JPEG Trading
A quantitative trading and asset curation firm focused on crypto and DeFi
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About JPEG Trading
JPEG Trading is a proprietary trading firm active in cryptocurrency and decentralized finance (DeFi) markets. Its core business is market making—providing liquidity by continuously quoting buy and sell prices for digital assets. The firm also engages in high-frequency and mid-frequency trading across a broad range of blockchain-based assets.
A key part of JPEG Trading's value proposition is its focus on asset curation. In DeFi lending markets, determining which assets are safe and efficient to use as collateral is a growing challenge. JPEG Trading addresses this by combining deep technical and financial due diligence with direct capital commitment. Rather than merely recommending assets, it deploys its own balance sheet to support the markets it curates, aligning its risk assessment with real market outcomes.
In June 2026, JPEG Trading launched a formal curation business, with its first vaults available on Euler, a modular lending platform. The first curated asset is tGLD, a tokenized gold product issued by Tenbin Labs, backed by CME gold futures held in cleared margin rather than physical bullion. JPEG Trading intends to maintain balance sheet exposure to tGLD, reflecting its philosophy of standing behind its own underwriting decisions. This move marks an expansion from yield-bearing USD assets into non-USD real-world assets, potentially enabling gold-denominated yields of 4–6% through the vault.
JPEG Trading initially focused on high-frequency trading and liquidity provision in crypto and DeFi, and gradually expanded into early-stage venture investments (e.g., Cluster Protocol, Noise, neutrl), building a structure that combines trading, market making, and venture investing .
A long-term milestone came in 2026 with the launch of its RWA curation business: JPEG Trading deployed its first vaults on Euler, with the first curated asset being Tenbin Labs' tGLD, a tokenized gold product backed by CME gold futures held in cleared margin . Its model emphasizes 'if we're willing to underwrite an asset, we should be willing to hold exposure to it ourselves,' using direct balance-sheet commitment instead of mere recommendations to build liquidity, underwriting, and yield opportunities for non-USD RWA assets onchain . This marks its evolution from a quant trading and market-making firm toward a DeFi asset-standard setter, and a strategic shift that directly ties its own balance sheet to its risk assessments.
JPEG Trading's co-founders include John Peurifoy and Peter Choi. John Peurifoy co-founded Floating Point Group and served as CEO, with a background in physics and computer science from MIT, now an investor at JPEG Trading. Peter Choi is currently a partner at JPEG Trading, previously held roles as Head of Digital Assets at Lightnet and Institutional Business Development at Flowdesk, with a background in biotechnology and entrepreneurship.