Why CRX Was Built

Every business that operates across currencies carries currency risk. The market built to hedge that risk still runs on legacy banking infrastructure. CRX was built to replace it.

A broken FX market

The market for non-deliverable forwards (NDFs) is structurally fragmented. It is built from bilateral dealer relationships. Each one is negotiated separately, with its own onboarding, its own credit requirements, and its own master agreements. A firm sees quotes only from the dealers it has relationships with. Contracts carry high minimum trade sizes and fixed tenors.

The cost of legacy infrastructure

Hedging through these channels is structurally expensive. A trade flows through a correspondent banking chain, where each link adds credit, capital, and operational cost to the spread. That spread reflects the cost of the bank-intermediated model.

The CRX network

CRX replaces that infrastructure. Onboarding happens once: one set of checks, one set of documents, one on-chain allowlist. That single onboarding enables a firm to trade with the entire network.

Every trade is then managed programmatically: both participants fund a position before it opens, and a smart contract enforces margin and settlement for the life of the trade. Collateral replaces credit underwriting, and no bank sits between the counterparties.

Onboarding checks eligibility, not creditworthiness: every position is backed in full before it opens, and no firm relies on another firm's credit. There are no credit tiers and no negotiated exceptions. That is what opens access.

Hedging that previously required bank intermediation now runs through a single network.

	Traditional markets	The CRX network
Onboard Once	✗ Fragmented credit agreements	✓ Full network access
Flexible Tenors	✗ Fixed tenors	✓ Short-dated tenors
Custom Notionals	✗ High trading minimums	✓ No trading minimums
Instant Settlement	✗ Delayed T+2 settlement	✓ Atomic settlement
Price Transparency	✗ Hidden pricing markups	✓ Zero hidden fees

Next: CRX 101 (~3 min).