Five Market Makers Dominate Crypto Exchange Landscape
Market makers serve as the backbone of cryptocurrency liquidity, ensuring seamless trading for both retail investors and institutional players. Their sophisticated algorithms and deep reserves prevent market instability while enabling efficient price discovery across thousands of tokens.
Singapore-based Caladan has emerged as a dominant force, processing $50 billion in annual volume across 65+ exchanges. The firm's expansion into New York reflects growing institutional demand, with 5% of its 100-strong workforce now dedicated to US operations. Caladan's proprietary technology stack supports over 1,000 digital assets, including options products tailored for decentralized markets.