BRANESTORM by Membrane Labs

BRANESTORM by Membrane Labs

Quick Insights From Institutional Thought Leaders in Digital Assets

Episodes

  1. 05/20/2025

    Galaxy's Playbook for Crypto Lending with Max Bareiss

    Welcome to BRANESTORM by Membrane Labs!Join us as we bring institutional thought leaders into the spotlight to explore the latest trends and insights in digital asset lending. Each episode provides rich, bite-sized discussions on the challenges and innovations shaping the industry.Meet Your Hosts:Craig Birchall – Head of Product, Membrane LabsCraig is the Head of Product at Membrane Labs, overseeing the development and execution of institutional digital asset management solutions. Since joining Membrane in 2022, Craig has been instrumental in enhancing the platform’s capabilities, including its CustodyLink™ network, and is the host of BRANESTORM by Membrane Labs. Craig is passionate about delivering tailored, scalable solutions that address the evolving needs of the digital asset industry.James Roth - Head of Partnerships, Membrane LabsJames is the Head of Partnerships at Membrane Labs, leading initiatives to expand the company's footprint in digital asset finance. Before joining Membrane, James was Director of Business Development at Galaxy Digital, spearheading strategic partnerships and growth. He also served as Senior Director of Institutional Markets at Ripple and spent over 10 years at Goldman Sachs.In This Episode, Max Bareiss, discusses Galaxy Lending’s role in crypto lending and its broader strategy.Max is the Head of Lending at Galaxy , overseeing crypto lending operations, structured finance products, and institutional credit strategies. His expertise spans Bitcoin-backed loans, altcoin lending, mining finance, and securitization of crypto debt.With a background in structured finance and risk management, Max has played a key role in expanding Galaxy’s lending offerings, including collar loans, miner financing, and staking-backed lending. He is focused on bridging crypto-native lending with traditional institutional finance, helping integrate digital assets into capital markets.Key Points Covered:1. Galaxy Lending’s Product Offerings - A breakdown of Bitcoin-backed loans, structured finance, and new lending models.2. Market Trends & Demand for Leverage - Recent spikes in lending demand, the impact of macroeconomic factors, and shifting counterparty landscapes.3. Crypto Lending vs. Traditional Finance - Differences in underwriting processes, risk assessment, and institutional adoption of crypto as collateral.4. Regulatory & Institutional Developments - How the evolving regulatory environment and ETFs shape institutional participation in crypto lending.5. 24/7 Trading & Lending Operations - The challenges and advantages of operating in a round-the-clock financial ecosystem.Whether you're part of a lending desk, an institutional investor, or simply interested in the evolution of digital lending, BRANESTORM delivers the knowledge and insights you need, brought to you by Membrane's expert team.💡 Interested in being a guest on BRANESTORM? We’re always looking for industry experts and thought leaders to join the conversation. Reach out to us at BRANESTORM@MembraneLabs.com to be considered for a future episode!Don’t forget to like, comment, and subscribe to receive automatic updates for new interviews directly in your feed.Connect with Us:Website: www.MembraneLabs.comLinkedIn: Membrane LabsTwitter: @Membrane_LabsApple Podcast: https://podcasts.apple.com/us/podcast/branestorm-by-membrane-labs/id1774524588Contact Us: BRANESTORM@MembraneLabs.com

    25 min
  2. 05/20/2025

    The Chains Are Off - Growth Beckons for Crypto with Mike Belshe

    Welcome to BRANESTORM by Membrane Labs!Join us as we bring institutional thought leaders into the spotlight to explore the latest trends and insights in digital asset lending. Each episode is designed to provide rich, bite-sized discussions exploring the challenges and innovations shaping the industry.Meet Your Hosts:Carson Cook - Founder and CEO, Membrane LabsCarson is the Founder & CEO of Membrane Labs, where he leads the development of innovative solutions for institutional digital asset management. Before Membrane, Carson founded Tokemak, a pioneering DeFi liquidity solution, and Fractal Wealth, where he focused on strategies for digital asset growth. Prior to this, he was an Engagement Manager at McKinsey & Company, advising clients in fintech and financial services. Carson began his career as a Graduate Researcher at the University of Wisconsin-Madison, where he earned his PhD in Physics.James Roth - Head of Partnerships, Membrane LabsJames Roth is the Head of Partnerships at Membrane Labs, leading initiatives to expand the company's footprint in the digital asset space. Before joining Membrane, James was Director of Business Development at Galaxy Digital, where he spearheaded strategic partnerships and growth. He also served as Senior Director of Institutional Markets at Ripple and spent over 10 years in various roles at Goldman Sachs.This Episode’s Guest: Mike Belshe, Co-Founder and CEO of BitGo, sits down with Carson and James. Mike Belshe is the Co-Founder and CEO of BitGo. At BitGo, Mike drives product and business strategy for delivering security, compliance, and custodial solutions for blockchain-based currencies. Prior to BitGo, Mike was one of the first engineers dedicated to building Chrome at Google. He is creator of the SPDY protocol and lead author of HTTP/2.0—the internet protocol responsible for loading web pages today. In 2003, Mike co-founded Lookout Software—an email search company acquired by Microsoft—and has held management positions at several startups, including Netscape, Good Technology, and Critical Path. He is also an inventor with over 10 technology patents.LinkedIn: https://www.linkedin.com/in/mikebelshe/ Key Points Covered:-Washington’s Tone Is ChangingMike Belshe shares insights from his White House visit, marking a shift from hostility to collaboration between policymakers and crypto leaders.-Clarity Over ChokepointsHe stresses the need for transparent, balanced regulation to avoid past overreach and support innovation in U.S. crypto markets.-BitGo’s Dual Custody AdvantageBitGo is uniquely positioned as the only custodian offering both self-custody and custody solutions, building toward secure capital market infrastructure.-Global Reach, Long-Term VisionWith a global custodian network and clear distinctions between custodians and depositories, BitGo is helping shape the future of institutional crypto finance.Whether you're part of a lending desk, an institutional investor, or simply interested in the evolution of digital lending, BRANESTORM delivers the knowledge and insights you need, brought to you by Membrane's expert team.Don’t forget to like, comment, and subscribe to receive automatic updates for new interviews directly in your feed.Connect with Us:Website: www.MembraneLabs.comLinkedIn: www.linkedin.com/company/membranelabsTwitter: @Membrane_LabsContact Us: BRANESTORM@MembraneLabs.com

    1h 1m
  3. 02/06/2025

    Lending in 2024 - What We Got Wrong & What’s Coming Next with David Arnold & Freddy Mann

    On this episode, hosted by James Roth and Jamie Knowles of Membrane Labs, industry leaders David Arnold (Altenburg Capital) and Freddy Mann (Arch Lending) delve into pivotal trends and challenges that shaped the crypto lending market in 2024. Listen to the conversation: 1. 2024 Recap - A Year of Evolution The panelists emphasized the maturing dynamics of crypto lending: Growing demand for leverage: Institutional and high-net-worth borrowers continue to seek capital against digital assets like Bitcoin and Ethereum. Market constraints: Capital inflow hasn’t scaled with the crypto market cap, creating bottlenecks in lending liquidity. ETF and infrastructure growth: Significant strides in Bitcoin ETF adoption and the build-out of institutional-grade solutions have marked the year. David Arnold highlighted the "collision course" between traditional finance (TradFi) and digital assets, illustrating the increasing involvement of Swiss custodians and banks. 2. Lending in 2025 - Trends and Opportunities The discussion outlined key growth areas and challenges expected in 2025: Expanding asset coverage: Freddy Mann noted Arch Lending’s plans to incorporate more altcoins like Solana and staked assets, broadening collateral options for borrowers. Regulation as an enabler: Switzerland and Liechtenstein lead the charge with regulatory frameworks fostering secure over-collateralized lending. New entrants and hybrid structures: James Roth pointed out that custodians are stepping in with integrated solutions, bridging TradFi and digital assets through regulated "walled gardens." 3. Institutional Adoption on the Rise Corporate and institutional adoption of Bitcoin as pristine collateral continues to drive market growth. Jamie Knowles highlighted: The increasing role of corporates using Bitcoin for treasury purposes. The gradual integration of tokenized money market funds by players like BlackRock and Franklin Templeton as collateral for lending. David Arnold added that this is about market participation and creating scalable, institutional-grade solutions for collateralized borrowing. 4. Challenges - Credit Risk and Market Fragmentation A recurring theme was the importance of addressing systemic risks: Counterparty credit risks - David emphasized that some lenders are still engaging in risky practices like trading borrower collateral, which could lead to market disruptions. Fragmented capital sources: Freddy highlighted the need for scalable and structured funding mechanisms to replace the rehypothecation-driven models of previous cycles. 5. The Role of Technology and Expertise All panelists agreed on the critical role of technology in de-risking and scaling the lending ecosystem. Membrane Labs’ technology was particularly recognized for its ability to streamline operations and enhance margin and portfolio management capabilities. Additionally, James Roth observed the influx of seasoned professionals from TradFi into the crypto space, further bolstering the credibility and operational rigor of the industry. As we move into 2025, the sentiment across the panel was cautious optimism. The crypto lending sector is poised for continued growth with growing institutional participation, more robust regulatory frameworks, and expanding asset collateral options. However, challenges such as managing credit risks, increasing capital supply, and harmonizing fragmented systems remain. Stay tuned for more from the BRANESTORM Podcasts as we explore the evolving landscape of digital assets.

    42 min

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Quick Insights From Institutional Thought Leaders in Digital Assets