Building Composable Market Infrastructure
We are excited to announce that Enclave Markets has entered into a strategic partnership with Hidden Road Partners, the global credit network for institutions.
As a result of the partnership, Hidden Road clients can trade digital assets through Enclave Markets’ fully encrypted exchange (FEX) while maintaining custody and settlement through Hidden Road. We are excited to unlock a new level of composable infrastructure to meet the needs of institutional investors.
The partnership leverages Enclave Cross as an execution-only trading engine, decoupling trade execution from custody and brokerage. Enclave Cross, the industry’s first fully encrypted crossing network, was designed for confidential block trades, free from front-running and data leakage. Trades on Enclave Cross never post to a public order book (similar to a dark pool), enabling a broader pool of viable counterparties, minimizing market impact, and ensuring efficient execution.
Why does this matter?
During this past crypto cycle we saw major implosions from centralized entities that controlled every component of the crypto trading stack — from price discovery to brokerage, to custody and settlement. This led to consolidated risk and resulted in unnecessary market contagion. In response, we predicted that innovative custody solutions would disaggregate core elements of centralized exchanges in 2023 (2023 Predictions: Exchange Landscape) — and we’ve been working hard to make this a reality.
Building upon our core role in BitGo’s Go Network, our partnership with Hidden Road is the next step in building composable crypto infrastructure. We’ve designed our FEX architecture to empower institutional investors to use their prime brokers of choice while securely leveraging our institutional-grade trading engines. For Hidden Road clients, Enclave’s non-custodial role as an execution-only trading engine improves their operational and capital efficiencies as they manage assets across trading venues without compromise.
What comes next?
In the coming months, we plan to expand our offering to additional trading products and asset classes within the FEX, and to grow our slate of prime brokers and custodians that can access Enclave Markets.
As the Enclave ecosystem grows, you can expect a variety of partnership formats that will reduce concentration from any single component within the trading stack. Our composable infrastructure will include more prime brokers and qualified custodians and investors will benefit from improved trading experience, enhanced capital efficiency, and ultimately a safer, more resilient trading environment.
Join Us
If you’re interested in joining the Enclave Markets ecosystem as a prime broker, qualified custodian, or other critical piece of trading infrastructure, please contact us at sales@enclave.market.
Disclaimer:
Provided for informational purposes only, without representation, warranty or guarantee of any kind. None of this is as an endorsement by the Enclave Markets, Inc., or any of its respective subsidiaries or affiliates, nor is any of this investment or financial advice.
