Head of Lending @FalconXGlobal. Formerly Head of Product @Membrane_Labs and Lending @galaxyhq / @jpmorgan. Opinions my own and should never be taken seriously
New York, NY
Joined August 2021
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Incredibly excited to launch this with @sonyasunkim and @3f_romeo! Weeks like these (where I was supposed to be on “vacation”) really highlight why there’s still alpha in crypto lending.
We’re incredibly thankful to have partners like @3f_xyz driving innovation in this market!
Proud of the innovation the 3F team is bringing to the onchain credit space! Check us out at app.3f.xyz
Craig Birchall retweeted
1/ @FalconXGlobal private credit is now live on @3f_xyz — bringing customizable leveraged exposure to institutional private credit onchain for the first time.
Craig Birchall retweeted
Was such a good episode
So bullish on @paretocredit and the team and all involved around it.
Great to see so much exposure coming to it alongside with the legends at @FalconXGlobal
Craig Birchall retweeted
Repo Is $16T. Onchain Credit Is $5B. What's Missing? xitter.cf/i/broadcasts/1PKqrEmrM…
Craig Birchall retweeted
FalconX’s Structured Credit Facility is now available on @monad_xyz, expanding access to tokenized institutional credit across onchain ecosystems.
Deployed through @paretocredit and curated by @M11Credit, the facility combines institutional-grade risk management with transparent onchain infrastructure - enabling institutional credit exposure to serve as productive collateral within digital asset markets.
Another step toward more scalable, capital-efficient onchain credit infrastructure.
The @FalconXGlobal Credit Vault on @paretocredit is now available on Monad
AA_FalconXUSDC can be bridged to Monad and used as collateral on the @morpho @steakhousefi market to borrow USDC
This brings institutional private credit deeper into onchain capital markets
I still can’t believe it, but we can now say that we’re able to offer participation in the institutional crypto lending markets through a regulated banking partner - and via a tokenized credit facility at that!
HUGE thanks to @sygnumofficial for helping to pioneer this with us!
Super pumped to have gotten this over the line with the great team @Hut8Corp .
It’s been a hectic market these past few months but it’s really rewarding to see all of the hard work we’ve put in this last year come to fruition and seeing this business get its wings
FalconX has partnered with @Hut8Corp on a $200M Bitcoin-backed credit facility, refinancing its existing facility.
The transaction reinforces FalconX’s role as a leading financing partner to digital infrastructure companies, delivering tailored lending solutions at scale.
Craig Birchall retweeted
Private credit as DeFi collateral isn't theoretical
Our Levered @FalconXGlobal Strategy powered by @Morpho markets has performed at 13%+ APY since August.
Great breakdown with @paretocredit on the full stack behind it.
Really enjoyed joining @defidave and @Benjamin918_ to discuss the work we’re doing to bridge traditional credit into the on-chain ecosystem
Is great to be at this intersection with EtherFi @Showtime0x, M11 Credit @Bablidi_Thib, and Symbiotic @Psalom - excited for what’s next!
5 Teams, 1 Mission: The Institutional Restaking Stack Explained - The Cap Room EP #1
On the very first episode of The Cap Room, @defidave sits down with @Benjamin918_ (Cap Founder), @Psalom (Symbiotic Co-Founder), @Showtime0x (EtherFi Head of Ecosystem), @Bablidi_Thib (M11 Credit), and @_CraigBirchall (FalconX Head of Lending) to break down Cap's institutional restaking superpartnership piece by piece.
We cover how Cap is using @symbioticfi's shared security infrastructure to build insured private credit market, why @ether_fi is backstopping the system as the largest delegator in restaking, how @M11Credit and @FalconXGlobal are generating sustainable, overcollateralized yield from real lending activity, and why this collaboration could mark a turning point for restaking as a whole.
TIMESTAMPS
00:00 Introduction
03:00 Understanding the Collaboration and New Primitives
05:52 The Role of EtherFi in the Partnership
08:51 M11 Credit's Perspective on Cap
11:57 Exploring Cap's Three-Sided Marketplace
15:04 Yield Strategies and Risk Management
18:01 The Future of DeFi and TradFi Convergence
21:06 Community Impact
31:00 Closing Thoughts
Listen & Subscribe on all major platforms below 👇
Craig Birchall retweeted
1/ EtherFi, @FalconXGlobal and @M11Credit have entered the first institutional restaking agreement in DeFi history.
Together, we're bringing weETHs into the @capapp protocol, unlocking additional rewards for @symbioticfi ETH holders. Learn more below ↓
Craig Birchall retweeted
Cap
Ether Fi
Falcon X
Maven 11
Symbiotic
All coming together to bring the next-generation of yield onchain
The future won't be driven by token games or unsustainable incentives but fueled by real demand generating hard-earned yield
See anon? That's the flywheel starting...
This is a massive milestone for us and big shout-out to the teams @gauntlet_xyz @paretocredit @M11Credit @Morpho for helping to make it happen.
If you’re looking for a sophisticated, liquid way to deploy capital on-chain, definitely reach out!
The FalconX Credit Vault token is now the largest RWA by collateral on @Morpho, with $55M+ deployed on the protocol.
In 2025, we launched the @FalconXGlobal levered RWA strategy in partnership with @paretocredit and @M11Credit, bridging TradFi and DeFi.
The strategy showcases how RWAs can operate as composable building blocks for institutional portfolios onchain.
How the strategy works:
1. FalconX CV tokens are supplied to a Gauntlet curated vault.
2. The vault deposits CV tokens as collateral on Morpho and borrows USDC against them.
3. The borrowed USDC is used to buy additional CV tokens, which are again deposited as collateral on Morpho.
4. The loop remains active within the risk levels established by Gauntlet’s optimization engine, which monitors supply and borrow APYs, sets appropriate LLTVs, optimizes the leverage factors, and continually assesses market health.
Check out the Gauntlet Levered FalconX Vault here: app.gauntlet.xyz/vaults/gpaa…
Access the strategy on the Pareto App: app.pareto.credit/vault#0xC2…
Read more about the strategy and our partnership: gauntlet.xyz/resources/falco…
Explore our levered RWA strategy on VaultBook: vaultbook.gauntlet.xyz/vault…
Data: dune.com/morpho/morpho-rwa
Craig Birchall retweeted
Big news: FalconX is acquiring @21shares. Together, the two firms will advance the convergence of digital assets and traditional finance, bringing together FalconX’s crypto-native market infrastructure, structuring expertise, and institutional network together with 21shares’ listed-market leadership and global distribution.
Craig Birchall retweeted
Watch @_CraigBirchall from @FalconXGlobal discuss the 2025 credit market:
• DeFi ≠ CeFi rates—different pools, different constraints
• Secured borrow is table stakes; legal + math set price
• Cross-venue margin > single-venue “0%” gimmicks
• Expect a major TradFi > crypto acquisition in 12–18 mo
Watch the BRANESTORM Podcast by @Membrane_labs: membranelabs.com/branestorm-…
Pumped for my first podcast coming from the @FalconXGlobal desk!
If you’re curious at all about the crypto lending markets or my first impressions being back in a lender’s seat, feel free to give it a listen
Big shoutout to the @Membrane_Labs team for having me on, it was fun!
Our Head of Credit for the Americas, Craig Birchall, joined @Membrane_Labs Brainstorm podcast to discuss the evolving landscape of crypto credit markets.
Key insights from the conversation:
✓ How institutional and DeFi rates interact in 2025
✓ Innovation in cross-margin solutions across multiple venues
✓ New treasury company strategies creating market opportunities
✓ The evolution from unsecured to more sophisticated secured lending
Tune in to hear Craig break down how institutional adoption is reshaping crypto markets: membranelabs.com/ep08-falcon…
Craig Birchall retweeted
FalconX is expanding support for the Hyperliquid (HYPE) ecosystem with custody and staking solutions.
Clients can now:
✓ Custody HYPE securely on FalconX
✓ Stake HYPE on HyperCore directly from FalconX Custody accounts
✓ Delegate staking to the FalconX validator, operated with @ChorusOne
✓ Access liquid staking via @kinetiq_xyz (kHYPE, iHYPE) for greater flexibility
This is just the first phase of FalconX’s engagement with the Hyperliquid ecosystem. Beyond custody and staking, FalconX will soon integrate HYPE into its market-making capabilities, enabling institutional clients to access liquidity, yield, and exposure through a single trusted platform.
It’s been awhile since I’ve tweeted, but wanted to share this awesome collaboration between us and the great folks at @gauntlet_xyz @paretocredit @MorphoLabs . It’s been a long time coming, but it’s been really awesome to be a part of accelerating the “CeFi meets DeFi” innovation
1/ Today we are announcing the launch of our @FalconXGlobal levered RWA strategy, in partnership with @paretocredit and powered by @MorphoLabs vaults.
The strategy uses Pareto FalconX Credit Vault (CV) tokens as collateral to borrow USDC and buy more CV tokens within strict risk parameters set by Gauntlet’s optimization engine.
This collaboration further bridges TradFi and DeFi and marks a major evolution in the composability of Real-World-Assets enabled by permissionless DeFi infrastructure and trusted risk models.
Learn more about the strategy below.
Great conversation with my good friend and former colleague @Game_Set_Max . Was good to hear what the team is up to and how they are looking towards the future
Galaxy’s Playbook for Crypto Lending 🎧
Head of Galaxy Lending Max Bareiss (@Game_Set_Max) joined @Membrane_Labs Branestorm podcast to break down how we’re scaling our lending business and bridging the gap between TradFi and crypto-native credit markets 👇
ALT BRANESTORM EP05
Craig Birchall retweeted
📢 Big News! @BitGo has partnered with @Membrane_Lab Labs to power its Prime Services - bringing institutional-grade lending and collateral management to the next level in digital asset finance.
Read about it here: social.prnewswire.com/s/gQYW….
Thrilled to share my first article published in CoinDesk. It’s a short one but if anyone is curious about the healing process of the crypto lending market post-2022, please feel free to check it out. Lots of exciting momentum out there and there’s definitely more to come
Innovative structures, attractive yields, and stronger risk management are driving a recovery in institutional crypto lending markets, says @_CraigBirchall of @Membrane_Labs, an institutional loan management software provider for digital asset markets.
trib.al/yQXAgVy
