Abu Dhabi, United Arab Emirates— Senior leaders from global finance, digital asset infrastructure, and regulatory institutions will convene in Abu Dhabi on May 13, 2026, for the inaugural Digital Assets Forum Abu Dhabi — a highly curated gathering examining the adoption of digital assets under the UAE’s progressive regulatory framework.

The forum comes amid rapid institutional momentum across the Gulf. The UAE has emerged as a global leader in digital asset regulation, providing structured licensing regimes, sovereign-backed innovation programs, and a robust ecosystem where banks, asset managers, and institutional investors are actively deploying capital and forming strategic partnerships.

Following the successful third edition of Digital Assets Forum in London — which gathered nearly 2,000 senior attendees from global banks, asset managers, and infrastructure providers — the forum now expands to the Middle East at a pivotal moment.

“Across our successful London editions, we have seen how regulatory clarity drives institutional engagement,” said Victoria Gago, Co-Founder of Digital Assets Forum. “Abu Dhabi is now at the center of a structural shift in global finance, with capital concentration, infrastructure buildout, and global firms relocating headquarters. This forum brings together the decision-makers who are shaping the future of digital finance and turning strategy into action.”

Confirmed institutional speakers include Christoph Richter, Head of Digital Assets & AI at ADGM; Sebastian Widmann, Head of Dubai at Komainu; Karl Naim, Group Chief Commercial Officer at XBTO Middle East; Yan Ma, Executive Director at Spartan Group; Catrina Wang, General Partner at Portal Ventures; Elliot Andrews, CEO of Aspen Digital; and Rachel Conlan, Global Chief Marketing Officer at Binance.

DAF Abu Dhabi  will examine UAE digital asset regulation versus other jurisdictions, institutional digital asset management and portfolio strategies, stablecoins, payments and CBDCs, DeFi and TradFi integration, real-world asset tokenisation (RWA), the state of crypto ETFs, liquidity, custody and institutional market infrastructure, and institutional risk management frameworks — all with a focus on practical outcomes that enable investment, capital allocation, and partnership execution.

Digital Assets Forum Abu Dhabi is designed as a highly curated, executive-level gathering focused on deal-making, capital deployment, and strategic partnership formation. The format includes main-stage panels, closed-door sessions, dedicated one-to-one meeting areas, and private briefing rooms. The objective is not retail awareness, but to translate dialogue into tangible agreements and coordinated investment strategies for 2026 and beyond.

About Digital Assets Forum

Digital Assets Forum is a global institutional series bridging traditional finance and digital assets.

The Abu Dhabi edition marks its expansion into the Middle East, following established editions in London.

Launched in 2018 in Barcelona, the European Blockchain Convention — organiser of Digital Assets Forum — has become one of Europe’s leading blockchain platforms for financial institutions, policymakers, and infrastructure providers integrating blockchain into mainstream finance.

For tickets and information:

You can get 15% Discount General Pass with our Code: CRYPTOBREAKING15: www.eblockchainconvention.com/digital-assets-forum-abu-dhabi/

[PRESS RELEASE – Malta, EU, February 26th, 2026]

Gate, a world-leading player in crypto space, announced that Gate Technology Ltd, its Malta-based entity, has officially obtained a Payment Institution license under the EU’s Second Payment Services Directive (PSD2) from the Malta Financial Services Authority (MFSA). This milestone places Gate among one of the crypto-native companies in Europe to secure this level of regulatory approval, reinforcing its long-term strategy to bridge legacy finance and Web3 infrastructure across the continent.

Gate Technology Ltd. CEO, Mr. Giovanni Cunti, commented on the achievement: “We are proud to have secured this Payment Institution license. It positions Gate to build a secure, scalable bridge between traditional finance and Web3, delivering compliant payment solutions to clients across Europe. This accomplishment is the result of our team’s dedication and marks a critical step in aligning with MiCA’s regulatory framework.” He further emphasized the broader significance of the license, noting that it establishes a strong foundation for future financial services and ensures regulatory certainty for both institutional and retail clients in the dynamic European market.

This announcement builds on Gate’s earlier regulatory achievements in Malta, where Gate previously obtained a full MiCA license to provide exchange and custody services. These milestones are part of Gate’s comprehensive global compliance strategy, which spans multiple jurisdictions including but not limited to Malta, Cyprus, the Bahamas, Japan, Australia, and Dubai. Malta, in particular, has emerged as a strategic hub for European operations, offering a transparent and forward-looking regulatory environment that aligns with Gate’s vision for secure, scalable, and innovative digital asset services.

By securing the PSD2 license, Gate is now expanding its payment services across the European Union through passporting rights. The license not only affirms Gate’s commitment to compliance and regulatory excellence, but also enhances its ability to integrate traditional finance mechanisms with Web3 applications, creating a seamless, secure, and efficient ecosystem for users. As Europe’s crypto landscape continues to evolve, Gate is well-positioned to play a leading role in driving innovation, transparency, and trust in digital financial infrastructure.

About Gate

Founded in 2013, Gate is a pioneer in the cryptocurrency industry, with its flagship platform, Gate.com, serving over 49 million users globally and ranking among the top 3 crypto exchanges worldwide by market share.

For more information, users can visit: Website | X | Telegram | LinkedIn| Instagram | YouTube

Disclaimer

This content does not constitute an offer, solicitation, or recommendation. Users should always seek independent professional advice before making investment decisions. Gate may restrict or prohibit all or part of its services for users from restricted regions. For more information, users can read the applicable User Agreements.

Over the past few years, a significant yet unnoticed shift has been occurring in peer-to-peer cryptocurrency trading, where discovery, negotiation, escrow, and settlement are leaving traditional exchange interfaces and entering messaging environments. Large volumes of OTC crypto trades today originate in Telegram groups, WhatsApp communities, and private chat networks where buyers and sellers coordinate directly and finalize payments off-platform. The crypto exchange software interface, in many instances, has effectively been replaced by conversation, mainly in mobile-first markets where users trust messaging applications more than financial dashboards. They negotiate prices in chat, confirm payment with screenshots, and rely on social reputation rather than order-book transparency. As a result, P2P crypto trading has naturally converged toward chat-centric workflows where everything happens on a conversational thread. 

Recognizing the pattern, several platforms have begun formalizing chat-based crypto exchange software models rather than forcing users back into conventional UIs.

Users prefer to discuss terms, verify counterparties, and coordinate payment within chat before committing funds. Instead of separating messaging and trading into different systems, chat-based P2P crypto exchange software embeds escrow, wallets, and payment confirmation directly into conversational flows. 

For enterprises and crypto exchanges targeting high-growth regions such as South Asia, Africa, and Latin America, this model aligns closely with real user behavior. It reduces friction, supports diverse local payment rails, and mirrors how informal crypto trading already occurs at scale. 

What Is Chat-Based P2P Crypto Exchange Development?

Chat-based P2P crypto exchange development refers to designing peer-to-peer trading systems where the conversational triggers drive and control trade objects linked to escrow, wallet, and settlement infrastructure. 

Instead of listing offers and executing trades through marketplace-style trade forms, users initiate, confirm payment, and release escrow within an integrated chat environment linked to wallet and settlement infrastructure. In this model, messaging doesn’t remain an auxiliary feature but is the transaction layer itself. Each trade exists as a persistent conversation thread that contains counterparties, agreed terms, payment proof, and escrow state. The exchange backend orchestrates wallets, escrow locking, and dispute resolution while the user experience remains interaction-first and chat-native only.

Core Features of Chat-Based P2P Crypto Exchanges

1. Conversation-linked trade threads
Each trade must be anchored to a chat thread and stored as a persistent object containing counterparties, agreed terms, timestamps, and state transitions. This implementation ensures the inseparability of negotiation context and execution data.

2. Integrated crypto escrow within chat
Escrow lock, confirmation, timeout, and release actions must be triggered directly from the conversation interface while being enforced by smart contracts or custodial wallet logic in the backend.

3. Payment rail negotiation and mapping
This chat-based crypto exchange software module must support dynamic selection of regional payment methods (UPI, Pix, mobile money, bank transfer) within the chat. It must also bind the chosen rail to the trade state for verification and audit.

4. Embedded payment proof with hash linkage

Payment receipts, transaction IDs, or media confirmations shared in chat must be cryptographically or database-linked to the escrowed trade record to prevent substitution or post-dispute alteration.

5. Counterparty identity and reputation context
User profiles must expose trade history, completion ratios, dispute records, and social linkage signals during negotiation to enable well-informed decisions before escrow commitment.

6. Conversation-native dispute invocation
Either party should be able to escalate directly from the trade thread, allowing moderators or automated systems to evaluate the full sequence of messages, payment evidence, and escrow events without reconstruction.

7. Mobile-native messaging UX

The conversational crypto exchange software interface must prioritize lightweight message exchange, quick action buttons, and asynchronous confirmations to maintain usability on low-bandwidth devices and emerging-market mobile environments.

Technical Architecture of a Chat-Based P2P Exchange Development

In a chat-based crypto exchange architecture, conversational events trigger and update backend trade states while settlement infrastructure manages escrow, wallets, and dispute workflows.

• Chat Interface Layer: It represents the messaging UI (app, web, or bot) where users negotiate, confirm payment, and trigger escrow actions.

• Trade State Engine: The system converts conversation events into structured trade states (initiated, terms agreed, escrow locked, payment pending, released, disputed).

• Escrow and Wallet Layer: This layer includes smart contracts or custodial wallets that lock, hold, and release crypto assets based on trade state transitions.

• Payment Coordination Layer: This level manages the selection of fiat payment methods, proof attachment, and confirmation signals associated with the trade thread. 

• Identity and Reputation Services: Persistent counterparty profiles, trade history, and trust signals are accessible within conversations.

• Dispute and Arbitration Module: These moderation tools consistently access full chat, payment, and escrow context for resolution.

• Notification and Event System: This layer facilitates real-time updates for escrow status, payment confirmation, counterparty actions, and deadlines. 

Where to Launch Chat-Based P2P Crypto Exchange Software

.

Deployment Models for Chat-Based P2P Exchange Development

In-chat or chat-based crypto exchanges can be deployed through different messaging ownership models depending on regulatory exposure, user acquisition strategy, and infrastructure control. The choice of deployment model directly impacts custody design, compliance scope, scalability, and user trust assumptions.

1. Standalone Chat-Native P2P Exchange Development

In custom chat-based P2P crypto exchange development, enterprises create a proprietary application where the messaging system, trading logic, escrow, and wallets are fully owned and operated by the exchange.

Characteristics

• Custom-built chat protocol and trade-state engine
• Direct integration with custodial or smart-contract escrow
• Native wallet and payment rail orchestration
• Platform-controlled identity and reputation graph

When is this P2P exchange development model suitable?

• Regulated or semi-regulated jurisdictions
• For exchanges seeking full custody and compliance control
• Multi-asset or multi-chain expansion plans
• Institutional or high-volume P2P environments

Advantages of Chat-Native P2P Crypto Exchange Development

• Complete control over trade lifecycle and escrow logic
• Independent compliance and KYC framework
• No dependency on external messaging policies
• Stronger monetization and data ownership

Constraints

• Higher development and infrastructure costs are associated with building a complete chat-based P2P exchange app from the ground up.
• Messaging UX must compete with existing apps. This adds an extensive amount of effort to crypto exchange development, while they just reinvent the wheel. 
• The chat-driven crypto exchange is required to find its own buyers and sellers, create initial liquidity, build network effects, and grow communities independently. No built-in audience for them

2. Messaging-Platform Integrated P2P Crypto Exchange Software(Telegram / Superapp Bots)

This is one of the most popular ways in which chat-based crypto exchanges are implemented. The exchange backend operates independently while the user interface is delivered through an existing messaging platform such as Telegram or a regional superapp. 

Kraken recently picked up on this strategy and announced its collaboration with ICE chat:

“This integration opens a direct line into core institutional workflows, enabling traders to engage with our OTC desk’s expertise and execution in the digital asset class through a familiar interface.” 

“Head of Kraken Institutional Gurpreet Oberoi

Characteristics

• A bot or mini-app acts as a conversational interface.
• The external platform handles messaging transport.
• Escrow and wallets are managed off-platform.
• Identity is partially inherited from a messaging account.

When is this chat-based cryptocurrency exchange development model suitable?

• High chat-native user populations
• OTC-heavy or informal trading regions
• Rapid go-to-market requirements
• Community-driven P2P ecosystems

Advantages

• Offers immediate access to existing user networks
• Familiar UX reduces onboarding friction.
• Viral distribution happens through chats and groups.
• Lower frontend development overhead

Constraints

• Dependency on platform APIs and policies
• Limited control over the identity layer
• Compliance boundaries are tied to platform rules.
• Messaging provider risk (blocking, restrictions)

3. Hybrid Chat-Linked P2P Crypto Exchange Software Development

In this model, conversation occurs in external messaging environments, while escrow, wallets, and trade state are managed in a separate exchange system linked through deep links or session binding.

Characteristics

• Negotiation in external chat (Telegram, WhatsApp, etc.)
• Trade instantiated via link or session handoff
• Escrow and settlement executed in the backend
• Conversation reference stored with the trade record

When is this chat-based P2P crypto exchange development model successful?

• Markets where OTC negotiation already occurs off-platform
• Exchanges transitioning from marketplace P2P to chat-based
• Compliance-sensitive jurisdictions
• Cross-platform user bases

Advantages

• Preserves existing user chat behavior
• Lower messaging infrastructure burden
• Clear separation between communication and custody
• Easier regulatory positioning

Constraints

• Context fragmentation risk
• This model requires reliable chat-to-trade linking.
• Less immersive conversational UX
• Dispute’s evidence may be split across chat and cryptocurrency exchange software systems.

Revenue Models and Build Cost for Chat-Based P2P Crypto Exchange Development

Typical chat-based P2P crypto exchange development cost: Chat-based P2P crypto exchange software development generally ranges from $50K-$250K+, depending on custody model, messaging ownership, payment rail integrations, and compliance scope.

Estimated build timelines: 8-24 weeks, depending on messaging model (standalone or Telegram-integrated), custody design, and payment rail integrations.

Security and Compliance Considerations For Chat-Based P2P Crypto Exchange Development

Chat-native P2P trading introduces distinct fraud, identity, and payment risks because negotiation, trust formation, and settlement coordination occur conversationally. In-chat exchanges must implement controls that bind chat activity to verifiable trade and payment states while meeting jurisdictional AML and custody obligations.

Key Security Risks In Chat-Based P2P Crypto Exchange Software  Include

• Impersonation and account takeover: Attackers mimic known traders or compromise messaging identities to redirect payments or escrow release.
• Off-rail payment fraud: Counterparties claim payment via manipulated receipts, reversible transfers, or third-party senders.
• Escrow manipulation attempts: Social engineering can trigger premature release or cancellation outside a valid trade state.
• Reputation gaming: Collusive trades or low-value cycles may be maintained to inflate trust metrics before large fraud attempts.
• Conversation tampering or deletion: Fraudsters may attempt to alter or remove chat evidence prior to dispute review.

Required Platform Controls To Mitigate Chat-Based Crypto Exchange Development Risks

• Trade-bound identity verification: A cryptocurrency exchange development company must create a workflow that binds each trade to authenticated user sessions and device fingerprints before escrow actions.
• Payment proof validation workflows: The chat-based P2P cryptocurrency exchange software must require structured receipt capture (ID, amount, timestamp) and cross-check against the expected rail format.
• Escrow action gating: The in-chat cryptocurrency exchange development must also allow release/cancel only from valid state transitions with counterparty confirmation or timeout logic.
• Immutable conversation logging: The cryptocurrency exchange must store message hashes or append-only records linked to trade objects to preserve evidence integrity.
• Reputation anomaly detection: AI-powered security can typically be implemented during crypto exchange development to flag abnormal trade patterns, circular trading, or sudden volume spikes in trust scoring.

Compliance and Regulatory Considerations For Chat-Based P2P Crypto Exchange Development

• AML/KYC scope alignment: The jurisdiction determines whether both parties, merchants, or only custodial wallet holders require KYC. Those building chat-based P2P crypto exchange software can implement a flexible KYC/AML module along with a geofencing mechanism. 
• Custody classification: The licensing and safeguarding obligations depend on whether you’re choosing a smart-contract escrow or a custodial wallet.
• Payment rail monitoring: Regional rails (UPI, Pix, mobile money) may require transaction reporting or merchant registration as required by the local laws.
• Dispute and record retention: Chat-based P2P crypto exchange software requires integrations to store chat, payment, and escrow logs for mandated periods to satisfy audit or regulatory requests.
• Sanctions and counterparty screening: A centralized P2P crypto exchange software must screen wallet addresses and user identities before enabling escrow participation.

Final Word

P2P crypto exchange software development has been increasingly shaped by conversational behavior rather than marketplace navigation. As OTC activity continues to originate in messaging environments, exchanges that bring escrow, wallet, and payment directly into chat workflows will align more closely with how users already trade in mobile-first regions.

For builders and emerging exchanges, chat-based P2P crypto exchange development architecture is the most pressing structural shift. They can collaborate with their P2P cryptocurrency exchange development company to build such innovative models after carefully evaluating messaging ownership, custody model, and jurisdictional exposure for deployment choices, monetization design, and compliance scope 

Platforms that successfully unify conversational interaction with verifiable escrow execution and regulatory controls can reduce friction while maintaining auditability and dispute integrity. This combination is what enables chat-native crypto exchange software to scale beyond informal OTC channels into structured, compliant trading infrastructure.

Antier delivers chat-based P2P crypto exchange software development tailored to regional payments and compliance needs. Share your requirements today!

• Internet Computer token ICP traded to highs of $2.58 to extend its uptick.
• Gains came amid a notable spike in volume as crypto prices bounced higher.
• ICP could target $4.00 or higher, though risks of a sharp pullback remain.

Internet Computer (ICP) price has retested the pivotal supply zone above $2.50 as bulls edge higher from the seven-day low near $2.

The retest occurs amid broader recovery efforts across the cryptocurrency market, with ICP among the top altcoin gainers on the day.

With prices up 9% in the past 24 hours, and volume up 93% to over $125 million, it’s likely bulls could target resistance at higher levels.

Internet Computer price jumps above $2.50

ICP currently boasts intraday gains of about 9% over the past 24 hours, with the price currently trading down from its peak in the period.

But having pushed from a low near $2, it appears bulls have their sight on more.

Gains for ICP mirror broader market sentiment, where Bitcoin tested highs near $70,000 amid Nvidia-driven risk appetite.

The AI narrative also pushed tokens like NEAR, Bittensor, and Render higher.

The uptick to intraday highs of $2.58 sees the Internet Computer token trade at levels last seen in mid-February.

ICP price technical picture

From a technical standpoint, ICP’s retest of the $2.50 hurdle marks a potentially critical flip.

The price action signals buyer interest, and a breakout from a long-term downtrend line is likely to strengthen.

Bulls now need to successfully hold above this level to validate a bullish reversal pattern.

Targets on the upside include resistance at $3.21 and $4.00, with volume confirmation key to buyer conviction.

RSI on the daily chart suggests bulls may have room to test bears’ resilience, while the MACD also displays potential bullish strength.

However, price is below key moving averages, and the shape of the 50 and 100-day simple moving averages outlines overhead resistance.

If price drops from current levels, robust support lies at $2.00 and the October 10 low of $1.98.

The token changed hands at around $2.41 at the time of writing.

Key ICP proposal

Notably, ICP is rising amid Internet Computer’s recent proposal for a tokenomics upgrade.

In its plan, DFINITY Foundation seeks the introduction of revenue-funded burns, with 20% from cloud engine fees alongside usage-based node rewards being removed.

This will directly tie ICP supply reduction to network demand, a mechanism that then sees 80% of cloud engine revenue allocated to node providers.

In this case, the Internet Computer wants to shift from fixed subsidies to performance-linked incentives, a model that would mirror other cloud compute-focused chains.

As XRP struggles, SolStaking positions contract-based staking and real-world asset integration as an alternative to direction-dependent crypto strategies.

Recent market turbulence has put XRP back in the spotlight. After falling roughly 69% from its recent high, XRP has triggered mixed reactions among analysts. Some point to historical precedents where similar drawdowns were followed by strong recoveries, particularly after periods of heavy capitulation. On-chain data shows one of the largest realized-loss events since 2022, which some interpret as a potential sign of a developing local bottom.

Others, however, remain cautious. From a technical perspective, XRP continues to face meaningful resistance, and failure to reclaim key levels could open the door to further downside. In the near term, price action remains highly sensitive to liquidity shifts and broader market sentiment.

What’s clear is that directional conviction has become increasingly difficult in this environment.

When volatility itself becomes the primary risk

As market volatility intensifies, many participants are realizing that risk does not come solely from being “wrong on direction,” but from overexposure to price fluctuations themselves.

In choppy, range-bound market cycles, strategies built around short-term trading or leverage are often disrupted by abrupt changes in liquidity and sentiment. Even well-timed positions can be undermined by sudden moves that have little to do with fundamentals.

As a result, some investors are beginning to explore participation models with clearer rules, fixed timeframes, and automated settlement, seeking ways to stay involved in the crypto ecosystem without being entirely dependent on short-term price trends.

What is SolStaking?

SolStaking is a platform offering multi-asset staking and cloud mining services. Rather than focusing on market timing or price prediction, SolStaking is structured around contract-based participation models designed to operate across varying market conditions.

At the infrastructure level, the platform emphasizes long-term operational stability and risk control, including:

• A U.S.-registered operating entity: Sol Investments, LLC
• Strict segregation of user staking assets from operating funds
• Periodic independent audits conducted by PwC
• Custody insurance provided by Lloyd’s of London
• Enterprise-grade security, including layered encryption and 24/7 risk monitoring

This framework is not intended for short-term speculation, but for sustained operation in volatile market environments.

The role of real-world assets

Unlike models that are fully exposed to on-chain price movements, SolStaking incorporates Real-World Assets (RWA) as part of its underlying support structure. These assets may include AI data centers, sovereign and investment-grade bonds, physical gold and commodities, industrial metal inventories, logistics and cold-chain infrastructure, as well as agricultural and clean energy projects.

These assets operate off-chain and generate relatively stable revenue streams. After verification and accounting, relevant data is mapped on-chain, where smart contracts execute settlements automatically based on predefined rules. This approach is designed to reduce reliance on any single market’s price volatility.

Contract-based participation (illustrative examples)

SolStaking offers a range of contracts tailored to different capital levels and participation periods. Examples include:

*Figures are model illustrations only. Actual outcomes depend on contract terms and system performance.

Under certain configurations, the model can generate outputs equivalent to several thousand XRP per day, driven primarily by operational design and execution efficiency, rather than short-term market price movements.

Conclusion: From predicting markets to rethinking participation

As Bitcoin and major altcoins continue to test critical support levels, volatility is becoming a constant rather than an exception. For many market participants, the challenge may no longer be improving price forecasts, but adapting how they engage with the market.

SolStaking represents one approach focused on structured participation and operational consistency, offering an alternative for those looking to reduce direct exposure to unpredictable price swings while remaining active in the digital asset space.

To learn more about SolStaking, visit the official website.

The Indiana state legislature authorized public retirement and savings plans to gain exposure to digital assets and spot exchange-traded funds (ETFs), while affirming residents’ access to crypto investments.

Governor Mike Braun is expected to sign HB 1042 into law within the next 10 days.

Indiana joins at least seven other states, including Wyoming, Wisconsin, Michigan and Arizona, that have moved to integrate crypto-linked products into public investment frameworks.

Almost half of the state governments in the U.S. are either on a path toward putting some of their money into crypto or already have, with much of this trend developing since President Donald Trump directed his administration to establish a Bitcoin Strategic Reserve.

A total of 21 states are investing or evaluating investments in digital assets, primarily bitcoin BTC$68,046.70, and in some cases dollar-pegged stablecoins, according to CoinDesk analysis. States such as Arizona, Tennessee, Oklahoma and Nebraska have signed legislation opening certain public funds to cryptocurrency purchases, aligning with Trump’s pledge to make the U.S. the “crypto capital of the world.”

The Indiana legislature passed another crypto-related measure on Tuesday banning the operation of virtual currency kiosks, commonly known as crypto ATMs, across the state. Violations would be subject to enforcement by the state attorney general under deceptive consumer sales laws.

The bill follows warnings from state and local law enforcement about rising fraud tied to crypto ATMs. In Evansville, Indiana, authorities reported that in 2025 residents lost approximately $400,000 in scams connected to the kiosks.

The Massachusetts state Attorney General filed a lawsuit against ATM operator Bitcoin Depot alleging they allowed criminals to use its machines to scam users. The FBI has estimated that in the first half of 2025, Americans lost $240 million to crypto ATM fraud and that it received nearly 11,000 ATM fraud complaints in 2024, a 99% increase from the previous year.

TLDR:

• Dragonfly Capital launched a $650M Fund IV, bringing total assets under management to approximately $4 billion.
• Co-founder Qureshi credits geographic arbitrage between Asia and the US as the firm’s earliest competitive edge.
• Dragonfly avoided trending crypto deals like Terra and Axie, instead backing Ethena and Polymarket at low-interest periods.
• Qureshi argues that non-consensus investments drive the majority of venture returns, making contrarian discipline essential.

Dragonfly Fund IV, a $650 million crypto venture capital fund, has officially launched amid widespread skepticism about the industry.

Dragonfly Capital now manages approximately $4 billion in assets across offices in New York, San Francisco, and Singapore, with around 45 staff members.

Co-founder Haseeb Qureshi recently shared a detailed account of the lessons behind building the firm, offering rare transparency into the mechanics of crypto venture capital.

Starting From Zero: Reputation and Finding a Niche

Dragonfly Fund IV’s story begins long before the launch announcement. Qureshi entered crypto in 2018, just as the ICO bubble collapsed and most participants were exiting the space.

He later partnered with Bo to launch Dragonfly Capital at a time when dominant players like Polychain, Pantera, and a16z controlled the market.

According to Qureshi, first-time fund managers must stake their personal reputation to get started. He wrote that raising from friends, former bosses, and wealthy connections is non-negotiable for a debut fund. Without putting everything on the line, he argued, there is little to no chance of success.

The firm’s early edge was a geographic arbitrage strategy. Qureshi was based in the United States while his partner, Bo operated in Asia.

This east-meets-west positioning helped Dragonfly earn allocations in early rounds, even without leading deals. The approach was demanding, requiring long hours and constant coordination across time zones.

Talent Management and Brand Building as Competitive Advantages

As Dragonfly grew, Qureshi identified talent retention as a major differentiator. He noted that VC firms are notoriously poor at corporate management, including basic practices like mentorship, clear responsibilities, and open communication. Poor management often goes unaddressed because power law returns mask internal dysfunction.

Dragonfly took a different path. The firm invested in giving junior team members stability, voice, and independence.

Qureshi credited this approach for helping retain people who could have joined larger platforms. Over time, those individuals became central to the firm’s performance.

Brand distribution was another focus area. Qureshi stressed that every team member should build a personal audience. He encouraged public writing, social media presence, and individual thought leadership.

Firms that discourage employees from engaging publicly, he wrote, are making a strategic error.

Investment Philosophy: Non-Consensus Bets and Long-Term Discipline

On investment strategy, Qureshi outlined a clear framework. Most returns in venture come from a small number of deals, often just two or three per fund. He pointed out that consensus deals are usually overpriced, leaving little room for outsized returns.

Dragonfly’s biggest wins came from avoiding popular trends. The firm passed on Terra, Axie Infinity, and Yuga Labs during their peaks.

Instead, it backed Ethena shortly after the Terra collapse and invested in Polymarket before the 2024 election cycle drew mainstream attention.

Hsseeb wrote on X: “Every cycle has a narrative that feels irresistible…most of those themes turn out to be a waste of money.” He tied this discipline directly to portfolio construction, warning that trend-following produces a portfolio of “what was popular 18 months ago.”

Qureshi also addressed fundraising timing, noting that the best window to raise capital rarely aligns with the best time to deploy it. Managing that tension, he concluded, is one of the defining skills in venture.

TLDR:

• Tether exchange reserves have dropped from $60B to $51.1B, draining $9B in liquidity over just two months.
• The $50B USDT level is now the critical support zone; a breakdown could push reserves toward the $44B mark.
• Active on-chain addresses fell sharply from 376,000 to 263,000, confirming weakening retail and institutional activity.
• CryptoQuant warns that without stablecoin stabilization and returning participants, market pain is likely to continue.

Crypto market liquidity is shrinking at a pace that has put analysts and traders on high alert. Tether’s exchange reserves have fallen from $60 billion to $51.1 billion in just two months.

That $9 billion withdrawal is widely seen as the main force behind the underwhelming market performance in January and February.

With reserves now hovering just above the $50 billion mark, attention has shifted to whether that level can hold. The answer may determine the near-term direction for Bitcoin, Ethereum, and XRP alike.

A $9 Billion Drain Is Reshaping Conditions Across the Crypto Market

The scale of the liquidity withdrawal has been swift and difficult to ignore. Over two months, Tether exchange reserves shed $9 billion, leaving the market noticeably thinner than it was heading into the new year.

As the dominant stablecoin, Tether serves as the primary liquidity engine for the entire crypto sector. When its reserves contract at this rate, the ripple effects are felt across trading pairs and asset classes.

Reduced stablecoin reserves translate directly into lower buying power on exchanges. Traders who might otherwise step in to absorb selling pressure simply have less dry powder available to deploy.

This dynamic helps explain why price action across major assets has been sluggish and unconvincing throughout the early months of 2025. Markets tend to drift lower when the liquidity cushion underneath them thins out.

CryptoQuant flagged this trend in a post on X, pointing to the reserve decline as the core issue behind recent market weakness.

The firm stated that without stabilization in stablecoin reserves and a return of active participants, the pain is likely to persist.

That framing puts the current situation in stark terms—recovery depends on reversing a trend that is still moving in the wrong direction.

The $50B USDT Level Now Stands as the Market’s Last Line of Defense

The $50 billion threshold has emerged as the most-watched level in the current market environment. CryptoQuant has identified this mark as a structural support zone that the market cannot afford to lose.

A confirmed breakdown below $50 billion would expose the next support level at $44 billion, leaving a wide gap with little in between. That kind of open air below a key level tends to accelerate downside moves rather than slow them.

On-chain data adds another layer of concern to the picture. Active addresses have dropped from a peak of 376,000 to 263,000, reflecting a sharp pullback in market participation.

Fewer unique senders and receivers point to both retail and institutional disengagement happening simultaneously. This retreat in user activity compounds the pressure that the stablecoin reserve decline is already generating.

When liquidity shrinks and participation falls at the same time, markets lose the structural support needed to sustain prices.

Each metric reinforces the weakness signaled by the other, making a recovery harder to achieve without a clear catalyst.

For the $50 billion USDT level to hold, stablecoin reserves would need to stabilize soon, and traders would need to return to the market in meaningful numbers.

Gate, the crypto exchange behind a platform that serves millions of users worldwide, has cleared another regulatory milestone in Europe. The Malta-based group received a Payment Institution license from the Malta Financial Services Authority (MFSA), authorizing Gate Technology to provide regulated payment services across the European Union under the PSD2 framework. The move broadens Gate’s EU footprint beyond trading and custody into fiat and stablecoin payment rails within the bloc, reinforcing its strategy to fuse traditional payments infrastructure with Web3 capabilities in Europe. Gate notes that its global user base surpasses 49 million, underscoring the potential reach of an EU-wide payments platform. This latest authorization complements Gate’s prior MiCA license achievement, which granted cross-border exchange and custody capabilities across member states starting in 2025.

Key takeaways

• Gate Technology received a PSD2-based Payment Institution license from MFSA, enabling regulated payment services across the EU.
• The license expands Gate’s EU operations from crypto trading and custody into fiat and stablecoin payment infrastructure with passporting across member states.
• The development builds on Gate’s prior MiCA authorization, announced on Oct. 1, 2025, which allowed exchange and custody services throughout the EU.
• The MFSA listing confirms the authorization covers payment accounts and related operations, signaling a broadening of Gate’s regulated activities beyond crypto custody.
• The move reflects a broader industry trend, with other exchanges like OKX also securing Malta payment licenses to support euro-denominated payments within regulated rails.

Tickers mentioned:

Market context: The industry is increasingly aligning crypto services with traditional payments regulation in the European Union, particularly under MiCA and PSD2, to enable regulated, cross-border flows for crypto-related payments and stablecoins.

Sentiment: Neutral

Price impact: Neutral. The licensing news signals regulatory alignment and potential product expansion, but does not by itself indicate immediate price moves.

Trading idea (Not Financial Advice): Hold. As Gate expands its EU payments capabilities, strategic execution and regulatory milestones will influence momentum, but investors should watch timelines and product launches for concrete impact.

Market context: The Maltese authorization sits within a broader EU push to regulate crypto-enabled payments. With MiCA shaping governance of crypto-asset providers and PSD2 guiding payment services, exchanges are increasingly obtaining cross-border licenses to deliver euro-denominated, regulated payments alongside crypto trading.

Why it matters

The MFSA’s decision to grant Gate Technology a PSD2-based Payment Institution license elevates Gate’s position from a crypto-trading platform to a dual-rails provider that can handle both digital assets and fiat payments within Europe. This is not merely a compliance tick-box; it expands the company’s ability to offer payment services that connect traditional financial rails with Web3 applications. For users, this could translate into streamlined on- and off-ramps, simpler fiat-to-crypto exchanges, and potentially cost-efficient mechanisms for transferring value across borders within the bloc.

From a strategic perspective, Gate’s move aligns with a growing trend among major crypto firms seeking to embed themselves more deeply in regulated payment ecosystems. By leveraging PSD2, Gate can passport payment services across EU member states, a capability that complements its MiCA authorization which already opened the door to cross-border exchange and custody. In practice, this means Gate aims to provide a more seamless experience for institutions and retail customers who rely on both crypto services and conventional payment rails—for example, funding accounts with cash or withdrawing funds into traditional bank accounts, all within a tightly regulated framework.

While the public benefits are clear, several questions remain. Gate did not specify which payment products it intends to launch first or the exact rollout timeline across EU markets. Industry observers will be watching for details on whether Gate will introduce fiat-to-crypto gateways, card-based payments, or stablecoin-enabled transfers tied to EU payment rails. The MFSA listing confirms that payment accounts and related operations are within Gate’s scope, but product-level specifics will determine how quickly end users experience tangible advantages.

In this environment, Gate’s competitors are also pursuing similar regulatory paths. OKX, for instance, obtained a Malta Payment Institution license to support products such as OKX Pay and the OKX Card, illustrating a coordinated push among exchanges to secure regulated access to euro-denominated payment channels. Under MiCA, providers that integrate stablecoin payments into regulated rails must stay aligned with EU payments law, which makes these licensing steps an increasingly common prerequisite for exchanges seeking broader European reach. As such, Gate’s PSD2 authorization is best understood as part of a wider shift toward regulated, interoperable crypto-financial services in Europe.

What to watch next

• Clarified product roadmap: Gate should reveal which payment services will launch first (fiat on/off ramps, card integration, or stablecoin payments) and the expected rollout timeline across EU member states.
• Regulatory cadence: Any MFSA-guided milestones or updates to Gate’s obligations under PSD2 and MiCA, including governance, reporting, or consumer protection enhancements.
• Merchant and institution adoption: Partnerships with banks, merchants, or fintechs that can leverage Gate’s regulated payment rails, potentially accelerating euro-denominated payment flows for crypto users.
• Cross-border usage: Practical tests of passporting capabilities across multiple EU jurisdictions and any friction points in onboarding or KYC processes for EU customers.

Sources & verification

• Gate Technology’s Malta PSD2 license grant announced by Gate via its public announcements.
• The MFSA public authorization catalogue listing Gate Technology as a licensed Payment Institution under Malta’s Financial Institutions Act.
• Gate’s earlier MiCA authorization announcement, confirming cross-border exchange and custody permissions across EU member states.
• OKX Malta Payment Institution license announcement as part of the broader EU compliance trend among major exchanges.

Gate expands EU payments with PSD2 license in Malta

Gate has openly described its Malta MFSA authorization as a strategic bridge between established payment infrastructure and emerging Web3 services across the European Union. The Maltese license is a formal recognition that Gate Technology can perform a spectrum of regulated payment activities, including initiating transfer operations, maintaining payment accounts, and enabling funds movement that originates from or terminates in the EU. In practical terms, Gate can, under PSD2, facilitate the kinds of payments that users expect when interacting with crypto platforms—cash-in and cash-out flows, transfers between wallets and bank accounts, and perhaps merchant-enabled payments that bridge crypto and fiat rails—without stepping outside regulatory boundaries.

The MFSA’s listing also underscores Gate’s ambition to deliver a fully compliant suite of services that integrate traditional financial rails with digital-asset tools. While the company has not named specific products for immediate launch, the authorization confirms a regulatory green light for operations that handle customer payments in a way that mirrors conventional financial institutions. This is particularly relevant for entities dealing with stablecoins, where staying within the ambit of regulated payment and electronic-money frameworks can facilitate smoother operations across borders while preserving consumer protections and compliance standards.

Market observers will be watching how Gate leverages this license to grow its European footprint, especially given the substantial scale of its user base. Gate reports a global user count exceeding 49 million, a figure that, if translated into EU activity, could significantly boost demand for euro-denominated payment solutions tied to crypto services. Yet the company’s reluctance to disclose a detailed EU user composition or a concrete product launch schedule hints at a cautious approach as it integrates new regulatory capabilities with its existing product lineup. In a sector where regulatory clarity is a competitive differentiator, Gate’s PSD2 license is a meaningful step toward a more seamless, compliant, and enterprise-friendly crypto ecosystem in Europe.

• Bybit adds stablecoin yield tools as crypto volatility rises.
• Exchange plans up to $10 million fixed-income opportunities in March.
• Firm says investors now prioritize capital preservation and yield.

Cryptocurrency exchange Bybit said it is expanding stablecoin-based income opportunities and fixed-return products as digital-asset markets face renewed volatility and falling investor sentiment.

The Dubai-based platform pointed to weakening market confidence, including a sharp pullback in bitcoin and a drop in the Crypto Fear and Greed Index, as a key reason for its latest initiatives.

Rather than reducing activity during uncertain conditions, the company said it intends to broaden earning options and support users seeking more predictable returns.

“We believe stability is what our users want most right now,” said Helen Liu, Co-CEO at Bybit. “The market will recover — we have no doubt about that. But in the meantime, our job is to help ease the pressure, offer real opportunities to earn stable income, and make sure our community knows that Bybit is right here with them.”

Focus on stable income during market uncertainty

Bybit said it has observed how rapidly market sentiment can shift during crypto cycles and how volatility can affect retail investors.

In response, the exchange is accelerating access to yield opportunities tied to stablecoins and introducing tools designed to preserve capital while generating consistent returns.

The company is promoting on-chain yield options, including Mantle Vault, and capital-efficiency tools such as BYUSDT, with the goal of allowing users to earn income without relying on speculative price appreciation.

“We want to find every opportunity for our users to earn stable income,” Liu said. “Whether it is on-chain yield through Mantle Vault or capital efficiency through BYUSDT, the goal is the same — make every dollar work harder so that our community can weather this period with less stress and more confidence.”

According to the company, the current market environment reflects a shift in investor priorities.

Bybit said users increasingly seek capital preservation and steady returns rather than highly leveraged gains.

“This cycle is different. Users are not chasing 100x returns — they are looking to protect capital and generate sustainable yield. That shift is structural, not emotional.”

New fixed-income opportunities planned

The exchange plans to introduce up to $10 million in fixed-income opportunities backed by stablecoins.

The initiative is expected to launch through March and is intended to provide predictable earnings options during periods of heightened volatility.

“Bybit will launch throughout March to offer stablecoin earn to its community. We are here for the industry for the long haul,” Liu said. “We have always believed in supporting our community — through bull markets and bear markets alike.”

The company said the offerings are part of a broader strategy to strengthen its role beyond trading by providing income-oriented financial products during uncertain market conditions.

Community engagement and long-term strategy

Bybit also emphasized continued communication with users and partners, saying transparency and constant engagement are key priorities during turbulent periods.

The exchange stated its teams remain connected around the clock to keep participants informed.

“We support stablecoin initiatives to help alleviate the financial pressure our users face during uncertain times. We invest in CSR and ecosystem development because a thriving industry benefits everyone. This commitment is unwavering — it is fundamental to Bybit’s identity.”

The company said market downturns can define the industry’s resilience and that its strategy is to remain active during challenging conditions while building confidence among users.

Bybit added that its focus is on offering stability and predictable earning opportunities as investors adjust to a more cautious phase in the digital-asset market cycle.