How crypto's lending market can overcome its confidence crisis

Crypto Infrastructure • July 7, 2023, 9:00AM EDT
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Quick Take

  • BitGo CEO Mike Belshe explains how the 2022 crypto meltdown revealed the market’s immaturity, and what it will take to restore the confidence of lenders.

Episode 63 of Season 5 of The Scoop was recorded with The Block's Frank Chaparro and BitGo co-founder & CEO Mike Belshe.

Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher, or wherever you listen to podcasts. Please send feedback and revision requests to [email protected].

Mike Belshe is the co-founder and CEO of BitGo — a leading digital asset custody and security platform.

In this episode, Belshe shares his thoughts on last year's collapse of the crypto credit market and explains what it will take to restore confidence in the sector.

Outline:

0:52 - Market musings

3:12 - Crypto conspiracies

5:54 - Business at BitGo

8:39 - Crypto prime brokerage

14:24 - Lending market cooldown

15:55 - Crypto’s opaque transparency

21:22 - Crypto market recovery

32:47 - BitGo x Galaxy Digital


© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

AUTHOR

Davis Quinton profile picture Davis Quinton

Davis Quinton is the Director of Podcasts at The Block and runs our flagship podcast called The Scoop, hosted by Frank Chaparro. Since joining The Block as an 'intern' in early 2022, he has worked closely with leaders across departments to translate The Block's written content into engaging multimedia formats. He holds a degree in Social Research & Public Policy from New York University in Abu Dhabi and is based in Sydney, Australia.

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AUTHOR

Frank Chaparro profile picture Frank Chaparro

Frank Chaparro is Host of The Scoop podcast and Director of Special Projects. He also writes a biweekly newsletter. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. For inquiries or tips, email [email protected].

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