Greatest Liquidity Supplier is a class throughout 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 under are listed alphabetically and are usually not ranked. A shortlist can be named in Could 2026, with the winner introduced at Proof of Discuss in Paris on June 2–3, 2026.
Key Details
- Lengthy listing: 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
- Preliminary pool: Greater than 30 corporations screened; 15 superior to the lengthy listing
- Order: Listed alphabetically, not ranked
- Scoring: 50% quantitative information · 50% Skilled Council
- Standards assessed: Common every day buying and selling quantity, venue connectivity, token and pair protection, regulatory licensure, settlement and threat framework, asset class breadth, fame, innovation sign
- Information sources: FCA, NYDFS, FINMA, BaFin, MAS, SFC, GFSC, VARA, MiCA-CASP registers, audited filings, issuer disclosures, partnership bulletins, KBRA/Kroll, PitchBook, Tracxn, and Crunchbase
| Agency | LP Sub-Section | HQ | Attain | High Licensure / Platform | Consultant 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 Places of work in London, New York, Tokyo, and Singapore |
FCA, NYDFS BitLicense,
Luxembourg VA EU MiFID framework |
Gives 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 Could 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 |
Gives institutional crypto OTC and market making
Serves hedge funds, asset managers, and prime brokers |
| Move Merchants | European TradFi market maker extending to crypto | Amsterdam, Netherlands | Listed on Euronext Amsterdam Multi-asset protection throughout equities, FX, mounted revenue, and digital property |
Public-listed market maker
Multi-jurisdiction TradFi licences |
Helps crypto ETP creation and redemption flows
Extends TradFi execution know-how into digital property |
| Flowdesk | European crypto MM and capital markets companies | Paris, France | Lively throughout 100+ buying and selling venues Multi-asset liquidity protection |
French regulatory framework
Sequence B closed in 2024 |
Combines market making with OTC and derivatives companies
Gives capital markets assist for token issuers and exchanges |
| GSR | Legacy crypto-native liquidity supplier | London / Singapore / Zurich | 250+ tokens coated Based in 2013 |
Multi-jurisdiction regulatory footprint
Institutional OTC and market-making framework |
Lengthy-standing alternate and issuer SLA supplier
Covers OTC, market making, structured merchandise, and derivatives |
| Gravity Staff | Asia-focused crypto market maker | Singapore | Lively throughout CeFi and DeFi venues Crypto-native multi-strategy footprint |
Crypto-native buying and selling agency
Asia-Pacific working base |
Gives liquidity throughout spot and derivatives markets
Focuses on Asian markets and rising token pairs |
| Keyrock | European institutional market maker | Brussels, Belgium | Lively on 80+ exchanges 400+ tokens coated |
EU MiCA regulatory pathway
$72M Sequence B closed |
Gives market making for issuers, exchanges, and OTC counterparties
Maintains a European institutional shopper base |
| Optiver (Crypto) | TradFi international market maker with crypto desk | Amsterdam, Netherlands | International TradFi market maker based in 1986 €3.3B+ web buying and selling revenue in 2022 |
Multi-jurisdiction TradFi licences
Conservative capital construction |
Operates an energetic crypto buying and selling desk
Expanded selectively into new markets and asset lessons by means of 2025 |
| Portofino Applied sciences | 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 |
Based by former Citadel Securities leaders
Joined Pyth Community as information supplier in 2024 |
| Raven | Prediction-market specialist LP | Sofia, Bulgaria | Quotes greater than 5,000 prediction-market contracts every day Lively throughout CeFi, DeFi, and prediction markets |
Founder-led proprietary HFT agency
$2.7M seed at $25M valuation |
Co-founded by former Wintermute workers
Backed by Hack VC, Coinbase Ventures, CMCC International, and Wintermute Ventures |
| Selini Capital | Multi-strategy crypto LP and enterprise | Singapore | Giant crypto market participant throughout CeFi and DeFi Based in 2021 |
VARA-licensed in Dubai for broker-dealer and OTC companies
Singapore working base |
Gives systematic buying and selling and statistical arbitrage
Enterprise arm has 56+ portfolio investments |
| Wincent | Gibraltar HFT crypto market maker and OTC | Gibraltar | $5B+ every day notional quantity Roughly 500,000 trades per day |
GFSC-authorised Skilled Investor Fund
Founder-owned with no VC cap desk |
Based by Matus and Michal Kopf in 2017
Built-in with Wyden, Crypto Finance AG, and Laser Digital |
| Wintermute | Market maker and institutional OTC platform | London, UK | Roughly 141 workers throughout 5 continents $15B+ common every 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 Record
The BeInCrypto Institutional 100 — Liquidity Supplier (2026 Lengthy Record) 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.
Protection 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 resembling Raven for prediction markets. For corporations with broader enterprise traces, this evaluation is scoped to their LP and OTC exercise.
Methodology
This class is evaluated beneath Observe A of the BeInCrypto Institutional 100 methodology: 50% based mostly on quantitative metrics and 50% on Skilled Council scoring.
Evaluation spans eight standards: common every day buying and selling quantity, venue connectivity, token and pair protection, regulatory licensure, settlement and threat administration framework, asset class breadth, institutional fame, and innovation sign.
The 50/50 cut up displays the provision of quantitative liquidity information, balanced with Skilled Council evaluation of counterparty high quality, execution fame, and innovation. Specialist positioning is recognised the place the agency operates in a narrower however institutionally related liquidity section.
Information was verified utilizing regulatory registers, audited filings, issuer disclosures, partnership bulletins, third-party ranking companies together with KBRA and Kroll, and private-market sources together with PitchBook, Tracxn, and Crunchbase.
The publish BeInCrypto Institutional Analysis: 15 Corporations Offering Institutional Crypto Liquidity appeared first on BeInCrypto.