Finery Markets
- Founded
- 2019-01-01 in Cyprus
- Headquarters
- Cyprus
Founded in 2019, Finery Markets is an institutional-grade crypto Electronic Communication Network (ECN) and trading SaaS provider headquartered in Cyprus. The company operates a non-custodial, multi-dealer platform that connects digital asset businesses—such as exchanges, OTC desks, brokers, and hedge funds—with a global pool of liquidity providers through a proprietary matching engine. By automating OTC workflows and enabling direct access to deep liquidity, Finery Markets helps clients trade efficiently, manage counterparty risk, and settle trades without moving assets to a central exchange. Serving over 100 institutional clients worldwide, the platform reached a record monthly client volume of $2.8 billion in April 2026. Finery Markets has been recognized as a Deloitte Technology Fast 50 Middle East & Cyprus winner and won “OTC Trading & Liquidity Solution of the Year” at the Hedgeweek Global Digital Asset Awards 2026. Strategic partnerships with Keyrock, GSR, Fireblocks, and OVEX strengthen its position as a trusted infrastructure layer for institutional cryptocurrency trading.
Detailed Review
History and Founding
Finery Markets was co-founded in 2019 by Ilia Drozdov, a CFA charterholder with a background in FinTech and asset management, and Konstantin Shulga, a former Managing Director of Electronic Trading at Sberbank CIB. Shulga joined as CEO and co-founder in 2021, bringing over 18 years of institutional financial markets experience. The company was established in Cyprus and has since grown into a recognized player in institutional crypto trading infrastructure.
Business Model
Finery Markets operates as a non-custodial crypto ECN that aggregates quotes from multiple liquidity providers and matches orders via a central limit order book. The platform supports all trading methods, from request-for-quote (RFQ) to streaming prices, and can be deployed as an on-premise white-label solution or accessed through a cloud-based SaaS interface. Revenue is generated through transaction fees, SaaS subscriptions, and white-label licensing.
Core Products
Finery Markets ECN is the primary platform for OTC crypto trading, risk management, and settlement, featuring a proprietary matching engine and multi-liquidity aggregation. Finery Markets Trading SaaS is a cloud-based suite of tools for order execution, price streaming, and post-trade analytics, designed for direct or white-label deployment. Both products are SOC 2 Type 2 certified, ensuring enterprise-grade security and operational controls.
Market Position and Competitors
Finery Markets competes with other institutional crypto trading platforms such as Paradigm, CoinRoutes, and Crossover Markets. Its non-custodial model and focus on OTC workflow automation differentiate it. The company has expanded its liquidity network through partnerships with market-makers like GSR, Keyrock, and Stillman Digital, and extended into African markets via OVEX. In 2024–2026, Finery Markets received multiple industry accolades and completed a $6 million funding round, reinforcing its market standing.
Partnerships and Recent News
Notable partnerships include integrations with Keyrock, GSR, Fireblocks, and OVEX. The company also joined Circle's partner network. In 2026, Finery Markets was named a finalist in the Global Markets Choice Awards. The platform's record $2.8 billion monthly volume in April 2026 highlights its growth trajectory. The leadership team, while lean, includes experienced professionals in business development and customer solutions, with no additional C-level roles beyond the co-founders publicly identified.
Key Products
Finery Markets ECN
Non-custodial electronic communication network for institutional crypto OTC trading, providing aggregated liquidity via a proprietary matching engine.
Trading SaaS
Enterprise-grade software suite including OMS/EMS, API connectivity, and real‑time market data for automated and manual trading.
Liquidity Aggregation Engine
Dynamic smart‑order‑routing technology that sources the best prices from a global network of liquidity providers.
Settlement Automation
Integrated post‑trade settlement via Fireblocks and other custody rails, enabling atomic settlement without counterparty risk.
Crypto ECN
Institutional-grade OTC trading network that aggregates liquidity from global providers via a proprietary matching engine. Non-custodial, supporting spot, derivatives, and stablecoins.
Trading SaaS / OMS / EMS
Cloud-based order management and execution management system with pre-trade analytics, smart order routing, and automated settlement. Integrates with custody providers (Fireblocks, Copper) and settlement networks (Circle).
White-Label OTC Desk
Customizable branded solution for partners to launch their own OTC trading desk powered by Finery Markets’ liquidity and technology.
Data Analytics & Liquidity Dashboard
Real-time trading volume, exposure, and liquidity analytics for institutional clients.
OEMS
Expanded platform offering multi-venue execution and cross-asset trading workflows.
Finery Markets Trading SaaS
A cloud-based software platform for order execution, price streaming, and post-trade analytics, designed to support white-label and direct deployment models.
Offices & Headcount
35 employees (approx.)
Key Persons
Konstantin ShulgaCEO & Co-founder
Ilia DrozdovProduct Co-founder