Market makers and liquidity providers (list, review, rating)

Each year at Empirica we meet with well over a hundred token projects with respect to building liquidity of their tokens on crypto exchanges. And because many of them are eager to know more about our industry during our talks and studying materials on our website, they often ask us, ‘who are some of the other market makers and your competitors?

As we do not want to shy away from being honest about our competition, here is a small list of some of the companies that have a history in the crypto market making space.


Crypto powerhouse, with over 300 hundred people onboard (as of mid-2022). From market making, GSR expanded to other areas such as venture capital and OTC trading serving big names in the industry. Similarly to us, GSR also developed all their trading software in-house. 

Wintermute Trading

Wintermute is another crypto market making giant, that experienced rapid growth last year, and similarly as GSR expanded to other areas like OTC and venture capital. Wintermute additionally has also built its own decentralized exchange (Bebop). 

Again, Wintermute, like GSR and us, has built its trading systems with its own development team. Seems like this is the way to go if you want to give your customers a competitive advantage. 

Virtu Financial Inc.

Virtu has been operating since 2008 and employs over 900 people. They are not like Wintermute or GSR crypto native but come from traditional finance and over a year ago, they come into crypto. This fact is also a sign of the growing adoption of crypto and means that large companies from Wall Street are becoming our competition and we will not be bored.

See also  Different types of Cryptocurrency

They make the markets on largest coins on the largest exchanges, we are not sure if they are also in altcoins and defi, but what we really like about Virtu, and why we write about them here, is that the company is public. No, they don’t have a token, but they are listed on the Nasdaq exchange. This gives a lot of credibility because their financial statements for years are open and transparent. This is truly an example of a well-organized business that many scaling companies can learn a lot from in new finance. Imagine such transparency of companies with the use of blockchain. Why are we not moving faster in this direction as an industry?

Jump Crypto

Jump Crypto and Jump Trading jointly employ over 1,200 people. Jump is a behemoth from Wall Street, founded in 1999, whose story began at CME. They also have a venture capital branch of Jump Capital.


There are many smaller companies in the market making area, but we do not yet have enough reliable information from their current or former clients about the quality of their services, and we were hesitant to review them here. But surely once gather more credible information we’ll be expanding this list, so please check it from time to time.