Platforms: Crypto & TradFi

Overview 


My default reference for 'size', be it exchanges or the assets listed on them (such as BTC) is: 
https://coinmarketcap.com/

Coinmarket cap breaks down the exchange space nicely into Centralised and DEX (Decentalised EXchange) and then further by Spot (buying the 'physical; right here and now to go into your wallet) and by Derivatives (a forward commitment that may or may not offer further leverage - this could be leveraged CFDs, perpetual (perps), prediction contracts, binary options etc. or just simple futures and options).
https://coinmarketcap.com/rankings/exchanges/

Checking the market cap is a great way to see the dominance of BTC (and the irrelevance of some of the 💩 coins)


Partnerships

Nasdaq / Kraken
Nasdaq teams up with Kraken to expand tokenization infrastructure
March 9 (Reuters) - Nasdaq (NDAQ.O), opens new tab on Monday announced it will collaborate with Payward, parent company of cryptocurrency exchange ​Kraken, to develop tokenization infrastructure, aiming to capitalize on the ‌growing interest in blockchain-based equities.
https://www.reuters.com/business/nasdaq-teams-up-with-kraken-expand-tokenization-infrastructure-2026-03-09/

Kraken CLI
The first AI-native CLI for trading crypto, stocks, forex, and derivatives.
Full Kraken API access. Built-in MCP server. Live and paper trading. Single binary.
Works with Cursor, Claude, Codex, Copilot, Gemini, Goose, and OpenClaw.
https://github.com/krakenfx/kraken-cli
(The enablement of Machine Money)

UK: Spot

In the UK we've seen 2 waves of change.
(FWIW this is not too different from the evolution of the Aussie market.
...the creep of the regulatory peremeter)

AML: The first bite of the cherry was in January 2020 to introduce the AML regime (requiring FSA registration) to cryptoasset exchange and custody providers under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 

FinProms: The second bite of the cherry was from 8 October 2023 to all firms that market cryptoassets to UK consumers, regardless of whether the firm is based overseas or what technology is used to make the promotion.

FCA
Current status....
https://www.fca.org.uk/firms/cryptoassets-information

Jun '25. Quarterly Consultation: CP25/16
Lifting the ban on retail access to certain cryptoasset exchange traded notes 
(cETNs)
https://www.fca.org.uk/publications/consultation-papers/cp25-16-quarterly-consultation-paper-no-48


Where can I trade, spot (i.e. buy some BTC) in the UK?

Bitstamp (by Robinhood)
https://www.bitstamp.net/en-gb/
2/June/25 Robinhood Completes Acquisition of Bitstamp.
https://blog.bitstamp.net/post/robinhood-completes-acquisition-of-bitstamp/


ByBit

18/Dec/25 Bybit Officially Launches In The United Kingdom.


The Bybit Heist: What Happened & What Now?
On February 21, 2025 North Korean hackers executed the largest cryptocurrency heist to date, stealing approximately $1.5 billion worth of ETH. 
https://www.wilsoncenter.org/article/bybit-heist-what-happened-what-now


Platforms


Bakkt
https://bakkt.com/

CoinJar
CoinJar ranked #1 among Australian-headquartered exchanges, #29 globally.
https://www.coinjar.com/au/



Hyperliquid
https://app.hyperliquid.xyz/trade
The Hyperliquid Stack (revenue streams)
https://hyperliquid.gitbook.io/hyperliquid-docs


The Hyperliquid Phenomenon
Hyperliquid has evolved into a Layer 1 ecosystem, positioning itself against centralized exchanges. Its native asset, HYPE, shows strong performance, driven by significant revenue and a $2.95 trillion trading volume in fiscal year 2025. The platform integrates crypto perpetual futures, spot trading, and real-world asset onboarding, notably through its HIP-3 Protocol for synthetic equities.
https://www.tradingkey.com/analysis/cryptocurrencies/more/261633931-hyperliquid-exchange-hype-dex-price-tradingkey


Leverage and position trading are foundational concepts for traders on Hyperliquid, a decentralized exchange (DEX) built on a custom Layer 1 blockchain. With up to 50x leverage on perpetual futures contracts, Hyperliquid enables traders to amplify their potential gains. However, this comes with significant risks. 
https://www.okx.com/en-gb/learn/leverage-position-trading-hyperliquid


Clearing


SwapClear
SwapClear is notionally part of LCH.Clearnet but its revenues largely go to the banks that run it via OTC Derivnet, a curious governance mechanism that rarely gets mentioned.
(as so eliquently said by Jeremy Grant - behind a FT paywall in his piece Quick View: Just an ICE-breaker?).

HSBC and J.P. Morgan Become OTCDerivNet Shareholders, Further Consolidating Support for LCH.Clearnet?s SwapClear Service
https://derivsource.com/2009/02/06/hsbc-and-j-p-morgan-become-otcderivnet-shareholders-further-consolidating-support-for-lch-clearnets-swapclear-service/




UK: Derivatives

GFO-X


UK FCA Authorised and Regulated (FRN 945035)
In partnership with LCH DigitalAssetClear
https://www.gfo-x.com/

GFO-X Investors


M&G Investments. 
M&G plc is a global investment manager headquartered in the City of London. Since its de-merger from Prudential plc, it has been listed on the London Stock Exchange and is a constituent of the FTSE 100 Index
Welcome to M&G Investments UK | Global Solutions
M&G Investments leads $30 million Series B funding round for GFO-X - The TRADE

HiveMind. 
Our MISSION: Bring institutions to digital assets by crafting crypto into an institutional-grade asset class accessible by everyone.
Hivemind brings category-defining financial infrastructure and institutional best practices to web3 investing, bridging the chasm between the traditional asset management model and the burgeoning crypto economy.
(GFO-X Listed in their Portfolio)

SNZ Holding. 
SNZ is a crypto-native, research-driven investment company with
over 200 portfolios. Active since 2014, the SNZ team has not only
focused on investment but also been dedicated to community
building and incubation. Notably, as one of the earliest backers of Ethereum in Asia, and the strategic partner for multiple Western projects, such as Chainlink, to expand in Asia, SNZ is an engaging and proactive investor that grows with our portfolios.
(GFO-X Listed in their Portfolio)
https://www.snzholding.com/portfolio#defi

HashKey Capital. 
Global in influence and crypto-native, HashKey Capital is a digital asset and blockchain leader helping institutions, founders and talents advance the blockchain industry and find adoption anywhere
https://hashkey.capital/portfolio/index.html


IN.Capital (IN. stands for Intelligence Network). 
IN. Capital is a digital-forward investment platform driven by deep scientific and technological insights from a global community of carefully curated experts and talents.
We focus on deep tech. We enhance traditional capital with intellectual, social, and human capital to maximize the value we provide to our clients with thoughtfulness and sophistication.
IMC
(GFO-X Listed in their Investments)
https://www.imc.com/us/strategic-investments

byWiT
When we invest in a company what we really do is to partner with them. We find companies built on strong ideas that somehow challenges the market and traditional thinking. We want to be inspired and help our partnering companies to grow, because that is how we grow.
(GFO-X Listed in their Investments)
Portfolio - byWiT - Operational Growth Investors

Holon
Holon is a passionate builder of Web 3.0 technologies.
We're a leading Asia Pacific distributed data storage provider that is powered by the Filecoin ecosystem.
(GFO-X Listed in their Affiliations & Partners)
https://holon.investments/

Baboon VC https://www.baboon.vc/
Baboon.VC is an Asia based, Crypto-first VC firm.
Founded by a core team of true blockchain and crypto veterans and enthusiasts, Baboon looks to fund founders that solve real-world problems to make a difference in society. Baboon looks to invest across both equity in crypto/blockchain companies as well as in early stage tokens.
(GFO-X Listed in their Investments)
https://www.baboon.vc/

Integrity Capital Management (HK)

Arta TechFin. 
ARTA TechFin is a leading Hong Kong-based financial platform that aspires to become a one-stop financial steward that customized wealth management solutions for clients’ comprehensive financial needs.


Other Markets


abaxx exchange
[Jan '26]
Abaxx Exchange introduces centrally-cleared, physically-deliverable commodity futures and derivatives, providing better price discovery and risk management tools for the commodities critical to our transition to a lower-carbon economy.
See also: https://www.abaxx.tech/
https://abaxx.exchange/



Infrastructure Partners


GMEX
GMEX Group is a global provider of innovative and sustainable technology solutions for markets across multiple asset classes.
https://www.gmex-group.com/

Exberry
asset-agnostic and fully-scalable exchange trading technology
https://www.exberry.io/

Cinnober
Farewell Cinnober...
[Jan 2019] Nasdaq wins approval from shareholders for $220 million Cinnober takeover.
Cinnober becomes part of Nasdaq’s Market Technology division.
Cinnober provides exchange and clearing technology solutions, recently ventured into the cryptocurrency space through a partnership with cryptocurrency security specialist BitGo.
Nasdaq wins approval from shareholders for $220 million Cinnober takeover

Vermiculus
...Hello Vermiculus
exchange, clearing and CSD technology.
https://www.vermiculus.se/

Shift
Digital Asset Infrastructure and Exchange Technology
https://www.shiftmarkets.com/

Avenir Technology
Software infrastructure for global financial markets
https://www.avenir-technology.com/


Intermediaries


Liquid Mercury
Low-latency infrastructure, and flexible workflows to power multi-asset order & execution management for prop traders, quants, crypto funds, asset managers, and other market participants.
https://liquidmercury.com/



Cryto Terms


Slashing risk
Slashing is a penalty mechanism built into many proof of stake (PoS) networks to discourage validator misbehavior or actions that could compromise network security or performance.
A Primer on Slashing - Coinbase Institutional Education
https://www.coinbase.com/institutional/research-insights/resources/education/slashing-primer

No comments:

Post a Comment

Subscribe to: Comments (Atom)