Bitvavo, Ramin Kader | 50% of Global EUR Volume, Only 20% Get a MiCA License, Circumventing FX

Show Notes

On this Market Cap episode, Ramin Kader, Director of Institutions & Markets at Bitvavo, joins our Director of Institutional Partnerships Stefano Sanabria.

Ramin explains how Bitvavo built 50% of global EUR-denominated crypto spot volume, how retail demand helped create a liquidity flywheel, and why EUR liquidity matters to institutions that don't want to take unnecessary FX exposure.

He also discusses MiCA’s impact on the European exchange landscape, why only a fraction of previously active firms obtained authorization, what institutions actually require from an exchange, and why some now want T+1/T+2 settlement despite crypto’s ability to settle instantly.

Chapters
02:13 From ING to neobanking
05:39 The rise of crypto neobanks
08:05 Stablecoins and the future of payments
13:36 Bitvavo’s rise to 50% of EUR volume
15:46 The exchange liquidity flywheel
22:31 Why EUR liquidity matters to institutions
25:05 MiCA and Europe’s push for local liquidity
29:23 Bitvavo’s regulatory pre-positioning
35:58 Bitvavo’s shift toward institutions
40:31 Why institutions want T+1/T+2 settlement
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On Market Cap we speak with firms and individuals to explore the thinking that guides them, the patterns they observe, and other forces moving the markets.

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What is Market Cap?

Market Cap is the show for serious capital in crypto. Stefano hosts allocators, market makers, and institutional operators to unpack the flows, structures, and mechanics shaping the asset class. Conversations focus on market structure, liquidity, the bridge between TradFi and crypto, and the questions allocators are actually asking. Built for professionals who treat crypto as a market, not a meme.