BitcoinKE

Robinhood Markets is seeing rising demand for prediction-market contracts tied to Bitcoin, gold and crude oil as traders increasingly use the products to speculate on financial markets rather than sports and elections.
JB Mackenzie, Robinhood’s Vice President and General Manager for Futures and Prediction Markets, said the contracts were among the platform’s fastest-growing products, although sports remained its largest category.

“Price volatility contracts, such as bitcoin, crude oil, gold, start to dominate the marketplace,” Mackenzie said at the NEXTPredict conference in New York.

The shift is expanding Robinhood’s event-contract business beyond traditional betting markets. The platform’s largest event contract in September 2026 was tied to the Federal Reserve’s interest-rate decision highlighting demand for contracts linked to economic policy.
Crypto-related contracts are also moving toward shorter trading windows with some settling in as little as 15 minutes. Mackenzie compared the risks of such contracts to zero-day options which expire on the same trading day and can expose traders to rapid losses.

REALITY CHECK | Traditional Bitcoin Futures Market Down 97% in 5 Years as Perpetuals, Options Gain Ground

Robinhood, which entered prediction markets through a partnership with federally regulated exchange, Kalshi, is also using the products to attract customers to its broader platform, including stocks, cryptocurrencies, futures, and options.
The expansion comes as sports-related prediction contracts face legal challenges from state gambling regulators potentially increasing the importance of financial-market contracts as a source of growth for the company.
Mackenzie said prediction markets could become Robinhood’s fastest-growing business segment among 11 business lines that each generate more than $100 million in annual revenue.


AI | Over 150, 000 Agentic Accounts Have Been Created on Our Platform, Says Robinhood




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Crypto wallet provider, Phantom, has began rolling out access to Kalshi’s prediction markets to U.S. users allowing them to trade contracts tied to real-world events directly through its app.
Users will fund trades through Phantom Cash using its dollar-pegged CASH stablecoin, with identity verification required. Phantom will restrict certain markets in Michigan, Nevada, and Washington as legal disputes continue over whether federally regulated prediction markets are subject to state gambling laws.

REGULATION | Kalshi Looses Appeal as U.S Court Backs State Regulation of Sports Gambling Contracts

Phantom General Counsel, Kevin Jacobs, said the company was comfortable proceeding citing the Commodity Futures Trading Commission’s jurisdiction over the products. The regulator granted Phantom conditional ‘No Action’ relief from broker registration requirements in March 2026.

REGULATION | The Phantom Crypto Wallet Receives First-of-its-Kind No Action Relief from CFTC

The regulator said the position applies under specific conditions, including that Phantom does not hold customer funds or intermediate trades, with orders routed directly to registered market participants.
The integration gives Kalshi access to Phantom’s crypto-native user base as competition intensifies across prediction markets. Kalshi has recorded more than $291 billion in trading volume in 2026 so far with October 2026 activity approaching a new monthly record.
The rollout highlights a broader push by crypto platforms to embed prediction markets into wallets and trading apps while regulatory uncertainty over sports and other event contracts remains unresolved.


MILESTONE | Prediction Markets, Kalshi, Sees Over 1,500% YoY Growth in Website Visits in July 2026




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HSBC has launched its first Hong Kong dollar-backed stablecoin, RedCoin, through its PayMe payments platform, targeting more than 3.3 million users as the bank expands its digital asset business.
The stablecoin, which is licensed and regulated by the Hong Kong Monetary Authority (HKMA), will initially support peer-to-peer transfers and payments at more than 100,000 merchants through PayMe. Users will be able to activate wallets in the app in the coming days, HSBC said.

REGULATION | China Formalizes a Broad Ban on RMB-Linked Stablecoins and RWA Tokenization

The bank plans to add RedCoin functionality to its Hong Kong mobile banking app later this year and enable customers to use the stablecoin to subscribe to tokenised investment products, including a share class of an existing Hong Kong dollar money market fund.

“Money, assets and information are moving from traditional infrastructure to always-on, data-rich and increasingly programmable digital networks,” said Maggie Ng, HSBC’s chief executive for Hong Kong and head of retail banking and wealth.

HSBC also plans to expand RedCoin into wholesale corporate and institutional applications, according to John O’Neill, the bank’s managing director for digital assets and currencies.
The launch follows the HKMA’s decision in April 2026 to grant its first stablecoin issuer licences to HSBC and Anchorpoint Financial, a venture involving
Standard Chartered,
Hong Kong Telecommunications, and
Animoca Brands.

PRESS RELEASE | The Hong Kong Monetary Authority Grants First Stablecoin Licenses to HSBC and AnchorPoint

Hong Kong’s stablecoin licensing regime took effect in August 2025.
RedCoin extends HSBC’s existing digital asset offerings, which include tokenised deposits for wholesale payments, digital bonds for institutional investors and a gold-backed token for retail customers.


STABLECOINS | Standard Chartered Becomes First Bank to Distribute a Regulated Hong Kong Stablecoin




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The Central Bank of Ireland has fined Coinbase Ireland €3.25 million ($3.6 million) for breaching customer fund safeguarding and outsourcing rules between November 2020 and August 2025.
The regulator said the crypto exchange’s Irish unit
relied excessively on its US-based parent for safeguarding controls,
lacked sufficient local expertise to oversee customer funds, and
allowed its designated safeguarding account to remain underfunded for extended periods.
The breaches included arrangements that resulted in some customer funds being held alongside funds belonging to customers of other Coinbase entities as well as technical errors that affected daily safeguarding calculations.

“Payment and e-money firms have a fundamental obligation to fully safeguard customers’ funds,” said Karen O’Leary, the Central Bank of Ireland’s Director of Enforcement, adding that the regulator had “no tolerance for weaknesses in safeguarding arrangements.”

REGULATION | BitPanda Fined €70,000 in Austria’s First Published MiCA Penalty

Coinbase said it had self-reported several issues and strengthened its controls. The company said no customers suffered financial losses or were unable to access their funds.
The fine reflects a 30% settlement discount and remains subject to confirmation by Ireland’s High Court. It follows a separate €21.5 million fine imposed on Coinbase Europe in 2025 over anti-money laundering compliance failures.
The case underscores the regulatory risks facing crypto firms that rely on group-wide infrastructure while operating under local financial rules particularly where customer money must be segregated and protected.
According to the Central Bank of Ireland, firms operating as part of larger international groups must demonstrate:
The ability to make independent strategic decisions and maintain responsibility for core activities, with appropriate oversight of material risks including outsourced services.
Sufficient financial and operational capacity to deliver strategy sustainably and in a customer-centric manner, whilst complying with Irish regulatory and legislative obligations.
Effective internal governance arrangements, control mechanisms, and administrative policies designed to enable effective operation, manage risks, and protect customer interests.
Effective board oversight to identify, challenge, and constrain excessive risktaking, with implementation of appropriate risk mitigation measures.
Sufficiently integrated governance arrangements and internal control functions with appropriate resources, stature, and expertise to respond to the range of risks facing the firm and safeguard customer interests.

According to the regulator:
The safeguarding of Users’ Funds is a key supervisory priority for the Central Bank and a fundamental requirement for all EMIs under the EMR 2011. Customers entrust their funds to EMIs with the expectation that those funds will be protected and readily available for redemption. If Users’ Funds are not adequately safeguarded there is potential for loss or detriment.


REGULATION | South Korean Exchange, CoinOne, Fined ~$3.5 Million and 3-Month Suspension Over AML, KYC Failures





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Zimbabwean payments company, Wiremit, says it has become the country’s first regulated cryptocurrency firm marking a milestone in the government’s efforts to bring digital asset businesses under formal financial oversight.
The announcement follows Zimbabwe’s introduction of a dedicated regulatory framework for virtual asset service providers (VASPs) in June 2026. Under Statutory Instrument 99 of 2026, businesses involved in cryptocurrency trading, transfers, and custody must register with the Financial Intelligence Unit (FIU), the anti-money laundering arm of the Reserve Bank of Zimbabwe.
About 4 months ago, Zimbabwe has introduced its first dedicated regulatory framework for cryptocurrency businesses requiring all Virtual Asset Service Providers (VASPs) to register with the Financial Intelligence Unit (FIU) as authorities seek to bring the country’s largely informal digital asset sector under anti-money laundering oversight.

REGULATION | Zimbabwe Brings Crypto Firms Under Formal Oversight With New VASP Rules

The regulations require annual registration with an initial fee of $500 and a renewal fee of $400. Operating without the required registration is an offence under the new framework.
Zimbabwe’s regulatory shift follows years of uncertainty over cryptocurrency businesses.

We Don’t Believe in Cryptocurrencies, Says Reserve Bank of Zimbabwe

In 2018, authorities barred banks and other financial institutions from facilitating crypto transactions pushing much of the market towards peer-to-peer trading and informal channels.
Cryptocurrency demand has persisted amid the country’s history of monetary instability, currency changes, and limited confidence in traditional financial services. Digital assets have also provided alternative channels for storing value and transferring money across borders.

INFLATION | Zimbabwe Devalues the ZiG Local Currency in Response to Rising Demand for Dollars

The new framework seeks to formalise these activities while strengthening safeguards against money laundering and terrorist financing.
Registered providers must meet customer due diligence, record-keeping, and suspicious-transaction reporting requirements alongside obligations under the Financial Action Task Force’s Travel Rule, which requires identifying information about parties to covered crypto transfers to be collected and transmitted.
Wiremit operates in the payments and remittances market positioning its services around international money transfers and financial inclusion. The company lists operations across several markets, including
Zimbabwe,
Mozambique,
South Africa,
Ghana, and
Zambia.
The company’s announcement, however, should be distinguished from the broader regulatory framework: the FIU has said that registration for anti-money-laundering purposes does not, by itself, constitute authorisation to conduct business. Depending on the services offered, providers may need additional licences or approvals from the Reserve Bank of Zimbabwe, the Securities and Exchange Commission of Zimbabwe, or other relevant authorities.
Zimbabwe’s approach reflects a wider shift across Africa where regulators are developing frameworks for crypto businesses as digital asset use expands. Sub-Saharan Africa received more than $205 billion in on-chain cryptocurrency value between July 2024 and June 2025, a 52% increase from the previous year, according to Chainalysis data.

REPORT | Sub-Saharan Africa is the 3rd Fastest-Growing Region Globally in OnChain Value

For Zimbabwe, the challenge will be to bring existing operators into the formal system while establishing clear requirements for consumer protection, financial crime controls and legitimate digital asset activity.
Wiremit’s claim to be Zimbabwe’s first regulated crypto firm could therefore signal an early test of the new regime although the designation has not been independently verified.


REGULATION | Ghanaian Bank, UMB, Reportedly Wins First Regulatory Approval to Serve Virtual Asset Businesses




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Andreessen Horowitz (a16z) is the latest venture capital giant to expand beyond crypto into AI and emerging technologies. The industry that once promised to change the world is struggling to keep its own investors focused.
a16z said it is broadening its crypto investment arm, a16z Frontier, to cover artificial intelligence, robotics and other emerging technologies.

Today we’re announcing that we’re expanding the scope of our new fund beyond crypto startups to the broader category of frontier startups: companies building new technologies and creating markets that may take years to develop.
To reflect this, we’re renaming a16z Crypto to a16z Frontier.
This is an expansion: we will continue to invest in crypto and related ventures and advocate for sensible crypto regulation.

It follows a similar move by Paradigm, another major crypto investor, which has expanded beyond digital assets into AI and robotics.

FUNDING | One of Crypto’s Largest Native VCs Raises Over $1 Billion to Expand into AI for the First Time

The shift exposes an uncomfortable reality for crypto:
Even the investors who helped build the industry are looking elsewhere for the next big opportunity.

Crypto promised to reinvent finance, ownership, and the internet. Yet years of funding, token launches, and billion-dollar valuations have not translated into equally compelling real-world utility across much of the industry.
AI, meanwhile, is attracting capital with a broader range of applications from software development and business automation to autonomous machines.

REALITY CHECK | The Crypto Startup is Dying. Regulation Didn’t Kill it Alone

According to Chris Dixon, Managing Partner at a16z Frontier:
Now we are in the middle of another major tech wave centered on AI.
The buildout of AI models and infrastructure will continue, but the tech is already sufficiently advanced to spawn a new generation of products and services.

Blockchain may still have a role in that future, particularly in payments, financial infrastructure, and machine-to-machine transactions. But crypto can no longer assume that venture capital will keep treating it as the centre of technological innovation.
The question is no longer how much money crypto can raise.
It is whether the industry can build something valuable enough to keep that money from going elsewhere.


REALITY CHECK | Crypto VC Participation Drops by Nearly 90% in Just 4 Years




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Chinese stocks moved closer to bear-market territory on Thursday as a global sell-off in technology shares, weak domestic consumption and fading expectations for stronger government stimulus weighed on investor sentiment.
The CSI 300 Index fell as much as 1.6%, bringing losses from its June 2026 peak to around 20%, the threshold commonly used to define a technical bear market. The decline has erased about $2.4 trillion in Chinese stock market value since the market’s peak in May 2026, according to Bloomberg data.
The sell-off marks a reversal of the rally that began in late 2024 when government support and optimism over Chinese artificial intelligence companies lifted valuations. Investors are now questioning whether heavy spending on AI infrastructure and technology will translate into sustainable earnings particularly as concerns over the global AI trade intensify.
Hopes for a stronger economic recovery have also weakened.
Although China’s economy grew faster than expected in the third quarter, resilient exports have offset subdued domestic consumption while Beijing’s targeted support measures have fallen short of expectations for a broader fiscal stimulus package.
Technology shares led the latest declines.
Hong Kong’s Hang Seng Tech Index fell as much as 5.3% on October 22 2026 while
a gauge of major Chinese companies listed in the city dropped as much as 3.5%.
Alibaba and other technology companies came under pressure amid concerns over earnings growth, valuations and regulatory challenges.
Chinese authorities have stepped up efforts to stabilise the market through state-backed buying but analysts have cautioned that these measures may not deliver a sustained recovery without stronger economic support and improved investor confidence.
The downturn highlights a broader challenge for Beijing – turning advances in AI and other strategic technologies into profitable businesses while relying on capital markets to finance future growth.


DOLLARISATION | China Reportedly Urges Domestic Banks to Limit and Reduce Exposure to U.S Treasuries




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Traders on Bitget are pricing Reliance Industries’ Jio Platforms at about $110 billion through a pre-IPO perpetual futures contract, roughly 3.8% above the $106 billion valuation implied by the IPO’s upper price band.
The timing is significant.

CASE STUDY | The Tesla Stock Surge Shows How Crypto Exchanges Are Emerging as First Stop for Price Discovery

Jio’s $3.2 billion IPO is India’s largest-ever share offering with the 3-day subscription period running from October 21-23 2026. The telecom and digital services business has more than 500 million subscribers and is central to Reliance’s shift towards consumer technology.
The JIOUSDT contract, launched on October 14 2026, has generated about $4.4 million in trading volume. It trades around the clock and offers leveraged exposure allowing traders to express views on Jio’s valuation before its shares begin trading publicly.

The $JIO / $USDT perpetual contract on @bitget is trading at slightly above $12 as of this writing.
#Perps #BitGetPerps #RelianceJIO #RelianceJIOIPO #India #IndianIPO https://t.co/xGiRvTkdRu
— BitKE (@BitcoinKE) October 22, 2026
This is another example of crypto markets moving beyond token speculation into price discovery for traditional assets.

INSIGHTS | Why On-Chain Gold Markets Are Now Setting Weekend Gold Prices

Similar pre-IPO contracts have tracked SpaceX and Cerebras although their implied valuations have diverged from eventual IPO pricing.
The caveat – these contracts confer no equity ownership, voting rights or dividends. They reflect traders’ expectations, not an official valuation and can move sharply if IPO terms change.
As a result, a number of large U.S.-listed companies, including the largest technology companies globally, have opposed the recent plans by OKX and Intercontinental Exchange (ICE) to offer tokenized verions of their shares citing concerns over
pricing,
liquidity,
investor protection, and
potential confusion about issuer approval.

INSTITUTIONAL | Microsoft, Alphabet, Qualcomm, Goldman Sachs Join Opposition to OKX-ICE Tokenized Stock Trading

The pushback highlights a central tension in tokenized equities where crypto platforms want to expand stock trading beyond traditional market hours while companies fear third-party tokens could create parallel markets without adequate transparency or clear links to underlying shareholder rights.

INSTITUTIONAL | Why Major U.S-Listed Companies are Opposing New York Stock Exchange Tokenization Plans




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Robinhood Markets could expand its trading business with single-stock perpetual futures with a Mizuho survey finding that 94% of more than 600 active users would likely trade the contracts.
The survey also found that 84% of respondents would fund the activity mostly or entirely with new money suggesting the product could generate incremental trading activity rather than simply shift volume away from existing stock trading.
Mizuho reiterated its Outperform rating and $140 price target on Robinhood describing a potential launch as a strong positive for the company.

STABLECOINS | A ‘Big Three’ Investment Bank in Japan Bets on USDC as it Overtakes USDT in Transaction Volume

Robinhood has not confirmed plans or a launch timeline for single-stock perpetual futures leaving the potential revenue contribution uncertain.
A recent Dune report revealed that tokenized real-world assets reached $34.5 billion in value in August 2026, up more than 140% from a year earlier but trading activity is increasingly showing that on-chain markets do not necessarily behave like the traditional assets they represent.
Single stocks accounted for 81% of tokenized equity supply, compared with 19% for exchange-traded funds, suggesting investors on-chain are showing a stronger preference for individual companies than for diversified funds.

REPORT | Tokenized Asset Market Up Over 140% YoY as On-Chain Trading Diverges from Traditional Markets




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Standard Chartered has signed definitive agreements to acquire 100% of digital asset custodian, Zodia Custody, advancing its strategy to expand regulated cryptocurrency services for institutional clients.

The transaction, subject to regulatory approvals and customary closing conditions, will bring Zodia’s regulated custody operations in Singapore, Hong Kong, Australia, the United Arab Emirates (UAE) and Luxembourg into the bank’s Securities Services business.

STABLECOINS | VISA and Standard Chartered Launch Validator Nodes on Stripe-Owned Blockchain, Tempo

Financial terms were not disclosed.
Zodia’s digital asset software and professional services business will be separated into an independent entity, Zodia Solutions, under Standard Chartered’s venture-building arm, SC Ventures. The company will continue providing infrastructure to financial institutions seeking to launch and scale digital asset services.
The deal follows the acceptance of Standard Chartered’s non-binding acquisition offer in May 2026. It comes as the bank expands its digital asset custody and trading capabilities seeking to integrate traditional securities services with crypto infrastructure for institutional investors.
The separation preserves a technology business serving financial institutions while consolidating the regulated custody operations within the bank. Existing Zodia Custody clients are expected to continue receiving services without disruption, Standard Chartered said.


INSTITUTIONAL | StanChart Launches Direct Crypto Trading for Affluent Clients in the UAE




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U.S. spot Bitcoin ETFs attracted $1.08 billion in net inflows over 3 days but the buying has yet to translate into a sustained market rally.

The gap is about the pace and consistency of demand.

$BTC price today despite over $1 billion in #BitcoinETFs inflows over the last 3 days. https://t.co/NXgaSgTCiF
— BitKE (@BitcoinKE) October 22, 2026
Previous steep Bitcoin rallies and historical data coincided with average daily ETF inflows of roughly $235 million, according to analysis of historical fund data. The latest inflows have not yet established the sustained buying pattern seen during those advances.
Since the funds launched in January 2024, Bitcoin has recorded three steep rallies, each involving a gain of more than 50% without a drawdown exceeding 20% from its previous peak during the advance.
During the first rally, from Jan. 23 to March 14, 2024, Bitcoin rose 79% from about $39,900 to $71,400. ETF inflows averaged $294 million a day, including 10 days with inflows of at least $500 million and one day exceeding $1 billion.

MILESTONE | Bitcoin Hits $70,000 for the First Time in History

In the second rally, from Aug. 5 to Dec. 17, 2024, Bitcoin gained 96%, climbing from about $54,100 to $106,100. Daily inflows averaged $202 million, with 16 days recording at least $500 million and three exceeding $1 billion.

MILESTONE | Bitcoin Surpasses the $100,000 Mark for the First Time in History

The third rally, from April 6 to July 14, 2025, saw Bitcoin rise 53% from about $78,400 to $119,900. Average daily inflows reached $248 million, with 13 days recording at least $500 million and two exceeding $1 billion.

MILESTONE | Bitcoin Breaks $110K for the First Time Amid Market Rally

Across the 199 trading days spanning the three rallies, the ETFs attracted a combined $46.7 billion, equivalent to average daily net inflows of about $235 million. Inflows reached at least $500 million on 39 days and exceeded $1 billion on six days.

CRYPTO MARKETS | August Was the Strongest Month for Bitcoin ETFs in 2026 So Far

The distinction matters because large inflows over a short period do not automatically guarantee further price gains. Markets also respond to
broader risk appetite,
investor positioning, and
selling pressure.
ETF demand must be strong enough to absorb available supply and persist long enough to support a breakout.
$1 billion in inflows signals renewed institutional demand but the historical pattern suggests that sustained capital flows, rather than a headline-grabbing three-day total, may be what Bitcoin needs for a steeper rally.


STATISTICS | ETFs Now Drive U.S. Bitcoin Trading More Than Spot Exchanges – Now Accounting for Over 50% Bitcoin Trading Volume




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The UK Financial Conduct Authority (FCA) has opened a consultation on guidance for firms using decentralised finance (DeFi), focusing on operational resilience, financial crime and anti-money laundering requirements.

The proposed guidance outlines how existing rules may apply to financial services delivered through DeFi, including measures firms could consider to manage operational and financial crime risks.
The FCA said the guidance aims to
protect consumers,
uphold market integrity, and
promote effective competition.

“We’re consulting on non-Handbook guidance to help firms providing financial services using decentralised finance (DeFi) comply with our rules on operational resilience and financial crime, and with the Money Laundering Regulations (MLRs).”
– FCA

CASE STUDY | This UK Sanction Signals Early Separation of Legal and Illicit Crypto Ecosystems

The consultation closes on November 18 2026 with final guidance expected in January 2027. The FCA said the proposals are intended to clarify existing requirements rather than establish new policy.
According to the FCA, this guidance consultation applies to FCA-regulated firms providing financial services using DeFi that are:
In scope of SYSC 15A (Operational resilience).
In scope of SYSC 6 (Compliance, internal audit and financial crime).
Subject to the MLRs.
It may also interest:
Other FCA regulated firms.
Those who are not authorised by the FCA but interact with DeFi.
Industry groups and trade bodies.
Professional advisers.
Consumers and groups representing consumer interests.
Policy makers and other regulatory bodies.
Academics and think tanks.
Industry experts and commentators.
The consultation comes ahead of the UK’s new crypto asset regulatory regime, the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026, which is scheduled to take effect on October 25 2027.


REGULATION | U.K Publishes Final Guidance on Regulated Crypto Activities




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Stablecoins processed $891 billion in adjusted transfer volume in Q3 2026 with average activity exceeding $400 million per hour, according to a recent report by Coinbase Research.
About 73% of screened stablecoin transfers over the 12 months to July 31 occurred outside U.S. banking hours highlighting demand for round-the-clock payments.
About 300 million unique addresses now hold stablecoins. This number rivals the card footpring of the established networks, and have surpassed the combined number of cards by American Express (155 million) and Discover (72 million).
Comparing to mobile banking app users tells a similar story.
In addition, the number of addresses holding stablecoins is nearly 2x the combined 156.7 million mobile banking users of:
JPMorgan Chase,
Bank of America,
Wells Fargo, and
Citi.


The report however notes that a person or business may control multiple addresses and stablecoin addresses are simply a proxy for adoption and are provided to illustrate scale.
Adjusted quarterly volume has quadrupled since early 2023 and could reach $1.5 trillion by the end of 2027 if current growth continues.
The report, dubbed ‘The Always-On Dollar,’ also found that 7 of the 10 largest U.S. banks have tested stablecoins or tokenized deposits for settlement.
The agentic economy has not been left behind with the report saying AI agents will likely use stablecoins. ~$3-$5 trillion is expected to be mediated by AI agents by 2030, according to McKinsey.
Stablecoins are increasingly positioning themselves as payment infrastructure for cross-border transfers, business settlements and future AI-agent transactions.


BLACKROCK | AI Agents Could Turn Stablecoins Into the Payment Rails of the Machine Economy




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Goldman Sachs, Wells Fargo, and Morgan Stanley are positioning on-chain tokenization as an opportunity to expand trading, payments, and advisory services rather than a threat to traditional banking.
Executives outlined the potential during their Q3 2026 earnings calls as financial institutions explore ways to bring securities and other assets on-chain.
Goldman Sachs CEO, David Solomon, said tokenization could generate new products, increase trading activity, attract clients, and expand distribution. The bank has also participated in tokenized-asset trading initiatives led by the Depository Trust & Clearing Corporation (DTCC), although Solomon described current activity as limited.

INSTITUTIONAL | World’s Largest Clearing, Settlement Organization by Transaction Value to Connect Tokenized Securities to Stellar

Wells Fargo has begun processing tokenized-deposit payments in production at a small scale, with funds reaching beneficiary accounts in two minutes or less, Chief Financial Officer Michael Santomassimo said. The bank sees potential for the technology to strengthen its cross-border payments business without requiring a larger international branch network.

America’s Largest Banks Back Tokenized Deposit Network in Push Against Stablecoins

Morgan Stanley sees opportunities in wealth management as tokenization makes assets easier to transfer. Chief Financial Officer, Sharon Yeshaya, said faster asset movement would not eliminate the need for financial advice.

INSTITUTIONAL | JPMorgan to Launch a Tokenized Money Market Fund Supporting Stablecoin Issuers Under GENIUS Act

The comments highlight how major banks are exploring ways to incorporate blockchain infrastructure into existing businesses. However, executives did not provide revenue estimates or detailed timelines for scaling their tokenization initiatives.


INSTITUTIONAL | Over 70% of UK’s Largest Financial Institutions Expect Tokenisation to Reshape Financial Services, Says LLOYDS




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7 more companies have objected to having tokenized versions of their shares traded on a planned platform from crypto exchange OKX and Intercontinental Exchange (ICE), bringing the disclosed number of objectors to 16.
Microsoft,
Alphabet,
Goldman Sachs,
Qualcomm,
Caterpillar,
McDonald’s, and
Western Digital
were named in an updated notice dated October 19, joining earlier objectors including
Broadcom,
Verizon, and
United Health Group.

INSTITUTIONAL | Why Major U.S-Listed Companies are Opposing New York Stock Exchange Tokenization Plans

Andrew Cuomo, co-chair of the OKX-ICE joint venture and a former New York Governor, described the objections as a natural response to a new market structure saying companies were expected to take a wait-and-see approach before participating.
The proposed venue would allow around-the-clock trading of on-chain representations of U.S.-listed stocks with tokens backed by underlying shares and trades settled in stablecoins.

INSTITUTIONAL | NYSE and OKX File for 24/7 Tokenised U.S Stock Trading

The objections highlight growing resistance among major companies as the U.S. Securities and Exchange Commission’s 5-year Innovation Exemption opens the door to alternative models for tokenized securities trading. Under the framework, issuers can object to having tokenized versions of their shares traded on a venue.

REALITY CHECK | CFTC Chair Says Markets Must Prepare for ‘Mass Tokenization and 24/7 Trading’ Within ‘the Next Decade’

The latest notices do not disclose the companies’ reasons for opting out. Industry participants have raised questions about
pricing,
investor protections,
custody, and
shareholder rights
as tokenized securities markets develop.

EDITORIAL | Why Accounting and Price Discovery Remain the Biggest Hurdles to Capital Markets Tokenization

Cuomo described the initiative as a limited experiment noting that restrictions on participating companies and trading volumes would constrain its initial scale.


EXPERT OPINION | Tokenization Alone Will Not Fix Illiquid Assets, Say Industry Experts




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At least 100 cryptocurrency projects and protocols have reportedly shut down in 2026, as
lack of product-market fit
declining revenues,
depleted funding, and
security breaches
expose the difficulty of building sustainable businesses across the digital asset industry.

REALITY CHECK | Over 80 Crypto Apps Shutter in Q1 2026 as Capital Shifts to Bitcoin ETFs, Stablecoins

The list, compiled by DeFiLlama, includes
Balancer,
Secret Network,
BitMart,
Syndicate,
Legend,
Loopring, and
Step Finance.
among many other recognizable projects.


Ethereum layer-2 network Blast, which once attracted more than $2 billion in deposits, is also winding down after concluding it had no credible path to economic viability.

REALITY CHECK | Blast, Once a Leading Ethereum Layer 2 Network, to Shut Down After TVL Falls ~98%

Research published by DeFiLlama in August 2026 identified 100 projects that had announced shutdowns in 2026, including 40 in the preceding 90 days. The most commonly cited reasons were a lack of product-market fit, insufficient funding, and weak revenue generation.


The projects collectively raised about $1 billion and generated $250 million in cumulative fees highlighting how substantial fundraising does not guarantee long-term commercial viability.
Security failures have also contributed to the closures.
Step Finance shut down following a major treasury breach while
Radiant Capital opted to wind down after failing to recover from a 2024 exploit.
Satori Finance, meanwhile, cited insufficient revenue to sustain operations.

REALITY CHECK | ~80% of Crypto Projects Don’t Bounce Back After a Hack

The shutdowns come as crypto venture funding becomes increasingly concentrated.
DeFiLlama data showed the number of investment deals fell 80% in the first half of 2026 from a year earlier despite an increase in total funding. Mergers and acquisitions also accelerated with 87 transactions recorded at the time of the report, up 65% year-on-year.
The trend points to growing pressure on crypto businesses to demonstrate
sustainable revenue,
user demand, and
viable operating models
as access to capital becomes more selective.


REALITY CHECK | CoinEx to Shut Down After 9 Years as Trading Volumes, Compliance Costs Bite



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By Tassnem Abubaker, Head of Business Development at Finik – Crypto Financial App
For all of crypto history, markets have fought – USDC vs USDT
And today we have a winner.
1) if you needed liquidity, you used USDT
Tether became the dollar of crypto before the industry had rules, institutions or serious payment use cases.
It was fast, global and available almost everywhere.
That is why it still leads the market with around $184B in supply.

MILESTONE | USDT Becomes the First Stablecoin to Surpass $150 Billion Market Cap
2) USDC took a different route.
It built for the moment crypto would need to work with banks, regulated platforms, fintechs and large institutions.
Today, USDC has around $74.6B in supply
– far smaller than USDT globally, but increasingly relevant where compliance determines access.

and, you know……
in Europe is where this difference becomes impossible to ignore.
ESMA’s latest guidance requires MiCA authorised crypto platforms to stop offering services that let EU customers buy, trade, or increase holdings in non-compliant stablecoins.
Process for resolving existing balances must be completed by 8 January 2027.
and its seems, war never changes.

REGULATION | MiCA’s Crackdown on USDT is Reshaping the Stablecoin Market in Europe
USDC won regulated access
vs
USDT won distribution and liquidity
And one of this may become the more valuable position over time.
What is your prediction?


REGULATION | Why the World’s Largest Stablecoin Issuer is Refusing to Comply With Europe’s MiCA Stablecoin Rules




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Switzerland’s financial regulator has approved the country’s first exchange-traded fund (ETF) that invests directly in Bitcoin and is available to retail investors opening a new route for individuals to gain exposure to the cryptocurrency through a regulated investment vehicle.
The Swiss Financial Market Supervisory Authority (FINMA) said that it had granted an exemption from standard risk-diversification requirements, citing Bitcoin’s longer trading history and higher trading volumes compared with other cryptocurrencies. The regulator did not identify the fund’s issuer or specify a launch date. Other providers have submitted or announced applications for similar products.
FINMA said institutions involved in the fund must mitigate operational and custody risks and clearly disclose investment risks. The fund falls under Switzerland’s category of alternative investment funds carrying special risks.

CASE STUDY | How This Wall Street Bank is Leveraging its Brand, Pricing, Distribution Network for its Bitcoin ETF

The regulator cautioned that Bitcoin remains highly volatile and investors could lose a substantial portion of their capital even when investing through an approved ETF.
The approval introduces a new retail investment fund structure in Switzerland where Bitcoin exchange-traded products already trade under a different regulatory framework. FINMA previously approved a cryptocurrency fund for qualified investors in 2021.


INSIGHTS | The World’s Largest Spot Bitcoin ETF is Emerging as a Key Signal for Bitcoin Market Sentiment




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In April 2018, while the country was still litigating a nullified presidential vote, a Kenyan-founded venture put a school’s student government election on a smart contract. Nobody – including the people who wrote it – could see the count.
In September 2017, Kenya’s Supreme Court did something no court on the continent had done before. It annulled a presidential election, and it did so not because of the ballots but because of what happened to the numbers between the polling station and the tallying centre. The court’s problem was transmission. The count itself was never really the issue.
Seven months later, four students at the African Leadership Academy in Johannesburg built a voting system where transmission could not be tampered with, and ran their school’s election on it.
Three of the four were Kenyan. They had been watching.

The Founders
The African Blockchain Initiative had four founders, all at the academy: Cyril Michino as chief executive and Amine Soufaih as chief operating officer, both in their second year, with Gibson Munene Njine as chief technology officer and Gerry Migwi as lead software developer, both in their first. Michino, Migwi and Njine are Kenyan. Soufaih is Moroccan.
They had started ABI the previous October as an education venture, and by early 2018 they had a problem familiar to anyone who has tried to build something while still in school.

“People told us blockchain sounded promising, and then asked, reasonably, where exactly we thought we were going to use it,” Njine says.
“You can explain the technology all day. Nobody is going to let you put it anywhere that matters.”

The Simulator Came First
Before the election there was the Crypto-Simulator.
February 2018. Bitcoin had peaked a few weeks earlier near twenty thousand dollars and was in the middle of giving most of it back, and across the continent a great many people were being sold a coin by somebody who had understood coins for about a fortnight.
ABI’s answer was a simulated market where you traded with virtual money. You could learn how the thing actually behaved — including what it feels like to be badly wrong — before putting rent into it. Around 400 people registered. They also set up six school chapters in universities and high schools, supplied with weekly teaching material, and ran a course and a blog alongside.

“We were not against the technology, we were interested in it,” Njine says.
“What we were against was the idea that the first thing you do with something you don’t understand is put money into it. Let people lose fake money for a month. Then they can decide.”

What they Actually Built
The election system was written in Solidity.
The academy already ran its student government vote electronically, so the team was replacing a mechanism rather than introducing one. The smart contract took the eligibility conditions, opened voting at seven in the morning and closed it at six in the evening, and released the result automatically the moment it shut — to the candidates, the electoral council, ABI and the entire student body at the same instant.
Once a vote was written it could not be altered. And at no point could anyone read a running total, the four of them included.

“Whenever someone votes, once that vote is in the system it can never be changed,” Michino said at the time.
“No person in the middle can change it. Nobody has power over anything.”

Njine is careful about the scale of what that proves.
“I wasn’t trying to fix an election. I was twenty and it was a school.
But the question underneath it is real. Can you build a count that nobody has to be trusted to report honestly? That’s the actual problem. Not the counting. The reporting.”

The Part that Mattered
The interesting consequence was institutional rather than technical.
The academy’s Electoral Student Council had always administered the vote. After the system ran, it could observe the process but could not affect it. A body that had held a power simply no longer held it, and nobody had to be persuaded to give it up, the architecture removed it.
Soufaih put the ambition plainly in an interview with the academy at the time: if it worked at school scale, the argument for using it at national scale stopped being hypothetical.
“No country will really trust the system if it has not been used before.”
The academy published the account under the headline “How African Blockchain Initiative Aims To Transfer Power To The People”.
ABI was later rebranded Chaptr Global.

What Happened to Them
Njine left the academy in June 2019 for a fellowship at the Watson Institute in Boulder, Colorado, selected from nearly 400 applicants across more than 60 countries and named that year’s first Sistla Tech Fellow. He went on to Babson College in Massachusetts on a full-tuition scholarship, graduated magna cum laude in 2023, and is now a software engineer at Microsoft in Redmond, Washington, working on backend platform and cloud infrastructure.
Nothing in the intervening years has changed his view of what the 2018 project demonstrated, or of its limits.

“A school is not a country. The electorate is a few hundred people who all have email addresses and all have phones, and that is most of the hard problem solved before you start. Nobody should read what we did as proof that national elections can run this way.
What it does show is that the trust problem is a design problem. You can build a system where the question ‘do you trust the people counting’ doesn’t arise, because nobody is counting. That part was never the hard part. The hard part is getting anyone to let you try it.”

And on the Current Wave
Njine spends his working life around AI now, and says the pattern of 2018 has repeated almost exactly.

“Sometimes AI is the answer. Often it’s just better automation, and knowing which is the whole job. A rule that runs off your accounts. Two systems that finally talk to each other. Half the time that is the fix, and it’s cheaper, and you can read exactly what it did.
The thing being sold hardest is rarely the thing somebody needs. That was true of crypto and it’s true of AI. Somebody has to be willing to say so, and it usually isn’t the person selling it.”





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BlackRock has filed for a new Bitcoin-linked exchange-traded fund designed to limit some downside risk while capping potential gains, as the world’s largest asset manager expands beyond straightforward Bitcoin price exposure.

INSTITUTIONAL | BlackRock Files to Launch the iShares Bitcoin Managed Protect ETF

The proposed iShares Bitcoin Managed Protection ETF would use options linked to BlackRock’s iShares Bitcoin Trust (IBIT) to provide exposure to Bitcoin’s gains up to a specified limit while seeking to cushion losses, according to a Monday filing with the U.S. Securities and Exchange Commission.

The move addresses a key barrier to broader Bitcoin investment – volatility.

While spot Bitcoin ETFs give investors direct exposure to price movements, a product that seeks to reduce some losses could appeal to investors who want cryptocurrency exposure but are less willing to absorb the full impact of market declines.

INSTITUTIONAL | The Largest Asset Management Firm Globally Bets Bitcoin Investors Want Income, Not Just Price Gains

The strategy comes with a trade-off.

Investors would surrender some potential gains in exchange for a degree of downside protection which is not guaranteed. The fund’s prospectus warns that losses could exceed the intended protection level depending on market conditions and the performance of its options positions.
BlackRock’s flagship IBIT holds more than $65 billion in assets under management making it the largest Bitcoin ETF of its kind. The company launched the fund in January 2024 and introduced the iShares Bitcoin Premium Income ETF in June 2026 adding an options-based income strategy to its product lineup.
The latest filing signals that competition in crypto investment products is expanding beyond access to Bitcoin itself toward strategies that seek to manage how investors experience its price swings.
The proposed fund remains subject to the SEC registration process and is not yet approved for trading.


CASE STUDY | How This Wall Street Bank is Leveraging its Brand, Pricing, Distribution Network for its Bitcoin ETF




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