Protect Your Alpha

Trade securely on the first marketplace built entirely within a trustless execution environment
Enclave Markets is an institutional-grade digital asset trading platform that encompasses the best parts of centralized and decentralized finance.
Cryptographic guarantees against data leakage
Tamper Proof
Tamper Proof
Elimination of market misbehaviour such as front-running and manipulation
Non-Custodial Ownership
Non-Custodial Ownership
The central operator cannot touch user funds
We combined the best of decentralized and centralized exchanges
Confidential marketplace
Non-custodian exchange operator
Centralized order book
No slippage
Free from MEV
Free from preferential market access

How Enclave Cross works

Sign in
Authenticate with your web3 wallet
Deposit Funds
Your assets are sent to the Secure Enclave
Begin Trading
Transactions happen securely and privately within the Enclave Network


Using Cross-Chain Enclave Technology

Enclave CrossBETA

A secure, confidential marketplace designed to allow sophisticated traders to move sizeable block trades without disrupting the markets


A centralized trading platform for spot digital assets without internally controlled market makers, preferential order book access, front running, data leakage or other forms of market manipulation


Enclave Cross is the first institutional-grade crossing network for crypto, built entirely within a trustless execution environment.
A crossing network is an alternative trading system that matches buy and sell orders for execution without first routing the order to an exchange or other displayed market.
A confidential marketplace is a marketplace that does not display information typically found in a traditional order book such as bid and ask price and size/depth of liquidity at various price levels. Additionally, a confidential marketplace does not display executed order information. Confidential marketplaces are typically used as a price mechanism similar to a silent auction where market participants who do not want information about their orders to be displayed publicly or to other participant.
Market participants would use Enclave Cross to place and execute large block trade orders without signaling to the market their intent and without creating a large amount of price impact relative to trading on a centralized exchange or OTC desk.
Yes, all trades are fully collateralized on Enclave Cross.
Users will connect to Enclave Cross using a Web3 wallet. Users can then deposit funds to the Secure Enclave from any address to start trading. Once done trading, users can withdraw their funds from the Secure Enclave and send them to any address.
Yes. All individuals will go through an individual KYC process and all entities will go through an institutional KYC process.
The market price for each pair is determined by a pricing oracle that references multiple external liquidity venues (generally using the midpoint between the bid and ask in order books) and price aggregators to establish a theoretical market price.

Enclave Cross Beta mode means there will be some limited features and functionality during the initial phase, some of these limitations include

  • Maximum order size: this amount will be prominently displayed in the banner at the top of the page and will increase over time
  • Limited external adjudicators: we will be adding external adjudicators in the coming weeks, but this feature will be limited during the beta period
  • Periodic down time: there may be temporary periods of downtime for maintenance or for specific feature deployments - we will communicate these in advance to the extent possible
  • Limited asset support: during the Beta period, we will limit the number of assets traded on the platform to aggregate liquidity in these markets and ensure market stability prior to expanding our listed markets

Adjudicators are external trusted third parties that will be used to secure the codebase and wallets of the Secure Enclave in a decentralized fashion. Changes to the Enclave codebase or access to the wallets that hold funds on behalf of customers can only be accomplished through the review and approval of a quorum of adjudicators. This decentralized security and governance model ensures there is no single point of failure in securing and maintaining the platform. Responsibilities of the Adjudicators include

  • Administration and maintenance of an Adjudicator server for all networks supported by the platform
  • Ensuring secure automated processing of deposits and withdrawals from the Enclave
  • Review and approval of system updates as they are proposed by the exchange operator

Note that during Beta period some or all of the Adjudicators may be run internally until external Adjudicators are announced and deployed.

The Secure Enclave application (run on Intel SGX) consists of a trusted codebase that runs within an enclave, and an untrusted codebase that runs outside. The untrusted code is responsible for initializing and starting the enclave as well as running the remote attestation server. Remote attestation is the process by which a third party can attest to a remote entity that it is trusted, and establish an authenticated communication channel with that entity. As part of attestation, the enclave proves its identity, that the source code hasn’t been tampered with, that it is running on a genuine Secure Enclave enabled platform, and that it has the latest security updates.