Finery Markets: liquidity aggregation, broker workflows and institutional crypto software

Finery Markets gives institutions a shared software layer for sourcing crypto liquidity, distributing prices and administering the resulting positions. A broker can consume liquidity from several counterparties, add client-specific pricing and distribute it through its own accounts. The business began in 2019, with its first live trade recorded in the fourth quarter. Its customers include brokers, banks, payment businesses and market makers.[2]

The master-account structure has a practical settlement consequence: the master deals separately with each external liquidity provider, while its clients settle with the master. An OTC desk can therefore aggregate several sources without requiring every end client to establish those external relationships. Sub-accounts can have up to ten authorised users with different rights.[4]

Quote Streams’ Best Price Available mode compares the size-weighted price of each stream with the aggregated firm book. It routes the full order to the selected source rather than assuming a displayed quote is already a completed trade. Risk checks reserve the relevant limit while awaiting the LP’s response; the LP can apply its own checks.[10]

The published connectivity stack includes FIX 4.4, WebSocket and REST alongside the graphical interface. Quote-stream bridges can connect on a customer’s behalf; this involves granting the bridge provider API access, so the integration reaches trading functions rather than merely displaying prices.[3][10]

User permissions separate viewing, trading, limit management, settlement operations, API-key management, user administration and sub-account administration. View mode is the default. An employee who needs a password or two-factor reset is removed and re-added under the published procedure. These controls matter because a settlement operator can commit transaction records while a trader can submit and cancel orders.[14]

The calculation methodology includes markups in turnover. Within the master aggregation model, a trade between the master and its own sub-account, or between its sub-accounts, counts once. Trades where the master supplies another master or taker as maker do not qualify toward the master’s tier. The methodology also provides for API-integration and project-based consultancy charges.[16]

The monthly minimum remains payable without actual usage. Onboarding is a non-refundable upfront charge, with amounts specified for the agreed configuration. The white-label page advertises freedom from fixed-term obligations and costly multi-year commitments; a specific cancellation notice or exit-service price was not established from the public material.[16][5]

Where authenticated website fee conditions conflict with the public tariff, the operating rules give the authenticated conditions precedence.[17]

Onboarding starts with legal company details, acceptance of the software terms and trading preferences. Finery’s introductions use the customer’s banking arrangements and desired pairs. The chosen LP then performs its own business and compliance checks. It may enable view-only prices before trading approval; after KYB, the parties set their limits. A test account for API setup is offered during account creation, with integration charged separately.[18]

Finery describes its hosted infrastructure as AWS-based and advertises 99.99% uptime, together with SOC 2 Type 1 and Type 2 examinations. These are product claims; the public material reviewed does not establish a contractual service-credit schedule.[5]

Settlement automation can connect to Fireblocks, another crypto custodian or a bank with a suitable transfer API. The integration passes instructions and transaction data; the custodian or bank performs the transfer. Finery’s Fireblocks route supports auto-commit based on blockchain-verified transaction status.[21]

The Fireblocks option appears only when both counterparties have completed the integration and the asset/network is supported. Creating the settlement in Finery generates a transfer request in the customer’s Fireblocks workspace. The customer still funds it and completes any workspace approval policy. Blockchain confirmation updates the transaction to Committed and recalculates both parties’ open positions.[24]

Normal software availability is 24/7, subject to maintenance. During a system failure, the rules cancel open orders regardless of time in force, but orders already filled remain filled even if confirmation has not arrived.[17]

The legal imprint names Finery Markets (BVI) Limited, registration 2079689. It describes an institutional, non-custodial SaaS supplier: customers operate their own environments, with the financial relationships held between counterparties. Software access is restricted to eligible institutions, with additional UK professional-client and eligible-counterparty conditions.[1]

The operating rules require a separate bilateral trading agreement before transactions. That agreement prevails in a conflict. Masters are responsible for their sub-accounts’ due diligence and AML procedures; Finery supplies records and tools, while the parties retain responsibility for delivery, clearing and settlement.[17]

Finery’s published history identifies Ilia Drozdov as a co-founder in 2019 and Konstantin Shulga as CEO and co-founder, joining in 2021. The company records a USD 5.5 million seed round in the fourth quarter of 2022 and the white-label launch in the second quarter of 2023. This development explains the expansion from a common liquidity interface into software that other institutions use for their own client businesses.[2]

Operator

Finery Markets (BVI) Limited

Service scope

Institutional crypto trading software, liquidity aggregation, master/sub-account operations and analytics; counterparties supply credit and settle externally.

Customer types

Brokers; Prime brokers; Liquidity providers; OTC desks; Banks; Payment providers; Asset managers

Delivery

SaaS; Hosted; API

Pricing publication

Public and quoted pricing

Platforms

FM Marketplace; FM Liquidity Match; FM White Label; FM Pulse; FM Space

Integrations

FIX 4.4; REST API; WebSocket API; Fireblocks settlement integration

Implementation

Software access and counterparty onboarding are separate. The documented process includes LP KYB, reciprocal limits and an optional paid API sandbox integration.

Support

Technical support is available at [email protected]; general enquiries at [email protected]. No contractual response-time schedule was established.

Permissions and regulatory scope

The BVI imprint identifies a software vendor, not a broker, exchange, custodian or settlement counterparty. It restricts access to eligible institutional users; customer permissions and bilateral contracts determine financial-service scope.

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FM Pulse adds a different view from the executable book: takers can compare spread estimates for a selected pair, size and volume, while LPs can assess wallet share and compare their pricing with other sources. These analytics complement the counterparty and trade records; they are not a guarantee that a particular future order will fill at the displayed estimate.[6]