# #332 - Thomas Restout (B2C2) - The invisible hand behind a crypto trade

Page: https://stenobird.com/podcast/finscale-798537/332-thomas-restout-b2c2-the-invisible-hand-behind-a-crypto-trade
Text version: https://stenobird.com/podcast/finscale-798537/332-thomas-restout-b2c2-the-invisible-hand-behind-a-crypto-trade.md
Podcast: [Finscale](https://stenobird.com/podcast/finscale-798537)
Published: 2026-03-14T23:00:00+00:00
Episode link: https://finscale.business
Audio file: https://audio.audiomeans.fr/file/nTLjBrCvPC/d760d93d-eab3-4978-8566-335ec1f2c2f3.mp3?_=1773241625
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JSON: https://stenobird.com/v1/public/podcasts/finscale-798537/episodes/332-thomas-restout-b2c2-the-invisible-hand-behind-a-crypto-trade
Duration seconds: 2307

## Resource

In this episode, I welcome Thomas Restout, Groupe CEO of B2C2, for a rigorous and highly technical conversation on crypto « market making » and the structural differences between traditional finance and blockchain-based markets. Unlike many discussions focused on price or retail narratives, this episode goes deep into balance sheet mechanics, risk management, derivatives infrastructure, and capital efficiency. We discussed: - How B2C2 works as a « digital asset securities bank » - providing continuous pricing, OTC execution, and derivatives solutions to institutions, exchanges, and token issuers.- What market making really means in practice: aggregating fragmented liquidity, holding risk temporarily, and matching client flows / just like in FX, but 24/7.- The full risk stack behind every trade: credit risk, settlement risk, liquidation risk, regulatory risk and why it's more complex than most people think.- How B2C2 evolved from cross-exchange arbitrage in 2015 into a regulated OTC model built to compete with the world's top HFT firms.- Why institutional adoption is « overstated » ETF exposure grew fast, but real on-chain adoption (wallets, stablecoins, infrastructure) is moving much slower than expected.- Why blockchain settlement is a game changer: near-instant settlement reduces credit risk, speeds up balance sheet rotation, and can dramatically cut margin requirements in derivatives.- How B2C2's trading engine works in practice: streaming prices via API, internalizing flows, and hedging across 50+ venues including ETFs, spot exchanges, perpetual futures, and DeFi.A dense and highly educational exchange that connects traditional finance expertise with crypto-native infrastructure, and clarifies what truly changes, and what does not, when markets move on-chain. Usefu…

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## Transcript

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