Inside Crypto's Plumbing With XBTO's Philippe Bekhazi

Market making is the behind-the-scenes machinery that keeps crypto trading running, and a new episode of the Ledger Cast podcast takes a close look at how it works. Hosts Brian Krogsgard and Josh Olszewicz talk with Philippe Bekhazi, co-founder and CEO of XBTO and CEO of Stablehouse.

XBTO trades and makes markets with its own capital rather than client funds. The firm counts itself among the leading market makers in crypto and was one of the earliest trading participants on both the CME and Bakkt platforms. That experience gives Bekhazi a firsthand view of how regulated venues and trading desks have developed alongside the wider market.

The discussion covers the mechanics of making markets, the economics of tokens and directional bias, meaning whether a trading firm holds a view on where prices are heading. The hosts describe the episode as educational rather than investment advice. The show is sponsored by Brave New Coin, a crypto market data provider.