Q2 2024 update

In the second quarter of 2024, we set out on a path of continuous and steady progress.

With the approval of the BTC ETF in Q1 2024, there has been a notable uptick in institutional interest in digital assets. As a result, in Q2 2024 we have seen an impressive 110% year-over-year growth in the volume of customer transactions through our OTC trading infrastructure for institutions, reaching a historic high in transaction volume. 

In Q2 2024 Finery Markets hit a major milestone by exceeding $20 billion in turnover. This accomplishment highlights our dedication to enhancing the crypto OTC trading experience for institutional players. It demonstrates that Finery Markets is establishing itself as a leading crypto ECN. Over the past 5 years, we have been improving the OTC crypto experience for institutions and crypto businesses and setting new benchmarks for market infrastructure. 

BitGo and Finery Markets have launched the first integrated crypto trading and off-exchange settlement solution. Prime brokers, OTC desks, and exchanges can now utilize Finery Market's trading infrastructure with confidence, knowing that BitGo will securely store and automatically settle counterparty assets. The BitGo/Finery Markets model is prime broker agnostic, allowing any prime broker, OTC desk, or exchange to offer clients qualified custody services and automated settlement without the need to manage settlement themselves. 'Pool Masters' and liquidity providers can now trade and settle bilaterally on a trusted platform, simplifying operations and significantly reducing counterparty risk.  BitGo will also bring on board several prime brokers to act as their own 'Pool Masters' and utilize Finery's comprehensive trading infrastructure, along with BitGo Trust's custody services and Go Network's risk-mitigating settlement solution. 

Finery Markets has been named one of the top 50 emerging companies in the Deloitte Technology Fast 50 competition, highlighting our rapid growth and innovative spirit. This recognition showcases our company's success in a program that recognizes the fastest-growing technology companies in the Middle East and Cyprus. The Deloitte Technology Fast 50 program, now in its third year, saw a doubling of applications, indicating a strong and competitive tech industry. With nearly 200 applications from innovative companies, the program reflects the resilience and dynamism of the tech sector in the face of global challenges. Our selection as a 'Rising Star' underscores Finery Markets' significant impact and potential. 

We are thrilled to announce that we have been selected as a finalist for the Global Startup Awards in the South Europe region. We would greatly appreciate your support by voting for us here. The South Europe Startup Award (SESA) is a new addition to the GSA network, launched in 2019, and includes countries such as Cyprus, France, Greece, Italy, Malta, Portugal, and Spain.

For the second year in a row, Finery Markets is thrilled to co-host the Fintech Unplugged afterparty in Limassol in partnership with Sumsub and Nexpay. Our event provides a top networking opportunity for fintech professionals in a chic and laid-back setting. Over 200 industry professionals attended, reaffirming the significance of Fintech Unplugged as a prime platform for networking and business discussions. Key stakeholders, decision-makers, and influencers from the fintech, crypto, and trading sectors were in attendance, facilitating valuable connections and potential partnerships.

Our dedication to growth goes beyond our internal operations. We highly value our clients and aim to show our appreciation for their support. Our referral program has been gaining popularity among our client base since its launch, offering fantastic rewards for referring new clients to Finery Markets. It's a win-win opportunity with numerous benefits and no upfront costs. 

In Q2, we continued to work on "The Flow" — the only podcast in crypto focused on market structure. 

In our second episode, we discussed clearing and CCP with Benjamin Stephens, CEO of ClearToken, the world’s first clearing house in the crypto space. The digital assets market is quickly adopting some of the best practices from traditional finance. The use of clearing houses to de-bundle market structure and decrease risk. Is a central counterparty feasible for a truly global market?

The introduction of Bitcoin ETFs in 2024 has stirred up the crypto market, generating enthusiasm and pushing Bitcoin to record levels. How will this surge influence the future of digital assets? In the third podcast episode, we interviewed Tim Bevan, CEO of ETC Group, the leading provider of crypto ETPs in Europe, to discuss the future of exchange-traded products for digital assets.

At Finery Markets, we are just getting started. We never stop striving for greatness, and we invite you to stay tuned for more updates, innovations, and a continuous stream of excitement. Together, we are shaping the future of digital asset space.