What happens when one of the world’s largest interdealer brokers builds a digital assets arm from the ground up? In this episode of The Flow, Konstantin Shulga, CEO of Finery Markets, welcomes Duncan Trenholme, Managing Director and Global Co-Head of Digital Assets at TP ICAP, to explore how crypto is reshaping institutional market structure.
From his early days broking equities to leading TP ICAP’s digital push, Duncan shares how crypto has evolved from a retail-driven phenomenon into what he calls the Trojan horse for blockchain adoption. The conversation spans custody, prime brokerage, tokenization, and the rise of stablecoins as the most successful real-world use case to date.
They also discuss whether crypto markets will consolidate or fragment further, why voice trading still matters in an electronic-first world, and how post-trade innovation could become the most transformative breakthrough of all.
About Finery Markets
Finery Markets, a premier non-custodial crypto ECN, provides cutting-edge trading infrastructure for institutional players in over 40 countries. We seamlessly connect clients across LATAM, North America, Europe, Asia, and Africa. Our goal is to power trading technology behind world’s leading brokers, exchanges, OTC desks, payment providers and custodians. Since our launch in 2019, we have been growing our ecosystem, serving 100+ digital asset players, including payment providers, brokers, OTC desks, hedge funds, and custodians. We connect digital asset players and provide them with seamless access to a vast network of partners, enabling them to navigate their operations smoothly and efficiently.
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