Performances
RD Popularity Index
RD Growth Index
Comparison
Fundraising
Follow Updates
Follow Lists
People
About Nonco
Nonco is an institutional digital asset brokerage founded in 2023 that trades over the counter and makes markets as principal, neither matching orders nor taking custody. Clients request a quote and trade directly with Nonco, settling bilaterally or through smart contracts while assets stay with their own custodian. Pricing covers more than 600 crypto assets and fiat pairs, alongside algorithmic execution, index pricing, lending and vanilla or exotic option structures that reduce market impact on large blocks.
Its position is that of a liquidity wholesaler: exchanges, wallets and payment companies route large orders to it, non-custodial ECNs plug its quotes into wider institutional flow, and the firm carries inventory and hedging risk itself. Unlike a central limit order book, Nonco fills as principal and prices on client credit and settlement cycles, and derivative collateral can be posted in tokenized money market fund shares instead of cash to reduce funding drag. Clients are qualified institutional counterparties, with operations run through entities in the British Virgin Islands, the United States, Brazil and Mexico among others.
Nonco, an institutional digital asset brokerage, was founded in 2023 as a spin-off from OSL's Americas division. It secured a $10 million seed round led by Valor Capital Group and Hack VC, with participation from Morgan Creek Digital, Bullish, and others. The company focuses on non-custodial trading solutions, offering spot, derivatives, and structured products. Key milestones include onboarding 450+ institutional counterparties and achieving $100B+ in bilateral trading volume. Recent notable transactions: receiving 6,850 BNB (~$4.3M) from an anonymous address and transferring $4.5M in HYPE tokens to a Pantera Capital-affiliated wallet, indicating active market-making and liquidity provision. The leadership team brings deep experience from OSL, Genesis Global, Merrill Lynch, and RBS.
On July 21, 2026 Nonco partnered with Lynq, operated by tZERO, to give institutions round-the-clock stablecoin liquidity: clients transfer tokenised fund shares, TFND, directly to a designated Nonco wallet and the desk delivers USDT, USDC, USAT or RLUSD at market rates wallet-to-wallet, sidestepping US banking hours.
On September 15 Nonco said it would accept USDM1 as collateral across derivatives, financing and institutional trading. The instrument is issued by the Republic of the Marshall Islands under New York law, secured one-to-one by short-dated Treasuries in a bankruptcy-remote trust, carries sovereign bond status with ISDA, GMRA and GMSLA netting protections, and has been used in the first fully onchain repo with Virtu via Tradeweb. Nonco had earlier posted Superstate's USTB as collateral in a bilateral BTC/USD options trade. The firm counts more than 900 institutional counterparties and over $100 billion of bilateral OTC volume, which is why collateral management has become a product focus.
Nonco plans to widen the set of tokenised assets eligible as margin, make bilateral OTC settlement and 24-hour liquidity a baseline service for institutional entry, and pursue tokenised funds and sovereign debt in parallel.
Fernando Martinez — Founder & CEO; former Managing Director at OSL, nearly a decade in crypto and startups.
Caue Teixeira — CTO; former Partner at low-code capital markets fintech Genesis Global.
Guilherme Rebane — Partner & Head of Strategy and Brazil; over 20 years in derivatives trading.
Jeffrey Howard — Managing Director & Head of U.S.; former Head of Americas Futures & Options at Merrill Lynch and Global Head of Prime Brokerage at RBS.