Cyberian is a trustless dark pool that enables investors to buy and sell digital assets with zero information leakage at superior prices to what could be achieved on exchanges or with OTC desks. By trustless we mean that no single machine or entity is trusted with an order’s data.

Cyberian users can leverage existing relationships with exchanges, OTC desks, and custodians for settlement. We call this “Trustless Matching with Trusted Settlement.” Users may also opt to settle on-chain without a trusted party. We utilize state-of-the-art cryptographic protocols developed specifically for Cyberian. These protocols ensure that the details of orders are never revealed to a single party, even after a match is found.


At Cyberian our mission is to offer our customers the best venue for trading blocks of digital assets. We accomplish this by utilizing advanced financial and cryptographic protocols.

Cyberian leverages Secure Multiparty Computing (SMC), a field of cryptography first developed in the 1980’s. Using SMC Cyberian breaks order data into fragments and distributes them to Cyberian nodes. It can be mathematically proven that even if a node is breached, it is impossible to compromise the order data.

Collectively, Cyberian nodes operate a dark pool using an SMC protocol called MACE to perform joint matching of the order without having to reveal their own data to each other, ensuring that it stays private. MACE is a state-of-the-art protocol developed specifically for Cyberian by several of the pioneers of SMC. In addition to providing unparalleled throughput, it offers a strong security model that can detect malicious behaviour if a Cyberian node is compromised or doesn’t follow the protocol.


The data flows between Users, the Cyberian nodes, and other parties are illustrated at a high level in diagrams below focusing on Matching, Settlement, and Post-Trade work flows.



Use Cyberian client software to break their orders into fragments which they encrypt, digitally sign, and send to the Cyberian Nodes. Since the order data has been broken into fragments, individual nodes are unable to glean any information about the orders such as quantity or limit price.


Collectively operate the Cyberian matching engine where orders are matched at benchmark prices such as the market midpoint. Nodes are operated by partners who are vetted by Cyberian and receive a share of system revenue in exchange for running a node. Orders are matched at random intervals making them less susceptible to gaming and adverse selection.


Provide the benchmark pricing used by the matching engine. Pricing Providers cryptographically sign all prices provided to the matching service, which eliminates the need for settlement parties to trust Cyberian. Cryptographic signatures of the entire pricing history are frequently persisted on the blockchain for auditing purposes.


In the context of matching orders, Settlement Parties stream account balances and position limits to the Cyberian Matching engine to ensure that only properly funded orders are matched. These balances are broken into fragments using SMC, ensuring that individual nodes are unable to see user account balances or position limits.


When users submit an order to the Cyberian dark pool, they designate one or more settlement parties as acceptable counterparties for their trade. These settlement parties could be OTC desks, exchanges, or brokers with whom they have an account. Orders will only be matched with other orders that have a least one designated settlement party in common.

To illustrate this process take an example where User A places an order to sell 1000 BTC with a limit price of 3900, User B places an order to buy 100 BTC with a limit price of 4100, the market mid-point price is 4000, and they both have designated OTC Desk C as an acceptable Settlement Party.


In the above example, the Cyberian dark pool finds a match between User A and User B’s orders for 100 BTC at a price of $4000. The pool generates two Zero Knowledge cryptographic proofs which it sends to the OTC Desk C. The first proves that User A placed an order to sell BTC that is consistent with a trade of 100 BTC at $4000 i.e. that User A’s limit price was less than or equal to $4000 and that User A’s order quantity is at least 100 BTC. The second proves that User B placed an order to buy BTC that is consistent with a trade of 100 BT at $4000. These proofs are called Zero Knowledge proofs because they do not reveal any of the actual order parameters such as limit price or quantity.


Upon receiving the proofs, OTC Desk C verifies them and, upon verification, accepts them as a firm order from User A to sell 100 BTC at $4000 and another firm order from User B to buy 100 BTC at $4000. OTC Desk C immediately fills these orders, netting them off internally, and both users settle the trade with the OTC C desk paying a commission that they have agreed to separately with OTC Desk C. Settlement parties are required to persist all match data in encrypted form to the blockchain. This data is decrypted by the Cyberian dark pool at a later date so that it can be used as an input for post trade analytics.


Cyberian’s mission to offer our clients the best possible venue for trading blocks of digital assets doesn’t end once an order is executed and settled. By making an immutable record of all Cyberian trade and benchmark pricing data available on the blockchain, we enable independent Analytics Providers, using either our tools or their own, to perform analytics such as toxicity and reversion analysis to demonstrate the fill quality of the Cyberian dark pool.

This process is described in more detail below.


Are trusted but their prices are verified regularly by independent Analytics Providers. To facilitate this, Pricing Providers are required to publish compact, immutable commitments to their entire pricing history on the block chain at regular intervals and are also required to make that history available via API to Analytics Providers.


Perform post trade analysis such a toxicity or reversion analysis and publish it to the blockchain to demonstrate Cyberian fill quality. Analytics Providers also verify the price histories of Pricing Providers by comparing them against those of other Pricing Providers and potentially on-chain sources of historical prices such as DEX’s.



  • Much more to come.

Q4 2019

  • Cyberian to launch dark pool for BTCUSD pair with institutional partners.

Q1 2019

  • Cyberian entity formed.

Q4 2018

  • TORA incorporates delegated ZK proofs into trustless Cyberian settlement protocol.

Q3 2018

  • Partisia develops delegated lightweight ZK proofs for Cyberian.

Q1 2018

  • TORA adapts CrosspointIO for digital assets. Becomes Cyberian.

Q4 2017

  • TORA incorporates MACE protocol into CrosspointIO.

Q3 2017

  • Partisia develops MACE protocol for CrosspointIO.

Q2 2017

  • TORA partners with Partisia.

Q1 2017

  • TORA files for first patents on CrosspointIO technology.

Q4 2016

  • TORA develops CrosspointIO, the world’s first private trustless dark pool for equities.


Cyberian is a parnership between Tora and Partisia

TORA is the provider of the industry’s most advanced cloud-based order and execution platform (OEMS) and operator of Crosspoint.IO, a Hong Kong licensed ATS. Every day over three billion dollars of institutional volume is traded through the TORA platform.

Partisia is a pioneer and world leading provider of secure multiparty computation solutions (SMC).
Partisia designs, develops and operates SMC solutions for applications such as auctions, privacy-preserving statistics, and encryption key management. Some initiatives have lead to spin outs from Partisia like Sepior.

Contact Us

  • Tokyo

    KDX Kojimachi Bldg 2nd floor
    3-3-4 Kojimachi, Chiyoda-ku
    Tokyo 102-0083
    Tel +81 (3) 4550 2760
    Fax +81 (3) 4550 2761
    Email: [email protected]