The best liquidity provider is a category within BeInCrypto 100 Foundationan annual research-based program that recognizes institutional excellence in digital assets across 26 categories and six pillars.
This category falls within the second pillar: capital markets and infrastructure. The 15 companies below are listed alphabetically and are not ranked. The shortlist will be named in May 2026, with the winner announced in A guide to talking in Paris From 2 to 3 June 2026.
Basic facts
- Long list: 15 companies including native crypto market makers, TradFi backing companies with crypto desks, European and Asian regulated LLCs, HFT platforms, prediction market specialists, and multi-strategy LLCs
- Initial assembly: More than 30 companies were examined; 15 Advance to longlist
- to request: Listed alphabetically, not ranked
- Scoring: 50% quantitative data. · 50% Council of Experts
- Criteria evaluated: Average daily trading volume, venue connectivity, token and pair coverage, regulatory licensing, settlement framework and risks, asset class breadth, reputation, innovation signal
- Data sources: FCA, NYDFS, FINMA, BaFin, MAS, SFC, GFSC, VARA, MiCA-CASP records, audited filings, issuer disclosures, partnership announcements, KBRA/Kroll, PitchBook, Tracxn, and Crunchbase
| firm | Sub LP | Headquarters | It arrives | Top license/platform | Representative work |
| Auras | The original algorithmic crypto market maker | Hong Kong/Sydney | Multi-strategy LP across CeFi, Derivatives, Options and DeFi Volume recovered after restructuring in 2023 |
Original crypto algorithmic trading company
Multi-disciplinary operating footprint |
Auros Ventures was launched with $50 million
Expanding to approximately 4% of global cryptocurrency trading volume by mid-2024 |
| B2C2 | Institutional OTC and algorithmic execution | London, United Kingdom | SBI Holdings has been majority owned since 2020 Offices in London, New York, Tokyo and Singapore |
Financial Supervision Authority, NYDFS BitLicense,
Luxembourg Virginia EU MiFID framework |
Provides 24/7 OTC across spot, derivatives and structured products
The Solana stablecoin settlement infrastructure will be launched in 2026 |
| Caladan | TradFi-Multi-Strategy Crypto Ratios MM | Singapore/New York | $170 billion+ annual trading volume Over 1,000 digital assets across 70+ exchanges |
Operations base in Singapore
Explore a US broker-dealer and FINRA registration |
The OTC Options Desk was launched in October 2024
The New York office opens in May 2025 |
| Cumberland (DRW) | TradFi backs crypto firm LP | Chicago, USA | A subsidiary of DRW Holdings DRW was founded in 1992 with multi-asset coverage |
Registered with the CFTC (via DRW Holdings)
Privately owned by DRW |
Provides institutional OTC crypto and market making
Serves hedge funds, asset managers and prime brokers |
| Flow traders | European market maker TradFi expands into cryptocurrencies | Amsterdam, Netherlands | Listed on Euronext Amsterdam Multi-asset coverage across equities, forex, fixed income and digital assets |
Listed market maker
Multi-jurisdictional TradFi licenses |
Supports encrypted ETP generation and recovery streams
Extending TradFi’s execution technology to digital assets |
| Flow office | MM European crypto and capital markets services | Paris, France | Active across over 100 trading venues Multi-asset liquidity coverage |
French regulatory framework
Series B will close in 2024 |
It combines market making, OTC services and derivatives
Provides capital markets support to token issuers and exchanges |
| GSR | A crypto-native liquidity provider | London / Singapore / Zurich | Over 250 symbols covered Founded in 2013 |
Multidisciplinary regulatory footprint
Institutional framework for OTC and market making |
Long term exchange provider and SLA for the issuer
Covers OTC, market making, structured products, and derivatives |
| Gravity team | Asia-focused cryptocurrency market maker | Singapore | Active across CeFi and DeFi venues Multi-strategy native cryptographic fingerprint |
Local crypto trading company
Asia Pacific Operations Base |
Provides liquidity across spot and derivatives markets
Focuses on Asian markets and emerging symbol pairs |
| Kerouac | European institutional market maker | Brussels, Belgium | Active on more than 80 exchanges 400+ icons covered |
EU MiCA regulatory pathway
Series B of $72 million closed |
Provides market making to issuers, exchanges and over-the-counter counterparties
Maintains a European institutional client base |
| Optiver (encryption) | TradFi is a global market maker with a cryptocurrency desk | Amsterdam, Netherlands | Global market maker TradFi was founded in 1986 €3.3 billion+ net trading income in 2022 Strong results are reported for 2025 |
Multi-jurisdictional TradFi licenses
Conservative capital structure |
He runs an active cryptocurrency trading desk
Selectively expand into new markets and asset classes through 2025 |
| Portofino Technologies | Swiss crypto market maker HFT | Zug, Switzerland | More than 35 HFT professionals in five locations Spot, derivatives and OTC coverage |
It is regulated by the Financial Conduct Authority (FCA), the Swiss and the British Virgin Islands
$50 million raised from institutional investors |
Founded by former leaders of Citadel Securities
Join the Pyth network as a data provider in 2024 |
| Crow | LP market forecasting specialist | Sofia, Bulgaria | Quotes over 5,000 predictive market contracts daily Active across CeFi, DeFi, and forecasting markets |
HFT is owned by its founder
$2.7 million at a valuation of $25 million |
It was co-founded by former Wintermute employees
Backed by Hack VC, Coinbase Ventures, CMCC Global, and Wintermute Ventures |
| Cellini Capital | Multi-Strategy Crypto LP and Adventure | Singapore | A major participant in the cryptocurrency market via CeFi and DeFi Founded in 2021 |
Licensed by VARA in Dubai for broker, dealer and OTC services
Operations base in Singapore |
Provides systematic trading and statistical arbitrage
The venture arm has over 56 investments in the portfolio |
| Vincent | Gibraltar is a HFT and OTC crypto market maker | Gibraltar | $5 billion + daily theoretical volume Nearly 500,000 trades daily |
GFSC Certified Experienced Investor Fund
Founder-owned with no venture capital cap table |
Founded by Matos and Michal Kopf in 2017
Integrated with Wyden, Crypto Finance AG and Laser Digital |
| Winterkmt | Market maker and institutional OTC platform | London, United Kingdom | Approximately 141 employees on five continents $15B+ average daily volume across CeFi and DeFi |
FCA Group Structure
Wintermute Asia is organized separately |
Operating NODE’s institutional trading platform and application programming interface (API).
CFDs on OTC tokenized gold and WTI crude oil have been launched |
About this list
The BeInCrypto Institutional 100 – Liquidity Provider (2026 Longlist) identifies companies that provide institutional-level liquidity across digital asset markets. This category covers 24/7 OTC desks, algorithmic market making, predictive market liquidity, structured product market making, binary flow, and DeFi liquidity provision.
Coverage includes local crypto liquidity providers, TradFi-specific trading firms with crypto desks, regulated European and Asian market makers, HFT crypto market makers, and specialist service providers such as Raven for prediction markets. For companies with broader lines of business, this review is scoped to include their LP and OTC activities.
methodology
This category is rated under Track A of the BeInCrypto Institutional 100 methodology: 50% based on quantitative metrics and 50% based on expert board scores.
The evaluation spans eight criteria: average daily trading volume, venue connectivity, token and pair coverage, regulatory licensing, settlement and risk management framework, asset class breadth, institutional reputation, and innovation signal.
The 50/50 split reflects the availability of quantitative liquidity data, balanced with the expert council’s assessment of counterparty quality, execution reputation, and innovation. Niche positions are recognized when a company operates in a narrower, but institutionally relevant, liquid sector.
Data has been verified using regulatory records, audited filings, issuer disclosures, partnership announcements, third-party rating agencies including KBRA and Kroll, and proprietary market sources including PitchBook, Traxn, and Crunchbase.
this post BeInCrypto Institutional Research: 15 Companies Providing Institutional Cryptocurrency Liquidity appeared first on BeInCrypto.
