Living on Blockchain is about removing the jargon from the blockchain and crypto space, disseminating information for greater adoption and most importantly, shedding more light on the women and men in blockchain, creating interesting platforms.
166 : Public Markets, M&A, and the Future of Crypto Infrastructure
In this episode, Joe walks through his journey from early Bitcoin interest to building Field Digital, a crypto-native fintech conglomerate focused on acquiring cash-flowing infrastructure businesses and taking them public. He explains why public-market structures and permanent capital are key for institutional adoption, the role of M&A in scaling, and which infrastructure layers (bare metal, protocol, RPCs, validators, compliance, distribution) will matter most over the next decade.
Joe also discusses lessons from investing, the challenges of running a public crypto firm, how AI and decentralized compute intersect with blockchain, and practical advice for founders and newcomers: be resilient, focus on sustainable fundamentals, and experiment to find product-market fit.
In this episode:
Why crypto infrastructure is consolidating
Field Digital's acquisition and roll-up strategy
What makes an infrastructure company worth acquiring
The missing pieces of the institutional crypto stack
Building vs. buying infrastructure
Why public markets matter for crypto companies
Where infrastructure margins could emerge
Overfunded vs. underfunded areas of crypto
What an AWS moment for blockchain could look like
The transition from crypto protocols to crypto institutions
Crypto’s next phase may not be led by another token or trading cycle. It may be built through stablecoins, tokenisation, institutional custody and wallets that quietly make blockchain usable at scale.
In this episode of Living on Blockchain, Tarusha Mittal speaks with Manhar Garegrat, Country Head for India and Global Partnerships at Liminal Custody.
Manhar traces his journey through India’s crypto ecosystem—from working with ZebPay and witnessing CoinDCX grow from a 35-member team into India’s first crypto unicorn, to helping build the infrastructure required for finance on blockchain rails.
The conversation explores:
• Why Manhar moved from exchanges to digital-asset infrastructure• How Liminal emerged from the operational challenges faced by exchanges• Why stablecoins, remittances and cross-border payments are driving crypto adoption• Where stablecoins fit—and do not currently fit—within India’s regulatory framework• CBDCs, tokenised deposits and India’s approach to digital money• How wallets could evolve into AI-integrated transaction engines• The promise and risks of agentic wallets• Why tokenisation needs governance and compliance infrastructure• What institutions now expect from custody providers• Why technology alone is not enough to ensure security• What India is getting right—and where its digital-asset ecosystem remains constrained• Why traditional Indian fintech companies may eventually transact on digital-asset rails• The importance of learning how wallets and self-custody actually work
This is a conversation about what happens when crypto begins moving beyond speculation and starts becoming financial infrastructure.
Guest: Manhar GaregratCountry Head, India & Global Partnerships, Liminal Custody
Host: Tarusha MittalPodcast: Living on Blockchain
Disclaimer: This conversation is for informational purposes only and does not constitute financial, legal or investment advice.
20 Apr 2026
Crypto Isn’t Dead. But Something Else Is.
Crypto feels… quiet right now.
No big narratives.Less hype.Fewer people talking about it.
So is crypto dead?
In this episode, I break down what actually happened over the last 12 months—from liquidity drying up and retail disappearing, to AI taking over attention, and why most products failed to retain users once incentives dropped.
This isn’t a hype take.
It’s a grounded look at what’s changed, what’s no longer working, and what builders need to focus on now.
If you’re still here in this cycle, you’re probably building through it.
And that’s exactly what this podcast is about.
Who has been a guest on Living on Blockchain
Names identified in recent episode analyses. Showing up to five guests.
Dr Wilson Wei
Maria Garcia
Naoris Protocol
Jane Doe
Jack Dorsey
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YouTube views
11,903
Score snapshot 15 Sept 2025
Apple Podcasts (US)
5.0 / 5
2 ratings
Podcast Authority Score: 55 / 100
A composite of feed quality, social presence, YouTube performance and engagement. Read the methodology.
Quality
53
Social presence
0
YouTube
76
Engagement
68
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Questions about Living on Blockchain
Who hosts Living on Blockchain?
Alex Thorne and host and Alex Masmej and Tarusha host the show. Published by Tarusha Mittal.
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