Custody & Security
How MPC Custody Works for Institutional Digital Assets
How multi-party computation (MPC) custody works: key shares, threshold signing, tiered warm and cold storage, policy controls, and what institutions should verify.
Stillman Digital Insights
Institutional Digital Asset Markets. Explained for the Desk.
Execution, liquidity, custody, settlement, and regulation, written for trading desks, treasuries, and risk and operations teams that already know RFQ from CLOB.
- Agency Execution
- Basis Points
- Bid-Ask Spread
- Block Trade
- Central Limit Order Book (CLOB)
- Co-Location
- Cold Storage
- Counterparty Risk
- Dark Pool
- Delivery Versus Payment (DvP)
- Digital Asset Business Act (DABA)
- FIX Protocol
- Hot Wallet
- Latency
- Liquidity Provider
- Market Impact
- Market Maker
- Money Services Business (MSB)
Articles
Latest Analysis
Regulation & Compliance
How to Choose an Institutional Crypto Liquidity Provider: A Checklist
A due diligence checklist for choosing an institutional crypto liquidity provider: regulatory status, execution, settlement, custody, connectivity, reporting.
Execution
Slippage and Market Impact in Digital Asset Block Trades
How slippage and market impact arise when institutions trade size, how to measure them against an arrival benchmark, and how RFQ and algorithms limit them.
Settlement
Stablecoin Settlement for Institutional Treasuries: How It Works
How stablecoin settlement works for institutional treasuries: 24/7 cash legs, DvP sequencing, netting, on/off-ramps, and where fiat rails still apply.
Market Structure
What Is a Crypto Market Maker? Role, Mechanics, and What to Evaluate
What a crypto market maker does on centralized venues: two-sided quoting, inventory risk, algorithmic strategies, incentive design, and what issuers should evaluate.
Market Structure
What Is OTC Crypto Trading? How Institutions Execute Block Trades
OTC crypto trading explained for institutions: how desks quote and settle block trades, when OTC beats exchanges, and what to ask a desk before trading size.
Topics
Topic Hubs
Each hub gathers the articles, comparisons, and definitions for one part of institutional digital asset market structure.
Market Structure
OTC Trading and Block Execution
How institutional OTC desks execute digital asset block trades, from RFQ workflows and pricing to settlement and counterparty controls.
Execution
Execution Quality
How institutions measure and improve digital asset execution: slippage, market impact, RFQ versus algorithmic and streaming execution, and post-trade analysis.
Custody & Security
Digital Asset Custody
Institutional custody for digital assets: multi-party computation, multisig, warm and cold storage, key management, withdrawal controls, and audits.
Settlement
Stablecoin Settlement
Stablecoin settlement for institutions: how settlement networks reduce settlement risk, 24/7 treasury operations, on/off-ramping, and how fiat rails compare.
Technology & Connectivity
Trading Connectivity and APIs
How institutions connect to digital asset liquidity: FIX, WebSocket, and REST APIs, co-location in Equinix NY4 and LD4, and automated trading and settlement.
Market Structure
Market Making in Digital Assets
How digital asset market makers provide liquidity on centralized venues: quoting strategies, inventory risk, incentive design, and what issuers should evaluate.
Comparisons
Side by Side
- Cold Storage vs. Warm Wallet for Institutional Custody
Cold storage vs. warm wallet for institutional custody: exposure, signing speed, controls, what belongs in each tier, and how settlement flows move between them.
- FIX vs. REST API for Institutional Crypto Trading
FIX vs. REST API for institutional digital asset trading: session model, recovery, latency, RFQ support, integration effort, and which protocol suits which system.
- MPC vs. Multisig for Institutional Digital Asset Custody
MPC vs. multisig for institutional custody: how each distributes signing control, chain coverage, on-chain visibility, fees, and which fits which program.
Glossary
Precise Definitions
The Publisher
Written by the Firm Behind the Desk
Stillman Digital is an institutional liquidity provider and trading platform for digital assets, delivering deep liquidity and high-quality execution to institutions worldwide. Stillman Digital is registered as a Money Services Business with FinCEN in the United States and FINTRAC in Canada, and Stillman Digital Bermuda Ltd. holds a Class M license under Bermuda's Digital Asset Business Act.