Mercury Digital Asset (“Mercury”), a technology provider for digital asset markets, is providing a platform solution to Enigma Securities (“Enigma”) for trading crypto derivatives. The customized platform is launching with options and futures products at CME Group, before expanding to global crypto derivatives exchanges.
Mercury’s platform and development capabilities will enhance Enigma’s existing agency crypto derivatives trading services and will create a professional-grade integrated solution replete with institutional tools. These functionalities will support and allow Enigma’s clients to seamlessly access derivatives alongside spot crypto products and other services.
“Both Mercury’s and Enigma’s teams share deep experience within traditional capital markets, and that similar understanding provides us with greater combined insight to apply in this emerging asset class,” said Mercury Founder Tony Saliba. “Our views of the crypto derivatives space align — these global markets need more sophisticated institutional trading technology and standards.”
Within a complex market structure characterized by fragmented liquidity pools, crypto derivatives trading has hit records. In December 2020, an all-time high of $1.43 trillion of crypto-based derivatives products traded globally, partly due to growing institutional participation in the market.
“Challenges in the growing crypto derivatives space equate to trading opportunities for those who can remain nimble and adapt to constantly shifting conditions and volatility,” said Enigma Securities CEO Wilfred Daye. “The need for more advanced products and solutions to help facilitate growth and take advantage of those opportunities is increasing. By partnering with Mercury and leveraging its preexisting infrastructure and connectivities, we are well-positioned to serve our clients.”
In addition to being able to trade in multiple exchange order books on behalf of its clients, Enigma will be able to access and provide offscreen liquidity in Mercury’s RFQ network for block trading large options, futures, and perpetual swaps trades.