In this exclusive interview, we speak with Jere Vučica, Head of Trading and Operations at XDA, about building a secure and scalable trading environment that unites crypto and fiat liquidity. From executing large OTC block trades to managing risk in volatile markets, Jere shares his insights into the operational mindset that drives XDA’s success.

Can you walk us through your experience trading across both crypto and fiat markets, and how you’ve managed OTC flows specifically?

My trading experience spans from managing my personal portfolio to operating professionally across several OTC desks. At XDA, OTC flows act as a bridge between the crypto and fiat ecosystems, allowing us to provide clients with seamless conversions and efficient settlements. This dual-market exposure has helped me develop a strong understanding of both traditional and digital liquidity environments, enabling me to execute trades that balance speed, pricing, and compliance across multiple asset classes.

How would you approach pricing and executing a large OTC block trade while minimising slippage and counterparty risk?

To minimise slippage, we provide clients with a unified, all-inclusive price for the asset they wish to buy or sell. This quoted price incorporates all relevant costs — including slippage tolerance, exchange fees, and blockchain network fees — ensuring transparency and predictability.

For clients who prefer market participation, we can execute via visible order books using pre-defined limit orders. Counterparty risk is mitigated through prefunded settlements and by using only trusted liquidity partners, ensuring that execution remains both efficient and secure.

What limits and safeguards have you implemented for XDA’s trading desk from day one?

From inception, we prioritised operational security and process integrity. Each client is assigned segregated wallets to prevent any cross-exposure of funds. A four-eye principle governs all coin or fiat movements during settlement, ensuring dual verification before execution.

Additionally, traders rotate on a trade-by-trade basis to maintain focus and prevent fatigue, which strengthens both operational accuracy and internal control.

If you had to double XDA’s trading revenues in 12 months, where would you focus first?

I would focus on developing new market verticals, particularly by integrating crypto payment solutions into high-end sectors such as luxury boat and villa rentals. These industries often face cross-border settlement challenges, and introducing a crypto-based solution could streamline payments, reduce friction, and position XDA as a trusted intermediary for global luxury clients.

This approach combines strategic expansion with natural synergies in our existing OTC and payment infrastructure.

How do you balance profitability with risk controls in highly volatile crypto markets?

Our OTC model inherently balances profitability with risk management by embedding a fixed spread into every trade. This structure ensures that each transaction remains profitable unless a rare execution error occurs.

By quoting inclusive spreads, we absorb volatility and shield the desk from adverse price movements, maintaining both stability and client trust even in fast-moving markets.

A key exchange partner suddenly halts withdrawals — what’s your immediate playbook?

Our trades are settled on a per-trade basis, with each transaction fully prefunded before execution. In such a scenario, only the most recent trade could be temporarily affected.

The immediate step would be to halt further trading through the affected venue and assess the situation while coordinating with other liquidity partners. Because settlements are always prefunded, client trades remain secure, and exposure is effectively limited to operational inconvenience rather than financial loss.

Have you built or managed a trading desk before?

While I haven’t built a trading desk from the ground up, I’ve been an integral part of a growing OTC operation where I contributed directly to process development and implementation. Working closely with leadership, I helped introduce operational improvements and witnessed first-hand how thoughtful structure, risk management, and communication can transform a trading desk into a scalable and efficient operation.

How would you ensure smooth collaboration between trading, treasury, compliance, and commercial teams?

Smooth collaboration starts with open communication and shared visibility across departments. I believe in maintaining regular inter-departmental updates between team leads to ensure alignment on market developments, liquidity positions, and compliance requirements.

By fostering a culture of transparency and mutual respect, we can ensure that each team operates with full context and can react swiftly to changing market or regulatory conditions.

What attracted you to XDA, and how do you see our role in the fintech/iGaming ecosystem?

XDA’s unique positioning as a bridge between banking and trading immediately stood out to me. Few companies in the space have managed to integrate fiat and crypto liquidity so effectively while maintaining regulatory discipline.

I see XDA playing a pivotal role in the fintech and iGaming ecosystem by enabling seamless, compliant, and instant value transfer between digital and traditional economies. Joining XDA has been one of the most rewarding professional decisions I’ve made, offering both growth and the opportunity to shape a forward-thinking trading environment.