In this episode of The Flow, Konstantin Shulga, CEO of Finery Markets, welcomes Xin Song, CEO of GSR, to unpack how the company has expanded far beyond market making to become a multi-line financial institution powering liquidity, investment, and treasury solutions across the crypto economy.
From his early career at BlackRock to leading one of the most respected trading firms in the space, Xin reflects on how GSR blends traditional finance discipline with the agility of crypto-native innovation. The discussion dives into the modernization of OTC trading, the convergence of TradFi and digital markets, and how stablecoins are reshaping liquidity infrastructure across regions.
Together, they explore the principles driving GSR’s evolution: strong internal controls, long-term relationships with 500+ clients, and a focus on enabling institutional access to crypto in a regulated, scalable way.
Watch on YouTube | Listen on Spotify
Highlights
Reinventing Market Making
Xin explains how GSR grew from a pioneering liquidity provider into a full-service capital markets partner, spanning advisory, venture investing, trading, and asset management. Built on a model inspired by Goldman Sachs’ merchant banking approach, GSR supports token issuers from inception to maturity.
From BlackRock to Blockchain
Having started his career in systematic investing, Xin describes how his experience in data-driven capital allocation shaped his perspective on crypto. He entered the space in 2018 through options trading, drawn by the potential of blockchain to make financial markets more efficient and accessible.
The Electronic OTC Shift
Once synonymous with phone calls and chat rooms, OTC trading is undergoing rapid digitalization. GSR’s investment in electronic infrastructure reflects a broader market trend, one that aligns with Finery Markets’ own mission to bring transparency, speed, and efficiency to institutional crypto trading.
Stablecoins and the Fragmentation Challenge
As stablecoins become core to global liquidity, Xin highlights the growing friction of switching between different tokens and networks. GSR is working to bridge this gap by enabling interoperability and secondary-market liquidity, a key step toward a more unified digital asset ecosystem.
TradFi Convergence and Infrastructure Evolution
The conversation explores how traditional and crypto market structures are converging. From cloud-based trading infrastructure to tokenized money-market funds, Xin outlines the innovations driving capital efficiency and what the next phase of institutional adoption may look like.
About The Flow
The Flow is Finery Markets’ branded podcast series, dedicated to exploring the exciting world of institutional crypto trading. Each episode explores the currents shaping the digital asset markets, offering listeners a unique blend of expert insights, industry trends, and forward-thinking strategies. Hosted by Finery Markets’ thought leaders and featuring a roster of distinguished guests from across the financial and technological landscapes, The Flow navigates through the complexities of electronic trading infrastructure, regulatory landscapes, and the evolving dynamics of liquidity and market making.
LinkedIn
Youtube
Medium
Twitter
