Single-Custodian Risk Highlighted by Fortress/Prime Fallout

Brian introduces Fortress Trust insolvency; Michael and Liam examine single-custody failures and need for multi-institution custody.

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Episode notes

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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