Léonard Lancia

Leo has over 10 years of experience leading high-frequency trading desks at top-tier financial institutions. Before founding Portofino in 2021, he headed systematic options market making in Europe at Citadel Securities. He also held roles at IMC Trading in Chicago, Amsterdam, and London. Leo holds an MSc in Management from ESSEC and a bachelor's in Mathematics from Pierre and Marie Curie University.

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Articles by this author

A stylized scene of a rocket-shaped Bitcoin soaring into a clear blue sky above clouds marked “$105K–$110K range,” symbolizing the breakout. Below, Ethereum and Solana balloons rise alongside, each tethered to elements like “ETF inflows” and “DeFi TVL.” Floating in the background are buildings labeled with TradFi names like "BNY Mellon," "Deutsche Bank," and "S&P," connected to the sky by tokenized bridges. A rising sun labeled “Macro Tailwinds” could cast light over the entire scene, reinforcing the sense of a new chapter

Market comment

Portfino Mint - 14 July

Bitcoin soars to new highs as crypto adoption and ETF inflows accelerate.

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A split-screen illustration contrasting two meme coin archetypes. Left side: Rug pull meme coin (e.g., rocket crashing, money flying out, shocked holders) Label: “Extractive: Built to Exit” Right side: Thriving meme coin community (e.g., people with banners, digital culture symbols, code and memes overlapping) Label: “Cultural: Built to Belong” Title Caption: “The Two Faces of Meme Coins”

Thought leadership

More Than a Joke: The Cultural Power of Meme Coins

Meme coins: extractive hype or digital identity? The culture behind crypto’s wildest tokens

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Dark blue graphic showing the logos of Portofino and Bitvavo, indicating a partnership or collaboration between the two companies

Announcement

Portofino Now Market Making on Bitvavo

Portofino Now Market Making on Bitvavo

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Market comment

Portfino Mint - 7 July

Crypto recap: BTC steady, ETH up, Robinhood’s big move, tariffs & ETF flows dominate

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Scenic view of Cannes at sunset, with palm trees lining the coastline, buildings along the promenade, and soft evening lights reflecting over the Mediterranean Sea

Announcement

Thank You for Joining Us in Cannes

Thank you to everyone who joined Portofino in Cannes—great energy & brilliant conversations

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Promotional image featuring Dipak Shah, Head of OTC Trading at Portofino, alongside the text: 'In Conversation with Dipak Shah – OTC Trading is maturing fast'

Opinion

In Conversation With Dipak Shah, Head of OTC Trading at Portofino

Dipak Shah on crypto OTC trends and why he joined Portofino from traditional finance.

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Illustration generated with Chat GPT showing a Timeline-Style Evolution of Stablecoins Left to right: Crypto trading → Cross-border → Remittances → Banking infrastructure Caption: “The Rise of Stablecoins: From Niche to Necessity”

Opinion

Stablecoins Go Global

Once a niche tool, stablecoins are quietly becoming financial lifelines around the world

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Illustration of Singapore’s skyline featuring Marina Bay Sands and the Singapore Flyer, with prominent warning icons in the foreground: a yellow caution triangle, a Bitcoin symbol, and a clipboard checklist. Text below reads: “SINGAPORE CLAMPDOWN – Deadline set for crypto services abroad.” The image visually represents regulatory enforcement on crypto activity in Singapore.

Market comment

Singapore Clampdown

Singapore sets June 30 deadline for crypto firms to stop overseas services or face fines

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Illustration with Chat GPT showing a split-screen infographic showing two sides:- Left side: Tradfi - Calm stock ticker (e.g., AAPL, FX), limited venues (e.g., NYSE, LSE), a clock showing "9–5"- Right side: Crypto - Dozens of fragmented exchange icons/logos, flashing red/green candles, clocks showing different global time zones, and a Bitcoin chart with 10% spikes

Opinion

How Crypto Market Making Differs from Traditional Finance?

How Crypto Market Making Differs from Traditional Finance?

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Metaphorical illustration comparing real liquidity and wash trading with two Market Scenes - One with a crowd of diverse traders (representing real liquidity). - One with clones (representing fake volume via wash trades).

Thought leadership

The Pitfall of Crypto Market Liquidity: Wash Trading

Understanding the true role of market makers in building healthy markets

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Dark blue graphic showing the logos of Portofino and GORA, indicating a collaboration between the two companies

Announcement

Portofino Now Market Making on Kalichain

Portofino Now Market Making on Kalichain

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Dark blue graphic showing the logos of Portofino and GORA, indicating a collaboration between the two companies

Announcement

Portofino Now Market Making on Gora

Portofino Now Market Making on Gora

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Dark blue graphic showing the logos of Portofino and P00LS, indicating a partnership or collaboration between the two companies

Announcement

Portofino Now Market Making on P00LS

Portofino Now Market Making on P00LS

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A split-screen illustration: On the left, a golden pipeline labeled "BTC ETFs" leaks coins downward onto the ground, symbolizing outflows. On the right, a glowing purple pipeline labeled "ETH ETFs" receiving radiant Ethereum coins, positive bar charts in the background.

Market comment

Portofino Mint - 9 June 2025

Crypto Market Update : Ethereum ETFs massive inflows

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Bridge between the traditional financial world and the crypto ecosystem with the IG Group building and Glowing Bitcoin, Ethereum, Binance, XRP symbols on the other

Market comment

Portofino Mint - 2 June 2025

Crypto Market Update - Institutional interest remains robust and good crypto momentum in the UK

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A digital blueprint unrolling across the UK map, with icons representing trust (shield), stability (scales or vault), innovation (blockchain nodes or circuit-style paths), and global reach (globe or network lines).

Market comment

New UK Crypto Rules Incoming

New UK Crypto Rules Incoming

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Hong Kong flag floating above piles of golden crypto coins

Market comment

Crypto Regulation Update from Hong Kong

Crypto Regulation Update from Hong Kong

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Bitcoin appearing on upward charts and trading charts with an arrow showing the upward trend

Market comment

Portofino Mint - 20 May 2025

Crypto Market Update - Towards a new All-Time-High

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Dark blue graphic showing the logos of Portofino and Nodle, indicating a partnership or collaboration between the two companies

Announcement

Portofino Now Market Making on Nodle

Portofino Now Market Making on Nodle

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Illustration of the Ethereum coin flying over the crypto ecosystem

Market comment

Portofino Mint - 13 May 2025

Major breakout across the crypto landscape and especially Ethereum ahead of the Pectra upgrade

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Dark blue graphic showing the logos of Portofino and Arkham, indicating a partnership or collaboration between the two companies

Announcement

Portofino Now Market Making on Arkham

Portofino Now Market Making on Arkham

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Illustration of the crypto ecosystem connected to all traditional financial entities representing crypto becoming infrastructure

Market comment

Industry Trends, Adoption and Policy Developments - 14 Mai 2025

Industry Trends, Adoption and Policy Developments

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a warm sun appears between 2 buildings: the left building represents the US regulation bodies, the right building represents the crypto ecosystem

Market comment

Regulation Watch - 15 April 2025

Crypto Regulation Watch in the US

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A black and white President Trump presenting tariffs to all countries on a red background

Market comment

Portofino Mint - 14 April 2025

Crypto Market Update - 14 April 2025

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A red President Trump presenting tariffs on a background made of crypto coins and tokens

Market comment

Portofino Mint - 8 April 2025

Crypto Market Update - 8 April 2025

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Professional headshot of a man in a dark blazer and white shirt, smiling slightly, set against a white background within a circular frame

Announcement

Adrien Bertholom hire as SVP

Adrien Bertholom hire as SVP

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Dark blue graphic showing the logos of Portofino and Crypto.com, indicating a partnership or collaboration between the two companies

Announcement

Portofino Now Market Making on Crypto.com

Portofino Now Market Making on Crypto.com

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Dark blue graphic showing the logos of Portofino and RULEMATCH, indicating a partnership or collaboration between the two companies

Announcement

Portofino actively trading on Rulematch

Portofino actively trading on Rulematch

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Promotional image featuring Dilan Bastin, Head of Compliance at Portofino, alongside the text: 'In Conversation with Dilan Bastin – What does the FCA’s discussion paper 25/1 mean for the crypto regulation in the UK?

Opinion

In Conversation With Dilan Bastin about the FCA 25/1 DP

Key takeaways from FCA’s DP25/1 and why now is the time for the industry to shape the future

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Scenic view of Cannes at sunset, with palm trees lining the coastline, buildings along the promenade, and soft evening lights reflecting over the Mediterranean Sea

Announcement

Heading to Cannes for the Ethereum CC

Heading to Cannes for the Ethereum Community Conference

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Circular diagram titled 'Virtuous Circle of Trust' showing four interconnected stages: Enhanced Liquidity, New Investors, Prices Stability, and Healthy Order Book, each represented by an arrow feeding into the next

Opinion

Why Great Market Makers Are Strategic Partners

Great market makers do more than provide liquidity—they’re strategic partners

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Illustration of a market maker balancing a scale with cryptocurrencies on one side and trading elements on the other. The left pan contains Bitcoin, Ethereum, and other crypto coins, while the right holds stock charts, buy/sell orders, and financial documents. A figure stands at the center, stabilizing the scale with a trading chart above.

Opinion

What do market makers actually do—and why do they matter?

Discover the crucial role of market makers in crypto

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Stack of layered red and green tiles symbolizing order book depth, placed over a digital trading interface with price charts and candlestick patterns in the background.

Opinion

How do you measure the efficiency of a market maker?

Learn how to measure market maker efficiency beyond bid-ask spreads

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