NARRATIVE, the magazine published by Crypto India Magazine, features BridgePort Chief Revenue Officer Zane Suren in its August 2026 issue, in a piece on why the fight for institutional adoption is being settled in market infrastructure rather than in price.
The feature traces Suren's route to that argument. His background is oil derivatives, then a move into crypto in 2017, then years spent building institutional plumbing for EMEA markets, and finally Zodia Custody, the Standard Chartered-backed custodian, which put the same problem in front of him from the other side of the trade. The recurring shape, in each of those roles, was liquidity split across venues, credit exposure to the venues themselves, and the requirement that firms move money to an exchange before trading on it.
On what changed after 2022, the piece has Suren describing the market as repriced rather than repaired, with segregated custody and independent settlement becoming standard practice rather than a reaction. What that discipline exposed was a cost firms had been absorbing quietly.
Somewhere around 60% to 70% of a trading firm's working capital ends up trapped sitting as security deposits across exchanges rather than actually working. For a firm managing $100 million, that's $60 million to $70 million earning nothing.
The article reports that institutions have moved past the question of whether to participate. Custody is solved, supervisors already require client asset segregation, and what remains is narrower. “Firms are comfortable with custody, and they're not comfortable pre-funding six different exchanges,” Suren told the magazine.
It also covers the Digital Asset Master Agreement, the shared legal standard BridgePort is convening trading firms, custodians and exchanges around, and Suren's argument that every mature market eventually acquires one, as derivatives did with ISDAs and repo did with GMRAs.
On when institutional adoption can be called complete, his answer is operational rather than market-based.
The milestone is operational, when a large institution can move real size across multiple venues without pre-funding each one and without signing a bespoke legal agreement for every counterparty. The day capital efficiency in digital assets looks like capital efficiency in FX or equities, adoption has arrived.
The full feature appears in NARRATIVE Volume 1, Issue 2, August 2026, published by Crypto India Magazine.
Suren covered related ground in a separate interview with Fintech TV in Abu Dhabi, which we have posted with the video.
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