MARKETS DAILY: Featured Story | Crypto Lenders Caused Crypto Contagion Last Year. How Is the Industry Rebuilding?
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 10 September 2023
⏱️ 9 minutes
🧾️ Download transcript
Summary
The "Wild West" era of crypto lending ended in a series of bankruptcies. Now the industry is attempting to rebuild in a sustainable and accountable manner.
Today's episode is sponsored by Kraken Pro.
Today’s featured story is an opinion piece from Mauricio Di Bartolomeo, titled: “Crypto Lenders Caused Crypto Contagion Last Year. How Is the Industry Rebuilding?”
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Not investment advice. Some crypto products and markets are unregulated. The unpredictable nature of the cryptoasset markets can lead to loss of funds and profits may be subject to capital gains tax.
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This episode was hosted by Michele Musso. “Markets Daily” is executive produced by Jared Schwartz and produced and edited by Eleanor Pahl. All original music by Doc Blust and Colin Mealey.
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Transcript
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| 0:00.0 | This episode of Markets Daily is sponsored by Cracken. |
| 0:08.2 | It's Sunday, September 10th, 2023, and this is Markets Daily from CoinDesk. |
| 0:13.2 | Hi, I'm Michelle Muso here with your featured story. |
| 0:15.9 | On today's show, we're taking a dive in how crypto lending contributed to last year's collapse |
| 0:20.2 | and what could be done to fix it. |
| 0:22.7 | And just a reminder, CoinDesk is a news source and does not provide investment advice. |
| 0:32.2 | Today's piece comes from Maricio di Bartolomeo, the co-founder of Leden, a digital currency lending company. |
| 0:38.6 | We'll be using Wondercraft AI to read the story. |
| 0:41.5 | The piece is titled, Cryptol Lenders Caused Crypto Contagion last year. |
| 0:45.5 | How is the industry rebuilding? |
| 0:49.0 | Loans are as old as money. |
| 0:50.5 | Throughout history, whether seeds or gold, every form of currency has had its |
| 0:54.5 | lending market. Now, Bitcoin, with its decentralized and transparent nature, has staked its own |
| 0:59.7 | claim in the financial landscape. And just like the currencies that came before it for Bitcoin |
| 1:03.8 | to truly thrive, it also needs a robust lending market. However, thus far, most attempts to create |
| 1:09.0 | a Bitcoin credit market have failed spectacularly, with disastrous repercussions. |
| 1:14.5 | The demand for Bitcoin and digital asset lending services surged during the 2020 run-up, with tens of billions of client assets flowing towards both centralized and decentralized lending platforms. |
| 1:26.5 | Fueled in part by lax macroeconomic monetary policies |
| 1:30.1 | and the crypto sector's explosive growth, this environment allowed bad actors to operate recklessly, |
| 1:35.5 | misleading consumers without facing significant checks and balances. This lack of oversight |
| 1:40.5 | ultimately led to the collapse of the digital asset lending industry, beginning in |
| 1:44.4 | 2022, including the cascading bankruptcies of lenders, including BlockFi, Celsius, and a unit |
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