Membrane Labs

Membrane Labs provides the infrastructure standard for institutional digital asset credit. Founded in 2019 by Carson Cook after leaving McKinsey, the company emerged from a partnership with venture studio Hibbard Road Partners to solve critical infrastructure gaps in institutional digital asset trading and lending.

Core Products & Services

Membrane offers a comprehensive Prime Services Infrastructure suite that automates loan management, collateral workflows, settlement, and risk analysis across custodians. The platform has processed over $10 billion in total loan bookings and serves leading institutional clients including Electric Capital, GSR, Jump Crypto, Point72 Ventures, Jane Street, BitGo, and Ledn.

The core product suite includes:

Loan Management System - Centralizes servicing operations across borrowers, entities, assets, and custodians, replacing spreadsheets with automated servicing, collateral enforcement, and real-time exposure visibility.

Collateral Management Engine - Operationalizes margining, enforcement, and cross-custodian collateral tracking with deterministic rules, real-time LTV monitoring, and automated margin call generation.

CustodyLink Network - Patented cross-custodian settlement infrastructure providing real-time visibility, deterministic routing, and custody-verified state alignment across multiple custodians, exchanges, and wallets.

Settlement Engine - Orchestrates multi-party, multi-custodian settlement routing for principal, interest, fees, and collateral movements with defined outcomes and full auditability.

Risk Analysis Engine - Delivers continuous exposure monitoring, stress simulations, scenario modeling, VaR calculations, and liquidity analysis tied to custodian-verified balances.

Stablecoin Repo Marketplace - Institutional marketplace for stablecoin repurchase agreements with standardized GMRA-style documentation, DvP settlement, and integrated custody.

Key Strengths

Membrane's platform is custody-agnostic and integrates with major institutional custodians including Anchorage Digital, BitGo, Fireblocks, Copper, Coinbase, Kraken, and Zodia Custody. The company's patented CustodyLink technology enables seamless multi-custodian operations while maintaining asset control at preferred custody locations.

The platform supports multi-asset, cross-chain settlement for BTC, ETH, stablecoins, and tokenized assets across on-chain and off-chain rails. All modules feature complete API access for programmatic integration alongside institutional-grade UI consoles.

Membrane is SOC-compliant and provides enterprise-grade security, compliance monitoring, and audit-ready logging with immutable transaction histories.

Notable Clients & Market Position

The platform serves institutional lenders, prime brokers, trading desks, custodians, and crypto-native financial institutions across global markets. Notable clients include BitGo, Ledn, Electric Capital, GSR, Jump Crypto, Point72 Ventures, Jane Street, Flow Traders, Brevan Howard Digital, Framework Ventures, QCP Capital, and Fourth Revolution Capital.

In 2025, Membrane processed $6+ billion in new loan volume and expanded operations across Asia and the Middle East. The company recently launched a CME EFP workflow for BTC and ETH futures-to-spot settlement and partnered with Ginco to strengthen Bitcoin treasury infrastructure in Japan.

Why Choose Membrane Labs

Institutions choose Membrane to eliminate fragmented spreadsheet-based workflows and manual reconciliation processes that create operational risk. The platform provides unified control over credit operations with real-time visibility into positions, automated margin rule enforcement, and deterministic state management across all custodians and counterparties.

Membrane accelerates time to market by providing fully-built, continuously evolving infrastructure that scales institutional operations without the burden of in-house development, ongoing maintenance, or integration management. The modular architecture allows institutions to deploy individual components or the complete Prime Services Infrastructure suite based on specific workflow requirements.