“A service like this has been sorely lacking in the crypto space. There hasn’t been a solution that provides the security or privacy that institutions require with these kinds of trades.”
Swiss-regulated institutional digital asset platform SCRYPT Digital has tapped Enclave Markets in order to offer off-chain block trading to its client base.
Once the traders move their assets off-chain, Enclave’s technology – Enclave Cross – matches traders with interested counterparties without revealing wallet addresses.
Enclave Cross mirrors dark pool trading
Enclave Markets is a marketplace that combines centralized and decentralized finance and caters to asset managers, hedge funds, and systematic trading firms. The firm boasts a crossing network for crypto built in an entirely trustless environment which is designed mirror dark pool trading.
SCRYPT Digital leverages proprietary technology and a number of partnerships to offer a suite of services to institutions, including execution, custody, staking, market making and investment services.
The firm says it streams 24/7/365 with a 99.99% uptime with optimal trading conditions and superior execution using its Smart Order Routing (SOR) algorithm.
Fully confidential trading of blocks of assets without impacting the price
Norman Wooding, Founder and CEO at SCRYPT Digital said: “A service like this has been sorely lacking in the crypto space. There hasn’t been a solution that provides the security or privacy that institutions require with these kinds of trades. Also, there’s never a guarantee that the exchange operator is a good actor. Enclave Cross changes all of that. We are very pleased to now be able to offer this service to our clients. SCRYPT Digital was built from the ground up to offer only the best services, and we can now offer off-chain block trading with complete confidence. “
David Wells, CEO of Enclave Markets said: “Enclave Markets is proud to be partnering with SCRYPT Digital to offer its clients access to our new platform Enclave Cross, which enables fully confidential trading of blocks of assets without impacting the price. This partnership between SCRYPT Digital and Enclave Markets aims to serve growing institutional demand in the digital asset space.”
Enclave’s confidential OTC trading launched last week
Enclave launched its confidential OTC trading service crypto last week. Enclave Cross enables approved participants to execute block trades in a fully private and secure manner. The platform uses an advanced technology based on secure hardware that implements an enclave where code executes a smart contract free from interference.
Permissioned traders move their assets off-chain into the Secure Enclave technology which allows Enclave Cross to match traders directly with interested counterparties without exposing individual wallet addresses.
This helps to address the time mismatch that can result from a large trade which can lead to slippage, information leakage, and technical signals in the market. Enclave Cross currently supports trading of Avalanche, Ethereum, Bitcoin, and USDC with more digital assets to come.