
The Banks Are Here — JPMorgan Just Made Bitcoin Collateral
Onramp Bitcoin Media
ETH Developer Flight to Tempo and Centralization Tradeoffs
Michael and Brian discuss Ethereum dev migration, incentives driving moves to Tempo, and permissioned vs permissionless tradeoffs.
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Presented collaboratively by Early Riders & Onramp Media…
Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.
00:00 – Cold open: Friday/Sunday pump banter; “the banks are here” kickoff
02:11 – JPMorgan to accept BTC/ETH as collateral by year-end
11:41 – Fortress/Prime Trust fallout: single-custodian risk and insolvency lessons
16:19 – Notable deals of the week
25:31 – FalconX to buy 21Shares: ETFs as on-ramp; options liquidity migration
26:41 – Crypto M&A surges; Q3 deal value and what 2026 might look like
32:08 – Coinbase buys Echo (and UpOnly)
38:56 – Tether roundup: AI ambitions, USAT, and the Rumble token (RUM)
46:54 – Convergence of AI and digital assets
53:53 – ETH dev flight to Tempo; centralization tradeoffs and incentive-driven pivots
58:15 – The state of the greater digital assets industry
1:08:28 – Macro week preview
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Links discussed:
https://www.theblock.co/post/376038/jpmorgan-to-let-institutional-clients-pledge-btc-eth-loan-collateral
https://x.com/pmarca/status/1982524567072669929
https://www.theblock.co/post/375102/ledger-nano-device-wallet-app
https://www.theblock.co/post/375791/coinbase-unveils-tool-ai-agents-claude-gemini-access-crypto-wallets
https://www.theblock.co/post/375102/ledger-nano-device-wallet-app
https://www.theblock.co/post/376037/tether-ai-open-dataset-local-app
https://www.coindesk.com/business/2025/10/24/tether-eyes-fresh-investments-to-push-usat-stablecoin-to-100m-americans-at-december-launch
https://www.theblock.co/post/376092/zelle-weighs-stablecoin-integration-expand-trillion-dollar-payments-network-abroad
https://www.bloomberg.com/news/articles/2025-10-23/crypto-m-a-surges-30-fold-as-niche-firms-shift-to-mainstream
https://www.theblock.co/post/375652/prime-broker-falconx-to-buy-21shares-amid-crypto-ma-spree-report
https://www.theblock.co/post/375689/salesforce-backed-paytech-firm-modern-treasury-acquires-beam-stablecoin-startup-40-million-all-stock-fortune
https://www.theblock.co/post/375778/kalshi-fielding-investment-offers-12-billion-valuation-after-major-funding-round-bloomberg
https://blog.kraken.com/news/q3-2025-financial-highlights
https://investor.galaxy.com/news/news-details/2025/Galaxy-Announces-Second-Quarter-2025-Financial-Results/default.aspx
https://finance.yahoo.com/news/nevada-shuts-down-fortress-trust-114729119.html
https://a16zcrypto.com/posts/article/state-of-crypto-report-2025/
https://x.com/TheOneandOmsy/status/1982219947792126246
https://finance.yahoo.com/news/coinbase-signs-375-million-deal-113014849.html
Keep up with Michael:
https://x.com/MTanguma
https://www.linkedin.com/in/mtanguma/
Keep up with Brian:
https://x.com/BackslashBTC
https://www.linkedin.com/in/brian-cubellis-00b1a660/
Keep up with Liam:
https://x.com/Lnelson_21
https://www.linkedin.com/in/liam-nelson1/


