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
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

  • Traders Are 'Valuable Resource' for Crypto Market: Analyst
    06:08
    Traders Are 'Valuable Resource' for Crypto Market: Analyst
  • Coinbase Phasing Out ‘Coinbase Pro’ for ‘Advanced’ Mode in Main App
    06:52
    Coinbase Phasing Out ‘Coinbase Pro’ for ‘Advanced’ Mode in Main App
  • Robinhood Plans ‘Web 3’ Crypto Wallet for DeFi Traders, NFT Buyers
    05:49
    Robinhood Plans ‘Web 3’ Crypto Wallet for DeFi Traders, NFT Buyers
  • “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all assets and trades are being held and executed off-chain, others in the marketplace will see only when funds are withdrawn from the platform, reducing the impact of a time mismatch of buyers and sellers,” Wells said in a statement Thursday.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.

    Disclosure

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

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    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 consensus.coindesk.com to register and buy your pass now.


    Read more about