CRYPTO 101

Ep. 684 The Future of Decentralized Exchanges for Crypto and Retail Traders

Oct 18, 2025
Satraj Bambra, the founder and CEO of Rails, shares his journey from software engineering to the crypto world. He discusses the innovative hybrid exchange model that combines centralized matching with on-chain custody, inspired by lessons from FTX. Satraj emphasizes the importance of compliance, detailing Rails’ focus on regulatory engagement and user protection. He predicts macroeconomic factors affecting Bitcoin prices and explores the fragmented altcoin landscape, suggesting that clear frameworks are vital for altcoins to thrive.
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ANECDOTE

Early Builder Journey

  • Satraj entered crypto via Ethereum and combined his early mobile iOS background with blockchain to build decentralized apps.
  • He built BlockEQ on Stellar in 2018, which was acquired the same year and later managed Round13, a liquid crypto fund.
INSIGHT

Hybrid Matching Scales Best

  • Centralized matching scales far faster than fully decentralized matching for high-performance exchanges.
  • Combining centralized matching with on-chain custody yields speed plus transparency and safer custody.
ADVICE

Design For Compliance Early

  • Build with compliance in mind because rules will converge with TradFi and frameworks will be enforced.
  • Aim to be licensed and work with regulators to ensure long-term viability and institutional trust.
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