Dec 1, 2025
Ardoino on building rails that won’t snap
When crypto sells off, the market doesn’t so much walk down the stairs as it slips on the first step and discovers there never were any handrails. Everyone knows why: perps are a stadium, options are a side alley, and insurance in a storm is hard to buy. Paolo Ardoino, the CTO of Bitfinex, knows what the missing handrails are: credit, clearing, margin, and products professional traders actually…