System 9
System 9 is a privately held digital asset market-making firm providing liquidity provisioning, cross-exchange arbitrage, and treasury management services to crypto token issuers and digital asset institutions across offices in Los Angeles, London, and Singapore.
- Company typePrivate
- Founded2017
- HeadquartersLos Angeles, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What System 9 does
System 9 is a privately held digital asset market-making firm founded in 2017, headquartered in Los Angeles with additional offices in London and Singapore. The company provides bespoke liquidity provisioning, cross-exchange arbitrage, and treasury management services to crypto token issuers and digital asset institutions. Its core technology consists of a proprietary cross-exchange trading engine and quantitative market-making systems that systematically identify and capitalize on inefficiencies across retail and institutional cryptocurrency exchanges.
The company operates three integrated product lines. Liquidity Provisioning uses years of proprietary trading data and digital asset expertise to provide two-sided liquidity on exchanges while advising projects on market growth. LP Arbitrage deploys the cross-exchange engine to identify and capture price inefficiencies across markets, simultaneously improving liquidity on each venue traded. Treasury Management serves token issuers seeking to liquidate treasury holdings without disrupting market prices, with the firm assessing liquidity conditions to determine optimal execution strategies.
System 9 generates revenue through transaction fees on liquidity provisioning and arbitrage activities, supplemented by managed-service fees for treasury management engagements. Pricing is bespoke and quote-based rather than publicly disclosed. The firm employs an enterprise field sales motion targeting crypto projects and institutional clients through direct engagement, supported by a thin B2B marketing presence including a website contact form and newsletter. Leadership comprises CEO and co-founder Peter Sokolow, co-founder and advisor Sam Blan, COO Joshua Baker, CIO Marc Orenstein, CTO Noah Dahlman, CLO Ken Stein, and Head of Trading Minesh Makwana. The company has raised $5.7M in a single Series A round in June 2022 led by Capital6 Eagle, with participation from crypto-native investors including AscendEX, C² Ventures, Gate Ventures, and Kronos Asset Management.
System 9 firmographics
Firmographics- Name
- System 9
- Legal name
- System 9 Inc
- Website
- https://system9.io
- Company type
- Private
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- System 9 is a privately held digital asset market-making firm providing liquidity provisioning, cross-exchange arbitrage, and treasury management services to crypto token issuers and digital asset institutions across offices in Los Angeles, London, and Singapore.
- Ownership category
- akta.pro rank
System 9 industry classification
Industry- Product category
- Digital Asset Market Making
- NAICS
- Securities and Commodity Exchanges (52321), Funds, Trusts, and Other Financial Vehicles (525)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- Portfolio Management Systems (PMS), Rebalancing & Analytics (Crypto) (FSADAHAE)
- akta.pro secondary industry
- Managed Accounts, Separately Managed Accounts (SMA) & Funds Platforms (Crypto) (FSADAHAM)
Keywords
Where System 9 is headquartered
LocationHeadquarters
- HQ city
- Los Angeles
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
System 9 business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales
Revenue model
- Liquidity Provisioning Services: Market-making services provided to crypto projects, earning fees for providing liquidity on exchanges. The company offers bespoke services with guidance on all aspects of growing project markets.
- LP Arbitrage: Systematic identification and capitalization on cross-market inefficiencies using proprietary technology, generating revenue from price differentials across exchanges.
- Treasury Management Services: Treasury management services for token issuers looking to liquidate tokens without disrupting market stability, assessing market and liquidity conditions to determine optimal sale strategies with minimal price impact.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels2 records
System 9 product offering
Product offeringCore offering
System 9 is a global digital asset market maker and software development company that provides bespoke market-making services to crypto projects and institutions. It delivers three integrated services — Liquidity Provisioning (continuous order-book liquidity on retail and institutional exchanges), LP Arbitrage (systematic cross-exchange inefficiency capture via a proprietary cross-exchange engine), and Treasury Management (guided token liquidation with minimal price impact for token issuers). The offerings are powered by quantitative methods, decades of trading experience, and proprietary trading data analytics.
Product overview
System 9 is a global market maker and software development company that offers a suite of three integrated services for crypto projects and institutions: Liquidity Provisioning (providing top-class liquidity solutions using proprietary trading data), LP Arbitrage (a cross-exchange engine that identifies and capitalizes on market inefficiencies), and Treasury Management (helping token issuers liquidate tokens with minimal market impact). These services work together to provide comprehensive market-making support using quantitative methods and decades of trading experience.
Differentiator
Problem solved
Functional benefit
Products and services
- Liquidity Provisioning Provides continuous, top-class liquidity solutions for digital asset marketplaces on retail and institutional exchanges using System 9's expertise in the digital asset marketplace and years of quantitatively analyzed proprietary trading data. Beyond trading tokens, the service offers crypto projects guidance on all aspects of growing their market. Targeted at crypto projects and institutions needing deep, reliable order-book liquidity.
- LP Arbitrage Uses System 9's proprietary technology and a constantly improving cross-exchange engine to efficiently and systematically identify and capitalize on inefficiencies across various markets. Participation in each market simultaneously improves liquidity in that market. Targeted at venues and partners benefiting from arbitrage-driven liquidity provision.
- Treasury Management Offers treasury management services for token issuers looking to liquidate tokens without disrupting market stability. System 9 assesses the market and current liquidity conditions to determine the best way and time to sell, ensuring minimal impact on the token's price movement. Targeted at token issuers and project treasuries needing to monetize holdings responsibly.
Companies that use System 9
Customer profileSegments2 records
Ideal customer profiles2 records
System 9 technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
System 9 partnerships and signals
Strategic signalScale indicators2 records
Recent moves5 records
Expansion highlights5 records
System 9 competitors and assessment
Company assessmentDirect peers
- Wintermute: One of the largest crypto-native market makers providing liquidity across centralized and decentralized venues. Direct competitor to System 9 in liquidity provisioning, with significantly larger scale.
- GSR: Crypto market maker and trading firm offering liquidity, arbitrage, and structured products across digital assets. Closely comparable to System 9 across all three service lines.
- B2C2: Institutional crypto liquidity provider offering OTC and exchange-based market making for digital assets. Comparable scope of services and client base to System 9.
- Auros: Algorithmic crypto market maker and liquidity provider operating across exchanges and DeFi venues. Direct peer with similar service offering and quantitative trading approach.
- Flowdesk: European crypto market maker and liquidity provider offering services across centralized and decentralized exchanges. Comparable operating model with similar global ambitions.
Broad incumbents
- Jump Crypto: The crypto arm of Jump Trading, one of the most established quantitative trading firms, with deep capital and a broad crypto investment and market-making franchise. Larger and broader incumbent versus System 9.
- Cumberland (DRW): Institutional crypto trading arm of DRW, providing large-block liquidity to institutional clients across digital assets. Established incumbent in the same addressable market as System 9.
- Flow Traders: Global liquidity provider and ETF market maker that has expanded into crypto. Comparable in market-making DNA but operates with much larger balance sheet and broader asset coverage.
- Galaxy Digital: Full-service crypto financial services firm covering trading, asset management, and advisory. Overlaps with System 9 in liquidity provisioning and treasury management but with broader institutional scale.
Emerging players
- Tokka Labs: Crypto-native market maker focused on DeFi and token liquidity. Similar quantitative trading DNA to System 9 but more concentrated in DeFi-native venues.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
System 9 social profiles
Digital presenceSystem 9 financial estimates
Financial estimateRevenue estimate
Valuation estimate
System 9 leadership team
Management profileNumber of profiles
Profiles7 records
System 9 funding detail
Funding detailFunding overview
Funding rounds1 record
Investors5 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
System 9 M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about System 9
What does System 9 do?
System 9 is a global digital asset market maker and software development company that provides bespoke market-making services to crypto projects and institutions. It delivers three integrated services — Liquidity Provisioning (continuous order-book liquidity on retail and institutional exchanges), LP Arbitrage (systematic cross-exchange inefficiency capture via a proprietary cross-exchange engine), and Treasury Management (guided token liquidation with minimal price impact for token issuers). The offerings are powered by quantitative methods, decades of trading experience, and proprietary trading data analytics.
Is System 9 a public or private company?
System 9 is a private company. It is classified as venture growth investor backed and is currently operating.
When was System 9 founded?
System 9 was founded in 2017. It employs 11 to 50 people.
Where is System 9 based?
System 9 is headquartered in Los Angeles, United States, in the North America region.
How does System 9 make money?
Three revenue lines are on record. Liquidity Provisioning Services are the primary driver. The others are LP Arbitrage and treasury Management Services.
Who are System 9's main competitors?
Direct peers on record are Wintermute, GSR, B2C2, Auros and Flowdesk. Broad incumbents are Jump Crypto, Cumberland (DRW), Flow Traders and Galaxy Digital. Tokka Labs is listed as an emerging player.
Does System 9 have an API?
No public API is recorded for System 9.
What industry is System 9 in?
System 9's product category is Digital Asset Market Making. Its primary akta.pro industry code is FSADAHAE, Portfolio Management Systems (PMS), Rebalancing & Analytics (Crypto), with a secondary code of FSADAHAM, Managed Accounts, Separately Managed Accounts (SMA) & Funds Platforms (Crypto). Its NAICS code is 52321 and its SIC code is 6200.