QCP Capital
Singapore crypto derivatives trading and OTC market-making firm founded 2017.
On the record
Checkpoint: Nasdaq/Canton Network collateral tooling product launches
The call
QCP holds real regulatory ground in Singapore and Abu Dhabi while bigger, better-funded trading firms circle the same institutional flow it depends on.
QCP Capital buys and sells large crypto derivatives trades for big clients and makes money on the difference between buy and sell prices. It is hard to replace because regulators in Singapore and Abu Dhabi now trust it with official licenses, and starting from scratch takes years. However, huge trading firms like Jane Street and Jump Trading are now opening crypto desks in the same cities with much more money behind them, which means QCP will compete on smaller profits even if it keeps some customers. The one thing that could change everything is if QCP finds a special type of trade or client that the giant firms do not want, allowing it to stay profitable in its own corner.
Why
01
AI pressure: None apparent. AI trading bots could compress spreads over time, but block-trade liquidity still needs capital, credit lines, and licenses, not just code. Could AI do the core job? Unlikely.
02
Bigger players: Jane Street, Jump Trading, Citadel-class desks, Susquehanna (SIG), Brevan Howard. Deep-pocketed TradFi and quant firms are opening crypto derivatives desks in the same Singapore and Abu Dhabi hubs QCP works. Could a giant copy it? Probably.
03
What protects it. MAS Major Payment Institution license and ADGM approval plus long-standing client credit relationships that new entrants must rebuild from scratch.
What would change this call
Jane Street, Jump, or Susquehanna announce dedicated crypto derivatives desks in Singapore or Abu Dhabi. Confirms TradFi giants are directly entering QCP's core institutional hubs.
QCP's headcount growth or reported trading volumes stall or reverse in 2026 filings/press. Would show margin or flow pressure from bigger rivals is materializing.
Public report of a named institutional client shifting OTC flow from QCP to a larger market maker. Direct evidence of customer loss to better-capitalized competitors.
QCP's headcount growth or reported trading volumes stall or reverse in 2026 filings/press. Would show margin or flow pressure from bigger rivals is materializing.
Public report of a named institutional client shifting OTC flow from QCP to a larger market maker. Direct evidence of customer loss to better-capitalized competitors.
Key numbers
- MAS Major Payment Institution license granted
- 40% year-on-year headcount growth
- Options book traded over $32B year-to-date
Named risks
- Better-capitalized TradFi entrants (Jane Street, Jump, Cumberland) compressing spreads in Singapore and Abu Dhabi.
- Singapore DTSP licensing regime under FSMA 2022 (effective 2025-06-30) raises ongoing compliance burden.
- Crypto market volatility directly exposes trading P&L, as flagged in QCP's own July 2026 commentary.
- Naming confusion with unrelated 'QC Capital' acquired by Robo.ai (2026-06-18) muddies public search results.
- No disclosed financials make traction and profitability difficult to verify externally.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Jane Street | contesting | Setting up crypto desks in Abu Dhabi/Singapore alongside QCP as of 2024-05-07 |
| Jump Trading | contesting | Scaling crypto/derivatives desk in same regulatory hubs as QCP, 2024-05-07 |
| Cumberland (DRW) | gaining on | Secured its own Singapore MPI license, 2026-07-14 |
| GSR | contesting | Joined same Canton Network collateral initiative as QCP, 2025-07-16 |
| Wintermute | contesting | Repeatedly grouped with QCP in market-maker rankings as of 2025-12-16 |
| Amber Group | contesting | Co-invested alongside QCP in Talos Series A, 2026-01-28 |
Questions people ask
- Is QCP Capital profitable?
- No verified financial disclosures exist. A ZoomInfo estimate from 2023-07-04 pegs revenue near $5.7 million, but this figure is widely considered stale given QCP reported 40% year-on-year headcount growth by September 2025 and expanded licensing across Singapore and Abu Dhabi.
- Who owns QCP Capital?
- QCP Capital is privately held and founder-led, founded in 2017 by Darius Sit. Melvin Deng has served as CEO since August 2021. As of January 2026, no public equity raise has been disclosed; the firm appears self-funded on proprietary capital rather than VC-backed.
- Could AI replace QCP Capital's trading business?
- AI could automate QCP's macro-commentary and research content, which is already syndicated widely by crypto media as of June 2026, but it cannot substitute for the balance sheet capital, counterparty credit lines, or MAS/ADGM regulatory licenses required for institutional block-trade liquidity provision.
- Who is QCP Capital's biggest competitor?
- Among crypto-native peers, GSR, Wintermute, Amber Group, B2C2 and Cumberland compete directly. More concerning are TradFi giants like Jane Street, Jump Trading, and Susquehanna, which were actively building crypto desks in Singapore and Abu Dhabi as of May 2024, the same hubs where QCP operates.
- Is QCP Capital the same company as QC Capital acquired by Robo.ai?
- No. In June 2026, Nasdaq-listed Robo.ai (AIIO) announced a $60 million acquisition of an unrelated AI/robotics venture-building platform called 'QC Capital Limited' (aka Quantum Core). This is a separate entity from the Singapore crypto trading firm QCP Capital.
- Has QCP Capital faced any hacks, lawsuits, or scandals?
- As of a July 2026 review of public reporting, no lawsuits, hacks, or acquisition talk involving QCP Capital itself were found, indicating a clean track record through its multiple crypto market cycles since founding in 2017.
Timeline
- 2026-07-16QCP flags heightened crypto, oil and rates volatility ahead of Q3 2026 amid Fed uncertainty
- 2026-03-13QCP Group joins Canton Network as a Super Validator for on-chain collateral
- 2026-01-28QCP co-invests in Talos $45M Series A extension alongside Jane Street, Amber Group
- 2025-09-01QCP Trading Pte Ltd issued Major Payment Institution license by Singapore's MAS
- 2025-07-16QCP named design partner with Flowdesk on Canton Network collateral management
- 2025-06-26QCP partners with Nasdaq and Digital Asset Holdings on blockchain margin tooling
- 2024-05-07QCP receives in-principle approval from Abu Dhabi's ADGM regulator
- 2022-11-29QCP reports options book traded over $32 billion year-to-date, team of 80+
- 2017QCP Capital founded in Singapore by Darius Sit
Revision history
21 July 2026
First assessed. Defensible for now. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- QCP Capital, Ribbon Research (2022-11-29)
- QCP Trading Issued Major Payment Institution License (2025-09-01)
- QCP Receives In-Principal Approval From Abu Dhabi Regulator (2024-05-07)
- QCP receives In-Principle Approval in the ADGM (2024-05-07)
- QCP Receives Major Payment Institution License in Singapore for Crypto OTC Services (2025-09-01)
- Melvin Deng - People in crypto (2026-01-19)
- Crypto Investments by QCP Capital (2026-01-28)
- QCP Capital - Overview, News & Similar companies (2023-07-04)
- Four Major Liquidity Providers Join QCP and Flowdesk (2025-07-16)
- Q&A with QCP's CEO: Unlocking Capital Efficiency (2025-06-26)
- Blockchain.News QCPgroup flashfeed (2026-03-13)
- Top crypto market makers (2025-12-16)