Finery Markets Raises $5.5M for Institutional Crypto Service

The funding round was the first time the company received outside funding.

The round was co-led by G1 Ventures, gumi Cryptos and Shima Capital. Investors such as Communitas Capital, DV Chain, GravityX, Unlimint, Daedalus Angels, oneAlpha, Floating Point Group and other industry leaders have also joined the round.

Konstantin Shulga, Co-Founder and CEO of Finery Markets, said: “By running the first multilateral institutional market in crypto, we aim to establish best practices in trading, risk management and operational standards. for cryptography. We see our role as a fundamental building block for maturing market infrastructure, which makes markets more efficient and sustainable As a marketplace, we have focused on bringing in a diverse mix of investors from which represent Web3 funds, strategic partners and traditional venture capital firms, led by e-commerce veterans.

I believe that digital assets are becoming a leading asset class globally. The structure of the market must respond to changing needs. Our mission is to fill the gap in transparency and technology solutions by bringing institutional-grade pre-trade, trade and post-trade infrastructure to a wide range of market participants. We help them automate operations throughout the business lifecycle and increase the profitability of their business.”

Established in 2019, Finery Markets enables over 70 companies working with digital assets internationally to access deep pools of liquidity offered by leading global liquidity providers. The platform’s pre-trade and post-trade functionality provides clients with price information, full trade transparency, settlement flexibility, market and counterparty risk control, and reporting tools.

This funding round follows the platform’s strong growth with a diverse customer base – from payment service processors to institutional sellers to retail platforms – all on a shoestring budget. The platform saw 12x revenue growth in 2021 and continued to grow in 2022 despite challenging market conditions.

Commenting on the deal, Rui Zhang, co-founder and managing partner of gumi Cryptos Capital, said, “As we have observed in the TradFi world, the majority of trades are actually conducted through the OTC market, rather than through of exchanges. We believe the same will be true for the crypto market. As a multi-dealer execution venue, Finery is able to provide a much more efficient trading operation, lower execution costs reductions and more secure compensation control for institutional users.We are delighted to support Finery’s vision.

Arseny Klekovkin, Managing Partner of G1 Ventures, added: “We have followed the development of Finery shortly after its inception and can only salute the agility and evolution of the team, as well as the impressive validation of an institution-driven, regulatory-compliant business model. The team put P2P and the marketplace philosophy at the heart of Finery from the very beginning and currently it is becoming more relevant than ever for any enterprise digital asset user. Recent events and failures of centralized on-ramps and trading venues underscore Finery’s fundamental advantages and will support its continued growth even in the face of challenging markets. I look forward to working with Ilya and Konstantin to ensure the success of Finery.

Yida Gao, Managing General Partner of Shima Capital, said, “We have had the pleasure of learning more about the Finery Markets platform over the past year, as several companies and partners in Shima’s existing portfolio are already using the system. We were very impressed with not only the Tier 1 trade execution platform, but also the high integrity and focus of the Finery team which exemplifies the type of management we like to support in bear markets. Given recent market volatility and implosions in our space, institutions will trust centralized exchanges less, resulting in Finery – a non-custodial model that does not require institutions to trust a third party with their coins – a lasting benefit.”