1 min. read
Flow Traders: Running 24/7 Institutional Market Making at Scale
Benefits at a glance
API-driven automation replaced fragmented, manual workflows
Unified wallet management greatly reduced operational complexity
Clear, consistent governance boundaries across multiple trading desks
Flow Traders is one of the world’s leading electronic market makers on more than 180 exchanges and venues globally. Active in crypto since 2017 and the #1 liquidity provider in crypto ETPs (Exchange-Traded Products) worldwide, the firm set out to bring the full institutional discipline of traditional finance into a market that had historically lacked it. Flow Traders has built an institutional-grade infrastructure focused on security, governance, and automation, enabling 24/7 digital asset market making at scale.
From ETP Specialist to Global Liquidity Provider
Flow Traders entered crypto in 2017 as one of the first traditional finance institutions to do so systematically. Digital asset markets were fragmented, spreads were wide, and most participants lacked the institutional infrastructure to trade at scale. Flow Traders had the quantitative toolkit and the regulatory standing to operate differently. What it needed was the right operational foundation to match.
The digital asset markets Flow Traders serves have since reached an inflection point. The introduction of spot Bitcoin and Ethereum ETPs in the U.S. in 2024 validated crypto as a legitimate asset class for institutional allocators, catalyzing a new wave of product development and partnership activity. In Europe, a clearer regulatory framework has emerged for digital asset issuance and service provision. With a comprehensive global licensing footprint, Flow Traders is uniquely positioned to meet institutional compliance standards across major markets simultaneously.
Building the Infrastructure That Institutional Market Making Demands
When Flow Traders began scaling its digital asset operations, the available infrastructure did not match the operational standards the firm applied everywhere else. Assets were spread across exchange accounts and wallets. Governance relied on manual oversight. Settlement and treasury activity required bespoke processes for each venue and chain.
Flow Traders moves large amounts of value at high speed, across a wide range of venues, assets, and counterparties. In that environment, fragmentation creates operational exposure, not just inefficiency. For a publicly listed financial institution, the cost of mistakes, whether through security incidents, human error, or failed processes, extends well beyond the immediate transaction. The firm needed a scalable operating framework that could consolidate the complexity without sacrificing the speed that market making demands.
“Fireblocks stood out early as a well-connected, institutional-grade platform. Its ability to scale with our volumes while maintaining high standards on security and operational resilience made it a natural choice for our setup.”
ARNO VEENSTRA
Digital Assets Operations Lead
From Manual Workflows to API-Driven Operations
The evolution of Flow Traders’ digital asset infrastructure integration over six years reflects the
broader maturation of the firm’s digital asset operations. In the early stages when volumes were
smaller, the platform was accessed primarily through the web interface. Today, most
functionality runs through the API, embedded directly into Flow Traders’ internal trading and
operations systems.
Role-based access controls and approval frameworks define governance across the structure,
defining precisely who can view, initiate, or approve activity in each area. Approval thresholds
are calibrated so that routine flows move efficiently while higher-risk actions receive additional
human oversight. The result is a governance framework that applies institutional standards
consistently, across desks and regions, without creating friction in day-to-day operations.
Operating across CEX, DEX, and ETP venues means Flow Traders manages wallets, policies,
and connectivity across a large and growing number of chains, each with its own operational
characteristics. Managing that complexity in a fragmented way is not an option at institutional
scale.
Unifying wallet management and policy enforcement across the operating environment, and
integrating those components into internal systems through the API, gives the operations team
a consistent overview across the full chain and venue footprint. Fewer bespoke processes mean
fewer points of operational failure.
Digital assets are inherently global. Once Flow Traders had a control framework that worked,
the priority was being able to apply the same standards, policies, and operating model across
new regions and counterparties without starting from scratch.
“Fireblocks sits naturally within our operating model. The team spends less time interacting with the platform directly and more time on monitoring, exceptions and higher-value operational work. That’s a sign that the infrastructure is integrated the way it should be.”
ARNO VEENSTRA
Digital Assets Operations Lead
Tokenized Assets and 24/7 Markets: The Next Phase
The convergence of traditional finance and digital assets is accelerating. Flow Traders recently launched an OTC offering with 24/7 liquidity for tokenized money market funds, equities, and commodities, a direct expression of the firm’s view that on-chain and off-chain markets are integrating, not competing.
The existing infrastructure will remain part of that expansion, extending the same security, automation, and governance controls already applied in digital assets to a broader range of tokenized real-world assets and settlement flows.
“As Flow Traders expands further into tokenized assets and 24/7 trading, Fireblocks remains part of the operational infrastructure that helps us support continuous institutional liquidity in a secure and scalable way.”
ARNO VEENSTRA
Digital Assets Operations Lead
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