Embedded finance has evolved from payments to lending. Trading represents the logical next step, and platforms that force users to switch from one provider to another to access different asset classes are losing ground. Patrick Murphy, Managing Director for UK and EU at Eightcap, argues that the ability to access multiple assets should be integrated from the start if platforms want to maintain user engagement.
However, meeting this expectation does not simply mean adding new tools. This choice raises deeper questions regarding infrastructure. How can you incorporate regulated derivatives alongside crypto? What role do stablecoins play in cross-border payments, considering that banks still operate on outdated systems? And what happens when tokenized assets start functioning as collateral in both traditional finance and DeFi?
In this conversation with BeInCrypto, Murphy explains in detail how Eightcap is tackling these challenges: from integrating compliance into the API stack to preparing for a world where Bitcoin, stocks, and gold will increasingly move on-chain.
BeInCrypto: Eightcap Embedded allows brokers, exchanges, and wallets to integrate multi-asset trading through a single API. What market signals or customer needs convinced you that embedded access to multi-assets would become the next frontier in engagement on platforms?
Patrick Murphy: “Analyzing the market direction, some key aspects have emerged. Among brokers, exchanges, and other fintechs, we noticed a convergence in customer needs. Users wanted the ability to move seamlessly between crypto, forex, and commodities. Platforms lost engagement when users had to leave them to access different asset classes, causing loyalty issues. If you couldn't offer multi-asset exposure natively, your customers would trade elsewhere.
Embedded finance was redefining expectations. Just as payments and loans have been integrated into non-financial ecosystems, trading was the next step. We saw the opportunity to bring this model into trading as well, transforming partners into true complete investment hubs instead of just providers of single assets.
We have also found that today, traders value the experience as much as execution; they want access to real-time markets without friction. Eightcap Embedded's multi-asset feature enables exactly this type of ecosystem, where a trader is not limited to buying or selling crypto through their own exchange but can also diversify their portfolio with derivatives. This increases both engagement and monetization potential for our clients. Eightcap Embedded was not born to meet a single specific need, but by observing the shift towards embedded finance and the behavioral evolution of traders who expect all-in-one access.
BeInCrypto: Leveraging your experience in compliance and payments, how have you tackled the integration of regulated trading functionalities into partner platforms while maintaining speed and scalability?
Patrick Murphy: “My experience in both payments and compliance has allowed me to combine regulatory principles with product flexibility. In the payments sector, I learned that scalability diminishes when compliance is viewed as a mere 'review step'.
In Eightcap, our embedded trading API is built with careful consideration of various jurisdictions, KYC identification, anti-money laundering, and licensing criteria, all integrated into the onboarding process and transaction flow. This means that our partners do not need to build parallel systems; compliance is integrated, not added later.
By keeping compliance at the center, our partners can launch platforms faster without having to review or revalidate fundamental controls.
We consider Eightcap Embedded as a 'compliant-by-design' infrastructure that allows brokers, exchanges, and wallets to scale confidently while maintaining the trust of both customers and regulatory authorities.
BeInCrypto: The integration of derivatives and crypto products into embedded finance poses unique technical and risk management challenges. What have been the biggest trade-offs in balancing usability, compliance, and resilience in volatile markets?
Patrick Murphy: “One of our challenges has been to create an experience that is native within partner platforms while adhering to regulatory requirements such as customer classification under the TMD, leverage limits, and margin requirements.
This challenge has, however, been managed easily and successfully thanks to the collaboration between our trading team and the legal and compliance teams, who have created a functional integration for our partners that complies with regulations.
BeInCrypto: Eightcap Tradesim rewards users for simulated trading. What have you learned from a behavior and training perspective through this experiment, and how has it influenced your approach to onboarding and retention?
Patrick Murphy: “Tradesim has shown us that traders learn best when the environment feels real but the consequences are not. By simulating real market conditions and rewarding performance in training, we have seen a measurable increase in confidence in trading. Many traders develop a true operational discipline, such as monitoring positions, understanding the market, and analyzing data. The main lesson is that gamified training creates a bridge between curiosity and confidence.
We have found that educational engagement is directly correlated to longevity in trading. Users who spend more than five days in simulated trading are more likely to become active traders.
BeInCrypto: Stablecoins are revolutionizing regulations and liquidity. How are you using them in Eightcap to simplify fiat-crypto flows within embedded platforms, and what regulatory or cross-border transfer obstacles remain underappreciated?
Patrick Murphy: “Stablecoins have been one of the most significant financial innovations of the last decade. They have made digital dollars accessible like USD₮, allowing for instant, low-cost, large-value transfers that fill the gaps left by fragmented banking and payment systems, especially in emerging markets and countries outside the UK, EU, and Australia.
In Eightcap, we have been able to use stablecoins to make customer deposits and withdrawals faster and more reliable, eliminating friction where traditional systems are inefficient. However, regulatory hurdles remain when it comes to treating this version of the dollar as customer money within licensed entities. Existing frameworks were not designed for blockchain-based settlements, so custody, protection, and reconciliation requirements are still set with traditional bank money in mind.
Interoperability with USD bank accounts is also still limited. Stablecoins settle payments 24/7 on-chain, while banks operate only during business hours and on closed payment networks. Until regulation and infrastructure catch up to these new systems, stablecoins will remain a parallel system, extremely efficient, but not yet fully integrated into the fund management of clients by regulated financial institutions.
BeInCrypto: What regulatory or technological changes do you think will define embedded multi-asset trading in the next two years, and how is Eightcap preparing to lead this transition?
Patrick Murphy: “In the next two years, most assets will start to move on-chain: not just crypto, but also tokenized gold, stocks, and cash-equivalent instruments. This shift will radically change the way capital is utilized. Once assets exist natively on-chain, they can be used much more efficiently as collateral, for settlements, or reinvested, without necessarily having to sell or close positions. Investors will be able to use Bitcoin, tokenized gold, or stocks as dynamic collateral to trade other assets, hedge positions through derivatives, or reinvest instantly.
We at Eightcap are collaborating with leaders in crypto technology who need a global licensing infrastructure to bring on-chain and hybrid DeFi/traditional finance products to market. By combining regulated multi-asset infrastructures with tokenized assets and payments via stablecoins, we enable our partners to offer efficient, frictionless trading experiences that comply with regulations.
With the maturation of regulations on crypto and tokenization, Eightcap is positioning itself as a bridge between traditional capital markets and the new on-chain economy.
