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§ Private Profile · Limassol, Cyprus
Multi-dealer electronic marketplace for institutional crypto and digital asset trading, offering institutional-grade infrastructure.
Based in Limassol, Cyprus, Finery Markets operates a multi-dealer electronic marketplace and trading infrastructure platform for institutional cryptocurrency and digital asset participants. The company provides integrated institutional-grade pre-trade, trade execution, and post-trade solutions, featuring price intelligence, trade transparency, settlement flexibility, and advanced reporting tools. Additionally, the firm delivers customized white-label software solutions specifically designed for prime brokers, over-the-counter trading desks, and digital asset exchanges. After achieving a 12x year-over-year revenue growth in 2021, the platform currently serves more than 70 global institutional businesses, including web3 funds and traditional venture capital firms. In November 2022, the bootstrapped enterprise secured its first external capital with a $5.5 million seed funding round co-led by institutional investors G1Ventures, gumi Cryptos, and Shima Capital. Finery Markets was established in 2019 by co-founders Konstantin Shulga and Ilia Drozdov.
Finery Markets has raised $6.0M across 1 funding round.
Finery Markets has raised $6.0M in total across 1 funding round.
Finery Markets has raised $6.0M in total across 1 funding round.
Finery Markets's investors include Gumi Cryptos Capital, Shima Capital, Arseny Klekovkin, 6th Man Ventures, 8VC, AirAngels, AlleyCorp, Angelic Ventures, AngelPad, Bankless Ventures, Earlybird Venture Capital, FMFW.io.
Finery Markets has raised $6.0M across 1 funding round. Most recently, it raised $6.0M Seed in November 2022.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Nov 1, 2022 | $6M Seed | Gumi Cryptos Capital, Shima Capital, Arseny Klekovkin | 6TH MAN Ventures, 8VC, AirAngels, AlleyCorp, Angelic Ventures, AngelPad, Bankless Ventures, Earlybird Venture Capital, Fmfw.io, General Catalyst, Global Ventures, Goat Capital, LAUNCHub Ventures, L Catterton, Lerer Hippeau, Meta Change Capital, Outlier Ventures, Picus Capital, Pioneer Fund, Plug & Play Ventures, Rembrandt Venture Partners, Tribeca Venture Partners, Vocap Investment Partners, Andrej Henkler, Holger Hengstler, Jeff Clarke, Michael WAX, Moritz Thiele, Tyler Scott Ward, Communitas Capital, Daedalus Angels, DV Chain, Floating Point Group, GravityX Capital, Onealpha, Unlimint | Announced |
Finery Markets is a fintech company providing non-custodial electronic communication network (ECN) solutions and trading SaaS for institutional cryptocurrency trading.[1][2][3] It offers a multi-dealer marketplace, order book trading, RFQ (request for quote) capabilities, real-time market data analytics, and counterparty tools, serving banks, brokers, payment providers, OTC desks, hedge funds, custodians, and liquidity providers across over 35 countries.[1][3] The platform solves key challenges in crypto trading by aggregating deep liquidity, ensuring zero slippage and rejections via a smart order router, enhancing capital efficiency, optimal execution, risk management, and simplified settlements without "last look" mechanisms.[2][3][4]
With over 150 clients since its 2019 launch, Finery Markets demonstrates strong growth, including recognition as one of the top 50 rising stars in the 2024 Deloitte Technology Fast 50.[3] Its flagship product, Finery eFX, enables peer-to-peer, compliant access to aggregated digital asset liquidity, positioning it as infrastructure for institutional crypto adoption.[2]
Finery Markets was founded in 2019 in Limassol, Cyprus, initially under the name Finery Tech with a focus on financial and trading software.[1][2][3] The idea emerged from the need for compliant, non-custodial platforms allowing financial institutions to tap into deep crypto liquidity amid rising institutional demand.[2] Early development centered on Finery eFX, a peer-to-peer tool incorporating user feedback for better rates via price aggregation, order execution, and real-time clearing.[2]
Konstantin Shulga, CEO and co-founder since 2021, brings over 18 years of institutional experience across equities, FX, and derivatives, including roles at major brokerages, Moscow Exchange, and as Managing Director of Electronic Trading at Sberbank CIB; he was nominated to Forbes 30 under 30 in 2020.[5] The company has evolved from eFX software to a full crypto-native ECN, expanding its ecosystem and securing funding from investors like Unlimint.[2]
Finery Markets rides the wave of institutional crypto adoption, fueled by surging OTC trading volumes (e.g., 141% YoY U.S. growth in Q1 2025) and demand for regulated, efficient infrastructure amid maturing digital asset markets.[1] Its timing aligns with global regulatory clarity and the shift from retail to institutional trading, where non-custodial ECNs address liquidity fragmentation, counterparty risks, and settlement inefficiencies.[2][3]
Market forces like rising ETF approvals, stablecoin expansion, and hybrid finance models favor its B2B platform, enabling traditional institutions to integrate crypto without custody risks.[1][3] By powering over 150 clients, it influences the ecosystem as key infrastructure, fostering liquidity networks similar to FX markets and supporting fintechs in scaling payments and brokerage.[3]
Finery Markets is poised for accelerated growth as institutional crypto trading volumes climb, potentially expanding into more asset classes like tokenized RWAs and derivatives via its flexible ECN.[1][3] Trends like AI-driven risk tools, deeper stablecoin integration, and MiCA/EU regulatory tailwinds will shape its trajectory, enhancing its edge in low-latency, compliant execution.[2][4]
Its influence may evolve from niche provider to core infrastructure player, akin to LMAX in FX, by onboarding more tier-1 banks and liquidity networks—watch for partnerships and further Deloitte accolades amid 2026's projected OTC boom.[1][5] This positions Finery as a linchpin in efficient capital markets for digital assets.[3]