The largest institutions are seeing increased inquiries for loans from crypto investors, revealed TCW Group portfolio manager Bryan Whalen.

During a panel discussion this week at the Morningstar Investment Conference, Whalen said crypto investors are seeking loans for big institutions against their crypto assets. This is particularly happening in the bond market, he added.

“The market is starting to knock on the doors of big institutions, even in the bond world,” said Whalen, who manages $225 billion as the head of TWC’s fixed income group. “What I’ve found has crept our way is incoming inquiries about the question of lending against crypto.”

While TCW does not service requests, he suggested others such as alternative asset managers and hedge funds might.

One of the biggest asset management firms, Fidelity Investments, has partnered with crypto lender BlockFi to allow institutional clients to take loans against their BTC holdings.

“For us the role of crypto is really a cross-market, cross-company conversation,” said Robin Foley, the chief investment officer of bonds for Fidelity. “We are looking to the future as the market evolves.”

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