The undisclosed investment will fund SwapGlobal's expansion beyond crypto derivatives, starting with OTC derivatives giving institutions early exposure to pre-IPO shares, plus non-U.S. equities, compute capacity and digital assets. The firm hedges positions on crypto platforms itself, so clients need no wallets or exchange accounts; collateral sits with qualified custodians. Fedja Terzic, formerly of Flow Traders and One Trading, joined as Chief Risk Officer. The deal builds on an existing Kenzoll partnership, whose market-making team now operates inside SwapGlobal. It is the first step in a broader capital plan.

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