By Staff Writer
Institutional trading firm Caladan has teamed up with Finery Markets, joining its electronic communication network (ECN) platform in a move designed to expand global liquidity access at a time when over-the-counter (OTC) crypto trading is seeing record highs.
The partnership arrives as OTC markets continue to explode in size. According to Finery Markets’ latest review, global OTC crypto trading volumes jumped up an impressive 112.6% in the first half of 2025, with deal counts rising 57.6% compared to last year. That growth highlights just how fast we’re seeing institutional demand for off-exchange crypto deals accelerate.
Caladan processes more than $170 billion in annual digital asset transactions, providing liquidity and treasury solutions for exchanges, tokens and institutional investors. Integrating with Finery Markets’ ECN means the firm will now be able to scale its price distribution instantly and extend its reach to clients in more than 35 countries.
For institutions, this means easier access to Caladan’s liquidity pool across 1,000+ digital assets and 70+ exchanges, all through a non-custodial and compliance-focused infrastructure. This trend reflects how OTC crypto desks are no longer niche players but are professionalizing at speed.
Finery Markets, founded in 2019, is the first and only crypto ECN that combines request-for-quote (RFQ), order book and quote streaming models all into one platform. It already supports over 150 digital asset clients worldwide, ranging from brokers and OTC desks to hedge funds and custodians. The company also holds SOC 2 Type 1 certification, a key marker of its commitment to compliance and operational security.
For Caladan, partnering with Finery Markets is about aligning with a vision of making digital asset markets more institution-ready.
Konstantin Shulga, CEO of Finery Markets, said:
“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.”
Julia Zhou, COO at Caladan, added:
“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.”
With OTC crypto trading volumes doubling in the space of six months, the Caladan–Finery Markets partnership underscores how quickly institutional crypto is maturing. Traders can now get broader access to liquidity in a market that’s increasingly being shaped by professional infrastructure rather than fragmented, off-the-grid deals.
For the industry, it’s a clear signal that scale and secure infrastructure are now just as important as liquidity itself. The partnership also sets the stage for how global firms can collaborate to build the next generation of trading networks in digital assets.
