Rehypothecation Is Cryptographically Impossible — Martin Matejka, Firefish CEO

<p>"Rehypothecation is cryptographically impossible."</p>

<p>Martin Matejka joins the show to break down the rise of Bitcoin-native lending, Firefish's 3-of-3 multisig + DLC architecture, and why the February 6 stress test was the day Bitcoin-backed credit grew up.</p>

<p>We discuss why rehypothecation can be engineered out rather than promised away, how Firefish thinks about LTV, margin-call cadence, and the three warnings before liquidation, and why $160 million in non-custodial loans across 27,000 users in 70 countries is the proof a Bitcoin-native lender can scale.</p>

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<p>🎙️ GUEST</p>

<p>Martin Matejka, Co-founder & CEO of Firefish → <a href="http://firefish.io">firefish.io</a></p>

<p>Firefish on X → <a href="http://x.com/Firefish_io">x.com/Firefish_io</a></p>

<p>💰 SPONSORS & DISCOUNTS</p>

<p>🐟 Firefish — Don't sell your Bitcoin. Live off it. Non-custodial Bitcoin-backed loans. Your keys stay in 3-of-3 multisig. Rehypothecation is cryptographically impossible. $160M+ facilitated. 27,000+ users across 70 countries. <a href="http://firefish.io/?ref=MATRIX">firefish.io/?ref=MATRIX</a> | code MATRIX</p>

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<p>🟠 Club Orange — The location-based social network built for the Bitcoin community. Find Bitcoiners, meetups, and merchants near you. Download in the App Store or Google Play. <a href="http://cluborange.org/matrix-podcast">cluborange.org/matrix-podcast</a></p>

<p>🏕️ Camp Nakamoto — Bitcoin summer camp. Private island. Lake Winnipesaukee, NH. June 18-21. I'll be speaking there. 15% OFF <a href="http://campnakamoto.com">campnakamoto.com</a> | code MATRIX</p>