Wintermute Secures First Request for Quote (RFQ) Trade on Finery Markets

• Wintermute has successfully executed its inaugural trade using the Request for Quote (RFQ) on FM Liquidity Match. 
• With the recent launch of an RFQ, Finery Markets has become the only crypto-native ECN to provide institutional liquidity execution through both RFQ and firm order-book mechanisms.

Finery Markets, the leading non-custodial crypto ECN and provider of SaaS trading solutions for institutional clients, has partnered with Wintermute, a global algorithmic trading firm, liquidity provider, and leading OTC desk in digital assets. This partnership enables institutional clients to enjoy a seamless and efficient trading experience with Wintermute through an RFQ method via Finery Markets.

Wintermute has become the first liquidity provider using the RFQ method on FM Liquidity Match, the institutional-grade crypto ECN. The Finery Markets’ ECN now combines order-driven matching, where liquidity is firm and slippage is zero, and an RFQ method, allowing customers to request quotes for any type of asset in any size.

In this collaboration aimed at optimizing price execution, counterparties are set to benefit from a synergy that draws on the substantial interest from both traditional financial institutions and crypto natives amid the expanding adoption of digital assets. According to Finery Markets data, in 9M2024, crypto OTC spot transactions experienced 89% year over year growth.

Konstantin Shulga, Finery Markets CEO, commented: “As a leader in liquidity provisioning, Wintermute was a top choice for introducing the RFQ trading method through our ECN. With the launch of RFQ, we are confident that our unique hybrid trading model offers the best of both worlds, combining the transparency and execution certainty of order-driven systems with the deep liquidity and minimal market impact characteristic of quote-driven models.” 

Evgeny Gaevoy, Wintermute CEO, stated: “Our partnership with Finery Markets reaffirms our commitment to enabling counterparties to have seamless, reliable access to digital asset markets. By combining our extensive liquidity solutions across hundreds of digital assets with Finery’s ECN, we’re well positioned to support market participants in achieving higher quality trading and more efficient execution.”

About Wintermute

Wintermute is a leading global algorithmic trading firm and one of the largest players in digital asset markets. With billions in average daily trading volume, Wintermute offers OTC trading and provides liquidity across 60+ centralized and decentralized exchanges. Wintermute is an active player in the ecosystem, invests in early-stage Web3 projects, and supports traditional financial institutions moving into crypto.

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About Finery Markets 

Finery Markets, the premier non-custodial crypto ECN, provides cutting-edge trading infrastructure for institutional players in over 35 countries. We seamlessly connect clients across North America, Europe, Asia, LatAm, and Africa.

Finery Markets offers the first hybrid, crypto-native ECN that allows trading through an aggregated order book or RFQ. 

Since our launch in 2019, we have been growing our ecosystem, serving 150+ digital asset clients, including payment providers, brokers, OTC desks, hedge funds, and custodians. We connect digital asset players by offering them effortless connectivity to an extensive network of partners. Our services enhance capital efficiency, ensure optimal execution, assist in risk management, and simplify settlement processes. 

Finery Markets is the first crypto ECN to receive the SOC 2 Type 1 certification. In 2024, Finery Markets was selected as one of the top 50 rising stars in the Deloitte Technology Fast 50 competition.

Finery Markets hosts 'The Flow,' a C-level institutional crypto podcast that explores the development of the digital assets market structure.