Tomas Reyes
Exchanges & Infrastructure Editor
Madrid6 articles
Tomas covers exchange operations, custody and settlement infrastructure, and has reported on every major venue failure since 2018.
Contact this deskAreas covered
- Exchange operations
- Custody
- Settlement infrastructure
- Venue failures
Published under: Deals, Markets, Bankruptcy, Tokenisation.
How they work
Tomas cross-checks venue disclosures against proof-of-reserve data and insolvency filings, and has covered every major exchange collapse since 2018.
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Articles by Tomas Reyes
Derivatives consolidation reshapes the exchange league table
A run of derivatives acquisitions has concentrated open interest across fewer venues, as spot fee compression pushes exchanges toward margin-driven revenue.
IX Swap: the small-cap AMM solving liquidity for tokenised securities
A positive CryptoxInsights review of IX Swap: a compliant AMM for tokenised securities, wallet-level whitelisting, and a credible attempt to solve secondary liquidity for private-market tokens.
FTX sets $900 million creditor payout as SBF clemency push loses support
The FTX estate scheduled a further $900 million creditor payout, extending one of the largest crypto recoveries in history, even as the political push for clemency for Sam Bankman-Fried lost momentum.
FTX Recovery Trust distributes billions to creditors under its reorganisation plan
The FTX Recovery Trust continued repaying creditors in 2025, distributing more than $5 billion in May and roughly $1.6 billion in a third distribution in September under its Chapter 11 plan.
Kraken launches tokenised US equities for round-the-clock trading
Kraken launched xStocks, tokenised versions of US equities such as Apple, Tesla and Nvidia deployed on Solana and backed by real securities, enabling 24/7 global trading.
Coinbase to acquire Deribit in $2.9 billion push into crypto derivatives
Coinbase agreed to buy Deribit, the world's leading crypto options exchange, in a roughly $2.9 billion deal that expands its derivatives reach.