Almost one year after the collapse of Alameda Research, the trading firm at the heart of Sam Bankman-Fried’s failed cryptocurrency empire, market making in digital assets is still struggling to make a significant comeback.
It has also backed a yet-to-launch lending project, is mulling starting a crypto derivatives exchange and is working on launching a crypto-related index, Gaevoy said. Timelines for some of these projects have not yet been laid out, Gaevoy said, declining to provide more specific information on each. The company’s venture arm has backed more than 80 projects since 2020.
GSR markets London-based GSR, one of crypto’s oldest market makers, was founded in 2013 by ex-Goldman Sachs traders and has since grown into one of crypto’s leading market makers. It recently won an in-principle approval from the Singapore central bank to provide digital payment token services in the city state.
Jump crypto Chicago-based Jump Trading, which invests in traditional securities, carved out Jump Crypto in late 2015 to invest in digital assets. However, the firm has been pulling back from crypto trading in the US due to the country’s uncertain regulatory climate. Jump, a major backer of the TerraUSD project, was among the firms questioned by US prosecutors in a probe of the failed stablecoin.
Flow Traders trades digital assets spot, futures, options and exchange-traded products, and doesn’t make directional bets, according to the half-yearly report and website. The firm launched its venture capital unit, Flow Traders Capital, in July 2022 with €50 million and has invested in firms including Blockdaemon, Elwood, Sei Network and Ondo.