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About Portofino
Portofino is a digital asset market maker and liquidity provider operating on centralized exchanges. Its core business includes electronic market making, OTC trading, and treasury management services for token projects and institutional clients. The firm focuses on building resilient, two-sided markets even under stress, emphasizing execution quality and consistency over raw volume. It addresses the common pain point of fragmented and shallow liquidity in crypto, helping projects maintain stable trading environments and reduce slippage. Over the past six months (February to August 2026), Portofino has expanded its regulatory footprint, including new licensing efforts under the EU's MiCA framework, and has strengthened its OTC desk. Its published insights highlight market resilience during drawdowns, the importance of real market-making data over vanity metrics, and the growing role of institutional-grade infrastructure in digital assets. The firm also navigated a legal dispute with a major traditional market maker, which was resolved through arbitration, allowing it to continue operations without disruption.
Portofino was founded in 2021 by former Citadel Securities executives, focusing on digital asset market making and quickly emerging in the crypto finance sector.
In 2023, Citadel filed a trade secrets lawsuit against Portofino, alleging misappropriation of proprietary technology. In 2026, Citadel dropped the lawsuit and pivoted to seeking a bankruptcy order against founder Leonard Lancia in the UK to enforce a £6 million arbitration award. This series of events became a notable case of talent disputes in the crypto industry.
Over the past six months, Portofino was primarily shaped by legal disputes. In July 2026, Citadel and Portofino jointly dismissed the US trade secrets lawsuit; earlier, a London arbitration had ordered founder Léonard Lancia to pay £5.98 million, which UK courts recognised in February, dismissed his challenge in May, and Citadel filed for his bankruptcy in July. Operationally, the firm continues to run its core businesses — market making, OTC trading, and treasury management — as shown on its website, and regularly publishes its Portofino Mint market insights. No explicit future roadmap has been announced, but its focus remains on exchange consolidation, institutional adoption, and market structure trends such as equity perpetuals.
Léonard Lancia (Co-Founder & CEO): Previously Head of Europe Systematic Options Market Making at Citadel Securities, and High Frequency Quant Trader at IMC Trading. Holds an MSc in Management from ESSEC and a bachelor's in Mathematics from Pierre and Marie Curie University.
Adrien Bertholom (Senior Vice President, Token Services): Combines experience in traditional finance and digital assets. Previously worked at GSR in Digital Assets Sales and at Société Générale in Emerging Markets FIC. Holds a Master's in Financial Markets & Investments from SKEMA Business School.