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About Nonco
Nonco is a digital asset brokerage firm providing institutional-grade trading and liquidity services. Its core business spans OTC trading, market making, derivatives, and stablecoin liquidity solutions. The company supports over 600 crypto assets and fiat pairs across more than 45 jurisdictions, catering to institutional clients such as funds, fintechs, and payment service providers.
Nonco's key competitive edge lies in its deep liquidity network across both centralized and decentralized exchanges, enabling large block trades with minimal market impact. The firm combines algorithmic execution with 24/7 human support, and its compliance-first architecture includes built-in KYC/AML workflows. A notable recent development is a partnership with Lynq, announced in July 2025, to provide round-the-clock stablecoin liquidity for tokenized funds. This addresses a critical market pain point: traditional banking hours create settlement delays in the always-on crypto market. Through this collaboration, Lynq's tokenized fund shares can be converted into USDT, USDC, and other stablecoins at any time, eliminating the operational friction caused by conventional wire transfer limitations.
In the past six months, Nonco has focused on expanding its stablecoin-related offerings and strengthening its OTC desk capabilities. While specific transaction volumes are not publicly disclosed, the Lynq partnership demonstrates the firm's active role in bridging traditional finance with digital assets. No significant negative developments have been reported during this period.
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.
Over the past six months, Nonco has achieved several key milestones in institutional-grade digital asset infrastructure.
- Expanded collateral toolkit: Nonco announced it will accept USDM1 as collateral — the world's first natively issued secured sovereign bond, backed 1:1 by short-dated U.S. Treasuries — across derivatives, financing, and institutional trading. Nonco had earlier been among the first to use tokenized money market fund shares (e.g., Superstate's USTB) as derivatives collateral. It also completed the first fully on-chain repo transaction with Virtu Financial via Tradeweb, demonstrating sovereign debt's utility in on-chain financing.n
- Launched FX On-Chain platform: Built on Avalanche, the RFQ execution engine aggregates 350+ institutional liquidity providers and settles atomically. In Q1 2026, USD/MXN volume reached roughly $450 million, up 426% quarter-over-quarter, signaling that non-USD stablecoin liquidity is becoming institutionally viable. align
- Settlement infrastructure upgrade: A partnership with N3XT enables 24/7/365 USD clearing, reducing dependency on wire cut-off times and lowering counterparty risk. Nonco also partnered with Levl to deepen liquidity in LatAm and emerging-market cross-border payments. align Future focus and roadmap: Nonco is concentrating on tokenizing high-grade traditional assets (Treasuries, money funds) for use as collateral, building 24/7 settlement capabilities, and expanding stablecoin liquidity corridors in emerging markets, particularly non-USD pairs.
Fernando Martínez Fernández, CEO of Nonco. He previously served as Managing Director at OSL and held roles in sales trading. He holds an MBA from the University of Hong Kong and a bachelor's degree from Universidad de Monterrey. Based in New York, he leads Nonco's institutional-grade digital asset liquidity solutions.