On this Market Cap episode, Ramin Kader, Director of Markets & Institutions at @bitvavocom, joins our Director of Institutional Partnerships @stefanosanabria. 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 — 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.