Knowledge Base
Institutional Digital Asset Trading Resources
Comprehensive Guides
Each guide is a deep dive into a critical area of institutional digital asset infrastructure, written for professional trading teams and technology decision-makers.
Smart Order Routing for Digital Assets
How smart order routing works across 50+ digital asset venues to reduce slippage and achieve best execution for institutional crypto trades.
Crypto Market Making Services for Institutional Market Makers
Evaluate crypto market making services for market makers: venue connectivity, quoting automation, hedging, risk controls, and Mercury Pro infrastructure.
Crypto Prime Broker Services for Institutional Digital Asset Desks
Compare crypto prime broker services for institutional desks: execution, liquidity access, custody connectivity, settlement, risk, and reporting.
Institutional RWA Tokenization Platform Guide
RWA tokenization platform guide for issuers: compare compliance, custody, DvP settlement, secondary trading, and marketplace infrastructure.
OTC Crypto Trading: RFQ, Block Trades, and Settlement
What OTC crypto trading is, when institutions use RFQ and block workflows, how settlement works, and how electronic platforms differ. Read the guide.
Alternative Trading System Platforms: ATS Rules, Venue Types, and Digital Asset Market Structure
What an alternative trading system is, how ATS platforms differ from exchanges, dark pools, and RFQ venues, and how tokenized securities settle.
The Institutional Trading Stack for Digital Assets
What separates a professional institutional digital asset trading stack from a retail-grade skin. A guide for trading, compliance, and engineering teams.
Article Library
All Articles
Supporting articles and deep dives on specific topics within each pillar.
Smart Order Routing for Digital Assets
How smart order routing works across 50+ digital asset venues to reduce slippage and achieve best execution for institutional crypto trades.
4 articles
Smart Order Routing for Digital Assets
How smart order routing works across 50+ digital asset venues to reduce slippage and achieve best execution for institutional crypto trades.
Smart Order Routing in Crypto vs. Traditional Finance
A detailed comparison of how SOR differs in digital asset markets versus equities, fixed income, and FX.
Read articleBest Execution in Crypto: Obligations, Practices, and Technology
How institutional firms can meet emerging best execution obligations in digital asset markets.
Read articleCrypto Execution Algorithms: A Practical Guide
An in-depth look at TWAP, Sweep, Chase, and other execution algorithms used in institutional crypto trading.
Read articleCrypto Execution Management System (EMS)
What an EMS does on a digital asset desk, how it differs from an OMS, and how to compare providers.
Read articleCrypto Market Making Services for Institutional Market Makers
Evaluate crypto market making services for market makers: venue connectivity, quoting automation, hedging, risk controls, and Mercury Pro infrastructure.
3 articles
Crypto Market Making Services for Institutional Market Makers
Evaluate crypto market making services for market makers: venue connectivity, quoting automation, hedging, risk controls, and Mercury Pro infrastructure.
AMMs vs. Traditional Market Making in Crypto
How automated market makers on DeFi protocols compare to traditional order book market making, and where each approach excels.
Read articleHow Institutional Crypto Liquidity Provision Works
A deep dive into the infrastructure, capital requirements, and operational workflows behind institutional liquidity provision in digital asset markets.
Read articleHow to Become a Crypto Market Maker
An educational guide covering the skills, technology, capital, and regulatory knowledge required to operate as a market maker in digital assets.
Read articleCrypto Prime Broker Services for Institutional Digital Asset Desks
Compare crypto prime broker services for institutional desks: execution, liquidity access, custody connectivity, settlement, risk, and reporting.
5 articles
Crypto Prime Broker Services for Institutional Digital Asset Desks
Compare crypto prime broker services for institutional desks: execution, liquidity access, custody connectivity, settlement, risk, and reporting.
Institutional Crypto Trading Platforms: A Comparison
How AlphaPoint, B2Broker, Talos, and Liquid Mercury compare across architecture, execution, OTC automation, custody, and RWA support.
Read articleInstitutional Crypto Trading Infrastructure: Key Components for Trading Desks
A detailed breakdown of the technology components institutional desks need for digital asset trading, from connectivity and order management to risk controls.
Read articleCrypto Custody Solutions: An Institutional Guide
How institutional custody works in digital assets, comparing BitGo, Fireblocks, Gemini Custody, and other qualified custodians across security, compliance, and integration.
Read articleDigital Asset Prime Services: The Landscape in 2026
An overview of the prime services landscape in crypto, covering how execution, custody, financing, and reporting are converging into unified institutional platforms.
Read articleCrypto Prime Brokerage Risk Management
How desks monitor counterparty, custodian, venue and market risk, and the controls that limit exposure.
Read articleInstitutional RWA Tokenization Platform Guide
RWA tokenization platform guide for issuers: compare compliance, custody, DvP settlement, secondary trading, and marketplace infrastructure.
12 articles
Institutional RWA Tokenization Platform Guide
RWA tokenization platform guide for issuers: compare compliance, custody, DvP settlement, secondary trading, and marketplace infrastructure.
MERC, Explained: The Access Token of Mercury RWA
What the MERC token is, how it connects participants to six tokenized asset classes on Mercury RWA, its tokenomics, and its MiCA white paper.
Read articleBest RWA Trading Platforms for Institutional Asset Issuers
A 2026 comparison of Mercury RWA, Securitize, tZERO, and Talos for institutional asset issuers building secondary markets.
Read articleRWA Tokenization Companies: Landscape of Key Players in 2026
Comprehensive overview of the companies driving RWA tokenization, from infrastructure providers to issuers and marketplaces.
Read articleWhat Is RWA Tokenization? A Beginner's Guide
Clear, accessible explanation of how real-world asset tokenization works and why it matters for investors and asset owners.
Read articleTokenized Securities Marketplace: How Secondary Markets Work
Deep dive into the infrastructure, mechanics, and participants that make secondary markets for tokenized securities function.
Read articleThe RWA Tokenization Process, Step by Step
The RWA tokenization process in seven steps: legal structure, token standard, custody, KYC, issuance, trading and settlement, plus who owns each step.
Read articleTokenized Treasuries: How They Work
Tokenized treasuries put US Treasury exposure on a blockchain. How they work, how they are redeemed and traded, and what institutions should check.
Read articleTokenized Securities: Definition, Types and How They Trade
Tokenized securities are regulated securities issued or recorded on a blockchain. How they differ from RWA and security tokens, and how they trade.
Read articleRWA Tokenization Platform: Build, License or White-Label?
What a tokenization platform must include and how to choose between building, licensing and white-label.
Read articleTokenization for Banks
How banks use tokenized deposits, bonds, funds and collateral, and what they need from a platform.
Read articleTokenized Money Market Funds
How tokenized money market funds work, who issues them and how they are used as collateral.
Read articleStellar for RWA Tokenization
The Stellar features issuers use for regulated assets: issuer controls, SEP-8 approvals and fast settlement.
Read articleOTC Crypto Trading: RFQ, Block Trades, and Settlement
What OTC crypto trading is, when institutions use RFQ and block workflows, how settlement works, and how electronic platforms differ. Read the guide.
6 articles
OTC Crypto Trading: RFQ, Block Trades, and Settlement
What OTC crypto trading is, when institutions use RFQ and block workflows, how settlement works, and how electronic platforms differ. Read the guide.
Best OTC Desk Trading Platforms for Crypto Market Makers
A 2026 comparison of OTC desk platforms, prime brokerage services, and liquidity provider desks for crypto market makers.
Read articleA Guide to Crypto Block Trading
How block trades work in crypto markets, why they matter for institutional execution, and how electronic platforms are transforming block trading workflows.
Read articleWhat Is OTC Trading in Crypto?
A beginner-friendly explainer covering the fundamentals of OTC crypto trading, who uses it, and how it compares to exchange-based execution.
Read articleCrypto OTC Desk Software: What to Look For
A buyer's guide to evaluating OTC desk technology, from liquidity networks and risk controls to white-label capabilities and settlement automation.
Read articleWhat Is Counterparty Risk in Digital Asset OTC Trading?
How counterparty risk arises in digital asset OTC trading, why it differs structurally from traditional markets, and how institutional desks manage exposure.
Read articleCrypto Liquidity Sourcing
Where institutional desks find crypto liquidity, how they reach it and how to route between sources.
Read articleAlternative Trading System Platforms: ATS Rules, Venue Types, and Digital Asset Market Structure
What an alternative trading system is, how ATS platforms differ from exchanges, dark pools, and RFQ venues, and how tokenized securities settle.
3 articles
Alternative Trading System Platforms: ATS Rules, Venue Types, and Digital Asset Market Structure
What an alternative trading system is, how ATS platforms differ from exchanges, dark pools, and RFQ venues, and how tokenized securities settle.
Digital Asset Market Structure: Exchanges, OTC, ATS, and DeFi
A comprehensive breakdown of how digital asset markets are structured, from centralized exchanges to OTC desks, alternative trading systems, and decentralized protocols.
Read articleBuilding Secondary Markets for Tokenized Securities
How issuers and platforms create liquid secondary markets for tokenized securities using ATS infrastructure, compliance automation, and institutional custody.
Read articleATS vs. Exchange: Understanding the Key Differences
A detailed comparison of alternative trading systems and national securities exchanges, covering regulation, functionality, costs, and use cases.
Read articleThe Institutional Trading Stack for Digital Assets
What separates a professional institutional digital asset trading stack from a retail-grade skin. A guide for trading, compliance, and engineering teams.
4 articles
The Institutional Trading Stack for Digital Assets
What separates a professional institutional digital asset trading stack from a retail-grade skin. A guide for trading, compliance, and engineering teams.
Institutional Crypto Trading Platforms: A Comparison
How exchange-operator infrastructure and modular buy-side execution platforms differ across architecture, execution, OTC automation, custody, and RWA support.
Read articleHow to Evaluate a Crypto OMS: The 12-Criterion Buyer's Guide
Twelve-criterion procurement framework specifically for the OMS layer. Drill-down companion to the category-definition guide above.
Read articleBest Execution in Crypto
MiCA, SEC, SFC, and MAS expectations for best execution, and the TCA framework institutional firms need to document compliance.
Read articleCrypto Execution Algorithms
Sweep, TWAP, Chase, Spreader, and Market Making. Algorithm selection criteria for institutional digital asset workflows.
Read articleNew research stream
Monthly market intelligence for institutional digital assets
The research archive brings together monthly market notes, cited data, and the latest Liquid Mercury report in one place.
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