Скачать или смотреть Beyond the Order Book: GSR’s Multifaceted Role in Crypto Markets (Feat. GSR CEO Xin Song)

In this episode of The Flow, Konstantin Shulga, CEO and Co-Founder of Finery Markets, sits down with Xin Song, CEO of GSR, one of the most established liquidity providers in digital assets. Together, they explore how GSR evolved from its early roots in market making to become a full-scale crypto capital markets partner, offering the industry everything from venture investing and OTC trading to asset management and treasury solutions.

Xin reflects on his journey from BlackRock to GSR, shares lessons from scaling a 20-person team to over 200 employees, and explains how the firm combines TradFi discipline with crypto innovation. The conversation also touches on topics like stablecoin fragmentation, the rise of electronic OTC trading, and the convergence of crypto and traditional markets.

Whether you’re an institutional investor, a trading professional, or just curious about the evolution of market structure in crypto, this episode offers a masterclass in how firms like GSR are shaping the future of liquidity.

Highlights:
0:00 – Introduction
0:42 – What GSR is and how it evolved beyond liquidity provision
2:20 – The “merchant bank” model for crypto markets
3:30 – Regulation, reputation, and internal controls
4:50 – Xin’s background: from BlackRock to crypto options trading
7:30 – Lessons from early ventures and finding scalable business models
12:20 – Managing growth and culture while scaling GSR
15:10 – GSR’s mission: accelerating a faster, better financial system
17:00 – The modernization of OTC trading and the shift to electronic models
20:10 – Why institutions are turning to non-custodial, ECN-style liquidity
22:20 – The convergence of TradFi and crypto market infrastructure
25:30 – Electronic infrastructure: cloud vs. physical co-location
31:40 – How GSR evaluates exchanges: infrastructure, integrity, innovation
35:30 – Stablecoins and solving fragmentation in global liquidity
42:00 – Secondary markets and fungibility challenges
45:00 – Tokenized money-market funds and real-world assets
48:40 – GSR’s regional expansion focus and global outlook
53:40 – Lessons from TradFi disruption and crypto’s 24/7 edge
56:40 – Xin’s biggest lesson from seven years in crypto
59:10 – Recommended book: Leaders Eat Last by Simon Sinek

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The Flow by Finery Markets

In this branded podcast series, we dive into the exciting world of institutional crypto trading. Each episode explores the currents shaping the digital asset markets, offering listeners a unique blend of expert insights, industry trends, and forward-thinking strategies. Hosted by Finery Markets’ thought leaders and featuring a roster of distinguished guests from across the financial and technological landscapes, The Flow navigates through the complexities of electronic trading infrastructure, regulatory landscapes, and the evolving dynamics of liquidity and market making.

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About Finery Markets

Finery Markets is a leading ICT solutions provider for institutional digital asset trading, offering a non-custodial crypto ECN and robust trading SaaS. Specifically designed for institutional clients across more than 40 countries, our infrastructure plays a critical role in their operational resilience, enabling secure and transparent digital asset operations. The company offers the first hybrid, crypto-native ECN technology, enabling trading via an order book, RFQ, or quote streams.

Since its launch in 2019, Finery Markets has expanded its ecosystem, now serving over 150 digital asset clients—including payment providers, brokers, OTC desks, hedge funds, and custodians. By providing resilient trading infrastructure, Finery Markets enhances capital efficiency, ensures optimal execution, assists in risk management, and simplifies settlement processes, all while supporting clients in meeting regulatory requirements.

In 2024, Finery Markets was recognized as one of the top 50 rising stars in the Deloitte Technology Fast 50 competition. The company was named among the Top 300 Fintech Companies by CNBC.
Finery Markets is the first crypto ECN to receive the SOC 2 Type 1 certification.

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