From 2023 to 2026, from Hong Kong to a world stage, establishments from world wide convened as soon as once more. As the subsequent decade of digital belongings unfolds, LTP seems forward alongside the business.
What does it really feel like to watch—at shut vary—the front-line pulse of digital belongings and conventional finance (TradFi) amid market volatility?
On February 9, 2026, Liquidity 2026, the annual flagship institutional digital asset summit hosted by LTP Hong Kong, concluded efficiently in Hong Kong. Now in its fourth consecutive yr, the occasion as soon as once more introduced collectively senior representatives from hedge funds, market makers, high-frequency buying and selling corporations, household workplaces, asset managers, exchanges, custodians, banks, and know-how service suppliers, marking one other milestone within the accelerating convergence of digital belongings and conventional monetary markets.
All through the full-day agenda, the summit featured keynote addresses, hearth chats, and in-depth roundtable discussions. Audio system and members engaged in rigorous exchanges across the evolution of the worldwide monetary system, the rise of tokenization, and the fast integration of multi-asset ecosystems—exploring what new alternatives and new paradigms could emerge as institutional adoption deepens.
Because the summit drew to a detailed, a transparent consensus emerged throughout various views: at a turning level within the reshaping of the worldwide monetary panorama, infrastructure improvement, regulatory dialogue, and cross-institutional collaboration would be the essential variables shaping the business’s sustainable progress.
This was not merely a discussion board for concepts, however a defining step within the digital asset business’s development towards standardization, institutionalization, and mainstream relevance.
Full Agenda Highlights and Key Takeaways
At Liquidity 2026, LTP convened world consultants to look at the way forward for institutional digital asset markets via a number of lenses—together with core infrastructure, liquidity connectivity, tokenization, and rising market paradigms.
Multi-Asset Buying and selling and Market Convergence: Compatibility and Resilience
Contributors broadly agreed that crypto belongings are more and more being redefined as a core asset class that should be built-in into institutional portfolio administration frameworks, fairly than handled as a standalone different market. Stephan Lutz, CEO of BitMEX, famous that CIOs can not afford to disregard this asset class. As establishments formally incorporate digital belongings into allocation frameworks, the design logic of buying and selling programs is shifting—from pursuing peak efficiency to enabling seamless integration inside present governance constructions, API architectures, and threat controls.
System resilience was repeatedly emphasised. Tom Higgins, Founder and CEO of Gold-i, remarked throughout a roundtable that system design should assume failure as inevitable, with redundancy and survivability achieved via multi-venue aggregation. At a macro stage, regulatory fragmentation stays a key impediment to world market interoperability; with out cross-jurisdictional alignment, real multi-asset convergence will stay constrained.
The New Settlement Layer: Clearing, Custody, and Interoperability
Discussions round settlement and custody pointed to a transparent route: custodians are evolving from passive asset safekeeping towards changing into a core infrastructure layer supporting clearing, settlement, and threat administration. As institutional participation grows, custody is not seen solely as a compliance requirement, however as a essential nexus connecting regulatory certainty with operational scalability.
The definition of belief can also be evolving. Ian Loh, CEO of Ceffu, emphasised that belief should be embedded in executable on-chain mechanisms, with belongings producing tangible yield via collaboration between custodians and prime brokers. The significance of mature third-party know-how has turn into more and more evident. Amy Zhang, Head of APAC at Fireblocks, highlighted the business’s rising reliance on established infrastructure suppliers, noting that Europe is rising as a strategic hub for institutional digital belongings because of its regulatory readability and infrastructure maturity.
Technological redundancy was extensively seen as important to mitigating systemic disruptions. As Darren Jordan, Chief Industrial Officer at Komainu, noticed, the way forward for custody lies in asset usability—shifting the core query from whether or not belongings are safely saved as to whether they are often securely and reliably mobilized.
Rebuilding Infrastructure and the Value of Knowledge
Johann Kerbrat, SVP and GM of Robinhood Crypto, shared how Robinhood is evolving from a crypto buying and selling platform right into a general-purpose monetary infrastructure supplier, leveraging blockchain to re-architect funds, settlement, and conventional asset buying and selling—whereas abstracting complexity away from the tip consumer.
In his view, TradFi’s core bottleneck stays settlement effectivity, typically working at T+1 or longer, whereas crypto-native programs supply 24/7 availability, near-instant transfers, and composability that materially cut back capital prices and counterparty threat. Inside regulatory frameworks, Robinhood is advancing fairness tokenization on a completely collateralized, 1:1 foundation, anticipating that tokenization will broaden past stablecoins into equities, ETFs, and personal markets. The central problem, he argued, lies not in know-how, however in regulatory implementation and collective adoption.
Cory Bathroom, Head of APAC at Pyth Community, described market information as a structurally underappreciated business—producing over $50 billion in annual income, with information prices rising greater than 15-fold over the previous 25 years. The true price, he famous, stems not from data asymmetry, however from information high quality, which in the end determines whether or not merchants obtain finest execution.
Pyth Community goals to reconstruct conventional information pipelines by bringing worth inputs immediately from buying and selling corporations and exchanges right into a shared worth layer, which is then redistributed to establishments at increased high quality and decrease price with millisecond-level multi-asset updates. Bathroom disclosed that Pyth Professional attracted over 80 subscribers inside two months of launch, attaining greater than $1 million in ARR in its first month. The undertaking additionally plans to implement a value-capture mechanism whereby subscription income flows right into a DAO, which repurchases tokens and builds long-term reserves.
Institutional Capital Allocation: From Hypothesis to Systematic Publicity
A notable shift in capital allocation is underway. Institutional capital is rotating away from narrative-driven belongings towards devices with clear demand drivers and regulatory visibility. Fabian Dori, CIO of Sygnum, noticed that as metaverse narratives pale, establishments have refocused on leveraging sensible contracts for value-chain integration and course of automation. Threat administration has more and more displaced return hypothesis as the first screening criterion.
Tokenization is extensively anticipated to drive structural, fairly than incremental, change—however scale will rely on demonstrable consumer demand fairly than technological functionality alone. Curiosity in index-based and structured merchandise is rising, and Giovanni Vicioso, World Head of Cryptocurrency Merchandise at CME Group, famous that the long run market panorama will doubtless be outlined by the coexistence of a number of applied sciences and market constructions.
Buying and selling Convergence: Bridging Liquidity, Pricing, and Threat
In discussions on liquidity and threat administration, members centered on system stability throughout excessive market circumstances. Jeremi Lengthy, CIO of Ludisia, highlighted how infrastructure upgrades have materially improved execution high quality, whereas emphasizing that threat administration should be designed for worst-case situations.
Enhancing cross-venue capital effectivity was recognized as a key resolution to fragmented capital deployment. Collaborative fashions between exchanges and custodians—enabling shared capital swimming pools—are more and more being explored. On this context, transparency has turn into paramount. Giuseppe Giuliani, Vice President of Kraken’s Institutional group, confused that liquidity is determined by dangers being clearly priced, and that change transparency and operational stability immediately affect market-maker participation.
Constructing Institutional Rails for the Digital Asset Financial system
On the institutional and infrastructure stage, a number of case research counsel a shift from proof-of-concept to real-world deployment. Stablecoin pilots in insurance coverage and funds display the tangible effectivity positive aspects of on-chain settlement. Some establishments at the moment are exploring migrating flagship merchandise immediately on-chain to entry broader world liquidity.
System stability is more and more seen as a type of income safety. Zeng Xin, Senior Web3 Options Architect at AWS, famous that stability capabilities as “earnings insurance coverage,” with cloud infrastructure offering the resilience and elasticity required for digital markets. In the meantime, conventional regulatory frameworks proceed to impose structural constraints on capital allocation. Sherry Zhu, World Head of Digital Property at Futu Holdings Restricted for Futu Group, emphasised that belief and comfort signify core alternatives for brokerage platforms, whereas acknowledging the capital constraints imposed by frameworks reminiscent of Basel. Balancing compliance, privateness, and custody stays a essential threshold for institutional participation in DeFi.
All the things as Collateral: RWA, Stablecoins, and Tokenized Credit score
Debates round whether or not tokenized belongings can function core collateral are shifting from idea to follow. In contrast with conventional constructions, on-chain collateral—enabled by 24/7 settlement—is best suited to satisfy sudden margin necessities in derivatives markets. Nonetheless, authorized readability stays the figuring out issue.
Chetan Karkhanis, SVP at Franklin Templeton, emphasised the significance of selecting natively on-chain asset constructions fairly than digital replicas, guaranteeing a single supply of authorized reality. Regulatory classification and its influence on capital necessities are equally essential. Establishments evaluating tokenized collateral are inclined to deal with 4 dimensions: authorized possession, operational threat, custody preparations, and liquidity depth.
Past the Hype: The place the Business Goes Subsequent
Because the summit concluded, members converged on a shared view: tokenization alone doesn’t represent a aggressive benefit. The true differentiator lies in whether or not it delivers measurable enhancements throughout reserves, buying and selling, or settlement.
Erkan Kaya, CEO of ABEX, instructed that tokenization has the potential to completely take in conventional finance into crypto-native programs, with a tipping level more likely to emerge over the subsequent decade. As regulatory credentials, system stability, and consumer expertise turn into decisive components, the evolution of monetary infrastructure seems irreversible. Digital belongings are not a peripheral complement to TradFi, however a pressure more and more able to reshaping its working logic and energy constructions.
Moses Lee, Head of APAC at Anchorage Digital, summarized the sentiment succinctly: tokenization doesn’t equal success—its worth is determined by delivering clear useful benefits in reserves, buying and selling, or settlement.
Closing Ideas
For LTP, the business’s transition right into a extra mature section—marked by the fading of hype—additionally represents the optimum second for infrastructure, compliance, and sustainable innovation to take root. We stay firmly satisfied that lasting worth creation resides within the foundational programs that quietly help market operations.
From 2023 to 2026, from regional markets to a world perspective, LTP has remained dedicated to observing, documenting, and actively taking part within the structural, institutional, and regulatory evolution of the digital asset business. The profitable conclusion of Liquidity 2026 marks one other significant milestone in our long-term effort to advance the combination of digital belongings and TradFi.
Wanting forward, LTP will proceed to speculate closely in ecosystem improvement—championing extra resilient infrastructure and extra open collaboration—to assist form the subsequent decade of digital belongings.
With infrastructure build-out, regulatory engagement, and cross-institutional collaboration converging, a more healthy, extra skilled, and more and more mainstream digital asset period is taking form.
Whereas Liquidity 2026 has simply concluded, the marathon towards deep digital asset–TradFi integration is just getting into its second half. As a long-term participant and observer, LTP will proceed to dedicate sources to ecosystem constructing and business dialogue, serving to to usher within the subsequent decade of digital belongings.
