BeInCrypto long-lists 15 firms for Best Liquidity Provider

BeInCrypto has placed 15 firms on the 2026 Institutional 100 long list for the Best Liquidity Provider category. The shortlist will be published in May 2026, and the winner will be announced at the Proof of Talk conference in Paris on June 2–3, 2026.

The category sits under Pillar 2: Capital Markets & Infrastructure of the Institutional 100 program, which identifies institutional digital-asset firms across 26 categories. More than 30 firms were screened for this category; the 15 advancing to the long list are presented alphabetically and are not ranked.

Firms named to the long list include Auros, a crypto-native algorithmic market maker operating from Hong Kong and Sydney; B2C2, an institutional OTC and algorithmic execution desk with offices in London, New York, Tokyo and Singapore; Caladan, a multi-strategy market maker with TradFi roots in Singapore and New York; Cumberland, the DRW subsidiary providing institutional OTC and market-making from Chicago; Flow Traders, the Amsterdam-listed market maker extending multi-asset execution into digital assets; Flowdesk, a Paris-based market maker offering OTC and derivatives and capital markets services; GSR, a legacy crypto market maker operating from London, Singapore and Zurich; Gravity Team, an Asia-Pacific focused provider across CeFi and DeFi venues; Keyrock, a Brussels-based European market maker active on more than 80 exchanges; Optiver, a global TradFi market maker that runs an active crypto desk; Portofino Technologies, a Swiss HFT crypto market maker; Raven, a prediction-market liquidity specialist quoting thousands of contracts daily; Selini Capital, a Singapore-based multi-strategy liquidity provider and venture investor with VARA licensing in Dubai; Wincent, a Gibraltar-based HFT market maker and OTC desk; and Wintermute, a London-headquartered market maker and institutional OTC platform.

BeInCrypto evaluated candidates under Track A of its methodology, allocating equal weight to quantitative metrics and Expert Council assessment. Quantitative metrics included average daily trading volume, venue connectivity and token and pair coverage. Expert Council scoring covered regulatory licensure, settlement and risk frameworks, asset class breadth, institutional reputation and innovation signal. Data used to verify submissions came from regulator registers including the UK’s FCA, New York Department of Financial Services BitLicense listings, Swiss FINMA, Germany’s BaFin, Singapore MAS, Hong Kong SFC, GFSC and Dubai VARA, MiCA-CASP listings, audited filings, issuer disclosures, partnership announcements and private-market databases such as KBRA/Kroll, PitchBook, Tracxn and Crunchbase.

The Best Liquidity Provider category covers 24/7 OTC desks, algorithmic market-making, prediction-market liquidity, structured-product market-making, bilateral streaming and DeFi liquidity provision. For firms with broader business lines, the review focused specifically on their liquidity-provider and OTC activities. The shortlist will be announced in May and the Institutional 100 awards will be presented at Proof of Talk in Paris on June 2–3, 2026.