From 2023 to 2026, from Hong Kong to a worldwide stage, establishments from world wide convened as soon as once more. As the following decade of digital property unfolds, LTP seems to be forward alongside the business.
What does it really feel like to watch—at shut vary—the front-line pulse of digital property 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 companies, household workplaces, asset managers, exchanges, custodians, banks, and know-how service suppliers, marking one other milestone within the accelerating convergence of digital property 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 speedy integration of multi-asset ecosystems—exploring what new alternatives and new paradigms could emerge as institutional adoption deepens.
Because the summit drew to an in depth, a transparent consensus emerged throughout various views: at a turning level within the reshaping of the worldwide monetary panorama, infrastructure growth, regulatory dialogue, and cross-institutional collaboration would be the important variables shaping the business’s sustainable development.
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 specialists 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 property 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 property into allocation frameworks, the design logic of buying and selling methods is shifting—from pursuing peak efficiency to enabling seamless integration inside current governance buildings, 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 degree, 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 path: custodians are evolving from passive asset safekeeping towards turning 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 important 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 property producing tangible yield via collaboration between custodians and prime brokers. The significance of mature third-party know-how has turn out to be 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 property attributable to its regulatory readability and infrastructure maturity.
Technological redundancy was broadly 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 property are safely saved as to whether they are often securely and reliably mobilized.
Rebuilding Infrastructure and the Value of Information
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 methods provide 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 increase 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 Lavatory, 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 info asymmetry, however from information high quality, which finally determines whether or not merchants obtain greatest execution.
Pyth Community goals to reconstruct conventional information pipelines by bringing worth inputs instantly from buying and selling companies and exchanges right into a shared worth layer, which is then redistributed to establishments at larger high quality and decrease price with millisecond-level multi-asset updates. Lavatory disclosed that Pyth Professional attracted over 80 subscribers inside two months of launch, reaching greater than $1 million in ARR in its first month. The challenge 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 property towards devices with clear demand drivers and regulatory visibility. Fabian Dori, CIO of Sygnum, noticed that as metaverse narratives light, 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 broadly anticipated to drive structural, fairly than incremental, change—however scale will rely upon demonstrable shopper demand fairly than technological functionality alone. Curiosity in index-based and structured merchandise is rising, and Giovanni Vicioso, International Head of Cryptocurrency Merchandise at CME Group, famous that the longer term market panorama will seemingly be outlined by the coexistence of a number of applied sciences and market buildings.
Buying and selling Convergence: Bridging Liquidity, Pricing, and Threat
In discussions on liquidity and threat administration, members targeted on system stability throughout excessive market situations. 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 out to be paramount. Giuseppe Giuliani, Vice President of Kraken’s Institutional group, careworn that liquidity is determined by dangers being clearly priced, and that alternate transparency and operational stability instantly affect market-maker participation.
Constructing Institutional Rails for the Digital Asset Economic system
On the institutional and infrastructure degree, a number of case research counsel a shift from proof-of-concept to real-world deployment. Stablecoin pilots in insurance coverage and funds show the tangible effectivity good points of on-chain settlement. Some establishments at the moment are exploring migrating flagship merchandise instantly 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 “revenue 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, International Head of Digital Belongings at Futu Holdings Restricted for Futu Group, emphasised that belief and comfort symbolize core alternatives for brokerage platforms, whereas acknowledging the capital constraints imposed by frameworks comparable to Basel. Balancing compliance, privateness, and custody stays a important threshold for institutional participation in DeFi.
All the pieces as Collateral: RWA, Stablecoins, and Tokenized Credit score
Debates round whether or not tokenized property can function core collateral are transferring from idea to apply. In contrast with conventional buildings, on-chain collateral—enabled by 24/7 settlement—is healthier suited to fulfill 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 buildings fairly than digital replicas, making certain a single supply of authorized fact. Regulatory classification and its impression on capital necessities are equally important. Establishments evaluating tokenized collateral are inclined to concentrate on 4 dimensions: authorized possession, operational threat, custody preparations, and liquidity depth.
Past the Hype: The place the Trade 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, advised that tokenization has the potential to totally take in conventional finance into crypto-native methods, with a tipping level more likely to emerge over the following decade. As regulatory credentials, system stability, and consumer expertise turn out to be decisive components, the evolution of monetary infrastructure seems irreversible. Digital property are not a peripheral complement to TradFi, however a drive more and more able to reshaping its working logic and energy buildings.
Moses Lee, Head of APAC at Anchorage Digital, summarized the sentiment succinctly: tokenization doesn’t equal success—its worth is determined by delivering clear purposeful benefits in reserves, buying and selling, or settlement.
Closing Ideas
For LTP, the business’s transition right into a extra mature part—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 methods that quietly assist market operations.
From 2023 to 2026, from regional markets to a worldwide 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 property and TradFi.
Wanting forward, LTP will proceed to take a position closely in ecosystem growth—championing extra resilient infrastructure and extra open collaboration—to assist form the following decade of digital property.
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 property.
