Institutional DeFi Gets a Stealthy Boost with BitGo Partnership
Nic Roberts-Huntley, co-founder and CEO of Blueprint Finance, believes that large institutions have stayed out of digital assets due to arithmetic. He says it doesn't make sense for them to change their traditional practices to get exposure to a fraction of the size they're used to.
Roberts-Huntley's solution is to make DeFi yield more 'invisible' and subtle, rather than disrupting the status quo. To achieve this, Blueprint Finance partnered with BitGo Custody to create Concrete, a platform that lets institutional clients earn returns on vetted on-chain strategies while their assets remain in custody.
Concrete deploys synthetic representations of custodied assets into DeFi strategies without moving the actual coins. This approach makes it easier for institutions to access digital asset opportunities without compromising controls and oversight.
The platform has been successful, with DefiLlama reporting $855 million in total value locked as of this week, up from $650 million a year ago. Roberts-Huntley claims that Concrete has already received $1.2 billion in deposits within 45 days, with transaction volume expected to eclipse $100 billion soon.