In our last post (Tokenizing Trillions: A Look at Canton's Assets & Payments), we saw how institutions are creating new assets on Canton, like digital bonds and tokenized funds. But creating an asset is only the first step. For any market to function, it needs a deep, constant, and reliable pool of liquidity. It needs a "trading floor." This is where a completely different, specialized set of players comes in. This part of the ecosystem is not about tokenizing real estate, it's about the high-speed, 24/7 world of professional market-making, trading, and digital derivatives. This is the network's liquidity engine.
Key Takeaways
- The network's 24/7 liquidity is not passive, it's actively managed by a professional class of institutional market makers (like Cumberland and B2C2).
- The trading firms and hedge funds (like QCP Capital) are key participants, using their active strategies to help discover fair market prices.
- The ecosystem is designed to be a "bridge", supporting both traditional financial platforms (like Tradeweb) and modern, digital-native exchanges.
- Advanced trading software (like Talos) is a critical layer, giving institutions a single, secure interface to manage risk and access all liquidity sources.
- This entire trading "engine" provides the essential, deep liquidity that makes both digital-native assets and new tokenized real-world assets viable for institutions.
Welcome to Part 3 of our series!
In Part 1, we met the foundational institutions working on the network, from the global banks and asset managers to the critical market infrastructure providers that together form the trusted bedrock of this new on-chain economy. In Part 2, we explored the assets being created, primarily real-world assets (RWAs) like bonds and funds.
Now, we turn our attention to a separate, parallel ecosystem that lives on Canton: the professional trading world. This ecosystem is the "how" behind liquidity. It is not just a simple marketplace for the assets from Part 2. It is a complex, institutional-grade trading floor, powered by the same kind of players that make markets on global exchanges. These are high-speed, crypto-native market makers, hedge funds, and advanced trading technology providers.
This is a world that operates 24/7 and specializes in digital assets. This professional trading infrastructure is what provides the deep, always-on liquidity for the entire network.
Exchanges and Trading Platforms
This section features the regulated venues where assets are bought and sold, ranging from major names like Binance US and Tradeweb to specialized institutional platforms.
Binance US
Binance US is a regulated cryptocurrency exchange, the platform serves retail and institutional investors with trading, custody, and staking services across 180+ cryptocurrencies and 240+ trading pairs. Most notably, in October 2025, Binance US launched pre-trading for the CCUSDT perpetual contract, marking a significant milestone in institutional adoption of the Canton Network. Binance US serves as a validator on the Canton Network, participating in network validation and supporting institutional adoption of the Canton ecosystem.
Crypto.com
Crypto.com, the cryptocurrency exchange trusted by over 150 million users globally. The platform provides institutional and retail access to 400+ cryptocurrencies with user-friendly trading interfaces, advanced staking rewards, and multi-channel support through web and mobile applications. Crypto.com operates as a validator on the Canton Network, supporting the network's institutional infrastructure. This integration places Crypto.com among the major cryptocurrency exchanges actively participating in Canton's governance and validation processes.
D2X
D2X is the first crypto derivatives exchange to be regulated in a Tier-1 jurisdiction and operate seven days a week. It holds a MiFID license (MTF) granted by the Dutch Authority for Financial Markets (AFM). The exchange currently offers an initial product suite featuring cash-settled BTC-EUR and ETH-EUR Dated Futures, with plans to follow up with USD-denominated Futures and Options.
D2X provides institutional traders seeking regulated European crypto derivatives with essential infrastructure, including portfolio margining and collateral-efficient off-exchange custody. For security, collateral is held off-exchange in partnership with regulated custodians and Tier-1 banks.
Gambyl
Gambyl is modernizing and scaling the online sports betting industry with a peer-to-peer blockchain-powered sports betting exchange, where each bet is governed by smart contracts and managed on a distributed ledger. The platform offers lower vigorish, faster payouts, and transparent peer-to-peer wagering across hundreds of sporting events including NFL, Liga MX, UFC, and Premier League. The platform's architecture was explicitly designed using Digital Asset's Daml language and Canton Network infrastructure, making it a native Canton ecosystem application.
Gemini
Gemini is a U.S.-regulated cryptocurrency exchange that provides institutional-grade solutions. The platform offers diverse services including wallet infrastructure, staking, credit card products, OTC trading, and custody solutions for leading companies. The platform provides custody with up to $100 million in cold storage insurance coverage and implements segregated asset storage with multiple layers of biometric access controls and offline, air-gapped security systems, achieving the highest U.S. government security ratings.
Mintify
Mintify operates as a cross-chain digital asset trading platform serving 400,000+ registered users with access to trading NFTs, Runes, cryptocurrencies, and increasingly, tokenized real-world assets (RWAs) alongside traditional digital assets. The platform's technical architecture emphasizes seamless cross-chain functionality through swap and bridge infrastructure spanning multiple blockchain networks. Mintify's innovative feature, MintAI, leverages natural language commands to simplify transaction execution, abstracting complex cross-chain mechanics while drawing on user preferences and on-chain data to provide customized asset feeds and recommendations.
Temple Digital Group
Temple Digital Group is privacy-focused institutional capital markets infrastructure on Canton. Founded in 2025, the Temple platform combines traditional electronic trading systems features (automated order routing, all-to-all liquidity pools, post-trade reporting) with blockchain innovations including instant settlement via atomic transactions, native tokenization, and non-custodial wallets. Temple aims to serve as the foundational market infrastructure for institutions, intended to ensure efficient and transparent capital movement at an institutional scale.
Thetanuts Finance
Thetanuts Finance is a decentralized on-chain options protocol focused on altcoin options trading, providing liquidity and financing infrastructure across multiple blockchain networks. The protocol operates as a validator and connected participant on the Canton Network and serve ecosystem participants with specialized altcoin options infrastructure while maintaining privacy and compliance standards.
Tradeweb
Tradeweb is a financial technology company and a leader in electronic trading, listed as part of the Canton Ecosystem. It serves institutional, wholesale, retail, and corporate treasury traders across rates, credit, equities, and money markets. With over 25 years of experience, the company has processed over $3.2 quadrillion USD in trades. Tradeweb recently expanded its algorithmic execution capabilities for U.S. Treasuries and completed the first fully electronic request-for-market swaption package trade.
Vigil Markets
Vigil Markets is a cryptographically secured spot exchange scheduled to launch in 2026 and is part of the Canton Ecosystem. It is designed to keep order book information private for institutional traders, addressing the problem of exchanges open-order book policies. Vigil combines privacy-by-design with institutional-grade infrastructure including centralized clearing, custody-agnostic compatibility with major custodians, enterprise-grade security practices, real-time regulatory reporting, and audit-ready compliance tools.
Liquidity Providers & Market Makers
This group consists of the "market makers" providing the deep pools of assets (liquidity) necessary for smooth and efficient trading, including crypto-native leaders like Cumberland and Flow Traders.
Amber Group
Amber Group is a financial services firm focused on digital assets, providing institutional-grade support and guidance. It serves a client base of over 4,900, including top-tier institutional investors, HNWI and UHNWI individuals. The company offers a comprehensive set of solutions, including premium digital wealth management, asset management, advisory, and research. As a top-tier liquidity provider, Amber Group delivers trading execution for leading projects and institutions and has processed over $1 trillion in cumulative trade volume. It also provides robust crypto infrastructure support and emphasizes its commitment to regulatory compliance through extensive licensing and registrations.
B2C2
B2C2 is a digital asset pioneer that functions as a leading institutional liquidity provider. The firm serves a diverse and growing global client base. Its business is built on a foundation of proprietary, crypto-native technology combined with an innovative range of products. The primary solutions include OTC services, liquidity partnerships, and institutional insights into the crypto market.
Cumberland SV
Cumberland is a global leader that provides deep, dependable liquidity in crypto assets. It focuses specifically on institutional investors, offering them the ability to safely and efficiently capitalize on market opportunities. The company's services include institutional OTC liquidity in various types of cryptocurrencies and stablecoins. Cumberland is also a leading provider for block trading, exchange traded derivatives, bilateral crypto options and futures. The company leverages decades of expertise in both investing and technology.
FalconX
FalconX operates as a leading prime brokerage and institutional gateway to digital asset markets. The firm has facilitated over $2 trillion in trading volume and serves a global institutional client base exceeding 2,000 clients. It provides deep liquidity and advanced technology solutions to top global institutions, including asset managers, hedge funds, family offices, banks, and protocols. The company offers a comprehensive suite of solutions covering trading (spot, derivatives, foreign exchange), financing (margin loans, OTC lending, yield generation), and custody (integrated custody, staking). FalconX also provides Direct Market Access and specialized ETF Solutions for liquidity provision and hedging.
FlowTraders
Flow Traders is a global, technology-driven trading firm that applies its long-standing expertise in traditional financial markets to the digital asset space. The company's core mission is to drive market efficiency and transparency. The firm provides continuous liquidity across multiple asset classes, including digital assets (specifically ETPs, futures, spot, and options). In Q2 2025, Flow Traders recorded one of the best months in company history following increased volatility across traditional asset classes. The firm continues to benefit from record ETP fund inflows globally, particularly driven by China where trading volumes doubled year-over-year and now represent 2-3x European volumes.
Gravity Team
Gravity Team is a crypto-native market maker founded by traders and developers with a mission to balance supply and demand across digital asset markets. Its operation is distinguished by its reliance on fully automated, proprietary quantitative trading software, which provides 24/7 liquidity. This algorithmic-first approach allows it to support hundreds of digital assets across dozens of centralized exchanges simultaneously. Gravity Team operates as a Canton Network liquidity provider and listed member of the Canyon ecosystem, supporting institutional-grade market infrastructure development.
GSR
GSR positions itself as a "Capital Markets Partner" for crypto founders and institutions, indicating a relationship that goes beyond simple trading. The firm uses its decade of market expertise to help projects scale by providing strategic support from the concept stage through a token launch. Its services combine funding and venture-style partnership with deep, institutional liquidity and market execution. In June 2025, GSR launched an enhanced systematic over-the-counter (OTC) trading platform, expanding foreign exchange (FX) capabilities, improving execution quality, and broadening access to hundreds of digital assets.
Keyrock
Keyrock is a digital asset market maker and liquidity provider that has been operating since 2017. It provides tailored liquidity solutions designed for both centralized and decentralized venues, serving institutions and foundations. The company's specific activities include market making, OTC trading, options desk, treasury solutions, and liquidity pool management. Keyrock has global reach with over 85 integrated exchanges and 1,300 markets.
Trading & Investment Firms
Here we cover the hedge funds and trading firms (like DRW and QCP) that actively trade digital assets and their derivatives.
XBTO
XBTO is a global cryptofinance firm that provides an integrated suite of services for institutional clients, including professional investors, wealth managers, and family offices. The company's "XBTO Hub" platform consolidates its solutions, allowing clients to control their activities from one place. This includes active asset management, capital markets services like market making, and bankruptcy-remote custody, presenting a comprehensive and secure solution for managing digital asset exposure. In October 2025, XBTO expanded its institutional service offerings through a strategic partnership with Zodia Custody - an institutional digital asset custodian backed by Standard Chartered Ventures and regulated by Abu Dhabi's FSRA. This collaboration sets a new benchmark for institutional Bitcoin solutions. By uniting regulated custody with yield generation, this initiative provides banks, corporates, and Bitcoin treasury companies with a compliant pathway to hold and grow Bitcoin in a structure meeting the rigorous standards of traditional finance. Following this launch, the firms plan to introduce a similar offering for Ethereum to meet the rising corporate interest in ETH treasuries.
CoinShares
CoinShares is an asset manager specializing in digital assets and positioned as the largest and longest-standing digital investment group in Europe. The company provides innovative financial products and services, such as a suite of crypto ETFs, transparent indices, and capital markets support services. It aims to connect investors to crypto-assets through offerings tailored for both professional and individual investors. The firm draws on hybrid expertise combining perspectives from both traditional financial institutions and decentralized finance, positioning CoinShares uniquely to bridge institutional finance and crypto-native markets.
DRW
DRW is a diversified trading firm that innovates in both traditional and cutting-edge markets. Leveraging over 30 years of experience, the company deploys diverse strategies, operating as a risk-taker, liquidity provider, and a latency-sensitive market participant. Beyond traditional markets, DRW has expanded into crypto-assets through its subsidiary Cumberland DRW, venture capital (DRW Venture Capital), and real estate (Convexity Properties).
DV Chain
DV Chain has been facilitating access to cryptocurrency markets since 2016. The firm provides liquidity solutions with a focus on technology-driven trading, emphasizing platform uptime and pricing stability. DV Chain operates a best-in-class OTC trading platform enabling seamless KYC onboarding, intra-day settlement across 450+ tradable cryptocurrency pairs, zero slippage execution, tight spreads, and no hidden fees. The platform is integrated with multiple payment platforms and banking channels, supporting same-day settlement in multiple fiat currencies and providing robust API access enabling algorithmic trading execution for institutional clients. Beyond OTC spot trading, DV Chain provides liquidity provisioning for exchanges, token projects, and DeFi platforms, with customized solutions stabilizing token pricing and increasing asset discoverability for digital asset issuers.
Elk Capital Markets
Elk Capital Markets is a proprietary high-frequency trading (HFT) firm. It operates with a small, dedicated team of developers and traders. The firm's core focus is on creating and deploying scalable technology across all electronic markets, with the goal of improving global market efficiency. The firm specializes in systematic and high-frequency trading across equities, ETFs, futures, and options, with core competencies centered on innovation, speed, and precision in execution.
Primrose Capital
Primrose Capital Management is a quantitative hedge fund specializing in digital asset derivatives. The firm utilizes a "unique, process-driven approach" that combines cutting-edge technology with data-driven insights. Its goal is to consistently "achieve peer-beating benchmarks, regardless of market conditions". The firm's team brings together deep expertise from both world-renowned quantitative hedge funds and pioneering digital asset derivative backgrounds. In June 2025, Primrose partnered with Nasdaq and QCP Capital to demonstrate institutional-grade margin and collateral management on the Canton Network, integrated with Nasdaq Calypso (Nasdaq's enterprise risk, margin, and collateral management platform).
QCP Capital
QCP is an Asia's leading digital asset partner, providing institutional-grade trading and investment solutions for global markets. The firm offers a range of services, including spot trading, derivatives, and structured solutions. It serves a full spectrum of institutional investors, from funds and brokers to miners and high-net-worth individuals.
Most significant is QCP's collaboration with Digital Asset and selected counterparties to develop advanced on-chain collateral and margin management solutions for bilateral derivatives trading. This leverages Canton Network's unique privacy capabilities to automate and reduce costs of collateral management previously dependent on tri-party agents. This initiative addresses critical inefficiencies in crypto derivatives markets, where participants typically maintain excess or full collateralization due to regulatory fragmentation and limited collateral automation tools.
Trading Infrastructure & Technology
This group forms the high-tech backbone for trading. Companies like Talos provide the low-latency platform institutions need to connect with exchanges and execute trades at high speed.
Efficient Frontier
Efficient Frontier provides high-frequency algorithmic trading for crypto exchanges, processing over $10 billion in monthly volume across more than 50 platforms. Its technology relies on ingesting real-time market data (ETL), running it through an AI prediction layer, and then executing orders to assist in price discovery. The firm combines financial principles with crypto-native services, prohibiting market manipulation or wash trading. Security protocols include a zero-trust model for API keys, MPC for private key management, and 24/7 human algorithm monitoring.
Synthesys (formerly Equitize)
Synthesys builds compliant infrastructure for tokenized assets to unify global liquidity. It provides the "ONE" unified API for managing the full asset life-cycle, from origination to distribution, across 17+ jurisdictions and 40+ distribution channels. The system aggregates service providers and legacy platforms for compliance and portfolio management. Its "ZODIAC" module enables tokenized assets to interact with permissionless DeFi protocols while retaining regulatory safeguards to access additional yield.
Flow Desk
Flowdesk provides liquidity, OTC trading, treasury management and trading services for token issuers and institutions. Its platform features proprietary execution algorithms and integrations with over 140 centralized and decentralized exchanges. The system supports trading for over 1,000 asset pairs and provides coverage for more than 10 Layer 1 and Layer 2 blockchain ecosystems.
Talos
Talos offers a low-latency, high-throughput platform for institutional digital asset trading. The system provides end-to-end support for the entire trade lifecycle, from price discovery and execution to settlement. It functions as a single entry point by integrating with a network of prime brokers, exchanges, OTC desks, and lenders. The platform features isolated and encrypted client environments, is SOC 2 - Type 2 compliant, and offers API access via FIX, REST, or WebSocket.
xLabs
xLabs is an infrastructure company that contributes to open-source, decentralized protocols. The company is one of the core developers and Guardians of the Wormhole interoperability protocol, that enables secure communication and asset transfers between different blockchain networks. In addition to its work on Wormhole, xLabs builds automatic relaying technology for cross-chain data across 20+ different blockchain networks.
Conclusion
The trading ecosystem on Canton represents a quiet, professional merger of two different financial worlds. It is not about crypto "replacing" traditional finance. Instead, it is about integration. The real innovation is the creation of a single, compliant environment where a traditional institution can securely and efficiently interact with a crypto-native liquidity providers.
This hybrid model is the only way to solve the liquidity problem for institutional-grade tokenized assets. The traditional players bring the scale and regulatory trust, while the crypto-native players bring the 24/7 infrastructure and specialized trading technology. This fusion is what makes the tokenized bonds, funds, and credit from Article 2 useful. An asset is only as good as its market, and Canton has successfully built a market that appeals to both worlds.
We now have a complete picture of the market's core functions: the foundational institutions, the assets, and the trading venues. But what holds it all together? A system this large requires a robust support structure.
In our final part, we will look at the "Ecosystem Enablers" - the data providers, compliance tools, oracles, and security firms that provide the essential services for this entire network to run safely.
The information provided by DAIC, including but not limited to research, analysis, data, or other content, is offered solely for informational purposes and does not constitute investment advice, financial advice, trading advice, or any other type of advice. DAIC does not recommend the purchase, sale, or holding of any cryptocurrency or other investment.
