Market Cap

🎥 Watch the video version: https://www.youtube.com/watch?v=R4JzDIxp3T8 On this Market Cap episode, our Director of Institutional BD Stefano Sanabria speaks with Tika Lum, Head of Global BD at KuCoin. KuCoin ranks top 10 among centralized exchanges globally in 24/7 trading volume and serves 40 million users worldwide. At KuCoin Institutional the exchange serves professional clients, offering tailored access to liquidity, advanced trading infrastructure, and specialized programs such as VIP tiers, broker solutions, and market maker support. Chapters0:00 KuCoin’s First Institutional Hire6:24 The Institutional Stack Beyond Just Market Makers8:43 “Institution Business Is No BS”12:21 HFTs Connect To Exchanges, Not Prime Brokers17:49 Delta Neutral Saturation And No More Arbitrage21:45 Crypto Needs Holders Instead Of Trading Flows26:52 Institutional Flows Changed KuCoin’s Strategy31:41 SMA Model Connecting Capital To Trading Teams35:18 RWA Took Off Once Wall Street Understood43:19 KuCoin’s Next Push Into Institutional Wealth — On Market Cap we feature firms and funds to explore the thinking that guides them, the patterns they observe, and other forces moving the markets.

🎥 Watch the video version: https://www.youtube.com/watch?v=4H0f6xHcXp4 On this Market Cap episode, our Director of Institutional BD Stefano Sanabria speaks with Laszlo Szabo, Co-founder and CEO at Kiln. Kiln is a leading institutional onchain asset and yield management platform, enabling institutions to generate yield on their digital assets, surpassing 18 billion USD in assets delegated last year. They offer a comprehensive suite of yield products, real-time reporting, and monetization tools that help custodians, wallets, exchanges, and asset managers streamline onchain operations. Chapters0:00 From Recruitment To $18B In Delegations 2:58 Why Kiln Ignored Retail And Went Full B2B8:41 Shift From “Just Staking” To Full Onchain Yield Infra12:34 Ethereum Wants Less ETH Staked, Not More14:58 Turning 2.5% Staking Into 4.5% Yield16:05 Circle’s Arc And Stripe’s Tempo Signal A New Era24:41 Convergence Of Coinbase and Revolut28:43 Why Stablecoins Became The Growth Market31:58 The Core Problem With Morpho Vaults For RWAs35:07 Railnet: Mixing Liquid DeFi With Illiquid RWAs — On Market Cap we feature firms and funds to explore the thinking that guides them, the patterns they observe, and other forces moving the markets.

🎥 Watch the video version: https://www.youtube.com/watch?v=zmkC-iEI72k On this Market Cap episode, our Director of Institutional Services Stefano Sanabria speaks with John Cho, CEO at Ratio and Chief Stablecoin Officer at Kaia Foundation. Ratio is an onchain foreign exchange orchestration layer for Asia, providing a unified infrastructure that helps financial institutions, payment platforms, and wallets move value across borders through stablecoins. On Market Cap we feature firms and funds to explore the thinking that guides them, the patterns they observe, and other forces moving the markets. Chapters0:00 Why Money20/20 Feels Nothing Like Token20494:12 Hundreds of Millions LINE and Kakao Users8:46 Finding Real Consumer Problems and Solutions13:27 Asian Tigers 2.0 And Intra-Asian Trade18:42 Asia’s Stablecoin Race For Real-World Edge22:50 Migrant Workers Haircut By Remittance Fees29:15 Cost Compression To Financial Democratization32:42 Rebuilding Trillion-Dollar FX Markets Onchain44:02 Why Consumer Crypto Stopped Making Sense48:05 The Endgame: No More On And Off Ramps

🎥 Watch the video version: https://www.youtube.com/watch?v=XRDcnDH4yeQ On this Market Cap episode, our Director of Institutional Services Stefano Sanabria speaks with Mark Gerhart, Business Development Lead at Dialectic. Dialectic is a crypto asset manager running a traditional quant fund alongside actively managed, risk-aware onchain vault strategies. Dialectic is focusing increasingly on flexible vault infrastructure and sourcing yield from real-world assets as crypto market inefficiencies compress. On Market Cap we feature firms and funds to explore the thinking that guides them, the patterns they observe, and other forces moving the markets. Chapters1:25 RWAs Need Better Packaging To Work On DeFi Rails2:40 “Everyone’s Unemployed” Means Consolidation6:00 Institutions Were Here Since Coinbase Days13:30 How Dialectic Actually Generates Returns18:30 Mapping Hidden Risk To Avoid Another Blow Up24:30 Trust Me Bro NAV and Hard Set Parameters36:30 Six Month Social Engineering Attack Broke Drift41:40 Why 3% On Aave Makes No Sense Vs T-Bills57:00 FINMA License And What It Unlocks For Dialectic

🎥 Watch the video version: https://www.youtube.com/watch?v=UhG8ynqcACI On this Market Cap episode, our Director of Institutional Services Stefano Sanabria speaks with David Lawant, Head of Research at Anchorage Digital. Anchorage Digital is a key crypto infrastructure provider for institutions to securely hold, move, and actively use digital assets. Positioned at the intersection of custody, staking, and market access, it’s helping shift crypto from passive exposure to a fully integrated financial system. On Market Cap we feature firms and funds to explore the thinking that guides them, the patterns they observe, and other forces moving the markets. Chapters01:44 Real vs Perceived Crypto Momentum05:22 Late-Stage Bear Market Psychology and Fatigue10:44 Crypto Institutionalization through a TradFi Lens16:17 What Anchorage Actually Does Beyond Custody20:45 Who Anchorage Really Serves Across The Market22:48 Why Institutions Need External Research Partners31:09 Market Apathy in Volumes and Leverage35:37 Everyone thinks BTC will Chop 60–80k38:30 Options Boom: Yield Strategies48:23 Signals that Confirm a Market Regime Shift54:06 Directions for Future Research

🎥 Watch the video version: https://www.youtube.com/watch?v=WbyqhNtSFsw On this Market Cap episode our Director of Institutional Services, Stefano Sanabria, speaks with CJ Fong, APAC General Manager at GSR. GSR is a global crypto capital markets partner founded in 2013 that trades digital assets across spot and derivatives markets and invests in blockchain startups. The firm works with exchanges, institutional investors, and token issuers to structure and support trading as new crypto assets come to market. On Market Cap we feature firms and funds to explore the thinking that guides them, the patterns they observe, and other forces moving the markets. Chapters00:20 Introduction to GSR01:15 Reflections on Consensus Hong Kong03:23 CJ at Nomura, Morgan Stanley, JPMorgan09:44 GSR's Business Model and Evolution17:25 The Importance of Regulation and Licenses19:38 Adoption, Credit Curves and Open Source22:48 Defining and Maturing Capital Markets26:08 Understanding APAC Market Dynamics32:22 Diversifying Across Sustainable Business Lines38:08 Agile Tactics Within a Strategic Vision Linkshttps://gsr.io/https://www.linkedin.com/in/chuanjinfong

🎥 Watch the video version: https://www.youtube.com/watch?v=38NdaGwj8Hs On this Market Cap episode our Director of Institutional Services, Stefano Sanabria, speaks with Sam MacPherson, CEO and Co-founder at Phoenix Labs, the core development team behind Spark. Spark is the lending protocol within the Sky ecosystem that enables users to supply assets, borrow the USDS stablecoin, and access onchain liquidity markets. It functions as the capital markets layer of Sky, directing stablecoin liquidity across DeFi while aligning borrowing demand, yield generation, and protocol revenue. On Market Cap we feature firms and funds to explore the thinking that guides them, the patterns they observe, and other forces moving the markets. Chapters00:20 Introduction: Spark, Sky, and Phoenix Labs01:16 Sam's Background and Entry into Crypto04:14 Lessons from MakerDAO and DAO Governance07:28 The Sky Sub-DAO Model Explained10:27 What Spark Does in the Ecosystem13:26 Institutional Lending and DeFi Borrowers17:25 Spark Prime and the Funding Rate Opportunity23:10 Risk Frameworks and DAO Governance28:26 Misleading Metrics in DeFi33:07 A Decade in Crypto: Lessons from the Cycles41:32 Macro Outlook and the Future of Stablecoins44:38 What’s Next for Spark and Closing Linkshttps://spark.fi/https://sky.money/https://x.com/sparkdotfihttps://x.com/hexonaut

🎥 Watch the video version: https://www.youtube.com/watch?v=WicCrW8U5Is On this Market Cap episode we speak with Greg Schvey, COO at Yuma.Yuma powers projects within the @bittensor ecosystem. Their mission is to create positive economic and societal change by connecting transformative ideas to decentralized intelligence. They do so by helping promising teams access capital, technical resources, and community support to build on decentralized AI. On Market Cap we feature firms and funds to explore the thinking that guides them, the patterns they observe, and other forces moving the markets. Chapters00:00 Introduction to Yuma and Greg03:25 Greg's Journey in Fintech and Crypto06:21 Transitioning to Yuma and Bittensor09:30 Understanding Bittensor's Ecosystem12:26 Yuma's Business Model and Revenue Generation16:25 Managing Risks in a Volatile Market19:24 Insights from the Bittensor Network24:13 Challenging Common Views on AI and Crypto30:21 Market Trends and Future Outlook35:25 Yuma's Upcoming Initiatives and Collaborations Linkshttps://www.yumaai.com/https://www.yumaai.com/updates/yuma-composite-index

🎥 Watch the video version: https://www.youtube.com/watch?v=_esaBjC_K24 On this Market Cap episode we speak with Bernard Schmid, Co-founder at Areta. Areta is a digital assets investment banking firm supporting crypto companies across M&A, capital markets, and onchain services. They lead execution for mergers and acquisitions, from deal preparation and financial modeling to investor outreach and stakeholder management. On Market Cap we feature firms and funds to explore the thinking that guides them, the patterns they observe, and other forces moving the markets. Chapters00:00 Introduction to Areta01:50 Bernard's Background and Experience09:29 Areta's Business Model and Operations15:39 Compensation Models in Investment Banking22:03 Risk Management Strategies in M&A22:32 Unique Practices and Strategic Focus of Areta26:47 Market Dynamics and Strategic Shifts34:04 Secondaries Insights and OTC Data38:06 Regulatory Impacts and Future Directions46:31 Areta's Focus and Upcoming Initiatives

🎥 Watch the video version: https://www.youtube.com/watch?v=4R9GnkYADHU On this Market Cap episode we speak with Sidney Powell, Co-founder and CEO at Maple. Maple is a blockchain-based decentralized credit marketplace and onchain asset manager. They connect pools of capital with institutional and professional borrowers seeking structured financing. Maple combines automated smart contract execution with traditional credit underwriting practices. On Market Cap we feature firms and funds to explore the thinking that guides them, the patterns they observe, and other forces moving the markets. Chapters00:00 Introduction to Maple03:27 Sid's Background in TradFi06:16 The Role of AI in Maple's Operations09:12 The Journey to Founding Maple12:09 Understanding Maple's Business Model15:11 Risk Management in Lending18:23 Current Market Constraints21:11 Capital vs Adoption23:30 Challenging Industry Norms27:23 Generational TradFi Gap30:11 Tokenized Private Credit32:07 What Bets To Double Down On36:08 Leadership and Team Philosophy41:16 Growing To Top Asset Manager

🎥 Watch the video version: https://www.youtube.com/watch?v=k2ZomTa7t7s On this Market Cap episode we spoke with Hanson Birringer, Head of Sales US at Flowdesk. Flowdesk is a regulated digital asset trading and technology firm that provides liquidity provision, over-the-counter trading, and treasury management services across centralized and decentralized markets. It has engineered a proprietary trading infrastructure and algorithmic execution platform designed to connect token issuers, exchanges, and institutions to global liquidity with a compliance-first approach. On Market Cap we feature firms and funds to explore the thinking that guides them, the patterns they observe, and other forces moving the markets. Chapters00:00 Introduction to Flowdesk and Hanson Birringer01:33 Hanson's Journey into Crypto and Flowdesk07:30 Understanding Flowdesk's Business Model11:40 Navigating Market Constraints and Regulations18:38 Market Insights and Trends in Crypto22:57 Understanding Market Making and OTC31:24 Navigating the Evolving Crypto Landscape39:50 Future Directions for Flowdesk and the Market

🎥 Watch the video version: https://www.youtube.com/watch?v=4aVeBF_48_c We spoke with Joshua Lim, Co-Head of Markets, and Martin Gaspar, Market Strategist at FalconX. FalconX is a digital asset prime broker providing execution, financing, and liquidity access across spot and derivatives markets to institutions. It serves hedge funds, asset managers, and corporate clients, connecting them to global crypto venues with integrated trading and risk infrastructure. On Market Cap we feature firms and funds to explore the thinking that guides them, the patterns they observe, and other forces moving the markets. Chapters 00:00 Introduction to FalconX01:27 Backgrounds of Joshua Lim and Martin Gaspar03:36 Prime Brokerage in Digital Assets and FalconX10:39 Observed Market Insights and Trends20:35 Impact of October 10 and Unwind29:36 Client Shifts and Flight To Safety37:36 Next 6 Months for FalconX