September 12, 2025
Membrane Team
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September 12, 2025 – New York, NY — In the latest episode of BRANESTORM by Membrane Labs podcast, we sat down with Craig Birchall, Head of Credit for the Americas at FalconX, to explore how the institutional crypto credit landscape has shifted since 2022. Joined by Carson Cook, CEO, and James Roth, CRO of Membrane Labs, Birchall shared first-hand insights from leading desks across CeFi.
From JPMorgan to Galaxy to FalconX
Birchall reflected on his path from lending at JPMorgan, to helping establish Galaxy’s lending business, to building software at Membrane, and now to leading credit at FalconX.
“Coming back into a credit seat after three years, it’s clear the market has matured. Secured lending is the rule, not the exception, and the calculus around collateralization and pricing has fundamentally changed,” Birchall said.
Key Shifts in 2025 Credit Markets
The conversation highlighted several defining trends for institutional credit:
- DeFi vs. CeFi dynamics: On-chain pools create yield opportunities, but institutional desks remain constrained by size, eligibility, and structure.
- Secured lending as default: Non-rehypothecated structures and collateral posting requirements are reshaping how credit is priced and risk is managed.
- Cross-venue margining: Institutions now demand the ability to extend credit across multiple exchanges and custodians, not just single-venue accounts.
- Industry consolidation: Birchall expects at least one major TradFi acquisition of a leading crypto-native desk or custodian within the next 12–18 months.
Infrastructure Still Missing
Despite progress, Birchall noted gaps in market infrastructure: fragmented liquidity, opaque rate discovery, and limited interoperability across custody solutions. “In order to know where rates are, you still need ten tabs open. Transparency and standardized benchmarks remain a missing piece,” he added.
Why It Matters for Institutions
For risk teams, these dynamics underscore the need for purpose-built infrastructure that can support secured borrow, tri-party collateralization, and cross-venue risk management at scale. This is precisely the challenge Membrane Labs is solving with its institutional-grade Loan Management System (LMS) – delivering full loan lifecycle support, real-time reporting, and CustodyLink™ connectivity.
Watch the Full Interview
The full BRANESTORM episode featuring FalconX’s Craig Birchall is available now.
