Institutional-grade digital asset trading platform Enclave Markets said on Thursday it launched a new service called Enclave Cross that allows participants to trade blocks of digital assets at market price without information leakage or market impact.
“The existing structure of both centralized and decentralized institutional-grade crypto exchanges don’t allow institutions to take full advantage of what crypto has to offer,” Enclave Markets CEO David Wells said. “One of the founding principles of crypto was the concept of leveling the playing field and creating trading markets that are optimized for fairness. On Enclave Cross, no one, not even a system administrator, knows the amount of open interest before trades are executed. At Enclave Markets, we give our users the ability to maximize these advantages – all within a fully compliant network.”
The company said the scope involves the platform deploying an advanced technology based on secure hardware implementing an enclave where code executes a smart contract free from interference. Enclave Cross has initiated early-stage production testing with select institutional trading firms and prime brokers that include Hidden Road Partners, LedgerPrime, Republic Crypto, Fir Tree Partners, Scrypt, FBG Capital and Blizzard Fund.
“Since all assets and trades are being held and executed off-chain, others in the marketplace will see only when funds are withdrawn from the platform, reducing the impact of a time mismatch of buyers and sellers,” Wells said. “We are excited to offer Enclave Cross as an institutional-grade, fully confidential trading platform and are looking forward to working with our users to build out a more fulsome suite of digital asset trading products.”