Published on February 10, 2026
Watch the video of this interview on Gamma Prime’s YouTube channel:
Interview with Nenter (Global CEO @BitMart Exchange (former Partner @Animoca Ventures)) and Yuri Rabinovich (Managing Partner at VNTR)
Yuri Rabinovich (Managing Partner at VNTR):
So, in terms of market makers, how do you guys collaborate with market makers? And what are the recommendations for companies to choose the right one?
Nenter (Global CEO at BitMart Exchange):
Well, similar to other exchanges, we collaborate with most of your usual suspects on the market-making side. I think the industry has a tendency to look at market makers. There are obviously good ones.
There are ones that are a bit more in the gray area. But I wouldn’t put that as much of a focus. I would say building your community, driving organic demand for your product and your token is more important.
I think the market maker is, for the most part, similar to many exchanges. It’s very cookie-cutter. So I wouldn’t necessarily place unstressed focus on which market makers.
Yeah, you can choose your top three, top five, and then pair it with a couple of smaller ones — however you want to mix it up. But focus on your product, focus on your tokenomics, focus on the fundamentals.
Yuri Rabinovich:
Let’s step back to people that use exchanges. How do you differentiate one exchange versus another? You’re one of the top crypto exchanges.
For all of us, what should we look at when we use an exchange?
Nenter:
Well, I think I can tell you that, for the most part, exchanges — most products, whether or not they’re spot, derivatives, earned products, etc. — all exchanges will eventually offer the same sort of ecosystem of products because it’s necessary for competition. Just like when NFTs were hot, all of a sudden every exchange had their own NFT marketplace. Every exchange is starting to launch credit cards, payment options, etc.
It comes down to, for me, I think security is important. I think transparency is important. Compliance.
But these are basics. They should not be a differentiator. For us, I can’t speak for other exchanges, but for us, it comes down to the number of pairs that are available.
Do you have the assets that folks want to trade? Now you’re seeing more exchanges offer tokenized equity, money market funds, and soon you’re going to have much more real-world assets available to be traded.
In Hong Kong, for example — I’m not sure if folks here have seen — but over the last couple of days, they came out with the LEAP framework, which is very innovative for a regulator. Because when you look at the Genius Stablecoin Act in the U.S., it really just provides the framework for stablecoin issuance as a payment. It lists out the requirements for one-to-one backing, no interest-bearing stablecoins, etc.
But the one in Hong Kong that came out not only pertains to the issuance of stablecoins, but it actively promotes the secondary trading of tokenized assets. For example, Hong Kong government bonds will be tokenized and available to be traded on the secondary market via exchanges that are fully licensed in Hong Kong.
And it extends not just to government bonds, but tokenized ETFs. That’s a $13 trillion global market right there. And it also extends to commodities such as gold and even renewable assets such as solar panels, where you can tokenize, fractionalize, and get them into the hands of many more users and investors.
So I think for exchanges like ours, it’s about providing as many assets and pairs as possible so the user can decide what they want to trade.
Yuri Rabinovich:
Many exchanges launch their VIP customer services for larger traders and investors. What do you guys offer for this target audience?
Nenter:
Same. I think that’s a pretty cookie-cutter product. I think our maker-taker fees are pretty low, like one basis point, or even zero for a certain period of time.
