Bitcoin lenders at Consensus 2026 reported that institutional clients are increasingly requesting crypto credit facilities that mirror traditional finance documentation standards, including MRA and GMRA frameworks, standardized margin call procedures, and legal opinions on enforceability. The shift reflects maturation of the institutional crypto borrower base, which now includes public companies, asset managers, and family offices with compliance and legal teams demanding familiar structures.
For Armada's crypto-repo desk, this is a direct market signal validating the firm's structural approach. Armada's use of MRA and GMRA documentation, combined with a no-rehypothecation policy and Fireblocks custody, positions it well against crypto-native lenders who lack TradFi legal infrastructure. This insight should be incorporated into counterparty outreach materials as evidence that Armada's documentation standards match what sophisticated institutional borrowers are actively seeking.