Kevin Miao is one of the most insightful practitioners at the intersection of traditional and on-chain finance.

Until recently, Kevin was General Partner of BlockTower Credit, a $1.9 billion AUM private credit fund that leveraged public blockchains, stablecoins, and tokenization to maximize capital efficiency.

Prior to BlockTower, Kevin managed a Structured Credit trading desk at Citigroup, focusing on consumer credit, esoterics, and distressed crisis-era securitizations.

Currently, Kevin leads growth at Steakhouse Financial, a DeFi-native advisory and technology business that helps manage the biggest DAOs in web3.

In this conversation, Kevin and I explore the theory and practice of running an on-chain credit fund, the benefits and challenges versus the traditional model, current limitations in on-chain investment management, and potential paths to upgrading finance with blockchain rails.