Ibis, a credit platform that runs on blockchain, emerged publicly on 28 October, announcing a $250 million credit facility from FalconX and the close of a pre-seed round led by the same company. Ibis originates, tokenises, risk-manages and services structured loans, connecting institutional capital with companies seeking financing. It will first lend to crypto trading firms and later to other emerging technology sectors. Anchorage Digital Bank will act as custodian and banking partner.

What it means: After the collapses of crypto lenders in 2022, such as Celsius and BlockFi, credit in the sector became scarce and expensive. New platforms like Ibis are trying to bring it back in a more institutional form: structured loans, regulated custodians and blockchain records that let lenders see positions and collateral in real time. The FalconX credit facility, from one of the largest institutional crypto intermediaries, provides initial liquidity, but it also shows a close relationship between the funder and the platform that deserves attention from a conflict of interest standpoint. Risk remains high: crypto trading firms have volatile revenue, and their collateral can lose value quickly. In Europe, MiCA does not cover crypto lending, a gap highlighted in the debate on its review. Greek businesses and investors have no direct exposure, but the move shows tokenisation spreading from bonds and money market funds to credit, with all the risks that entails.

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