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Crypto market makers list: 24 firms and 102 people on NAUT

By NAUT Research · · 6 min read

24 Crypto market makers firms whose own sites say they make markets or supply token liquidity. Logos: Wintermute, GSR, DWF Labs, Keyrock, Amber Group, Flowdesk, Caladan, Auros, Kairon Labs, Digital Liquidity Partners, XBTO, Efficient Frontier.

This crypto market makers list names 24 firms whose own websites say they make markets in crypto or supply liquidity for tokens and exchanges. NAUT holds 102 people at 18 of them, and each name below links to the firm's NAUT page.

How this list was built: on 22 October 2026, NAUT read the websites of 49 firms that are tagged as market makers on NAUT or widely described as such, and kept a firm only when its own site, or its own X profile where the site was down, says it makes markets or provides liquidity, and listed 5 OTC desks separately. 20 offer that service to token projects and exchanges, 4 provide liquidity or make markets for their own book, and 5 more turned out to be OTC desks or brokers. The other 20 were left out. 12 do something else, 6 could not be confirmed, and 2 OTC desks were set aside: FalconX, which has 2 unresolved NAUT pages, and Arbelos Markets, which FalconX acquired and whose site is down. The Team column is the team count each firm's NAUT page shows on 22 October; a dash means the page lists no team yet.

Crypto market makers list: which firms offer liquidity to token projects?

These 20 firms say on their own site that they make markets or provide liquidity for tokens, token issuers or exchanges.

Firm What its own site says Team
Liquidity and market making for token issuers and exchanges, with an FCA-registered UK entity and a MAS-licensed Singapore entity 16
Liquidity for token issuers and exchanges plus OTC, 150+ exchange venues, regulated under MiCA in Europe and VARA in Dubai 16
Wealth and asset management, infrastructure and liquidity solutions for projects and institutions 16
Token liquidity, algorithmic trading on exchanges, OTC spot in hundreds of tokens, options and a ventures arm 11
Market making, OTC, treasury management, investment and incubation, and says it has worked with 1,000+ projects 9
Market making, options, OTC and DEX liquidity, since 2017, with 220+ staff 8
Market making on centralised and decentralised exchanges, API liquidity and options OTC, since 2017, 65+ venues 4
Market making for new and existing tokens, designated market making and OTC, partnered with 20+ exchanges 4
Strategic market making and token launch liquidity, 40+ connected venues 3
Market making for Web3 projects through API-key and delta-neutral models, since 2019, 500+ tokens traded 3
Algorithmic market making on centralised venues plus an OTC desk, part of DeFi Technologies (NASDAQ: DEFT) 3
AI market making and treasury building for tokens, operating since 2023, says 120+ clients 2
London firm doing designated market making for token teams, exchanges and onchain venues, 80+ venues 2
High-frequency market making for token projects on order book exchanges, plus advisory, ventures and OTC 1
Institutional market making for crypto projects plus asset management, a subsidiary holds a Bermuda BMA Class F licence 1
Token market management and liquidity with its own algorithms, part of TradeDog Group, says active since 2015 1
In digital assets since 2017: crypto ETP market making, liquidity for crypto projects and exchanges, and OTC -
Market-making support for token projects and liquidity for centralised and decentralised exchanges, based in Antwerp -
Trading technology and liquidity, says 50+ exchanges, 250+ token projects and $10B+ monthly volume -
Quant trading firm whose Market Liquidity Provision service offers market making for protocol tokens and exchanges -
Team on NAUT, the market makers with the most people listed
  1. GSR16
  2. Flowdesk16
  3. Amber16
  4. Wintermute11
  5. DWF Labs9
  6. Keyrock8
  7. Caladan4
  8. DLP4

Which firms on the crypto market makers list trade for their own book?

These 4 firms describe market making or liquidity provision as part of their own trading, with no offer to token projects on the pages NAUT read.

Firm What its own site says Team
Systematic trading and venture firm that provides liquidity across centralised and decentralised exchanges with its own trading 1
Digital asset trading and market making across spot, derivatives and structured products, operating in 7 markets 1
Quantitative trading firm running high-frequency, portfolio and market-making strategies on several exchanges, founded 2014 -
On-chain trading firm providing DeFi liquidity, 160+ protocol and chain integrations -

Which crypto firms on the list are OTC desks or brokers?

These 5 firms trade crypto with clients. Their own sites, on the pages NAUT read, make no claim to market-make for token projects or exchanges.

  • Cumberland, part of DRW, offers institutional OTC liquidity in dozens of cryptocurrencies, plus listed options and futures.
  • Jane Street is a market maker in equities, bonds and ETFs, and runs JCX, a 24/7 digital assets single-dealer platform it launched in 2018.
  • IMC Trading, trading since 1989, has a crypto team that provides spot, perpetuals, futures and options liquidity, on and off chain.
  • ABEX is an agency execution broker for crypto that charges a fee on executed volume, FCA-registered with a London office.
  • Nonco trades crypto and stablecoins with its own capital as a counterparty, and is a BVI-licensed VASP and a FinCEN MSB.

How do founders choose a crypto market maker?

A market maker quotes buy and sell prices for a token on exchanges or onchain venues, so the firm a founder picks affects how the token trades. This is how to choose a crypto market maker with the firms' own pages, in 4 checks a founder can run before a first call:

  1. Read the licence the firm names. Flowdesk names MiCA in Europe and VARA in Dubai, GSR names FCA and MAS entities, XBTO names a Bermuda BMA licence, Caladan names a Cayman Islands registration and Stillman Digital names a FinCEN registration and a Bermuda licence.
  2. Count the venues. The firms quote very different reach: 150+ venues at Flowdesk, 80+ at LO:TECH, 65+ at Caladan, 40+ at Auros and 20+ exchanges at Digital Liquidity Partners.
  3. Ask which model you are buying. Skynet Trading sells API-key market making, where the client can add or withdraw its own capital, and a separate delta-neutral model.
  4. Check the record. Gotbit's X bio still offered market making on 22 October 2026. In June 2025, a US court sentenced the firm to 5 years of probation, during which it "shall cease to exist or operate," and its founder to 8 months in prison for market manipulation, according to the US Department of Justice.
How a founder can shortlist a crypto market maker
  1. ShortlistStart with the 20 firms that say they offer liquidity to token projects, such as GSR, Flowdesk and Wintermute.
  2. Check the licenceAt least 5 of them name a regulator on their own site, such as VARA in Dubai for Flowdesk.
  3. Compare reachVenue counts run from 20+ exchanges to 150+ venues.
  4. Find the right personNAUT lists 102 people at 18 of the 24 market makers.

Crypto market makers list FAQ

Who are the crypto market makers?

As of 22 October 2026, NAUT lists 24 crypto market makers whose own sites say they make markets or supply liquidity, among them GSR, Flowdesk, Wintermute, DWF Labs, Keyrock, Amber Group and Caladan. 20 of the 24 offer that liquidity to token projects and exchanges.

What does a crypto market maker do?

A crypto market maker quotes buy and sell prices for a token on exchanges or onchain venues so that others can trade it. Among the 20 firms on NAUT's list that sell it to token projects, as of 22 October 2026, the service ranges from designated market making on exchanges to token launch liquidity and OTC trading.

How do I choose a crypto market maker?

Check whether the firm names a regulator on its own site, the number of venues it covers and the model it sells, then check its record. On 22 October 2026, 5 of the 20 firms that sell liquidity to token projects named a regulator, and venue counts on the firms' own sites ran from 20+ exchanges at Digital Liquidity Partners to 150+ venues at Flowdesk.

Is Gotbit still a crypto market maker?

Gotbit's X bio still offered market making for tokens on 22 October 2026. In June 2025, a US court sentenced the firm's operating company to 5 years of probation, during which it "shall cease to exist or operate," and its founder to 8 months in prison for market manipulation, according to the US Department of Justice. NAUT does not count the firm among the 24 market makers.

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