BeInCrypto Institutional Research: 15 Firms Providing Institutional Crypto Liquidity
Best Liquidity Provider is a class inside the BeInCrypto Institutional 100, an annual research-driven program recognising institutional digital asset excellence throughout 26 classes and 6 pillars.
This class sits beneath Pillar 2: Capital Markets & Infrastructure. The 15 corporations beneath are listed alphabetically and aren’t ranked. A shortlist shall be named in May 2026, with the winner introduced at Proof of Talk in Paris on June 2–3, 2026.
Key Facts
- Long record: 15 corporations throughout crypto-native market makers, TradFi prop corporations with crypto desks, regulated European and Asian LPs, HFT platforms, prediction-market specialists, and multi-strategy LPs
- Initial pool: More than 30 corporations screened; 15 superior to the lengthy record
- Order: Listed alphabetically, not ranked
- Scoring: 50% quantitative information · 50% Expert Council
- Criteria assessed: Average day by day buying and selling quantity, venue connectivity, token and pair protection, regulatory licensure, settlement and threat framework, asset class breadth, status, innovation sign
- Data sources: FCA, NYDFS, FINMA, BaFin, MAS, SFC, GFSC, VARA, MiCA-CASP registers, audited filings, issuer disclosures, partnership bulletins, KBRA/Kroll, PitchBook, Tracxn, and Crunchbase
| Firm | LP Sub-Segment | HQ | Reach | Top Licensure / Platform | Representative Work |
| Auros | Algorithmic crypto-native market maker | Hong Kong / Sydney | Multi-strategy LP throughout CeFi, derivatives, choices, and DeFi Recovered scale after 2023 restructuring |
Crypto-native algorithmic buying and selling agency
Multi-jurisdiction working footprint |
Auros Ventures launched with $50M+ allocation
Expanded to roughly 4% of worldwide crypto MM quantity by mid-2024 |
| B2C2 | Institutional OTC and algorithmic execution | London, UK | SBI Holdings majority-owned since 2020 Offices in London, New York, Tokyo, and Singapore |
FCA, NYDFS BitLicense,
Luxembourg VA EU MiFID framework |
Provides 24/7 OTC throughout spot, derivatives, and structured merchandise
Launched Solana stablecoin settlement infrastructure in 2026 |
| Caladan | TradFi-pedigree multi-strategy crypto MM | Singapore / New York | $170B+ annual buying and selling quantity 1,000+ digital property throughout 70+ exchanges |
Singapore working base
Exploring US broker-dealer and FINRA registration |
OTC choices desk launched in Oct 2024
New York workplace opened in May 2025 |
| Cumberland (DRW) | TradFi prop agency crypto institutional LP | Chicago, USA | Subsidiary of DRW Holdings DRW based in 1992 with multi-asset protection |
TradFi-regulated proprietary buying and selling agency
Privately held by DRW |
Provides institutional crypto OTC and market making
Serves hedge funds, asset managers, and prime brokers |
| Flow Traders | European TradFi market maker extending to crypto | Amsterdam, Netherlands | Listed on Euronext Amsterdam Multi-asset protection throughout equities, FX, fastened revenue, and digital property |
Public-listed market maker
Multi-jurisdiction TradFi licences |
Supports crypto ETP creation and redemption flows
Extends TradFi execution expertise into digital property |
| Flowdesk | European crypto MM and capital markets companies | Paris, France | Active throughout 100+ buying and selling venues Multi-asset liquidity protection |
French regulatory framework
Series B closed in 2024 |
Combines market making with OTC and derivatives companies
Provides capital markets help for token issuers and exchanges |
| GSR | Legacy crypto-native liquidity supplier | London / Singapore / Zurich | 250+ tokens lined Founded in 2013 |
Multi-jurisdiction regulatory footprint
Institutional OTC and market-making framework |
Long-standing change and issuer SLA supplier
Covers OTC, market making, structured merchandise, and derivatives |
| Gravity Team | Asia-focused crypto market maker | Singapore | Active throughout CeFi and DeFi venues Crypto-native multi-strategy footprint |
Crypto-native buying and selling agency
Asia-Pacific working base |
Provides liquidity throughout spot and derivatives markets
Focuses on Asian markets and rising token pairs |
| Keyrock | European institutional market maker | Brussels, Belgium | Active on 80+ exchanges 400+ tokens lined |
EU MiCA regulatory pathway
$72M Series B closed |
Provides market making for issuers, exchanges, and OTC counterparties
Maintains a European institutional consumer base |
| Optiver (Crypto) | TradFi international market maker with crypto desk | Amsterdam, Netherlands | Global TradFi market maker based in 1986 €3.3B+ internet buying and selling revenue in 2022 |
Multi-jurisdiction TradFi licences
Conservative capital construction |
Operates an lively crypto buying and selling desk
Expanded selectively into new markets and asset lessons by means of 2025 |
| Portofino Technologies | Swiss HFT crypto market maker | Zug, Switzerland | 35+ HFT specialists throughout 5 places Spot, derivatives, and OTC protection |
FCA, Swiss, and BVI regulated
$50M raised from institutional buyers |
Founded by former Citadel Securities leaders
Joined Pyth Network as information supplier in 2024 |
| Raven | Prediction-market specialist LP | Sofia, Bulgaria | Quotes greater than 5,000 prediction-market contracts day by day Active throughout CeFi, DeFi, and prediction markets |
Founder-led proprietary HFT agency
$2.7M seed at $25M valuation |
Co-founded by former Wintermute staff
Backed by Hack VC, Coinbase Ventures, CMCC Global, and Wintermute Ventures |
| Selini Capital | Multi-strategy crypto LP and enterprise | Singapore | Large crypto market participant throughout CeFi and DeFi Founded in 2021 |
VARA-licensed in Dubai for broker-dealer and OTC companies
Singapore working base |
Provides systematic buying and selling and statistical arbitrage
Venture arm has 56+ portfolio investments |
| Wincent | Gibraltar HFT crypto market maker and OTC | Gibraltar | $5B+ day by day notional quantity Approximately 500,000 trades per day |
GFSC-authorised Experienced Investor Fund
Founder-owned with no VC cap desk |
Founded by Matus and Michal Kopf in 2017
Integrated with Wyden, Crypto Finance AG, and Laser Digital |
| Wintermute | Market maker and institutional OTC platform | London, UK | Approximately 141 staff throughout 5 continents $15B+ common day by day quantity throughout CeFi and DeFi |
FCA-affiliated group construction
Wintermute Asia regulated separatelyis |
Operates NODE institutional buying and selling platform and API
Launched tokenized gold OTC and WTI crude oil CFDs |
About This List
The BeInCrypto Institutional 100 — Liquidity Provider (2026 Long List) identifies corporations offering institutional-grade liquidity throughout digital asset markets. The class covers 24/7 OTC desks, algorithmic market-making, prediction-market liquidity, structured product market-making, bilateral streaming, and DeFi liquidity provision.
Coverage spans crypto-native liquidity suppliers, TradFi proprietary buying and selling corporations with crypto desks, European and Asian regulated market makers, HFT crypto market makers, and specialist suppliers comparable to Raven for prediction markets. For corporations with broader enterprise strains, this evaluate is scoped to their LP and OTC exercise.
Methodology
This class is evaluated beneath Track A of the BeInCrypto Institutional 100 methodology: 50% primarily based on quantitative metrics and 50% on Expert Council scoring.
Assessment spans eight standards: common day by day buying and selling quantity, venue connectivity, token and pair protection, regulatory licensure, settlement and threat administration framework, asset class breadth, institutional status, and innovation sign.
The 50/50 cut up displays the provision of quantitative liquidity information, balanced with Expert Council evaluation of counterparty high quality, execution status, and innovation. Specialist positioning is recognised the place the agency operates in a narrower however institutionally related liquidity section.
Data was verified utilizing regulatory registers, audited filings, issuer disclosures, partnership bulletins, third-party score businesses together with KBRA and Kroll, and private-market sources together with PitchBook, Tracxn, and Crunchbase.
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