What Nonco does

Nonco is a principal digital asset brokerage firm founded in 2023 and headquartered in Mexico City, operating as a nonconformist institutional crypto market maker and liquidity provider. The company serves funds, ETFs, fintechs, payment service providers, aggregators, and virtual asset service providers (VASPs) worldwide, functioning as a proprietary counterparty that trades solely for its own account using its own capital across principal-to-principal transactions. Nonco runs two main divisions: Nonco Markets (market making, algorithmic execution, lending, OTC liquidity, index pricing, and derivatives) and Nonco Stables (stablecoin OTC liquidity, DeFi FX pools, FX on-chain engine, and issuer support). The firm holds licensed and registered entities in the British Virgin Islands, the United States (FinCEN), Brazil, Mexico, and Canada (FINTRAC), supporting its institutional onboarding model. Reported scale metrics include 450+ institutional counterparties, 600+ supported crypto asset and fiat pairs, and $100 billion+ in cumulative bilateral OTC trading volume.

The platform is built on proprietary trading infrastructure that includes 15+ execution algorithms (TWAP, VWAP, liquidity-seeking, volatility-sensitive, iceberg strategies), smart order routing across 20+ centralized exchanges and decentralized liquidity pools, and an API-first architecture with RESTful, WebSocket, and FIX connectivity plus SDKs for major programming languages. A specialized FX on-chain engine links local currencies and stablecoins through blockchain-native rails, while permissionless DeFi FX pools extend the offering to decentralized venues. Nonco generates revenue through bid-ask spreads on principal market making, OTC transaction spreads, interest on secured digital asset lending, derivatives commissions and spreads, and stablecoin-FX conversion spreads. Distribution is exclusively through direct enterprise sales, complemented by strategic partnerships with TP ICAP's Fusion Digital Assets, Fireblocks (treasury management), BitGo (custody and collateral), Anchorage Digital (banking and settlement), and Ondo Finance (tokenized note liquidity), alongside integration with stablecoin issuers including Circle, Tether, and Agora.

Name

Nonco

Legal name

Nonco LLC

Website

https://nonco.com

Company type

Private

Founded year

2023

Operating status

Operating

Headcount range

11–50 employees

Short description

Nonco is a principal digital asset brokerage founded in 2023 that provides institutional market making, OTC liquidity, algorithmic execution, derivatives, lending, and stablecoin FX services to funds, ETFs, fintechs, and VASPs across the Americas, Europe, and beyond.

Ownership category

akta.pro rank

Product category

Institutional Digital Asset Brokerage

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

Market Making & Liquidity Provision (FSADAJAC)

akta.pro secondary industries

Market Makers & Liquidity Providers (OTC/prop/MM) (FSAPADAD), Institutional / OTC Crypto Credit & Bilateral Lending (FSADAFAD), On/Off-Ramps & Fiat Liquidity Providers for Stablecoins (FSADADAG)

Keywords

• Digital asset brokerage
• Institutional liquidity provision
• OTC trading
• Crypto market making
• Stablecoin FX solutions

Headquarters

HQ city

Mexico City

HQ country

Mexico

HQ region

Latin America

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales, Supply Chain

Revenue model

1. Market Making Services: Nonco operates as a principal liquidity provider, taking proprietary risk positions to provide deep liquidity across CEXs and DEXs. Revenue is generated through bid-ask spreads and trading profits from market-making activities.
2. OTC Liquidity and Trading: High-touch OTC desk providing institutional-grade liquidity for large-volume digital asset trades with bespoke execution strategies. Revenue is earned through spreads on OTC transactions.
3. Digital Asset Lending: Secured lending against digital asset holdings and structured facilities for institutional borrowers. Revenue generated through interest on loans and credit facilities.
4. Derivatives Trading: Bespoke and standardized derivative products including futures, options, swaps, and structured products for institutional risk management and yield enhancement. Revenue from spreads and commissions on derivatives.
5. Stablecoin and FX On-Chain Solutions: B2B stablecoin OTC liquidity for cross-border payments, remittances, trade finance, and fintech applications. Revenue from liquidity provision fees and FX spreads on stablecoin-fiat conversions.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Nonco operates as a proprietary principal liquidity provider in digital asset markets, serving institutional investors through two divisions: Nonco Markets (market making, algorithmic execution, lending, OTC liquidity, index pricing, and derivatives) and Nonco Stables (stablecoin OTC liquidity, DeFi FX pools, FX on-chain rails, and issuer support). The firm uses its own capital to provide deep bilateral liquidity across 20+ centralized exchanges and decentralized venues via RESTful, WebSocket, and FIX APIs.

Product overview

Nonco is a digital asset trading platform offering two main divisions: Nonco Markets and Nonco Stables. Nonco Markets provides institutional-grade trading infrastructure including Market Making, Algo Execution, Lending, OTC Liquidity, Index Pricing, and Derivatives modules. Nonco Stables offers stablecoin-focused solutions including Stables OTC Liquidity, DeFi Pools, FX On-Chain, and Issuer Support. The platform bridges traditional finance with digital assets through sophisticated, institutional-grade market infrastructure, serving ETFs, funds, fintechs, aggregators, and VASPs worldwide with $100B+ in bilateral OTC trading volume.

Differentiator

Problem solved

Functional benefit

Brands

• Nonco Markets: Institutional-grade trading infrastructure and liquidity solutions for digital asset markets, including market making, algo execution, lending, OTC liquidity, index pricing, and derivatives.
• Nonco Stables

Products and services

• Market Making Provides deep two-sided liquidity across centralized and decentralized exchanges with competitive spreads and real-time transparent reporting on liquidity KPIs, for institutional clients and exchanges.
• Algo Execution Algorithmic execution of large orders using 15+ proprietary algorithms (TWAP, VWAP, liquidity-seeking, volatility-sensitive) with smart order routing across 20+ centralized exchanges and decentralized liquidity pools to minimize slippage.
• Lending Secured lending against digital asset holdings and structured credit facilities with competitive yields, real-time collateral monitoring, and institutional-grade security for institutional borrowers.
• OTC Liquidity Institutional-grade OTC desk providing deep bilateral liquidity and bespoke execution strategies for large-volume digital asset trades, with API-first connectivity (RESTful, WebSocket, FIX) and 24/7 white-glove support.
• Index Pricing Accurate, real-time index pricing for transparent market valuation of single assets or baskets of up to 30 coins, used for NAV tracking by funds and ETF issuers.
• Derivatives Vanilla, bespoke, and exotic derivative structures (futures, options, swaps, structured products) designed to optimize exposure and manage risk across digital asset market conditions for institutional clients.
• Stables OTC Liquidity B2B OTC liquidity for stablecoins and fiat currencies providing tight pricing, seamless settlement, and instant on/off-ramp access across major markets for fintechs and PSPs.
• DeFi Pools Permissionless FX liquidity pools running on open, auditable smart contracts that allow participants to trade, provide liquidity, and manage exposure directly on-chain without intermediaries.
• FX On-Chain Blockchain-native FX rails linking local currencies (USD, EUR, MXN, COP, BRL) and stablecoins through an automated on-chain engine for instant 24/7 multi-chain settlement with full transparency.
• Issuer Support Market making and distribution services enabling stablecoin issuers to scale by expanding distribution across major markets, deepening liquidity, and fostering adoption.

Quantifiable outcome

• Bilateral OTC trading volume of $100B+
• +2 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Six partnerships are on record, tiered core and minor.

• TP ICAP (Fusion Digital Assets)coreTechnology or Integration · 1 October 2024Nonco joined TP ICAP's Fusion Digital Assets platform, TP ICAP's proprietary award-winning electronic platform providing anonymous aggregation of streaming liquidity from world-leading market makers and uncorrelated liquidity from TP ICAP's global client base.
• FireblockscoreTechnology or Integration · 1 October 2024Nonco utilizes Fireblocks for Treasury Management, using Policy Engine and API connectivity to streamline crypto treasury operations.
• TwinstakeminorStrategic or Co-development Partner · 1 July 2024Nonco announced a milestone partnership with Twinstake, a staking provider. The partnership marked a transaction by a staking provider using CESR (Composite Ether Staking Rate) for Ethereum staking yields.
• Ondo FinancecoreStrategic or Co-development Partner · 1 June 2024Ondo Finance announced a strategic partnership with Nonco to bolster and deepen liquidity across chains for USDY, the world's first tokenized note. Nonco provides institutional-grade liquidity support for Ondo's tokenized securities.
• BitGocoreTechnology or Integration · 1 June 2024Nonco and Arbelos Markets completed an options transaction using Superstate's USTB, a tokenized fund token, as collateral secured by BitGo Trust Company. Nonco leverages BitGo for tri-party digital asset transaction infrastructure.
• Bastion TradingminorStrategic or Co-development Partner · 1 May 2024Nonco and Bastion Trading completed their first trade swap transaction on CESR (Composite Ether Staking Rate), created by CoinDesk Indices and CoinFund, representing an innovative staking rate swap product.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Wintermute: One of the largest crypto-native market makers and OTC liquidity providers globally. Directly comparable to Nonco across CEX/DEX market making, OTC trading, and lending — both operate as principal counterparties serving institutional clients with multi-venue liquidity.
• B2C2: Institutional crypto liquidity provider and OTC desk, now a subsidiary of Japanese exchange SBI. Closely comparable to Nonco's OTC Liquidity and Algo Execution products, with similar principal-to-principal model and institutional client base.
• Cumberland (DRW): Cumberland is the crypto trading arm of DRW, one of the largest and most established institutional crypto liquidity providers. Directly comparable to Nonco in OTC digital asset trading, market making, and lending for institutional counterparties.
• Galaxy Digital: Public crypto-focused financial services firm offering trading, market making, lending and asset management. Overlaps with Nonco on market making, OTC, lending, and derivatives, but operates as a broader, multi-vertical franchise.
• Keyrock: Institutional crypto market maker and liquidity provider across CeFi and DeFi venues. Closely comparable to Nonco's principal market making and OTC franchise, with similar multi-venue smart order routing approach.
• GSR Markets: Crypto-native trading and market making firm providing OTC liquidity, options, and structured products. Comparable to Nonco across OTC, derivatives, and algorithmic execution offerings for institutional clients.
• Jump Crypto: Crypto arm of Jump Trading, one of the largest quantitative trading firms. Comparable to Nonco as a major crypto market maker and DeFi liquidity provider, but at materially greater capital scale.
• Maven 11: Crypto market making and DeFi liquidity provider. Comparable to Nonco's principal market making franchise, particularly its DeFi FX pool initiative and OTC liquidity offerings.

Broad incumbents

• Flow Traders: Public, large-cap global trading firm that has expanded from traditional ETF market making into crypto liquidity provision. Provides broader incumbent comparison given its public-market scale and established trading infrastructure.

Emerging players

• DV Chain: Institutional digital asset trading and prime brokerage firm. Comparable to Nonco in serving institutional clients with OTC execution, and has co-traded with Nonco on Cboe Digital clearing infrastructure.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/noncotrading
• Xx.com/nonco_otc

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds3 records

Investors10 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nonco