Crypto market makers are collectively changing as making money gets harder and harder

▤ Summary

This article explains how major crypto market makers are broadening their businesses as trading margins shrink and regulation tightens. GSR is moving toward a Web3 investment banking model by adding broker-dealer capabilities, acquisitions, ETF products, and tokenization investments. Other firms like Keyrock, B2C2, Wintermute, and DWF Labs are also expanding into compliance, asset management, prediction markets, and tokenized assets. The shift signals that market makers now need broader institutional, regulated, and multi-product capabilities to stay competitive.

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