Where TradFi Meets Crypto

In a special episode of Deribit’s Crypto Options Unplugged recorded at Token2049 in Dubai, host Imran Lakha gathered three influential voices from the intersection of traditional finance and digital assets: Max Boonen (PV01), Thomas Restout (B2C2), and Samar Sen, Head of APAC at Talos. The panel delved into the ongoing evolution of crypto market structure, the role of institutional-grade infrastructure, and how tokenization is reshaping capital markets. Samar Sen’s contributions offered a particularly sharp lens into how infrastructure players like Talos are helping to drive this transformation.

Watch the episode:

What does Talos provide for institutional crypto traders?

As institutions enter the digital asset space, the demand for mature trading infrastructure has skyrocketed. Samar outlined Talos’s central role in this evolution:

• “We are the leading provider of digital asset trading infrastructure to focus on the buy side and the sell side… You want that professional toolkit because you’re trading massive volumes.” -- Samar Sen
  

Talos provides an institutional-grade platform that aggregates liquidity across exchanges and OTC desks (including partners like Deribit and B2C2), offering best execution algorithms, risk and portfolio management tools, and analytics. This toolkit replicates the expectations of traditional finance, making the leap to crypto more feasible for asset managers, hedge funds, and brokers.

Will all asets eventually trade on blockchain infrastructure?

As the panel discussion turned to the rise of on-chain credit instruments and tokenized bonds, Samar emphasized the transformational potential of blockchain technology beyond just speculative assets:

• “We are very bullish on all assets going onto digital asset rails in the future. We really believe in that.”
  

He elaborated on Talos’s vision of integrating with any venue that offers secondary markets for tokenized assets—be they real estate, fixed income, or even alternative assets like whiskey or art. While such developments are still in early stages, Talos is preparing for a future where diverse portfolios of tokenized assets are traded with the same ease as Bitcoin or Ethereum.

What’s holding back the tokenization of capital markets?

Samar acknowledged the complexity of getting from innovation to broad adoption. Building a functioning on-chain capital market involves numerous interdependent steps:

1. Brave issuers willing to explore tokenized fundraising.
2. Tokenization standards that promote interoperability.
3. Blockchain selection based on performance and regulation.
4. Primary issuance platforms to distribute the tokens.
5. Secondary markets for trading.
6. Regulatory clarity across jurisdictions.
   

As he put it:

• “Until that whole chain comes alive, which requires a lot of global cooperation… we only have small bits happening. But the tech is there, and it’s a very exciting time.”
  

How is Talos preparing for the next wave of institutional demand?

While Max Boonen and Thomas Restout explored the structural limitations and innovations in crypto credit markets, Sen grounded the discussion in the practical realities of integration. Talos is ready to onboard the next wave of institutional clients who demand familiarity, efficiency, and security in the products they trade.

• “Yes, from a Talos perspective, we will integrate with any venue that will start offering secondary markets trading on these issuances.”
  

Samar's view reflects an industry at the cusp of transformation, where infrastructure providers play a pivotal role in unifying fragmented markets and enabling new financial primitives to scale.

Conclusion

Samar Sen’s insights during this episode reinforced Talos’s position as a foundational layer in the digital asset ecosystem. By marrying institutional standards with cutting-edge tokenization developments, Talos is helping redefine how capital markets will operate in the coming years. As the crypto space matures, infrastructure—not speculation—may prove to be the most disruptive force of all.