While in Korea, EDX Markets Co-Founder and CEO Tony Acuña-Rohter sat down with TokenPost to discuss the next phase of digital asset market evolution and the growing role of institutional investors.
Key themes from the conversation included:
- Institutional adoption is accelerating as infrastructure and regulation mature
- Institutional-grade market structure is critical to supporting scale, liquidity and resilience
- Regulatory clarity will promote expanded access through trusted financial intermediaries
- Significant capital is poised to enter the market as institutions look to increase allocations
During the interview, Acuña-Rohter emphasized that the long-term growth of crypto depends less on the underlying digital asset technology and more on how markets are structured.
“My goal was: how do you create a robust and mature market? Because without that then the underlying technology can’t take off,” he said.
Drawing on his background in traditional finance, including tenures at CME Group and Cboe Digital, he explained that many early crypto platforms were built without fully incorporating core elements such as risk management and efficient settlement.
That gap, he noted, is becoming more apparent as institutional participation increases and trading volumes scale.
Acuña-Rohter also pointed to structural differences across platforms. He contrasted vertically integrated models – where a single entity may act as broker, exchange and custodian – with approaches that separate these roles to reduce conflicts of interest and improve execution quality.
Regulation remains a key factor in expanding access. He highlighted recent developments in the U.S., including OCC guidance that enables banks to participate more directly in crypto markets, with brokers expected to follow as frameworks continue to evolve.
“The next wave that we’re going to see are actually going to be the big banks, because they already have all these licenses,” he said.
Looking ahead, Acuña-Rohter underscored the scale of potential institutional inflows. As large firms with billions in assets under management eye this space, even small portfolio allocations could meaningfully impact the market.
“At least in the U.S… it’s like $70 trillion that are hanging out on the side that have now been unlocked,” he said.
He also noted that as the market evolves, the focus will shift away from underlying blockchain complexity toward usability and efficiency.
“People should be interacting less and less with the blockchain directly,” he said. “So people can focus on what really matters, which is price discovery, risk management, being able to lower cost.”
As EDX continues to engage globally, including with policymakers and market participants in Korea, Acuña-Rohter emphasized the importance of building markets that can support growth while maintaining stability during periods of volatility.