We are an India-domiciled algorithmic market maker, running as primary institutional liquidity provider to a leading Indian exchange for over twelve months. We quote tight, continuous two-way prices across INR pairs — on our own capital, hedged in real time against global venues, with compliance built in rather than bolted on.
Continuous two-way quotes draw flow across roughly 350 INR pairs into a single, orderly market — hedged in real time against global venues. Scroll, and watch it converge.
Both hold back turnover, institutional participation and revenue diversification.
Quoted spreads on non-core and mid-cap pairs widen to four percent or more on most Indian exchanges. At that level the spread itself becomes the barrier: it caps turnover, keeps institutional flow away, and erodes retail confidence on exactly the volatile days when liquidity matters most.
Most Indian platforms live or die on USDT/INR, sometimes BTC/INR, while the rest of the listed catalogue stays largely dormant. That reliance leaves the exchange exposed to localised volatility shocks and caps revenue diversification.
A proprietary high-frequency engine quoting continuously, two-way, across a defined basket of pairs — aimed at three outcomes.
We drive spreads on non-core and mid-cap pairs down to competitive, institutional levels, so price is no longer the reason flow goes elsewhere.
We broaden the actively traded catalogue, so the exchange stops depending on one or two pairs to make its month.
During global macro events we act as a localised shock absorber — keeping the book orderly, preventing crossed-book scenarios and damping sudden price gaps.
Our desk runs a risk system built specifically for cross-venue crypto market making. Two things carry it.
We aggregate localised INR delta and hedge it in real time against deep global liquidity pools such as Binance and OKX. Directional exposure is known at every moment, and it is covered.
Margin ratios, unrealised P&L and mark-to-market exposure are evaluated on every price tick, in under one hundred milliseconds — so the desk is never running blind, even in a fast tape.
The standard institutional API set — nothing exotic.
Market making is not a system you switch on and leave. Ours is watched continuously by the people who built it.
We have served as primary institutional liquidity provider to a leading Indian exchange for more than twelve months, scaling continuous two-way quotes across roughly 350 trading pairs — through live market conditions, not a test harness.
Crypto does not keep market hours. A dedicated team monitors quoting, positions and system health twenty-four hours a day, seven days a week — so anomalies are caught and acted on as they happen, not discovered the next morning.
Our founding partner is a Chartered Accountant with 15 years of post-qualification experience and eight years in this industry, having worked closely with institutional market making firms and Indian exchanges before becoming a counterparty to one.
The partnership brings together quantitative trading, exchange engineering and capital markets — the engine, the risk system and the books are all built and run in house.
Indian exchanges have long leaned on offshore desks for INR liquidity, where the jurisdiction, the audit standard and the incentives all differ. We were founded on the view that a domestic, capital-backed, compliance-fluent provider can simply do this better.
Every quote is backed by proprietary capital. The exchange carries no balance sheet exposure to Tokenhive.
Leadership is Chartered Accountant led. Our records are maintained to audit standard, with reconciliation and tax computation run on systems we built for the purpose.
TDS under Section 194S and FIU-IND alignment are part of how the desk operates, not an afterthought at year end.
A time-bound pilot of sixty days on a curated basket of high-priority INR pairs, measured against four agreed metrics. If the pilot performs, we scale to the full eligible catalogue under a commercial framework agreed at that point.
| Pilot metric | What it measures |
|---|---|
| Quoted spread | Target spread achieved, by pair tier |
| Quote uptime | Proportion of market hours with live two-way quotes |
| Book depth | Resting depth at defined basis points from mid |
| Volume delta | Traded volume against the pre-pilot baseline |
If you run an Indian exchange and INR liquidity is on your roadmap, we would be glad to walk you through how we would approach your book.
gowtham@tokenhive.in