Crypto Trading Platform Enclave Seeks to Encourage Safer Markets Through Dark Pools

The institutional product currently supports trading of bitcoin, ether, Avalanche’s AVAX, and Circle’s USD Coin, with more to be added.

AccessTimeIconSep 8, 2022 at 12:00 p.m. UTC
Updated May 11, 2023 at 4:24 p.m. UTC

Named Enclave Cross, the new platform from Enclave aims to allow crypto trading without any information leakage, slippage or front-running.

The product is an over-the-counter (OTC) dark pool that services institutional clients, and will include know-your-customer (KYC) protocol. The platform currently supports trading of bitcoin (BTC), ether (ETH), Avalanche’s AVAX, and Circle’s USD coin (USDC), with more to be added.

“This is the first truly cryptographically provable, fair, and neutral marketplace,” Enclave CEO David Wells told CoinDesk. As exchange operators, explained Wells, Enclave has no visibility into customer order flow prior to it hitting the order book. The platform also doesn’t doesn’t contain internal market makers or preferential access, he added.

Thanks to being a stablecoin-based product (as opposed to fiat), Enclave Cross can operate in several jurisdictions without licensing, though the company is in the process of applying for licenses in instances where it’s needed.

Enclave wants to use technology to solve the aforementioned trading issues, said Wells, and the growth of institutional interest in crypto has opened doors for this type of platform.

“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all assets and trades are being held and executed off-chain, others in the marketplace will see only when funds are withdrawn from the platform, reducing the impact of a time mismatch of buyers and sellers,” Wells said in a statement Thursday.

UPDATE (Sept. 8, 2022, 14:41 UTC): Updates image and clarifies Avalanche's symbol.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Author placeholder image

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.

Read more about