The locked-token secondary market has a structural problem. When investors want partial liquidity from a vesting position, they face an impossible choice: sell everything or sell nothing. Until now, OTC trades for locked tokens have been all-or-nothing — forcing sellers to give up their entire vesting schedule to access any liquidity at all.
Today, OFFX introduces custom vesting schedule sales powered by OFFX Custody — enabling sellers to choose exactly which vesting events to sell while retaining the rest of their position.
In the current locked-token secondary market, a seller with a 36-month vesting schedule who needs short-term liquidity has no good options. They can either sell their entire vesting position — giving up all future upside — or hold and wait, potentially missing critical windows where they need capital.
This forces an inefficient market equilibrium. Buyers demand steep discounts because they're taking on the full duration risk of a multi-year vesting schedule. Sellers accept worse pricing because they have no alternative. Everyone loses.
With OFFX's custom vesting schedule sales, each vesting event becomes an individually toggleable unit. A seller with a 36-month linear vesting schedule can now choose to sell only the first 12 months of unlocks — accessing immediate liquidity while retaining the remaining 24 months of their position.
This flexibility fundamentally changes the dynamics of locked-token OTC trading:
For sellers: Access liquidity on your terms. Need to cover a tax obligation? Sell 6 months of unlocks. Want to de-risk while maintaining long-term conviction? Sell the near-term and keep the tail.
For buyers: Choose your risk profile. Prefer shorter duration exposure? Buy only the next 3 months of unlocks at a smaller discount. Willing to take longer-term risk for better pricing? Buy a full 24-month tranche.
This feature is only possible because the tokens are already held with OFFX Custody. Our custody infrastructure — built on Blockfort (Swiss-regulated custody) and Fireblocks (institutional wallet infrastructure) — ensures that delivery is guaranteed. There's no counterparty risk on settlement because the tokens are already secured.
The custody layer serves as the foundation for guaranteed settlement: when a vesting event triggers, tokens are automatically routed to the buyer's wallet. No manual intervention, no settlement risk, no trust required between counterparties.
Custom vesting schedule sales represent a step-change in how the locked-token secondary market operates. By breaking monolithic vesting positions into individually tradable components, we're enabling a more efficient market where pricing better reflects actual risk and participants can express more nuanced views.
This is part of our broader mission to build institutional-grade infrastructure for the crypto secondary market. The combination of regulated custody, flexible deal structuring, and guaranteed settlement creates a trading environment that works for both sellers looking for liquidity and buyers looking for exposure.
OFFX Custody clients can start structuring custom vesting trades today.
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