BLACKMARBLE
OTC and settlement desk

We're building a crypto OTC desk.

Execution and settlement for trades too large for the open market. We are building it in the open, and publishing our research on the market as we go. Read the field notes below, and leave your name to be notified when new pieces drop.

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Research

Field notes from the desk.

Our read of where crypto markets actually stand. No pitch.

24 June 2026

The State of the Crypto OTC Market

How large digital-asset trades actually clear in 2026: who provides the liquidity, how a block is priced and settled, what the new rulebook requires, and why the binding constraint has shifted from access to aggregation.

Read the briefing -> 22 June 2026

The State of Crypto Payments, June 2026

From a checkbox in Shopify to eight-figure OTC fills: how digital-dollar payments actually work now, who is using them, and where they quietly break.

Read the briefing ->
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New research, when it drops.

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