Market Dynamics & Latency - Latency, the delay in information transmission, is paramount in modern financial markets, outweighing strategy and logic [1][2] - Traditional markets evolved from manual trades to digitized exchanges with set hourly intervals, algorithms, and methodologies governing financial market operations [2][3] - High-frequency trading firms execute tens of billions of dollars daily, emphasizing the importance of minimizing latency [8] Crypto Market Challenges & Opportunities - Crypto markets operate 24/7/365, lacking the standardized governance of traditional markets, posing challenges for institutional adoption [6][7] - The absence of standardized trading infrastructure in crypto, including collocation, normalized data feeds, and fair exchange access, hinders institutional market access [5][8][9] - Institutions with advanced, proprietary trading technologies currently dominate crypto, highlighting the need for broader access and transparency [9] - Advancing the maturity of the crypto space is critical for achieving optimal market access, better pricing for customers, and transparency [9][12] Infrastructure & Technology - Traditional firms invest in infrastructure like underground tunnels and microwave towers to reduce latency by microseconds [5] - Collocation, placing servers near exchanges, is crucial for minimizing latency and improving trading speed [8] - Standardized data feeds across exchanges and fair access across jurisdictions are essential for institutional adoption in crypto [9]