Digest | March 2026

This month we released the Crypto OTC Trading Report 2026, welcomed Keyrock as a new liquidity provider within the Quote Streams trading regime, and expanded institutional connectivity through a new partnership with OVEX for African trading rails. We also integrated Fireblocks to automate off-exchange trading and settlement workflows, extended our OEMS with Binance and Kraken liquidity alongside new asymmetric risk controls, and were shortlisted across multiple categories at the Hedgeweek Global Digital Assets Awards.

Crypto OTC Trading Report 2026

This month we released the Crypto OTC Trading Report 2026, prepared in collaboration with Stablecoin Insider. Built around the question “Would Anyone Miss Banking Rails?” our new report explores whether crypto market structure is simply evolving, or beginning to replace parts of the financial infrastructure institutions have relied on for decades. As stablecoins settle trillions in annual value and OTC markets continue to outpace centralized exchanges, the role of traditional correspondent banking rails is increasingly being re-examined.

The analysis draws on proprietary execution data from Finery Markets’ network of 150+ institutional participants across 40 countries, alongside a survey of liquidity providers, prime brokers, and market makers.

Key findings include:

Institutional spot OTC volumes expanded 109% YoY, while top-20 CEXs grew 9%
40% of surveyed institutions now name OTC as their primary execution venue
Stablecoins’ share of institutional OTC volume rose from 23% (2023) to 78% (2025)
75% of liquidity providers reported declining spread capture in 2025
Growth expectations for 2026 are strongest in North America and Asia

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Keyrock joins the Finery Markets liquidity network

Institutional market-making firm Keyrock has joined the Finery Markets ecosystem as a liquidity provider within the Quote Streams trading regime, expanding the depth of pricing available to institutional counterparties across the network.

Known for its technical expertise and global connectivity, Keyrock supports more than 1,300 markets and maintains relationships with over 150 partners across the digital asset ecosystem. Through the integration, the firm will distribute liquidity across major crypto and stablecoin pairs while strengthening its footprint across institutional OTC markets.

The partnership comes at a time when trading flows are increasingly shifting off exchange. According to Finery Markets’ 2025 market analysis, top-20 CEX spot OTC volumes grew 9% year over year, while the broader OTC market expanded 109%, highlighting the rising importance of bilateral liquidity networks and off-exchange execution infrastructure.

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OVEX partnership expands institutional crypto rails across Africa

Access to institutional crypto liquidity across Africa is expanding through a new partnership with OVEX, a cross-border payments and digital asset infrastructure provider operating across the continent.

Under the agreement, OVEX will serve as the exclusive African rails partner within the Finery Markets network, enabling institutions to connect regional liquidity with global crypto capital markets through a unified infrastructure layer.

The setup now supports institutional liquidity provision for approximately $450M in monthly trading volume across more than 150 digital assets in 26 African countries. With stablecoins accounting for roughly 43% of crypto transaction volume in Sub-Saharan Africa, demand for institutional-grade liquidity in local currency pairs, including GHS, KES, NGN, TZS, XAF, XOF, and ZAR, continues to grow rapidly.

New Fireblocks integration automates off-exchange trading and settlement workflows

A new infrastructure integration with Fireblocks connects Finery Markets’ Execution Management System (EMS) directly with custody and settlement layers, enabling automated off-exchange trading and post-trade workflows.

By linking execution infrastructure with custody vaults, the integration creates a vertically aligned workflow that preserves the structural separation between trading activity and asset custody, a key principle of institutional market design.

Institutions using Fireblocks can now initiate settlements directly within the Finery Markets interface while positions and credit limits are reconciled automatically against custody balances. The setup removes manual operational steps and supports secure digital asset operations across more than 150 blockchains through infrastructure used by over 2,400 organizations globally.

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Finery OEMS Now Supports Liquidity from Kraken and Binance

Our OEMS has expanded with native connectivity to leading centralized exchanges, Binance and Kraken. By securely integrating exchange API keys, institutions can unify disparate liquidity pools into a single, cohesive trading environment. Smart routing instantly targets the best available price by aggregating top-tier CEX order books alongside our deep, firm and indicative OTC liquidity. To ensure execution meets institutional standards, the infrastructure is strategically placed near these exchanges’ matching engines, delivering low latency. Execution precision is further maximized via tailored order types: Market IOC and Limit IOC (Binance, Kraken), plus Limit FOK (Binance).

Accessible via both our API (FIX, REST, Websocket) and GUI, this expanded architecture operates using your pre-funded exchange balances. It is fully protected by Finery Markets’ granular risk management suite, allowing administrators to strictly control tradable asset sets and cap overall intraday open positions. For brokers and master account operators, this integration serves as a powerful multiplier, enabling you to seamlessly recycle aggregated CEX and OTC liquidity downstream to your clients via sub-accounts.

Advanced Risk Control: Introducing Asymmetric Long/Short Limits

The risk management suite has also been subjected to an update, with the introduction of enhanced, asymmetric long/short limits, giving network participants the flexibility to control market exposure and manage inventory skew with absolute precision. By decoupling long and short constraints, trading desks and liquidity providers can configure distinct limits tailored to immediate directional strategies or existing balances, ensuring highly responsive risk mitigation.

The update also maximizes capital efficiency by accommodating a wide spectrum of credit and prefunding models. The architecture supports credit-driven trading without prefunding, manageable partial prefunding for asymmetric exposures, or strictly prefunded setups. For example, administrators can mandate a “long-only” prefunded environment by simply setting the short limit to zero. This adaptive framework empowers prime brokers and OTC desks to precisely customize counterparty risk policies and optimize capital deployment.

Finery Markets shortlisted at Hedgeweek Global Digital Assets Awards

Recognition from institutional industry media continues as Finery Markets has been shortlisted in multiple categories across both the Hedgeweek Global Digital Assets Awards and Hedgeweek European Awards.

The nominations cover several infrastructure-focused categories, including Technology Provider of the Year and Solution Provider of the Year: Order and Execution Management System (OEMS).

Community voting is now open for both award programs:

→ European Awards: https://awards.hedgeweek.com/european-awards

→ Global Digital Assets Awards: https://awards.hedgeweek.com/global-digital-assets-awards