In this episode of The Flow, Konstantin Shulga, CEO of Finery Markets, welcomes Damian Bunce, CEO of GTN Middle East, to explore the evolution of capital markets infrastructure and how traditional finance insights are shaping the future of digital assets.

With over 30 years of experience across equities, FX, and CFDs, Damian shares stories from his early days at Barings Bank through to leading GTN Middle East, a global B2B2C trading infrastructure provider. The discussion touches on major market structure milestones — from the rise of smart order routing to the proliferation of ECNs — and how embedded finance and infrastructure-as-a-service are becoming the new standard.

They also dive into what the crypto world can learn from TradFi, the importance of infrastructure unbundling, and the parallels between current digital asset trends and the electronification of markets two decades ago.

About Finery Markets

Finery Markets, a premier non-custodial crypto ECN, provides cutting-edge trading infrastructure for institutional players in over 30 countries. We seamlessly connect clients across LATAM, North America, Europe, Asia, and Africa. Our goal is to power trading technology behind world’s leading brokers, exchanges, OTC desks, payment providers and custodians. Since our launch in 2019, we have been growing our ecosystem, serving 100+ digital asset players, including payment providers, brokers, OTC desks, hedge funds, and custodians. We connect digital asset players and provide them with seamless access to a vast network of partners, enabling them to navigate their operations smoothly and efficiently.

✅ Subscribe to our channel here: ⁠https://www.youtube.com/@FineryMarkets ⁠

► To join Finery Markets visit ⁠https://finerymarkets.com/⁠

► Follow us on Twitter: ⁠https://x.com/finerymarkets⁠

► Find us on LinkedIn: ⁠https://www.linkedin.com/company/finerymarkets/⁠

In this episode of The Flow, Konstantin Shulga, CEO of Finery Markets, sits down with Alex Ryvkin, Founder of Rho Protocol, to explore the world of interest rate markets in crypto and their huge potential.

They unpack how interest rates influence everything from perpetual funding rates to staking yields, and why rates products are becoming critical infrastructure for a maturing digital asset market.

Alex also shares his journey from traditional finance to crypto, the challenges of building transparent rate markets, and why the next big step for crypto might just revolve around interest rates.

About Finery Markets

Finery Markets, a premier non-custodial crypto ECN, provides cutting-edge trading infrastructure for institutional players in over 30 countries. We seamlessly connect clients across LATAM, North America, Europe, Asia, and Africa. Our goal is to power trading technology behind world’s leading brokers, exchanges, OTC desks, payment providers and custodians. Since our launch in 2019, we have been growing our ecosystem, serving 100+ digital asset players, including payment providers, brokers, OTC desks, hedge funds, and custodians. We connect digital asset players and provide them with seamless access to a vast network of partners, enabling them to navigate their operations smoothly and efficiently.

✅ Subscribe to our channel here: https://www.youtube.com/@FineryMarkets

► To join Finery Markets visit https://finerymarkets.com/

► Follow us on Twitter: https://x.com/finerymarkets

► Find us on LinkedIn: https://www.linkedin.com/company/finerymarkets/

Welcome to the second episode of Season 2 of The Flow — the go-to podcast for all things crypto market structure and the people shaping its evolution. This time, we're shaking things up as Leo Hmelnitsky steps into the host's chair to engage in a compelling conversation with Konstantin Shulga, the visionary CEO and co-founder of Finery Markets.In this episode, they cover a range of captivating topics, including:- What it takes to start the journey from traditional trading to the crypto world,- The groundbreaking evolution of ECNs within digital assets,- Navigating the post-FTX era and the surge towards decentralization,- The latest regulatory shifts in the US and EU,- And the unstoppable rise of institutional crypto adoption.A must-watch for anyone serious about the infrastructure side of crypto.🎙 Guests: • Konstantin Shulga — CEO, Finery Markets • Leo Hmelnitsky — Chief Strategy Officer at Spotex, early investor in Finery Markets🔗 Like, comment and subscribe to stay tuned!Books mentioned in the episode:

1. The Fountainhead by Ayn Rand (https://www.goodreads.com/book/show/2122.The_Fountainhead)2. The Flashboys by Michael Lewis (https://www.goodreads.com/book/show/24724602-flash-boys)

About Finery Markets Finery Markets is a leading technology provider of non-custodial crypto ECN and trading SaaS, specifically designed for institutional clients across more than 35 countries. The company offers the first hybrid, crypto-native ECN technology, enabling trading via an aggregated order book or RFQ. Since its launch in 2019, Finery Markets has expanded its ecosystem, now serving over 150 digital asset clients—including payment providers, brokers, OTC desks, hedge funds, and custodians. Finery Markets enhances capital efficiency, ensures optimal execution, assists in risk management, and simplifies settlement processes. In 2024, Finery Markets was recognized as one of the top 50 rising stars in the Deloitte Technology Fast 50 competition.✅ Subscribe to our channel here: @FineryMarkets ► To join Finery Markets visit https://finerymarkets.com/ ► Follow us on Twitter: https://x.com/finerymarkets ► Find us on LinkedIn: https://www.linkedin.com/company/finerymarkets/