Yoann Turpin (Wintermute) on launching a cryptoasset market making firm (EP. 142)
On The Brink with Castle Island
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Evolution and Challenges of Crypto Exchanges
This chapter explores the multifaceted roles of crypto exchanges encompassing brokerage, custody, and market making functions, delving into the complexities, opportunities, and challenges faced in the custody aspect. Discussions also include the evolving dynamics of exchanges beyond trading, involvement in DeFi, capital efficiency strategies, the booming lending market, the exponential growth of stablecoins, and the potential impacts of Tether on the crypto market.
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