In the third quarter of 2024, Finery Markets experienced a remarkable 79% increase in year-over-year customer transaction volume through our institutional OTC trading infrastructure.
This quarter marked the announcement of our partnership with Nonco, a top-tier digital assets firm renowned for being one of the largest over-the-counter (OTC) providers. Acting as a market maker for leading cryptocurrencies and stablecoins, Nonco is now serving our expanding roster of institutional clients. The partnership's first successful transaction was executed via FM Liquidity Match, a platform that merges a state-of-the-art matching engine with instant access to deep liquidity across more than 150 coins.
In September 2024, we completed the strategic relocation of our trading servers to Amazon Web Services (AWS) in Japan. This move is synchronized with the hosting locations of other major crypto price discovery hubs. The aim is to bolster our capabilities in processing and analyzing market data in near real-time, thus offering our clients a significant competitive edge.
Moreover, Finery Markets has enhanced its crypto ECN with the introduction of a new RFQ execution method, further refining our trading solutions for institutional clients. This new RFQ feature complements our existing order-book execution, establishing us as the first hybrid crypto ECN to offer both order-driven and quote-driven markets. You can explore the distinctions between these market types in our detailed explanation: Finery Markets Creates the First Hybrid ECN in Crypto.
We are thrilled to announce some well-earned promotions within our team. Anastasia Karpinska has been elevated to Head of Engineering, where she aims to focus on team growth, improving system efficiency, and strengthening cybersecurity. Meanwhile, Egor Morozow has been promoted to Director of Customer Solutions, in recognition of his exceptional commitment to enhancing client relationships. Both leaders are dedicated to driving Finery Markets forward by refining our trading architecture and expanding our SaaS offerings, ensuring that our technology and customer service continue to set the standard for innovation and reliability.
Our dedication to growth extends far beyond our internal operations. We hold our clients in high regard and are committed to showing our appreciation for their continued support. Our referral program, since its launch, has gained significant traction among our clients, offering outstanding rewards for introducing new clients to Finery Markets. This program presents a win-win opportunity, providing numerous benefits without any initial costs.
In Q3, we continued our work on "The Flow", a podcast series focused on the structure of the crypto market at the executive level.
In our fourth episode, we featured a conversation with Kevin De Patoul, CEO of Keyrock, a leading algorithmic trading firm. We explored the essential steps for launching a market-making business in the crypto sector, underscored the importance of unbundling for the evolution of crypto markets, and discussed emerging trends poised to shape the industry's trajectory.
In the fifth episode, Rob Hadick, General Partner at Dragonfly, offered his perspective on the current state of digital assets and the venture strategies molding the future. We took an in-depth look at the forces shaping the future of crypto market structure and the role of institutional players in the space.
At Finery Markets, we're just getting started. Our pursuit of excellence is unending, and we invite you to stay tuned for more updates, innovations, and a continuous stream of excitement. Together, we are crafting the future of the digital asset landscape.
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