June 26, 2025
Membrane Team
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This Episode’s Guests: Asaf Iram, Co-Founder & Chief Risk Officer at Bitpulse, and Mihai Popa, Head of Risk Analytics at CorPrime.
Asaf Iram is the Co-Founder and Chief Risk Officer of Bitpulse, an institutional-grade risk-intelligence platform for digital assets. Leveraging more than 15 years in derivatives trading and crypto markets, he leads the creation of real-time credit-risk, liquidation-probability, and portfolio stress-testing tools that help lenders, protocols, and trading desks manage exposure. Before launching Bitpulse, Asaf served as Head of Risk at Anchorage Digital, where he built and scaled the company’s risk function—designing credit and market-risk frameworks, setting margin and liquidation policies, and steering the firm through rapid growth.
Mihai Popa is a seasoned risk and quantitative finance professional with more than 18 years of experience spanning institutional credit and digital assets. He currently serves as Head of Risk Analytics at CorPrime, where he leads risk modeling and strategy development for institutional clients. Previously, he drove quantitative strategy at Galaxy Digital during a period of rapid crypto market expansion, led a data science team at Pretium/ Progress Residential, and held model and leadership roles at Bank of New York and GE Capital. Earlier in his career, Mihai focused on credit analytics at UBS and RBC Capital Markets, specializing in credit risk, structured products, and capital allocation models. Active in crypto since 2012, he holds an MS in Financial Mathematics, from the University of Chicago, and an MBA from Vanderbilt University.
Meet Your Host: Craig Birchall – Head of Product, Membrane Labs
Craig Birchall 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.
Key Points Covered:
- LTV Risk Modeling: Mihai (CorPrime) uses historical data and downside scenario analysis; Asaf (Bitpulse) applies simulation-based modeling with dynamic risk appetite settings and collateral baskets.
- Counterparty & Credit Risk: In crypto lending, deep due diligence is critical — including aggressive asset verification, financial ratios, management quality, and redemption mechanics.
- Liquidity Risk (CeFi vs DeFi): CeFi liquidity is easier to model via order books; DeFi requires custom on-chain analysis due to fragmented liquidity, protocol design, and redemption delays.
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.
