For trading firms exploring CBTC on Canton, this page outlines the key counterparties you can work with — from minting and OTC acquisition through to lending and market making.

🏭 CBTC Minters

Trading firms actively minting and trading CBTC on Canton. These are firms with Canton nodes running BitSafe's minting DAR, enabling direct BTC → CBTC minting and burn.

Firm Status Notes
Elk Capital Markets ✅ Active Primary trading partner. Operates OTC desk, RFQ platform (Trngle), and Canton-native infra
IMC ✅ Active Active proprietary trading on Canton DEXes
QCP ✅ Active Active trading firm on Canton. Does not do OTC for CBTC yet
Excellar / SciFeCap ✅ Active Established CBTC-USDXLR trading loop via RFQ execution and compliant USDXLR issuance
HashKey Cloud 🟡 Onboarding Recently added to active market participants
Desyn 🟡 Onboarding Recently added to active market participants
Cumberland 🟡 In Discussion Referenced in outreach for custodian CBTC listing. In discussion alongside Elk, QCP, IMC
Waterdrip Capital 🟡 Onboarding Has received CBTC test transfers
Blockdaemon 🟡 Onboarding Minting DAR instructions sent to engineering team for review

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Needs verification: Confirm current minting status for HashKey Cloud, Desyn, Cumberland, Waterdrip, and Blockdaemon with Mayank or the BD team.

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💱 OTC Desks

For firms that need to acquire CBTC without setting up their own minting infrastructure. OTC provides a direct purchase path, bypassing the validator security requirements needed for direct minting.

Desk Status Notes
Elk Capital Markets ✅ Live Primary OTC desk for CBTC. Direct purchase available. Also operates Trngle for self-service cross-chain swaps
Amber Premium ✅ Live OTC desk referenced in CBTC for Asset Managers collateral
QCP ❌ Not yet Per Aki: "QCP doesn't do OTC of CBTC yet"

Alternative acquisition path: Trngle — Elk's cross-chain swap app for self-service BTC → CBTC conversion without OTC KYC friction.

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Needs verification: Confirm Amber Premium OTC desk is still actively offering CBTC. Check with Mayank or Isabella.

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🏦 Lending Pools

Borrow and lend using CBTC as collateral. Most lending protocols on Canton are in early stages.

Protocol Status Notes
Haven Digital Partners 🟡 WIP Canton lending platform. Listed as a partner in Asset Managers collateral. Per Aki, still in WIP
Acme 🟡 WIP Lending protocol visible in CBTC transfer logs (acme-lending address). Per Aki, still WIP
Palladium 🟡 WIP Referenced in Asset Managers collateral as a regulated fixed-income product. Per Aki, still WIP
Forebole 🔵 Listed Referenced in Asset Managers collateral as a lending partner
Hello Moon 🔵 Listed Has received CBTC test transfers. Listed in both Asset Managers collateral and DeFi ecosystem page
Verity (Hashrupt) ✅ Live On-chain collateralized lending for Canton. Live in production with 1,800+ loans processed, 21 corporate users, 225K+ USD notional originated

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Needs verification: Haven, Acme, and Palladium were flagged as WIP by Aki. Confirm current status and whether any are live for external-facing content. Check with BD or Product.

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📈 Market Makers

Firms actively providing liquidity and making markets in CBTC pairs on Canton DEXes.

Firm Status Active Pairs Notes
Elk Capital Markets ✅ Active CBTC-CC, CBTC-USDCx, CBTC-BTC Leading market maker on Canton. Operates across Bron and Trade.Fast. Temple does not list native BTC.
IMC ✅ Active CBTC-CC, CBTC-USDCx Active proprietary trading across Canton DEXes
QCP ✅ Active CBTC-CC, CBTC-USDCx Active trading. No OTC for CBTC yet
Excellar / SciFeCap ✅ Active CBTC-USDCx Compliant USDXLR issuance. Also offers SMA with projected 8–10% yield + CC

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Profit Share Program: All trading firms can earn 50% of Canton Coin rewards generated by their trading activity through BitSafe's Early Bird LP Program.

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🔜 Coming Soon

This is a living document. Confirm details with the BD team before sharing externally.

Last updated: February 11, 2026