Whitelabel forwards
Definition
A whitelabel is a partner that sells its own product built on CRX. The partner does not resell the NDF. It manufactures a deliverable forward: CRX's NDF plus its own spot leg.
The split
| CRX provides | The partner adds |
|---|---|
| the locked-rate NDF | its spot leg |
| escrow and settlement | its UI |
| the failsafe and the price | its customer |
Why build
The partner gets a hedged rate without becoming the counterparty or the clearer. The customer sees one product. CRX handles the locked-rate leg underneath.
Hedging the rate
The partner hedges the locked-rate leg only. The spot leg settles itself at delivery. Three instruments lock an FX rate. They differ in what the partner pays up front and whether it needs access to the onshore market.
| Hedge | What the partner pays | The catch |
|---|---|---|
| Deliverable forward | No premium, but the full notional is funded and onshore market access is required | Restricted or illiquid for most emerging-market currencies |
| FX option / collar | A volatility premium, paid up front | Flexibility that is not needed when only a locked rate is wanted |
| NDF (non-deliverable forward) | No premium, no delivery, cash-settled offshore | Settles the difference against a fixing, in USDC. A spot leg is added separately |
The NDF is the cheapest of the three. It carries no option premium. Unlike the deliverable forward it needs no onshore access and no funding of the full notional. It settles only the rate difference in cash. This is why the offshore NDF market exists at all: to hedge currencies whose onshore forward markets are restricted, illiquid, or costly. See BIS / NY Fed, Lipscomb, An Overview of Non-Deliverable Foreign Exchange Forward Markets and IMF WP/20/179, Offshore Currency Markets: NDFs in Asia.
The forward premium is the gap between spot and the locked rate. It is set by the interest-rate differential between the two currencies, and a deliverable forward charges the same (BIS Quarterly Review, Dec 2025, Global FX markets when hedging takes centre stage). The option charges that plus the volatility premium on top.
This is what CRX provides: the locked-rate leg is an NDF, the cheapest of the three. The partner bolts its own spot leg on top to make the product deliverable.
Caveat. For a freely convertible currency, a deliverable forward prices close to the NDF. The NDF's edge is largest in restricted and emerging-market currencies, where CRX operates.
How you offer it
A licensed money transmitter offers the fully hedged deliverable forward as a widget in its app — without taking on credit risk, and without putting up its own capital.
You price the forward off a live CRX hedge quote and add your markup; you hedge the moment the customer accepts. The customer faces only you; you face the market on CRX and commit none of your own capital.
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Customer requests a quote. In your forward widget, they enter notional, currency pair, and maturity and request a quote.
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Customer funds initial margin. They transfer initial margin from their balance into your wallet. It becomes yours to use; you return it at maturity once they pay, or apply it to the hedge if they don't.
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You request an NDF quote from CRX. A firm quote for that exact contract.
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You quote the customer: hedge rate + your markup. The markup is your spread plus the spot conversion you'll run at delivery.
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Customer accepts, contingent on delivery. The forward is set: they receive the underlying currency at maturity only if they pay you then.
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You open the matching hedge. You accept the NDF quote, and the collateral is posted into the CRX smart contract as your margin, committing none of your own capital.
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You both stay margined daily. As the rate moves, CRX margins you and you margin the customer to match.
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At maturity. If the customer pays, you buy the currency at that day's spot and deliver it, while the NDF pays or collects the difference so your locked rate holds. If they don't pay, their collateral covers the hedge close-out at no loss to you. You keep your markup either way.
Tighter prices, zero risk
Unhedged, you must either widen your spread to absorb volatility or carry the FX risk on your own book. The hedge removes that tradeoff: it locks your cost against any move in the exchange rate, while the customer's collateral covers you if they fail to pay. You quote a tight rate and carry no risk.