HTX Ventures, the global investment arm of HTX, has published a report on the convergence of CeFi, DeFi, and TradFi forming a new institutional digital-asset architecture. The report analyzes how custody, collateral, execution, yield, and risk management are unbundling from the traditional all-in-one platform model to be occupied by specialized players. TradFi provides regulated yield-bearing assets, centralized platforms manage institutional access and compliance, while DeFi protocols offer programmable backend infrastructure. This hybrid structure could offer institutions a more controlled path to adopt digital-asset products, while triggering a reallocation of revenue toward players controlling asset issuance, custody, distribution, risk management, and client relationships.
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