Embedded finance has moved from payments into lending. Trading is the logical next step, and platforms that force users to hop between providers to access different asset classes are losing ground. Patrick Murphy, Managing Director for the UK and EU at Eightcap, argues that multi-asset access has to be built in from the start if platforms want to keep users engaged.
But meeting that expectation isn’t as simple as adding new instruments. It raises deeper questions about infrastructure. How do you embed regulated derivatives alongside crypto? How do stablecoins fit into cross-border settlement when banks still operate on legacy rails? And what happens when tokenized assets start functioning as collateral across both traditional finance and DeFi?
In this conversation with BeInCrypto, Murphy breaks down how Eightcap is approaching those challenges, from embedding compliance into its API stack to preparing for a world where Bitcoin, equities, and gold increasingly move on-chain.
BeInCrypto: Eightcap Embedded allows brokers, exchanges, and wallets to integrate multi-asset trading through a single API. What specific market signals or client needs convinced you that embedded multi-asset access would become the next frontier in platform engagement?
Patrick Murphy: “When we looked at where the market was heading, a few things stood out. Across brokers, exchanges, and other fintechs, we saw a convergence of client needs. Users wanted the ability to move between crypto, forex, and commodities seamlessly. Platforms were losing engagement when users had to leave to access different asset classes, causing a retention challenge. If you couldn’t offer multi-asset exposure natively, then your clients were going to trade elsewhere.
Embedded finance was reshaping expectations. Just as payments and lending became embedded within non-financial ecosystems, trading was the next logical step. We saw an opportunity to bring that same model to trading, turning partners into all-in-one investment hubs rather than single asset providers.
We also found that traders today value experience as much as execution; they want real-time, frictionless access to the markets. The Eightcap Embedded multi-asset capability enables that ecosystem, where a trader doesn’t just buy or sell crypto with their exchange but has the opportunity to diversify their assets with derivatives. This increases both engagement and monetisation potential for our clients. Eightcap Embedded wasn’t built in response to a single client need; it emerged from observing the shift towards embedded finance and the behavioural evolution of traders expecting all-in-one access.”
BeInCrypto: Drawing on your background in compliance and payments, how have you approached embedding regulated trading features into partner platforms while maintaining speed and scalability?
Patrick Murphy: “My experience in both the payments and compliance verticals has allowed me to merge regulatory principles with product agility. In payments, I learned that scalability breaks down when compliance is treated as a ‘review step’.
At Eightcap, our embedded trading API is architected with jurisdictional awareness, KYC, AML, and licensing logic that are integrated into the onboarding process and transaction flow. This ultimately means that partners don’t need to build parallel systems; compliance is built in, not bolted on.
By maintaining a compliance core, our partners can launch faster because they’re not revisiting or revalidating core controls.
We position Eightcap Embedded as a ‘compliant-by-design’ infrastructure, allowing brokers, exchanges, and wallets to scale confidently while maintaining trust with both clients and regulators.”
BeInCrypto: Integrating derivatives and crypto products within embedded finance introduces unique technical and risk-management challenges. What were the hardest trade-offs in balancing usability, compliance, and resilience across volatile markets?
Patrick Murphy: “One of our challenges was creating an experience that felt native within partner platforms, while still adhering to regulatory requirements, like client classification under TMD, leverage limits, and margin requirements.
However, this was easily and successfully managed with both our trading teams and legal and compliance teams collaborating to create a working integration for our partners that is compliant.”
BeInCrypto: Eightcap Tradesim rewards users for simulated trading. What have you learned about trader behaviour or education from this experiment, and how has it influenced your approach to onboarding and retention?
Patrick Murphy: “Tradesim revealed that traders learn best when the environment feels real, but the consequences are not. By simulating live market conditions and rewarding training performance, we saw a measurable increase in confidence in trading. Many traders develop real trading discipline, such as tracking positions, understanding the market, and analyzing data. The key takeaway here is that gamified education bridges the gap between curiosity and confidence.
We found that educational engagement directly correlates with trading longevity. Users who spent more than five days in simulated trading were more likely to become active traders.”
BeInCrypto: Stablecoins are reshaping settlement and liquidity. How is Eightcap using them to streamline fiat-crypto flows within embedded platforms, and what overlooked frictions remain around regulation or cross-border transfers?
Patrick Murphy: “Stablecoins have been one of the most meaningful financial innovations of the past decade. They’ve extended access to digital dollars like USD₮, enabling instant, low-cost transfers of size and filling gaps left by fragmented banking and payment systems, particularly across emerging markets and countries outside of the UK, EU, and Australia.
At Eightcap, we’ve been able to use stablecoins to make client funding and withdrawals faster and more reliable, removing friction where traditional rails don’t perform. But there are still regulatory hurdles when it comes to treating this version of the dollar as client money within licensed entities. Existing frameworks weren’t designed for blockchain-based settlement, so custody, safeguarding, and reconciliation requirements remain built around traditional bank money.
Interoperability with USD bank accounts also remains limited. Stablecoins settle 24/7 on-chain, but banks still operate within business hours and siloed payment networks. Until regulation and infrastructure catch up, stablecoins remain a parallel system, highly efficient in their own right, but not yet fully integrated with how regulated financial institutions manage client funds.”
BeInCrypto: What regulatory or technological shifts do you expect will define embedded multi-asset trading over the next two years, and how is Eightcap positioning itself to lead that transition?
Patrick Murphy: “Over the next two years, most assets will begin to move on-chain, not just crypto, but tokenized gold, equities, and cash equivalents. That shift will fundamentally change how capital is used. Once assets exist natively on-chain, they can be deployed far more efficiently as collateral, for settlement, or to reinvest without having to sell or exit positions. Investors will be able to use Bitcoin, tokenized gold, or stocks as dynamic collateral to trade other assets, hedge positions via derivatives, or reinvest instantly.
At Eightcap, we’re partnering with leading crypto technology firms that require a global licensing stack to bring on-chain and hybrid DeFi/traditional finance products to market. By combining regulated multi-asset infrastructure with tokenized assets and stablecoin settlement, we enable our partners to offer seamless, compliant, and capital-efficient trading experiences.
As crypto and tokenization regulations mature, Eightcap is positioning itself as the bridge between traditional capital markets and the emerging on-chain economy.”
Source: https://beincrypto.com/eightcap-embedded-trading-patrick-murphy/
