Finery Markets, a leading multi-dealer electronic marketplace for institutional participants and a provider of trading solutions for crypto markets, today announced a $5.5 million seed funding round. The financing round was the first time the company received third-party funding.
The round was co-led by G1 Ventures, Gumi Cryptos Capital and Shima Capital. Investors such as Communitas Capital, DV Chain, GravityX, Unlimint, Daedalus Angels, oneAlpha, Floating Point Group and other industry leaders also joined the round.
Finery Markets has two business segments:
- A multilateral trading facility that connects liquidity providers and institutional clients throughout the trading cycle. Institutional clients benefit from better execution quality thanks to fixed streaming of offers with a 0% rejection rate, while liquidity providers enjoy protection against toxic flow.
- “Platform as a Service” for prime brokers, over-the-counter (OTC) desks and exchanges, providing an enterprise-wide technical infrastructure for risk and position management, funding, trading, reporting and settlement, and the creation of proprietary liquidity pools.
Konstantin Shulga, Co-Founder and CEO of Finery Markets said:
“We operate the first multilateral institutional marketplace in the crypto space and want to establish best practices for trading, risk management and operational standards for crypto. We see our role as a basic building block for a maturing market infrastructure that makes markets more efficient and sustainable. As a marketplace, we have focused on bringing in a diverse mix of leading investors representing Web3 funds, strategic partners and traditional venture capital firms, led by e-commerce veterans.”
“I believe that digital assets will become a leading global asset class. The market structure should meet changing requirements. Our mission is to bridge the gaps in transparency and technological solutions by providing institutional pre-trade, trade and post-trade infrastructure to a wide range of market participants. We help them automate operations throughout the retail lifecycle and increase the profitability of their businesses.”
“Bear markets are great to stay focused and keep building. We launched and boottrapped our platform during the last bear market cycle and have gained momentum over the past three years. We are now raising our first outside funding from established funds and financial institutions in the US, UK and Asia. We are pleased to welcome our new investors who have shown confidence in our long-term vision and will help us expand our market presence.”
Founded in 2019, Finery Markets enables over 70 companies working internationally with digital assets to access deep pools of liquidity offered by leading global liquidity providers. The platform’s pre-trade and post-trade functionality provides clients with price intelligence, full trade transparency, settlement flexibility, market and counterparty risk control, reporting tools and on-chain transaction monitoring.
This funding round follows the platform’s strong growth with a diversified client base ranging from payment processors to institutional sell-side and retail platforms, all reached on a tight budget. The platform saw 12x year-on-year revenue growth in 2021 and continued to grow in 2022 despite challenging market conditions.
Finery Markets will use the proceeds from the round to expand its U.S. and Asia Pacific team, expand its world-class brokerage and liquidity provider network, launch new pre- and post-trade services, and expand into new asset classes and ancillary business lines.
Commenting on the deal, Rui Zhang, co-founder and managing partner of Gumi Cryptos Capital said:
“As we have observed in the TradFi world, a majority of transactions are actually completed through the OTC market and not through exchanges. We believe it will be the same for the crypto market. As a multi-dealer execution venue, Finery is able to provide much more efficient trading operations, lower execution costs, and more secure clearing control for institutional users. We are excited to support Finery’s vision.”
Arseny Klekovkin, Managing Partner of G1 Ventures added:
“We have followed the development of Finery shortly after its inception and commend the agility and evolution of the team, as well as the impressive validation of the institutionally-focused and regulatory business model. The team placed the peer-to-peer and marketplace philosophy at the heart of Finery early on, and now it’s becoming more relevant than ever for every enterprise user of digital assets. Recent events and outages of centralized ramps and trading venues underscore Finery’s fundamental advantages and will support its continued growth even in the face of challenging markets. I look forward to working with Ilya and Konstantin to enable Finery’s continued success.”
Yida Gao, Managing General Partner of Shima Capital said:
“We have had the pleasure of learning about the Finery Markets platform over the past year as several of Shima’s existing portfolio companies and partners are already using the system. Not only were we very impressed with the Tier 1 trade execution platform, but also with the high level of integrity and focus of the team at Finery, which exemplifies the type of management we like to employ in bear markets. With recent market volatility and implosions in our space, institutions will trust centralized exchanges less, and this gives finery – a custodyless model that does not require institutions to trust their coins to third parties – a lasting advantage.”
About cleaning markets
Finery Markets is a leading multi-dealer over-the-counter electronic marketplace for institutional participants and a provider of trading solutions for crypto markets.
Finery Markets has been serving clients since 2019, providing solutions across the trading lifecycle:
- High-performing execution venue with high institutional liquidity and fixed quotations.
- Price intelligence and pre-trade risk management tools.
- Position management, risk controls, reporting tools and cost analysis as well as flexible settlement based on a non-custodial model.
- A single point of access to global liquidity providers via API and GUI.
- Robust infrastructure: 99.99+% uptime and full automation.
The Finery Markets platform is available as a white-label solution for prime brokers, OTC desks and exchanges ready to develop and grow a low-touch client business. Visit https://finerymarkets.com/ for more information.
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