Intermediated execution refers to the process where a third party facilitates the buying or selling of cryptocurrencies on behalf of a user. This typically involves platforms like exchanges, brokers, or market makers that match buyers with sellers.When a user wants to execute a trade, they place an order on the platform. The intermediary then processes this order, ensuring that it matches with a corresponding order from another user or with liquidity providers. The intermediary handles the complexities of trade execution, such as order matching and settlement, allowing users to trade more easily without needing to manage these intricate processes themselves.Using intermediated execution can enhance user experience by providing features like enhanced security, quicker transaction times, and access to liquidity. However, it also introduces a level of trust, as users must rely on the intermediary to act in their best interest and to safeguard their assets.