Finery Markets streamlines onboarding in Crypto solution for prime brokers, OTC desks, exchanges

Rick Steves

“This tool will streamline the onboarding process for our liquidity takers and market makers, providing them with an efficient electronic solution that will save time and resources.”

Finery Markets has announced the launch of an electronic onboarding tool to streamline the pre-trade process.

By providing users with a single access point to every step of the process, the onboarding tool eliminates the need for multiple external chats and communications.

Onboarding at Finery Markets now requires only four steps: choosing the counterparty, applying for KYB procedures electronically, tracking the application, and then going live.

“The last thing you want is to wait a long time to get it up and running”

Konstantin Shulga, Chief Executive Officer at Finery Markets, commented: “When you’re ready to trade crypto, the last thing you want is to wait a long time to get it up and running. Manual onboarding processes can be a headache, as they remain remarkably slow. We are excited to launch our new automated onboarding tool. This tool will streamline the onboarding process for our liquidity takers and market makers, providing them with an efficient electronic solution that will save time and resources.”

Now available for all users of the platform, the new electronic onboarding tool is expected to significantly reduce onboarding times while increasing process efficiency for all customers.

Finery Markets explained the step-by-step process:

Step 1. Choose your counterparty
The electronic onboarding tool features FM Space, a comprehensive dashboard that provides all the necessary information about potential partners. This feature allows users to select and simultaneously conduct electronic onboarding with multiple partners based on criteria such as jurisdiction, regulatory information, available currency pairs or bank relations.

Step 2. Initiate onboarding
The tool allows liquidity takers and liquidity providers to easily initiate onboarding, set up meetings, exchange messages, and apply for KYB (know-your-business) procedures electronically.

Step 3. Track your application
The tool’s user-friendly interface allows users to quickly navigate through their application status, documents needed for onboarding, or ongoing compliance requirements.

Step 4. Start trading
After completing the KYB checks, users can quickly set up bilateral risk management parameters and start trading instantly.

Founded in 2019, Finery Markets is an over-the-counter multi-dealer electronic marketplace for institutional customers and a trading solutions provider for crypto markets, covering the whole trade lifecycle:

  • High performance execution venue with deep institutional liquidity and firm quotes
  • 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
  • Single entry-point to aggregated liquidity from global liquidity providers via API and GUI
  • Robust infrastructure: 99.99+% uptime and full automation

The platform is available as a white-label solution for prime brokers, OTC desks, and exchanges that are looking to develop and expand client business.

Finery Markets: a non-custodial solution for institutional OTC trading

According to Crypto Trading Report 2022 by PriceWaterhouseCoopers, 67% of institutional investors consider execution quality as a key factor for selection of the trading venue, while 61% wished to improve their current trading setup.

Anticipating the trend and growth of serviceable markets Drozdov and Shulga developed software that let institutional participants on the crypto markets trade with their peers via a multilateral electronic marketplace. As opposed to the relatively common model of centralized crypto exchanges driven by retail flow, the soon-to-become Finery Markets offered a non-custodial solution for over-the-counter bilateral trading for institutions.

Since the first trade on the platform in 2019, Finery Markets has expanded its services to bridge the gaps in transparency and technological solutions by focusing on developing pre-trade, trade and post-trade infrastructure which institutional players are accustomed to using in the traditional markets.

Payment service providers became the first clients seeking liquidity through the platform, as the pandemic forced consumers to move their transactions online and seek contactless, innovative, and flexible digital payment methods. Crypto payments have faster settlement cycles and can be cheaper due to lower transaction costs. A growing number of merchants like Gucci, Tag Hauer, Starbucks, and even Google announced they have started to accept crypto payments, spurring innovation in the transactional business.

Finery Markets, which has a staff of 24, spent more than a year onboarding a diversified pool of global liquidity providers to meet the growing demand and resolve the “chicken-egg problem” any marketplace faces. By now, 10 liquidity providers from Europe, the UK, the US, and LatAm are streaming their quotes to more than 70 institutional liquidity seekers.

As for capital markets, so far trading digital assets derivatives on traditional exchanges has been the preferred first option for many trading firms entering the market. However, according to the Acuiti and Eurex “Digital Assets 2022” Survey almost half of 191 participating firms are considering trading spot and derivatives products on crypto-native venues.

Finery Markets raised USD 5.5 mln in venture investments in November 2022 amid market turbulence and risk-off sentiment on the back of FTX downfall. The round was co-led by G1 Ventures, gumi Cryptos and Shima Capital. Investors list included Communitas Capital, DV Chain, GravityX, Unlimint, Daedalus Angels, oneAlpha, Floating Point Group.

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