July 11, 2022
The crypto markets have seen extreme volatility and the contagion in the digital asset credit market has dominated the news cycle over the past 60 days. While many companies have struggled during this period, or worse, have faced solvency issues, BlockFills has flourished throughout the market pullback.
In fact, the recent market action led to one of the best quarters in the company’s history in terms of volumes and revenues for Quarter 2 of 2022.
- • BlockFills set internal records for monthly spot and derivatives volumes in May 2022.
- • Quarterly volumes were up 139% in comparison to Q1 2022.
- • BlockFills had and still has zero open exposure to Celsius, Three Arrows Capital, BlockFi, or Voyager.
- • All trading systems performed optimally, 24/7, with no previously unscheduled downtime throughout May and June.
- • Clients trading spot crypto experienced zero settlement issues with over 95% of transactions settled T+0.
- • Clients experienced zero withdrawal issues and most withdrawals were processed within minutes or hours, as per standard operating procedure.
- • Derivatives clients had zero issues with executions, margin requirements, or meeting margin calls.
- • Spot and Derivatives pricing and liquidity remained competitive, consistent, robust, and executable throughout the most volatile trading periods in the past 60 days.
- • Client retention and acquisition remain extremely strong as BlockFills continues to win business from exchanges and competitors who have not managed risk properly, or whose underwhelming technology failed when it was needed most.
- • Our liquidity provision services performed optimally, and we proved that we have one of the deepest liquidity pools in the industry.
BlockFills operates a multifaceted digital asset business that supports institutional market participants who require scalability, service, reliability, and speed. Why has BlockFills’ trajectory run at such a pace, counter to its peers – many of whom have been forced to rein in their trading activity? To us, the answers are clear. We have battle-tested prudent leadership, world-class technology, and a whole-firm approach that stands out in the space.
Leadership and Prudence:
BlockFills is led by capital markets veterans that have held senior-level positions at some of the world’s largest banks, broker dealers, and hedge funds. Our management team has experience successfully navigating bear market downturns in both digital and traditional assets. Our team understands how to manage risk and operates with a cool-headed decisiveness when markets display irrational exuberance. Our desire to move quickly and efficiently has never been traded away to be labeled a “first mover”. Therefore, while several of our industry peers overextended themselves and have since been forced to exit the industry or restructure their business, BlockFills is operating normally – continuing to capture market share and grow daily.
BlockFills’ proprietary tech stack allows us to execute trades at-scale without being subjected to the pitfalls of third-party technology. Our proprietary APIs and matching engine are designed, operated, and maintained by the BlockFills team in-house. Our systems have not suffered under the weight of the massive amounts of market data and trading activity we have facilitated throughout the last quarter. Our systems have been operationally sound and have attracted the trading business of market participants who have been underwhelmed by their experiences at other firms over the last 2 months, leading to the shattering of previous internal BlockFills trading volume records.
The BlockFills Whole-Firm Approach:
The client-facing team at BlockFills is comprised of subject matter experts across all facets of digital assets – from trading, to technology, to derivatives, to lending – and more. During this period of market turmoil, we have remained in close contact with our valued client base – responding to inquiries, providing trading support, market access, market color, and assisting clientele in operating as efficiently as possible, 24/7. No matter the broader market conditions, our whole-firm approach – in which our clients get the best of our team based on their needs – will remain the norm at BlockFills. In addition, we offer our clients the product depth solutions they need in order to manage any digital portfolio during volatile market conditions all under one roof.
The BlockFills Team looks forward to what the market brings next, and we remain dedicated to our clients’ success. We see many opportunities in the sector at the present time and feel that events like this help us provide a stronger offering for our clients and the industry.
Looking to learn more about BlockFills?
Visit us: https://www.blockfills.com/contact/