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Case study

From Nexdesk's needs to innovation: the genesis of FM Liquidity Match

In many industries, strategic partnerships are the cornerstone of innovation and growth. In the institutional crypto space, this is no exemption. An example of such is the long-lasting relationship between Finery Markets, a leading Crypto ECN and Trading SaaS provider, and Nexdesk, a well-established automated B2B crypto OTC desk. Partnering with Lithuanian-licensed EMI Nexpay, Nexdesk enables companies to conduct both crypto and banking operations in a single platform, with IBAN accounts provided for SEPA transfers. In this case study, we dive into a story of mutual challenges, shared goals, and groundbreaking innovation.

Our common journey began amidst the bustling landscape of 2021, a time when their operating crypto business encountered significant hurdles in securing liquidity.

The need for a pivot was evident, prompting Nexdesk to transform its business model from a conventional order book exchange to a specialized OTC desk catering to a sophisticated corporate clientele. To realize their visionary approach, Nexdesk reached out to Finery Markets.

A forward-thinking partner helping shape a visionary offering

The interaction between Nexdesk and Finery Markets began out of a mutual necessity and a shared vision for advancing the digital asset trading landscape. Sofian Berrahal, Chief Executive Officer at Nexdesk, recounts, "That's how we got together with Finery Markets. When we started working with a liquidity provider that also needed a bank account." This engagement soon evolved into a more profound collaboration, driven by the realization of how Finery Markets could significantly enhance Nexdesk's trading operations.

"Naturally, we then went that way. And ever since, Finery Markets was our main platform for engaging with liquidity providers and then executing trades for our clients," Sofian elaborates. This decision was rooted in the recognition of Finery Markets' potential to streamline Nexdesk's access to a spectrum of liquidity providers through a single, efficient integration.

Choosing Finery Markets as a trading infrastructure was a decision influenced by multiple factors, including the platform's robust API and the comprehensive trading features it offered.

“Finery Markets has a really good API. We found it to be a top-notch service with many trading features that, as a matter of fact, we have incorporated into our interface as well,”

Sofian Berrahal, Chief Executive Officer at Nexdesk explains.

Egor Morozow, who leads the Customer Success team at Finery Markets, said: “That was a great match for both companies. By collaborating, we were able to improve our respective products and help each other learn and grow, resulting in a seamless experience for our clients.

We build our own liquidity aggregator and OTC setup... We needed to cover it with a robust and advanced API, which Finery Markets provides,

Berrahal states, highlighting the critical role of Finery Markets' technology in this transition.

This move allowed Nexdesk to leverage Finery Markets' aggregated liquidity from multiple providers, a feature that significantly streamlined their operations.

With Finery Markets, we had access to multiple LPs within just one API integration, which multiplied the effect of top-of-the-market prices. After adding more LPs, we saw an immediate
20% price improvement.

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Sofian Berrahal, Chief Executive
Officer at Nexpay

The shift to automated trading and settlements with Finery Markets enabled Nexdesk to implement features that directly responded to their clients’ needs, such as the ability to split trades between multiple liquidity providers for optimal pricing.

Nexpay is proud to be able to provide banking infrastructure for companies that are pioneering in the digital asset space.

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Uldis Tēraudkalns,
CEO of Nexpay

Enhancing Trading Experience with Interface Improvements

Nexdesk’s journey towards enhancing trading interface was influenced by interactions with Finery Markets. The intuitive design and functionality of the Finery Markets platform served as a yardstick, inspiring Nexdesk to refine their own trading environment to elevate the trading experience and meet the expectations of a sophisticated clientele.

Catalyzing Feature Development in FM Liquidity Match

The collaboration between Nexdesk and Finery Markets was instrumental in shaping what we know today as FM Liquidity Match, the industry’s first ECN-as-a-Service. It was particularly through the introduction of innovative features tailored to Nexdesk's operational requirements that the Finery Markets team came up with this unique product offering.

Berrahal reflects on the genesis of these developments, stating, "Before we built our desk, we were trading manually... it was quite a big issue because if one person wasn't available, and a trade came up from a client, time was of the essence."

Egor added ‘ This challenge, brought up by Nexdesk, sparked the development of the multi-role functionality within FM Liquidity Match. It was directly influenced by Nexdesk's need for a more flexible and accessible trading environment.”

Berrahal elucidates, "That's why it was a very good step that multi-login was created. Now we're actively using it... with their own permissions, connected with their own email addresses." This feature not only enhanced the operational efficiency of Nexdesk but also set a new standard for user-centric design in trading platforms.

The iterative feedback loop between Nexdesk and Finery Markets underscored the importance of client-driven innovation. Berrahal acknowledges this reciprocal inspiration, noting, "One inspiration leads to just another one." This sentiment captures the essence of how client experiences and challenges can fuel technological advancements and feature enhancements.

Through this collaborative journey, Finery Markets not only addressed the immediate needs of Nexdesk but also leveraged these insights to enrich its FM Liquidity Match solution. This partnership exemplifies the symbiotic relationship between service providers and their clients, where operational challenges inspire innovations that benefit the broader user community and propel the platform forward.

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