Why build CRX

The NDF Market

Non-deliverable forwards (NDFs) are the primary instrument for managing emerging-market currency risk. An NDF locks in a future exchange rate, settling the difference between the locked rate and the market rate in cash at expiry. Estimated daily NDF volume is $300 to $340 billion (BIS Triennial Central Bank Survey, April 2025).

The Cost Problem

Pricing in the NDF market is structurally expensive. Participants pay 50 to 300 basis points or more to hedge through traditional banking channels. That spread reflects the cost of the bank-intermediated model. Trades flow through correspondent banking chains, where each link adds credit, capital, and operational cost to the spread. The model is designed around legacy banking infrastructure.

The Access Problem

Access to the NDF market is fragmented. Liquidity is gated by individual bank dealer onboarding, minimum trade sizes, and fixed tenors. Entry requires extensive capital requirements, bilateral ISDA documentation, counterparty credit lines, prime brokerage agreements, and FCM relationships, negotiated and maintained one dealer at a time.

What is CRX

CRX enables institutional-grade NDF trading on-chain, removing the banking overhead embedded in the current cost of trading. CRX's architecture has three components: standardized onboarding, a request-for-quote (RFQ) engine, and a smart contract.

Who CRX Is For

For Takers. Stablecoin-native companies with emerging-market FX exposure, locked out of bank pricing by large minimum tickets, fixed tenors, bilateral credit lines, and heavy documentation. CRX provides multi-dealer pricing in sizes and tenors matched to taker flow.

For Makers. Institutional and crypto-native FX desks pricing emerging-market forwards. CRX provides access to taker demand through one standardized onboarding, without per-counterparty credit lines or documentation.