Introduction
Institutional lending has been an afterthought after the fall of all major issuers in the space, including Silvergate Bank, Genesis, Blockfolio, and Celsius, as well as their high-profile borrowers such as Alameda Research and 3AC. The total market size of institutional lending in crypto today is just a third of what it was at its peak.
However, momentum is returning, both in terms of actual flows into the sector as well as pledged interest and investment from key institutions outside...