This White Paper is the first in a 3-part series exploring the economic potential that lies behind the widespread adoption of DLT and digital assets, and the practical and legal requirements necessary to make it happen. In "Bridging the TradFi-DeFi Gap: The Future of Finance Depends on Traditional Trust and Regulation", we consider the centrality of trust to the safe evolution of digital asset markets through key historical parallels, the limitations of code, necessary regulatory developments and the transformative potential of tokenisation.

To reach their potential, digital asset markets need the full participation of institutional investors. They in turn need digital asset markets to recognise the limitations of bilateral trading and develop essential centralised clearing and settlement infrastructure that has been long trusted upon in traditional finance to make markets more efficient, safer and predictable. This White Paper explores the key benefits of centralised clearing and why it matters for the future of institutional participation in digital assets.