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Institutional Trading Firm Caladan has selected Digital Assets ECN Provider Finery Markets as its infrastructure partner to expand institutional access to digital asset liquidity across 35 countries, following a reported 112.6% rise in global crypto OTC activity in H1 2025. Caladan, which reports over $170B in annual trading volume, said the partnership is aimed at accelerating connectivity to counterparties across OTC venues worldwide.
Finery Markets’ technology will underpin institutional-focused liquidity provision for what Caladan says is a $170B annual trading business across more than 1,000 digital assets and 70+ global exchanges. According to Finery Markets’ H1 2025 crypto OTC review, total trades rose 112.6% and total deals increased 57.6%, trends both firms aim to address through broader distribution and execution access.
Finery Markets is the first—and currently the only—crypto ECN technology provider offering a single institutional infrastructure with RFQ, order book and quote-stream methods. Under a streamlined go-to-market set-up, Caladan plans to distribute prices to institutional counterparties in 35 countries.
Konstantin Shulga, Chief Executive, Finery Markets
“We are excited to welcome Caladan to our expanding network. Their blend of deep TradFi expertise and a crypto-native, long-term vision perfectly aligns with our mission to make the digital asset space truly institution-ready. Caladan's strategic global expansion, amplified by positive regulatory tailwinds, marks a pivotal moment, enabling us to collaboratively deploy our institutional-grade technology to accelerate business growth and unlock new opportunities in the OTC crypto markets.”— Konstantin Shulga, Chief Executive, Finery Markets
Julia Zhou, COO, Caladan
“At Caladan, we’re focused on building the next-generation liquidity infrastructure for institutional crypto trading,” “Finery Markets' ECN technology allows us to instantly scale price distribution and deepen our presence across OTC venues globally. This partnership is a deliberate step in our broader expansion strategy to redefine how institutions access reliable, multi-venue digital asset liquidity.”— Julia Zhou, Chief Operating Officer, Caladan
Founded in 2017, Market-Making And Liquidity Provider Caladan is active across exchanges, tokens and institutional investors, offering on-exchange liquidity, DeFi expertise, treasury solutions and investments. The firm reports more than $170B in annual transactions across 1,000+ assets.
Founded in 2019, Digital Asset Trading Infrastructure Provider Finery Markets is a non-custodial crypto ECN and trading SaaS platform serving over 150 clients, including payment providers, brokers, OTC desks, hedge funds and custodians. The company says its infrastructure is designed to support operational resilience, capital efficiency, execution quality, risk management and settlement workflows, and it reports SOC 2 Type 1 certification. In 2024, Finery Markets was recognised in Deloitte’s Technology Fast 50 (Rising Stars) and ranked among CNBC/Statista’s Top 300 Fintech Companies. The company also hosts “The Flow,” a C-level podcast on digital asset market structure.
