Research

We approach digital assets from the perspective of researchers, not traders. Our focus is on the long-term evolution of technology, institutions, and market structure.

Research Stance

Digital assets represent meaningful innovation, but also come with significant risks. We consistently adhere to principles of prudence and structural analysis.

Prudence

Careful analysis before conclusions

Structural Focus

Mechanisms over price predictions

Risk Awareness

Clear regulatory boundaries

Core Research Areas

Our research is organized around several long-term themes:

Market Structure

  • Liquidity and price formation mechanisms
  • Risk concentration and transmission pathways

Stablecoins & Payments

  • Real-world use cases
  • Business models and regulatory frameworks

Real-World Assets (RWA)

  • Legal and ownership structures
  • Custody, settlement, and liquidity challenges

Security, Custody & Systemic Risk

  • Technical and governance assumptions
  • Operational risk and extreme scenarios

Policy & Regulation

  • How policy changes reshape industry structure
  • Institutional differences across jurisdictions

The goal of our research is to deepen understanding—not to provide investment advice.

Meet the Research Team Collaboration Inquiries