Navigating the Future of Crypto Markets

At Consensus 2025, Tim Kwok, Head of Americas Sales at Talos, joined Ambre Soubiran, CEO of Kaiko, and moderator Chris Tyrer of Bullish for a compelling discussion titled “Navigating the Future of Crypto Markets.” The panel explored the evolution of market participants, institutional adoption, tokenization, DeFi infrastructure, and the growing importance of derivatives.

Watch the panel discussion:

Evolution of market participation

Tim Kwok opened by charting the journey of Talos since 2018. Initially serving crypto-native hedge funds and arbitrageurs, Talos has witnessed a surge in institutional participation—both from the buy-side (hedge funds, asset managers, family offices) and sell-side (retail brokers, payment apps).

• “What we’ve seen now… is that businesses want to look at their equity risk, fixed income, and crypto risk all in one place.” — Tim Kwok
  

He emphasized the growing need for risk and compliance tools as crypto goes mainstream, particularly among retail-facing financial platforms.

Bridging traditional finance and crypto infrastructure

As institutions explore crypto, Tim highlighted the need for modular infrastructure that integrates seamlessly with legacy systems.

• “They’ve been operating for 25 years. The system works how it works. It’s like moving a battleship.”

Crypto-native firms can build everything end-to-end within Talos, while traditional asset managers selectively integrate pre-trade, execution, and post-trade functions to retain their operational edge.

This flexibility is key to onboarding traditional finance firms without overhauling their architecture.

DeFi access and tokenization: Emerging frontiers

The panel also delved into DeFi’s growing share of global crypto liquidity. Tim spoke about Talos’s ability to provide institutional access to DeFi through features like TWAP strategies on platforms such as Uniswap.

• “We allow access to DEX liquidity at scale, with advanced execution strategies on top.”

However, he acknowledged the operational and compliance challenges that still hinder broader institutional DeFi adoption.

Regarding tokenization, Tim echoed optimism but emphasized the need for regulatory clarity and infrastructure development. Both he and Ambre agreed that real promise lies in on-chain financial applications, not just tokenization.

The rise of crypto derivatives and structured products

Looking ahead, Tim projected strong growth in crypto derivatives and structured products, predicting they may surpass spot markets in volume and sophistication.

• “As larger institutions look to hedge their liquidity, spot exposure alone isn’t enough. Derivatives offer capital efficiency and deeper liquidity.”
  

This trend reflects a broader maturation of crypto markets, where institutions seek hedging and alpha generation tools similar to traditional finance.

Final thoughts: Building towards the next wave

From ETF-driven adoption to the DeFi compliance challenge and the promise of tokenized products, the panel showcased a rapidly evolving landscape where infrastructure, risk tooling, and smart integration will define the next phase.

Talos, through its end-to-end modular approach, stands ready to enable institutional engagement across centralized and decentralized ecosystems—making crypto more accessible, secure and strategic.