Launching a Perpetuals Exchange: Build, License, or White-Label
Key Takeaways Perpetual futures are the largest product in crypto trading. Global perps volume reached $61.7 trillion in 2025, with centralized exchanges still handling the majority of activity. The hard part is the risk engine, not the order book. Margin, mark price, funding, liquidation, and insurance fund logic must work together under stress, 24 hours […]
Setting Up an Institutional OTC Desk: Infrastructure, Licensing, and Workflow
Key Takeaways Institutional flow is shifting off public order books. Institutional spot OTC volume grew 109% in 2025 while the top 20 centralized exchanges grew 9%, and OTC maintained momentum through 2026 as public exchange volume declined. Stablecoins dominate bilateral settlement. Stablecoins accounted for 78% of institutional OTC volume in 2025, up from 26% in […]
What is a VASP? Virtual Asset Service Provider Licensing Guide 2026
Key Takeaways A VASP is defined by activity, not by label. Any business that exchanges, transfers, holds, or issues virtual assets on behalf of others falls under the definition, even if it describes itself as a technology platform. Licensing is now the default in major markets. Regulatory grace periods have closed. In the European Union, […]
ERC-4337 Account Abstraction Explained for Fintech Builders
Key Takeaways ERC-4337 turns the wallet into a programmable smart account. Signature schemes, spending limits, recovery rules, and gas logic move out of an immutable private key into customizable contract logic. ERC-4337 runs without a change to Ethereum’s core protocol. UserOperations, bundlers, a shared EntryPoint contract, and paymasters build on top of existing infrastructure, live […]
