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
CFTC-registered (via DRW Holdings)
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
Reported strong 2025 results
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 separately
Operates NODE institutional trading platform and API
Launched tokenized gold OTC and WTI crude oil CFDs
