Forging a groundbreaking alliance in the digital asset space, Finery Markets and Sage Capital Management have announced a strategic partnership designed to transform institutional cryptocurrency liquidity provision. The collaboration introduces three distinct trading methodologies—RFQ, order book, and quote streams—with the latter representing a pioneering implementation of the FIX protocol in cryptocurrency markets, enabling real-time pricing and tighter spreads for institutional traders.
Sage Capital brings substantial liquidity resources to Finery Markets’ platform, enhancing accessibility across multiple cryptocurrency products including BTC, ETH, and SOL. This partnership serves Finery Markets’ extensive client base, which spans over 150 digital asset firms operating in more than 35 countries, including payment providers and hedge funds seeking institutional-grade trading solutions.
The integration of quote streams technology via FIX protocol represents a significant technological advancement, allowing for continuous pricing updates rather than the traditional request-based model. This innovation addresses a critical need in institutional cryptocurrency trading: consistent pricing and market stability, particularly during volatile market conditions when reliable liquidity access becomes paramount. Recent academic research has shown that cryptocurrency markets exhibit volatility clustering similar to traditional financial markets, making reliable liquidity solutions even more critical for institutional traders.
Finery Markets enters this partnership from a position of strength, having achieved remarkable performance metrics with a 106% year-over-year increase in client turnover and 75% growth in active clients. The company returned to operational profitability despite challenging market conditions, validating its business model and strategic direction following a USD 5.5 million seed funding round secured in November 2022.
The partnership exemplifies the maturation of cryptocurrency trading infrastructure, which increasingly mirrors traditional financial markets while accommodating digital asset-specific requirements. Finery Markets’ non-custodial electronic communication network (ECN) design prioritizes security, complemented by SOC 2 Type 2 certification that demonstrates commitment to institutional-grade security standards. This level of security is essential as Finery Markets becomes the first cryptocurrency ECN to offer multiple trading methods simultaneously.
The collaboration is well-positioned to benefit from Ethereum’s recent Cancun upgrade, which brings Proto-Danksharding capabilities that could significantly reduce transaction costs for institutional traders operating on layer 2 solutions.
Through products including FM Marketplace, FM Liquidity Match, and FM Whitelabel, the partnership delivers customized institutional solutions that emphasize both technological innovation and regulatory alignment. This collaboration marks a significant milestone in cryptocurrency market evolution, particularly in the development of prime brokerage services and institutional custody solutions necessary for mainstream financial system integration.
