Institutional trading firm Caladan has joined forces with Finery Markets by integrating into its electronic communication network (ECN) platform, in a move aimed at strengthening its global liquidity distribution.

The decision comes as over-the-counter (OTC) crypto markets record unprecedented levels of activity, with trading volumes more than doubling in the first half of 2025.

Caladan, which processes more than $170 billion in annual digital asset transactions, will now tap into Finery Markets’ infrastructure to extend its reach across more than 35 countries, connecting to multiple venues in a non-custodial, institution-focused environment.

The agreement underscores growing momentum among professional crypto trading firms to adopt scalable infrastructure solutions as regulatory clarity and institutional interest deepen worldwide.

Surge in OTC trading volumes

The integration follows a 112.6% increase in OTC crypto activity during H1 2025, according to Finery Markets’ latest report.

The data also showed that deal counts rose by 57.6% compared with last year, indicating substantial growth in institutional demand for off-exchange digital asset transactions.

Finery Markets currently supports more than $50 billion in annual trading, providing access to over 1,000 assets and 70 global exchanges.

Its platform combines request-for-quote (RFQ), order book, and quote streaming models, designed to help institutional clients operate across multiple liquidity venues efficiently.

Strategic expansion for institutional liquidity

Executives from both companies described the partnership as a key step in institutionalizing digital asset markets.

Konstantin Shulga, CEO of Finery Markets, said:

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

While emphasising on building the next-generation liquidity infrastructure for institutional crypto trading, Julia Zhou, COO at Caladan said:

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.

Founded in 2017, Caladan provides liquidity, treasury solutions, and investment support to exchanges, tokens, and institutional investors.

Finery Markets, meanwhile, focuses on delivering non-custodial ECN and SaaS trading infrastructure to clients in more than 35 countries.

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