In this episode, I welcome Thomas Restout, Groupe CEO of B2C2, for a rigorous and highly technical conversation on crypto « market making » and the structural differences between traditional finance and blockchain-based markets. Unlike many discussions focused on price or retail narratives, this episode goes deep into balance sheet mechanics, risk management, derivatives infrastructure, and capital efficiency.

We discussed:

• How B2C2 works as a « digital asset securities bank » - providing continuous pricing, OTC execution, and derivatives solutions to institutions, exchanges, and token issuers.
• What market making really means in practice: aggregating fragmented liquidity, holding risk temporarily, and matching client flows / just like in FX, but 24/7.
• The full risk stack behind every trade: credit risk, settlement risk, liquidation risk, regulatory risk and why it's more complex than most people think.
• How B2C2 evolved from cross-exchange arbitrage in 2015 into a regulated OTC model built to compete with the world's top HFT firms.
• Why institutional adoption is « overstated » ETF exposure grew fast, but real on-chain adoption (wallets, stablecoins, infrastructure) is moving much slower than expected.
• Why blockchain settlement is a game changer: near-instant settlement reduces credit risk, speeds up balance sheet rotation, and can dramatically cut margin requirements in derivatives.
• How B2C2's trading engine works in practice: streaming prices via API, internalizing flows, and hedging across 50+ venues including ETFs, spot exchanges, perpetual futures, and DeFi.

A dense and highly educational exchange that connects traditional finance expertise with crypto-native infrastructure, and clarifies what truly changes, and what does not, when markets move on-chain.

Useful links:

Thomas Restout: https://www.linkedin.com/in/thomas-restout-b2c2/

B2C2: http://www.b2c2.com

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