Finery Markets
Finery Markets operates a non-custodial crypto ECN and trading SaaS platform serving 150+ institutional clients across 41+ countries. It combines order book, RFQ, and Quote Streams execution with multi-chain settlement for institutional digital asset trading.
- Company typePrivate
- Founded2019
- HeadquartersLimassol, Cyprus
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What Finery Markets does
Finery Markets is a non-custodial crypto Electronic Communication Network (ECN) and trading SaaS provider founded in 2019 and headquartered in Limassol, Cyprus (legal entity Finery Markets BVI Limited). The company serves institutional participants — payment providers, banks and brokers, OTC desks, buy-side firms, market makers, prime brokers, and stablecoin issuers — through a multi-dealer marketplace that aggregates liquidity from validated providers across 200+ crypto and fiat pairs. As of early 2026 the platform serves 150+ institutional clients in 41+ countries, with cumulative trading volume above $50B and a record $2.8B in monthly client volume in April 2026.
The platform's core architecture combines order-driven (firm aggregated order book with 0% rejection rate and no last-look), quote-driven (RFQ), and Quote Streams execution methods accessible via a single GUI and FIX 4.4 / REST / WebSocket APIs. Supporting products include FM Liquidity Match (OTC-as-a-Service SaaS with master/sub-account architecture), FM White Label (B2B rebrandable trading venue), FM Pulse (real-time market data analytics), FM Space (counterparty selection and electronic KYB), and a recently launched Stablecoin Private Rooms infrastructure for stablecoin issuers. Technology integrations include Fireblocks for custody, BitGo for qualified custody, ClearJunction for payment/settlement, and ClearToken for a digital asset clearing-house proof of concept. The platform operates non-custodially with credit limits replacing pre-funding, claims 99.99%+ uptime, and holds SOC 2 Type 1 and Type 2, ISO 27001:2022, and ISO 27701 certifications.
Finery Markets generates revenue primarily through transaction-based software usage fees (maker at 0.01%, taker tiered from 0.03% to 0.01% based on monthly volume), overnight rollover fees (10% of revenue), white-label subscriptions ($10,000 per month), onboarding fees, and minimum monthly platform fees sized to client configuration. Referral commissions (15% rebates over 24 months) layer an additional affiliate stream. The go-to-market is enterprise field sales targeting clients processing over $1M per month, complemented by white-label distribution, regional channel partnerships (notably OVEX for Africa), and content-led thought leadership across crypto and financial media. The company raised a single $5.5M seed round in November 2022 led by G1 Ventures, gumi Cryptos, and Shima Capital, with advisors including former CEOs of NYSE, Thomson Reuters, and Instinet.
Finery Markets firmographics
Firmographics- Name
- Finery Markets
- Legal name
- Finery Markets BVI Limited
- Website
- https://finerymarkets.com
- Company type
- Private
- Founded year
- 2019
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Finery Markets operates a non-custodial crypto ECN and trading SaaS platform serving 150+ institutional clients across 41+ countries. It combines order book, RFQ, and Quote Streams execution with multi-chain settlement for institutional digital asset trading.
- Ownership category
- akta.pro rank
Finery Markets industry classification
Industry- Product category
- Institutional Crypto Trading Infrastructure
- NAICS
- Securities and Commodity Exchanges (523210), Securities and Commodity Exchanges (52321)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Digital Asset/Crypto Trade Execution Platforms (FSAFANAO)
- akta.pro secondary industries
- Market Making & Liquidity Provision (FSADAJAC), Liquidity Aggregation & Smart Order Routing (FSADAJAD)
Keywords
Where Finery Markets is headquartered
LocationHeadquarters
- HQ city
- Limassol
- HQ country
- Cyprus
- HQ region
- Europe
Offices1 record
Markets served
Finery Markets business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure
Revenue model
- Software Usage Fees (Trading Turnover Fees): Transaction-based fees charged on trading turnover through FM Marketplace and FM Liquidity Match. Maker fees at 0.01% (1 bps), taker fees tiered from 0.03% to 0.01% based on monthly volume. Overnight/rollover fees at 10% of revenue from rollover charges. White-label fee of $10,000 per month.
- Subscription/Platform Access Fees: Minimum monthly fees based on specific configuration of user's market setup, plus onboarding fees for initial platform configuration. Revenue derived from licensed institutional users accessing the SaaS trading infrastructure.
- Referral Program Commissions: Commission payments to referrers who bring new clients, ranging from 15% rebates on referred prospect turnover fees, paid quarterly over a 24-month referral period.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Monthly | Tier 1 (High Volume): >= $200M monthly trading volume |
| Transaction based/ take rate | Monthly | Tier 2 (Mid Volume): >= $50M and < $200M monthly trading volume |
| Transaction based/ take rate | Monthly | Tier 3 (Entry Volume): < $50M monthly trading volume |
| Transaction based/ take rate | Monthly | Maker Fee (All Tiers) |
| Usage-based | Monthly | Overnight/Rollover Fees |
| Subscription | Monthly | White-Label Fee |
| Transaction based/ take rate | Monthly | Interdealer Trades |
| Other | Monthly | Onboarding and Minimum Monthly Fees |
Go-to-market motion1 record
Distribution channels4 records
Marketing channels8 records
Finery Markets product offering
Product offeringCore offering
Finery Markets operates a non-custodial crypto Electronic Communication Network (ECN) that aggregates liquidity from 30+ regulated venues for institutional counterparties. Its core offerings include a multi-asset RFQ marketplace, a SaaS matching engine, a white-label trading venue, post-trade analytics, and a counterparty selection workspace. The platform serves PSPs, OTC desks, brokers, prime brokers, hedge funds, asset managers, and stablecoin issuers via API and white-label deployment.
Product overview
Finery Markets operates as a platform-plus-modules architecture centered on a non-custodial crypto ECN that provides institutional trading infrastructure for digital assets. The core platform, FM Marketplace, serves as a multi-dealer liquidity marketplace combining an aggregated order book with firm quotes and no last-look execution across 200+ crypto and fiat pairs. FM Liquidity Match extends the same infrastructure as a SaaS offering with master/sub-account architecture for brokers, prime brokers, and OTC desks to manage their own client bases and resell liquidity. FM White Label enables full B2B rebranding for exchanges and brokerages wanting to launch a proprietary crypto trading business. Supporting modules include FM Space (counterparty selection and KYB onboarding), FM Pulse (real-time market analytics), and Quote Streams / RFQ execution methods layered within the core ECN. The platform connects institutional participants — banks, brokers, payment providers, OTC desks, buy-side firms, liquidity providers, and prime brokers — through a single API/GUI, processing over $50B in cumulative trading volume since launch in 2019.
Differentiator
Problem solved
Functional benefit
Brands
- FM Marketplace: Multi-dealer crypto marketplace with aggregated liquidity, last-look protection, and 200+ crypto and fiat pairs from validated liquidity providers.
- FM Liquidity Match
- FM White Label
- FM Pulse
- FM Space
Products and services
- FM Marketplace
Quantifiable outcome
- 0% rejection rate and zero slippage guaranteed across all execution methods
- +5 more outcomes
Companies that use Finery Markets
Customer profileNamed customers12 records
Segments7 records
Ideal customer profiles4 records
Finery Markets technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration3 records
Feature9 records
Finery Markets partnerships and signals
Strategic signalPartnerships
Twelve partnerships are on record, tiered core, key and supporting.
- KeyrockcoreKeyrock becomes liquidity provider on Finery Markets Quote Streams platform, leveraging coverage of 1,300 markets to meet growing institutional demand for OTC crypto infrastructure. Addresses institutional demand across multiple jurisdictions.
- OVEXcoreStrategic partnership making OVEX exclusive partner for African rails and dedicated access point to African markets within global network. Enables $450M monthly trading volume across 150+ digital assets in 26 African countries, including Ghanaian cedi, Kenyan shilling, Nigerian naira, and South African rand pairs.
- FireblockscoreIntegration of Fireblocks custody technology into Execution Management System to automate off-exchange trading and settlement workflows. Enables automated data exchange between trading environments and custody vaults, eliminating manual data entry across 150+ blockchains.
- Sage Capital ManagementkeyExpanded liquidity partnership facilitated by Gold-i to provide institutional clients enhanced access to deep liquidity across 200+ assets and improved capital efficiency. Creates unified institutional 'liquidity highway' by consolidating fragmented crypto markets.
- Gold-ikeyFacilitates liquidity partnership between Finery Markets and Sage Capital Management, enabling simplified connectivity for OTC desks, brokers, hedge funds, and financial institutions.
- ClearTokenkeyGroundbreaking proof of concept collaboration to pioneer a global clearing house for digital assets.
- Hidden Road PartnerscorePrime broker partnership through FM Liquidity Match enabling institutional participants to trade crypto spot transactions with anonymous trading, firm liquidity pool with no 'last look,' and toxic flow protection for market makers. Hidden Road ensures efficient credit intermediation and post-trade settlement.
- BitGokeyCo-developed solution with BitGo for automated clearing and settlement, qualified custody, and insurance up to $250M. Part of custody services integration in the platform.
- ClearJunctionsupportingPayment and settlement infrastructure partner providing flexible post-trade settlement and travel-rule compliant reporting.
- WincentsupportingLaunch partner offering competitive quotes to wide range of institutional clients through FM Liquidity Match with anonymous trading within institutional liquidity pool. $3B+ daily volume, 300K+ daily transactions.
- WintermutesupportingInstitutional liquidity provider connected to platform for aggregated order book and RFQ execution.
- DV ChainsupportingCryptocurrency trading and technology provider offering liquidity provisioning through FM Liquidity Match with broadening network of institutional counterparties.
Scale indicators16 records
Recent moves6 records
Expansion highlights6 records
Finery Markets competitors and assessment
Company assessmentDirect peers
- Cumberland (DRW Trading): Cumberland is one of the largest institutional crypto OTC and liquidity providers, operated by DRW. It is directly comparable to Finery Markets' multi-dealer institutional trading franchise, serving similar hedge fund, prop trading and corporate counterparties with block trading and electronic execution.
- Wintermute: Wintermute is a leading crypto-native market maker and OTC liquidity provider, also a connected LP on Finery Markets' Quote Streams. It competes with Finery's FM Marketplace and FM Liquidity Match on aggregated liquidity, RFQ execution, and institutional flow.
- B2C2: B2C2 is a top-tier institutional crypto liquidity provider and OTC desk, part of the SBI Group. It directly competes with Finery Markets in providing electronic OTC liquidity, RFQ execution, and aggregated pricing for institutional clients globally.
- Falcon (formerly FalconX): Falcon is a digital asset prime brokerage offering institutional trading, credit, and custody. It overlaps with Finery's FM Liquidity Match and prime brokerage partnerships (Hidden Road-style credit intermediation), targeting similar buy-side and OTC desk clients.
- Hidden Road Partners: Hidden Road is a digital asset prime broker providing credit intermediation and post-trade settlement, and is both a partner (via FM Liquidity Match) and adjacent competitor to Finery Markets in serving institutional crypto trading flows.
Broad incumbents
- Galaxy Digital: Galaxy is a diversified institutional digital asset platform with trading, lending, asset management and mining. Its trading desk competes with Finery on institutional OTC and block execution while offering a much broader services portfolio.
- Coinbase Prime: Coinbase Prime is the institutional arm of Coinbase, offering OTC trading, custody, and prime brokerage. As a centralized exchange-affiliated prime, it competes with Finery's non-custodial ECN for institutional trading volume and credit intermediation.
- Circle Trade: Circle Trade is the institutional OTC trading desk of USDC issuer Circle, competing with Finery in stablecoin-heavy institutional flow. As a stablecoin-native venue it overlaps with Finery's Private Rooms product on stablecoin liquidity provision.
Emerging players
- Keyrock: Keyrock is a Brussels-based digital asset market maker and liquidity provider covering 1,300+ markets. It is both an LP partner on Finery's Quote Streams and a comparable emerging institutional crypto liquidity franchise.
Others
- BitGo: BitGo is a leading institutional digital asset custodian and infrastructure provider. It is both a partner (co-developed custody + settlement solution with $250M insurance) and an adjacent ecosystem participant, with BitGo OTC/prime services partially overlapping Finery's institutional trading focus.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Finery Markets social profiles
Digital presenceFinery Markets compliance and trust
Trust signalCompliance4 records
Finery Markets financial estimates
Financial estimateRevenue estimate
Valuation estimate
Finery Markets leadership team
Management profileNumber of profiles
Profiles9 records
Finery Markets funding detail
Funding detailFunding overview
Funding rounds2 records
Investors12 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Finery Markets M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Finery Markets
What does Finery Markets do?
Finery Markets operates a non-custodial crypto Electronic Communication Network (ECN) that aggregates liquidity from 30+ regulated venues for institutional counterparties. Its core offerings include a multi-asset RFQ marketplace, a SaaS matching engine, a white-label trading venue, post-trade analytics, and a counterparty selection workspace. The platform serves PSPs, OTC desks, brokers, prime brokers, hedge funds, asset managers, and stablecoin issuers via API and white-label deployment.
Is Finery Markets a public or private company?
Finery Markets is a private company. It is classified as venture growth investor backed and is currently operating.
When was Finery Markets founded?
Finery Markets was founded in 2019. It employs 11 to 50 people.
Where is Finery Markets based?
Finery Markets is headquartered in Limassol, Cyprus, in the Europe region.
How does Finery Markets make money?
Three revenue lines are on record. Software Usage Fees (Trading Turnover Fees) is the primary driver. The others are subscription/Platform Access Fees and referral Program Commissions.
Who are Finery Markets's main competitors?
Direct peers on record are Cumberland (DRW Trading), Wintermute, B2C2, Falcon (formerly FalconX) and Hidden Road Partners. Broad incumbents are Galaxy Digital, Coinbase Prime and Circle Trade. Keyrock is listed as an emerging player. BitGo is listed as an others.
Does Finery Markets have an API?
Yes. Finery Markets provides API access (FIX 4.4, REST, WebSocket) alongside GUI for trading operations, enabling institutional clients to connect to its ECN platform for execution, risk management, and settlement workflows. API connectivity is used for accessing liquidity aggregation, order book execution, RFQ, quote streams, pre-trade risk controls, and automated post-trade settlement. Developer documentation is at finerymarkets.com.
What industry is Finery Markets in?
Finery Markets's product category is Institutional Crypto Trading Infrastructure. Its primary akta.pro industry code is FSAFANAO, Digital Asset/Crypto Trade Execution Platforms, with a secondary code of FSADAJAC, Market Making & Liquidity Provision. Its NAICS code is 523210 and its SIC code is 6200.