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 Garegrat
Country Head, India & Global Partnerships, Liminal Custody
Host: Tarusha Mittal
Podcast: Living on Blockchain
Disclaimer: This conversation is for informational purposes only and does not constitute financial, legal or investment advice.