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Best Liquidity Provider is a category within the BeInCrypto Institutional 100, an annual research-driven program recognising institutional digital asset excellence across 26 categories and six pillars.
This category sits under Pillar 2: Capital Markets & Infrastructure. The 15 firms below are listed alphabetically and are not ranked. A shortlist will be named in May 2026, with the winner announced at Proof of Talk in Paris on June 2–3, 2026.
Key Facts
- Long list: 15 firms across crypto-native market makers, TradFi prop firms with crypto desks, regulated European and Asian LPs, HFT platforms, prediction-market specialists, and multi-strategy LPs
- Initial pool: More than 30 firms screened; 15 advanced to the long list
- Order: Listed alphabetically, not ranked
- Scoring: 50% quantitative data · 50% Expert Council
- Criteria assessed: Average daily trading volume, venue connectivity, token and pair coverage, regulatory licensure, settlement and risk framework, asset class breadth, reputation, innovation signal
- Data sources: FCA, NYDFS, FINMA, BaFin, MAS, SFC, GFSC, VARA, MiCA-CASP registers, audited filings, issuer disclosures, partnership announcements, 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 across CeFi, derivatives, options, and DeFi Recovered scale after 2023 restructuring | Crypto-native algorithmic trading firm Multi-jurisdiction operating footprint | Auros Ventures launched with $50M+ allocation Expanded to approximately 4% of global crypto MM volume 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 across spot, derivatives, and structured products Launched Solana stablecoin settlement infrastructure in 2026 |
| Caladan | TradFi-pedigree multi-strategy crypto MM | Singapore / New York | $170B+ annual trading volume 1,000+ digital assets across 70+ exchanges | Singapore operating base Exploring US broker-dealer and FINRA registration | OTC options desk launched in Oct 2024 New York office opened in May 2025 |
| Cumberland (DRW) | TradFi prop firm crypto institutional LP | Chicago, USA | Subsidiary of DRW Holdings DRW founded in 1992 with multi-asset coverage | TradFi-regulated proprietary trading firm 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 coverage across equities, FX, fixed income, and digital assets | Public-listed market maker Multi-jurisdiction TradFi licences | Supports crypto ETP creation and redemption flows Extends TradFi execution technology into digital assets |
| Flowdesk | European crypto MM and capital markets services | Paris, France | Active across 100+ trading venues Multi-asset liquidity coverage | French regulatory framework Series B closed in 2024 | Combines market making with OTC and derivatives services Provides capital markets support for token issuers and exchanges |
| GSR | Legacy crypto-native liquidity provider | London / Singapore / Zurich | 250+ tokens covered Founded in 2013 | Multi-jurisdiction regulatory footprint Institutional OTC and market-making framework | Long-standing exchange and issuer SLA provider Covers OTC, market making, structured products, and derivatives |
| Gravity Team | Asia-focused crypto market maker | Singapore | Active across CeFi and DeFi venues Crypto-native multi-strategy footprint | Crypto-native trading firm Asia-Pacific operating base | Provides liquidity across spot and derivatives markets Focuses on Asian markets and emerging token pairs |
| Keyrock | European institutional market maker | Brussels, Belgium | Active on 80+ exchanges 400+ tokens covered | EU MiCA regulatory pathway $72M Series B closed | Provides market making for issuers, exchanges, and OTC counterparties Maintains a European institutional client base |
| Optiver (Crypto) | TradFi global market maker with crypto desk | Amsterdam, Netherlands | Global TradFi market maker founded in 1986 €3.3B+ net trading income in 2022 | Multi-jurisdiction TradFi licences Conservative capital structure | Operates an active crypto trading desk Expanded selectively into new markets and asset classes through 2025 |
| Portofino Technologies | Swiss HFT crypto market maker | Zug, Switzerland | 35+ HFT specialists across five locations Spot, derivatives, and OTC coverage | FCA, Swiss, and BVI regulated $50M raised from institutional investors | Founded by former Citadel Securities leaders Joined Pyth Network as data provider in 2024 |
| Raven | Prediction-market specialist LP | Sofia, Bulgaria | Quotes more than 5,000 prediction-market contracts daily Active across CeFi, DeFi, and prediction markets | Founder-led proprietary HFT firm $2.7M seed at $25M valuation | Co-founded by former Wintermute employees Backed by Hack VC, Coinbase Ventures, CMCC Global, and Wintermute Ventures |
| Selini Capital | Multi-strategy crypto LP and venture | Singapore | Large crypto market participant across CeFi and DeFi Founded in 2021 | VARA-licensed in Dubai for broker-dealer and OTC services Singapore operating base | Provides systematic trading and statistical arbitrage Venture arm has 56+ portfolio investments |
| Wincent | Gibraltar HFT crypto market maker and OTC | Gibraltar | $5B+ daily notional volume Approximately 500,000 trades per day | GFSC-authorised Experienced Investor Fund Founder-owned with no VC cap table | 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 employees across five continents $15B+ average daily volume across CeFi and DeFi | FCA-affiliated group structure Wintermute Asia regulated separatelyis | Operates NODE institutional trading 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 firms providing institutional-grade liquidity across digital asset markets. The category 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 providers, TradFi proprietary trading firms with crypto desks, European and Asian regulated market makers, HFT crypto market makers, and specialist providers such as Raven for prediction markets. For firms with broader business lines, this review is scoped to their LP and OTC activity.
Methodology
This category is evaluated under Track A of the BeInCrypto Institutional 100 methodology: 50% based on quantitative metrics and 50% on Expert Council scoring.
Assessment spans eight criteria: average daily trading volume, venue connectivity, token and pair coverage, regulatory licensure, 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 Expert Council assessment of counterparty quality, execution reputation, and innovation. Specialist positioning is recognised where the firm operates in a narrower but institutionally relevant liquidity segment.
Data was verified using regulatory registers, audited filings, issuer disclosures, partnership announcements, third-party rating agencies including KBRA and Kroll, and private-market sources including PitchBook, Tracxn, and Crunchbase.
The post BeInCrypto Institutional Research: 15 Firms Providing Institutional Crypto Liquidity appeared first on BeInCrypto.
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