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Limassol – August 28, 2025 – As institutional demand for digital assets continues to grow, Caladan has announced a new integration with Finery Markets, leveraging its ECN platform to deliver scalable liquidity solutions across more than 35 countries. The move follows a 112.6% increase in global OTC crypto volumes during the first half of 2025, one of the clearest signals yet of accelerating institutional participation in non-exchange trading.
Caladan, which facilitates over $170 billion in annual trading volume, will now use Finery Markets’ non-custodial infrastructure to aggregate and distribute prices across multiple venues. The platform supports a hybrid model, combining RFQ, streaming quotes, and order book mechanics, to meet the increasingly complex needs of global institutions.
The partnership reflects broader shifts in the crypto trading landscape. While centralized exchanges have faced heightened scrutiny and declining volumes in some regions, OTC desks and ECN platforms are experiencing renewed growth, particularly as regulatory clarity improves in major markets such as the U.S. and Europe. According to Finery Markets’ H1 2025 report, not only did overall OTC volume spike, but the total number of OTC deals also increased by 57.6%, indicating deeper and more frequent engagement from institutional players.
For Finery Markets, whose own infrastructure now connects more than 1,000 digital assets and 70 global exchanges, processing $50 billion in annual volume, the Caladan integration represents both scale and strategic alignment.
“We are excited to welcome Caladan to our expanding network. Their blend of deep TradFi expertise and a crypto-native, long-term vision perfectly aligns with our mission to make the digital asset space truly institution-ready. Caladan’s strategic global expansion, amplified by positive regulatory tailwinds, marks a pivotal moment, enabling us to collaboratively deploy our institutional-grade technology to accelerate business growth and unlock new opportunities in the OTC crypto markets,” said Konstantin Shulga, CEO of Finery Markets.
“At Caladan, we’re focused on building the next-generation liquidity infrastructure for institutional crypto trading,” said Julia Zhou, COO at Caladan. “Finery Markets’ ECN technology allows us to instantly scale price distribution and deepen our presence across OTC venues globally. This partnership is a deliberate step in our broader expansion strategy to redefine how institutions access reliable, multi-venue digital asset liquidity.”
The collaboration also builds on Caladan’s recent expansion into the U.S. market, where it opened a New York City office earlier this year. The move signaled the firm’s intent to deepen ties with Wall Street institutions, particularly as U.S. regulators signal a more open stance toward compliant crypto innovation. In a June 2025 interview, Caladan leadership described the NYC launch as “a foundational step toward becoming a primary liquidity conduit between East and West.”
With institutional crypto adoption projected to exceed $80 trillion in market capitalization by 2030, according to the Boston Consulting Group, partnerships like this one underscore the infrastructure race underway among service providers as they aim to meet the demand for secure, cross-border, and real-time liquidity.
