Part 5/18:
Crypto assets like Bitcoin serve as a "unit of account" throughout the process: when lending to firms like Susquehanna’s market-makeing operations, BlockFi underwrites these loans by assessing the borrowing entity’s risk profile and collateralization. Typically, loans are secured with liquid collateral (fiat or crypto) or guarantees, with the goal of maintaining a 70-80% collateralization ratio to mitigate risk.