Space and Time Launches Virtual Vaults as Crypto Lending Hits $75B and the 2022 Lessons Get Built In
Space and Time launches Virtual Vaults the same week Coinbase forecasts a $75 billion institutional lending market. The bottleneck has never been capital. It has been verification.
How does an institutional lender know what is really backing a loan when the borrower's collateral is moving across a dozen venues every hour?
For most of crypto's history, the answer has been a quarterly attestation, a point-in-time snapshot, or a relationship handshake. That answer broke in 2022. Three Arrows Capital, Genesis, Celsius, BlockFi, and Voyager took roughly 82% of CeFi lending's open borrows down with them when they collapsed, and the post-mortems told the same story every time. Lenders did not know what their counterparties actually held. They knew what the counterparties had told them they held.
Space and Time, the M12-backed data blockchain, is launching Virtual Vaults today to close that gap. The product is a vault platform built specifically for...
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