Blockchain infrastructure
Yield programmes don't run on 'crypto' in the abstract. They run on a specific set of regulated venues, custody providers, and liquidity partners.
Custody
Institutional custodians hold digital assets in cold-storage or MPC (multi-party computation) wallets, with policy-based approval workflows for withdrawals. This is where most institutional risk actually sits.
Exchanges & prime brokers
Regulated spot and derivatives exchanges provide execution. Prime brokers add credit, cross-margining, and single points of connectivity to multiple venues.
Market makers
Provide two-sided liquidity, tightening spreads and enabling the basis and funding-rate strategies that yield programmes depend on.
Why this matters to you
The quality of these counterparties is the largest structural determinant of a yield programme's actual risk. Concentration limits and reconciliation controls are as important as the trading edge itself.