managing Director of Electronic Trading at Sberbank CIB and held roles at Moscow Exchange; he was nominated to Forbes 30 Under 30 in 2020.

The company bootstrapped from its 2019 founding before raising its first external capital in November 2022: a 5.5 million USD seed round co-led by G1 Ventures, gumi Cryptos Capital, and Shima Capital. Additional participants included Communitas Capital, DV Chain, GravityX, Unlimint, Daedalus Angels, oneAlpha, and Floating Point Group. At the time of the raise, the company had achieved 12x year-over-year revenue growth in 2021 and was serving more than 70 global institutional businesses.

Market Position and Partnerships

Finery Markets publishes primary research on institutional crypto market structure. Its State of Crypto OTC 2026 report documented that institutional spot OTC volumes grew 109% year-over-year through end-2025, dramatically outpacing the 9% growth recorded by major centralized exchanges over the same period. The report also found that stablecoins' share of institutional OTC transaction volume rose from 23% in 2023 to 78% in 2025 — a shift that has shaped Finery Markets' product roadmap toward dedicated stablecoin settlement infrastructure.

Key liquidity partnerships include Wintermute, GSR, Enigma Securities, Exness, DAMEX, and Bequant, among others. In June 2026, Finery Markets announced a strategic partnership with GSR, a capital markets firm with over a decade in market-making, integrating GSR as a firm-quote liquidity provider to the full Finery Markets network. The B2Broker integration, announced in 2025, embeds Finery Markets' OTC infrastructure directly into B2TRADER, a widely deployed broker platform, extending the ECN's reach to B2Broker's global client base.

Recognition

The company has received consistent external recognition for its technology and growth:

• Named among CNBC and Statista's Top 300 Fintech Companies globally for 2025
• Recognized as a rising star in the Deloitte Technology Fast 50 competition in 2024
• Won the Hedgeweek Global Digital Asset Award for OTC Trading and Liquidity Solution of the Year in 2026
• Named a finalist for the Global Markets Choice Awards in 2026

Role in the Institutional Crypto Ecosystem

Finery Markets occupies an infrastructure layer that is rarely visible to end investors but increasingly consequential for how institutional capital accesses digital assets. As regulatory frameworks like MiCA in Europe formalize and institutional participation deepens, the demand for compliant, non-custodial, multi-dealer execution infrastructure has accelerated. Finery Markets' model — software licensing and ECN access fees rather than transaction intermediation — positions it to scale alongside institutional OTC volume without accumulating custodial risk.

SOL trades on the platform as one of more than 200 supported asset pairs, placing Solana-denominated assets within reach of the company's 150-plus institutional participants without requiring those participants to interact with centralized exchange order books.