Susquehanna Crypto becomes Paragon's first institutional liquidity partner, backed by UFO Holdings.
Ecosystem ·
Paragon announced on July 15, 2026, that Susquehanna Crypto will serve as its first institutional liquidity partner, joined by UFO Holdings as an investor. Susquehanna Crypto operates as a global proprietary digital asset trading firm, while UFO—established by former Kalshi employees, traders, and quantitative specialists—brings venture capital backing alongside deep market expertise.
The pairing addresses a core challenge in launching new trading venues: while listing an asset is a starting point, meaningful adoption requires the ability to execute large orders with minimal bid-ask spreads even during market stress. Susquehanna Crypto will provide institutional-grade liquidity across Paragon's expanding product lineup and asset classes. UFO's background in building novel market categories adds structural experience to the platform's development.
Paragon, which operates on Hyperliquid and aims to create always-on markets across companies, sectors, and emerging concepts, also counts Consonant Ventures, Sigil Fund, and Decima Fund among its backers. The arrangement's long-term impact on market depth, execution quality, and Paragon's competitive positioning remains to be assessed as the platform launches new offerings.