Vayu CEO Erez Agmon says broken crypto billing is the biggest hidden source of revenue leakage at scaling infrastructure firms.

Vayu chief executive Erez Agmon argues that the contract-to-cash layer, not the product, is what breaks first as crypto firms chase institutional clients. He says homegrown billing setups collapse once pricing turns complex.

The pressure is rising as European rules tighten. Under MiCA, crypto-asset service providers must hold full authorisation to operate in the EU by July 2026, with regulators demanding chronological records and audit trails, ESMA has confirmed. Agmon frames billing accuracy as part of that same operational standard.

Why crypto billing breaks at scale

Early crypto firms lean on engineering for billing, Agmon says: developers build usage hooks, finance exports the data, and someone turns it into invoices by hand. That works while pricing stays simple.

It stops working once terms diversify. Transaction charges, custody tiers, API usage, and wallet operations multiply, and the manual process becomes untenable. Agmon says the fix is moving billing from an engineering task to a finance-owned workflow.

He points to wallet platform Utila, which reported more than $51 million in total funding and over 100 institutional clients. The firm sits inside a wider stablecoin infrastructure buildout and processes over $15 billion in monthly transactions, a volume that exposes any gap between what was sold and what gets invoiced.

Utila previously depended heavily on engineering to launch products and adjust pricing, which created bottlenecks. Inbal Rosen, Utila’s head of business operations, said the partnership changed that. “By providing us with deep insights and real-time data on our revenue streams, Vayu enhances our strategic decision-making capabilities.”

The biggest hidden leak

Asked for the most underestimated leak, Agmon names unbilled or underbilled usage. Crypto infrastructure firms price around events, he says: transactions, API calls, verification events, and volume thresholds.

When those events are not wired to billing rules automatically, revenue gets missed or delayed. The problem is sharpest with overages, where a customer may already hold an invoice that does not match actual usage, leading to disputes or write-offs.

Agmon ties the gap to a broader compliance shift, where auditability now hits cash flow directly. Traceability is the gap most firms still leave open, connecting the signed contract, the pricing terms, the actual usage, and the invoice.

The emerging fix, he says, is a hybrid model: a committed base fee plus metered usage, a tiered rate card, and finance owning the billing logic directly. That discipline matters more as the MiCA deadline forces firms to prove what they sold, used, billed, and recognised.

Vayu, founded in 2023 and backed by $7 million in seed funding, counts clients including Au10tix and Mesh Payments alongside Utila. Agmon says the layer between what was sold and what gets invoiced is where crypto firms must modernise next, especially as licensing and institutional diligence intensify.

Key Highlights

• Manuvir Das joins Western Digital’s board effective May 26, bringing extensive AI enterprise experience.
• Das previously led Nvidia’s enterprise computing division, driving enterprise AI initiatives.
• His career includes leadership positions at Dell EMC and a 14-year tenure at Microsoft on Azure development.
• WDC shares have skyrocketed more than 900% over 12 months, hovering near the $547 peak.
• The board expansion brings total directors to nine, maintaining strong independent oversight with eight external members.

Western Digital (WDC) announced Thursday the appointment of Manuvir Das as a new board member, with his tenure beginning May 26, 2026.

Western Digital Corporation, WDC

Das arrives with impressive credentials in enterprise technology. Most recently, he held the position of Head of Enterprise Computing at Nvidia, where he spearheaded the company’s AI enterprise initiatives and was instrumental in launching the NVIDIA AI Enterprise software platform.

Prior to his tenure at Nvidia, Das managed Dell EMC’s unstructured data storage operations, directing the Isilon NAS and ECS Object platform divisions. His professional background also includes nearly a decade and a half at Microsoft, where he contributed significantly to Microsoft Azure’s evolution.

Currently, Das holds the position of Operating Partner within Stonepeak Partners LP’s Digital Infrastructure group, a position he assumed in April 2025.

His academic achievements include master’s and doctoral degrees in Computer Science from the University of Wisconsin, complemented by a bachelor’s degree in Computer Science and Engineering from IIT Bombay.

Marty Cole, Western Digital’s Chairman, emphasized Das’s strategic value: “His proven track record in helping organizations deploy AI at enterprise scale, paired with his comprehensive knowledge of data infrastructure and storage systems, will prove essential as WD advances the infrastructure enabling AI innovation,” Cole stated.

Remarkable Stock Performance

WDC has emerged as a market leader in recent performance metrics. Shares have climbed over 900% during the past year, trading around $544 on Thursday—nearly touching the 52-week peak of $547. The storage giant’s market capitalization has climbed to $183 billion.

This impressive trajectory has been driven largely by surging demand for AI infrastructure, a sector where Western Digital’s storage solutions are critically positioned.

Following Das’s appointment, Western Digital’s board composition now includes nine directors, with eight maintaining external and independent status.

Strong Business Performance

The board expansion comes on the heels of impressive fiscal third-quarter 2026 results. Western Digital delivered earnings per share of $2.72, surpassing analyst expectations of $2.36. Revenue reached $3.34 billion, exceeding the projected $3.23 billion.

Evercore ISI recently upgraded its price target for WDC to $575 from $410, reaffirming an Outperform rating. The upgrade reflects accelerating demand linked to AI applications.

Seventeen analysts have raised their earnings forecasts for the company in recent sessions.

Western Digital recently unveiled the integration of post-quantum cryptography capabilities into its Ultrastar UltraSMR hard disk drives, implementing NIST-approved quantum-resistant encryption algorithms.

The company also completed exchange agreements with institutional shareholders to acquire its own equity in return for Sandisk Corporation shares, with final settlement anticipated in May 2026.

WDC shares advanced 2.62% on Thursday, closing at $544.49.

Gemini (GEMI), the cryptocurrency platform founded by the billionaire Winklevoss twins, unveiled “Command Center,” a new AI-powered intelligence layer built into its prediction markets platform, in a blog post Thursday.

The feature integrates SpaceXAI models directly into the Gemini app, delivering real-time market summaries, sentiment analysis and personalized signals tied to users’ portfolios, watchlists and prediction activity.

Gemini described the product as a “mission control” interface for tracking prediction markets across crypto, sports, commodities, economics and politics.

“Command Center introduces a true ‘For You’ experience to predictions markets,” the company said in the release. “Rather than forcing you to dig through news and social feeds to find what’s relevant, Command Center meets you where you are.” The feature analyzes users’ positions, watchlists and prediction activity to surface personalized market intelligence.

Prediction markets have surged in popularity over the past two year as traders increasingly turn to event-based contracts to speculate on everything from crypto prices and central bank policy to elections and sports.

Platforms such as Polymarket and Kalshi have seen record trading volumes during major political and macroeconomic events, while crypto-native prediction markets have gained traction for offering around-the-clock access and blockchain-based settlement.

The sector’s rapid growth has also drawn renewed interest from technology firms looking to layer AI-driven analytics and personalized market intelligence into the trading experience.

Gemini’s platform initially includes coverage across cryptocurrencies such as bitcoin BTC$72,839.12, ether (ETH), solana (SOL) and zcash (ZEC), alongside sports betting-style prediction markets tied to baseball, basketball, golf and hockey events.

The product also delivers updates tied to commodities including gold, silver and oil benchmarks, as well as macroeconomic and political developments.

Gemini said the underlying SpaceXAI models are designed to synthesize large volumes of fast-moving information into concise market intelligence and contextual insights.

The company described itself as the first crypto-focused predictions platform to integrate “frontier AI” powered by SpaceXAI models directly into the trading experience.

Command Center is now available through the Gemini app.

Read more: Winklevoss’ Gemini jumps 25% on $100 million bitcoin infusion despite deepening losses

Ethereum core developers may soon get a new source of funding: a blockchain lottery.

Decentralized lottery protocol Megapot said Thursday it is teaming up with Protocol Guild, an independent funding collective for Ethereum protocol contributors, to introduce what they describe as the crypto industry’s first programmable charity lottery.

Under the arrangement, users can buy tickets for a daily lottery through a dedicated Protocol Guild portal for a chance to win prizes from a pool exceeding $1.1 million. Megapot said 100% of referral fees generated from ticket sales will be automatically distributed by smart contracts to Ethereum developers supported by Protocol Guild.

The effort comes as concerns around sustainable funding for Ethereum’s core infrastructure have intensified. While the blockchain underpins billions of dollars in decentralized finance and crypto trading activity, many developers maintaining the network earn significantly less than peers in other parts of the industry, according to Megapot.

Protocol Guild said it has distributed roughly $38 million to Ethereum contributors since 2022 through donations and token pledge initiatives, but estimates that maintaining and scaling Ethereum could require between $30 million and $60 million annually.

“Every token, NFT, or perps trade depends on the tireless work of Ethereum core developers,” Megapot CEO Patrick Lung said in a statement shared with CoinDesk. “Now, players don’t have to choose between speculation and contribution. They can do both.”

The model mirrors traditional charity lotteries such as the U.K. National Lottery, while moving the mechanism onchain. Megapot said its programmable referral system removes administrative overhead and ensures proceeds are distributed transparently.

“Getting consistent funding to Ethereum protocol stewards is a critical and growing challenge,” said Trent Van Epps, the main organizer at Protocol Guild and a former Ethereum Foundation member. “We’re excited to see how this novel Megapot integration will raise the bar on how apps can support the infra they depend on.”

Read more: The Next Stage for Public Good Funding in Crypto

Axios reported that U.S. and Iranian negotiators reached a draft 60-day memorandum of understanding to extend the ceasefire and begin talks around Iran’s nuclear program, though President Donald Trump has yet to approve the agreement.

The report followed overnight U.S. airstrikes on an Iranian military site near the Strait of Hormuz, the critical energy shipping route that has dominated macro traders’ attention over the past months.

Though traders at this point have lost count of the number of imminent Middle East peace deals, they nevertheless bid stocks and bonds higher and oil lower on the Axios report. In the red earlier in the session, the Nasdaq is now up 0.6%, while WTI crude oil has tumbled below $90 per barrel.

Crypto markets, however, remain stuck in the doldrums, with bitcoin BTC$72,742.74 failing to hold even the modest of bumps higher, now having sunk back below 73,000, down 2.7% over the past 24 hours.

Following the Axios story, Treasury Secretary Scott Bessent warned the U.S. would “not tolerate” any attempt to impose tolls on shipping through the Strait of Hormuz, vowing aggressive sanctions against parties involved in disrupting commercial transit through the key waterway. “Oman, in particular, should know that the U.S. Treasury will aggressively target any actors involved – directly or indirectly – in facilitating tolls for the Strait and any willing partners will be penalized,” he wrote.

Fed’s preferred inflation gauge hits highest level since 2023

The first inflation report released under Federal Reserve Chair Kevin Warsh showed price pressures strengthened in April, with the Fed’s preferred inflation gauge, the Personal Consumption Expenditure Index (PCE), rising to its highest level in nearly three years to 3.8% year over year, up from 2.8% in February.

“The inflation picture is becoming increasingly uncomfortable for the Fed. This is not just a headline inflation problem: core inflation is moving the wrong way too,” said Olu Sonola, head of US economics at Fitch Ratings. “Price pressures are likely to persist over the next few months, and while the Fed cannot fix a supply shock, it cannot ignore one that is feeding into underlying inflation. The Fed is stuck — and the heat is clearly being turned up.”

Samsung’s financial and tech arms are expanding their footprint in Korea’s crypto ecosystem by acquiring a combined 4% stake in Dunamu, the operator of Upbit. The purchase covers 1.39 million Dunamu shares held by Kakao affiliates for 612.8 billion won (around $408 million). Samsung Securities will take a 2% stake, while Samsung SDS and Samsung Card will each hold 1%.

According to Yonhap News Agency and ZDNet Korea, the three affiliates approved the deal, underscoring a broader push by Samsung into Korea’s digital-asset landscape at a time when regulators are shaping a formal framework for tokenized securities and stablecoins. The investment sits alongside Samsung’s ongoing efforts to bridge regulated tokenized infrastructure with consumer crypto services, a trajectory reinforced by recent group activity in the space.

In a broader strategic move, Samsung SDS is also tied to a separate blockchain initiative for Korea’s financial infrastructure. Earlier in May, Samsung SDS reportedly won a contract to build and operate the Korea Securities Depository’s blockchain-based securities platform, positioning the group at the center of Korea’s evolving tokenized-securities framework.

Concurrently, Hana Financial Group disclosed it would acquire a 6.55% stake in Dunamu from Kakao Investment for more than $668 million, a move that elevated the Upbit operator’s shareholder base and reinforced traditional financial institutions’ growing stake in Korea’s crypto ecosystem. The stake was reported by Cointelegraph.

Samsung Card’s involvement points to potential digital-asset payment use cases with Dunamu, including through Samsung Financial Networks’ integrated Monimo app. While no stablecoin or payment product has been announced yet, the collaboration signals an interest in integrating crypto rails with consumer-facing payment flows as South Korea advances its regulatory preparations for won-denominated stablecoins and tokenized securities.

Meanwhile, regulators are moving forward with the second phase of virtual-asset legislation. The Financial Services Commission has said it is continuing discussions with related agencies on key details, including stablecoin issuer structures, which remain undecided. In January, amendments to the Electronic Registration Act and the Financial Investment Services and Capital Markets Act were enacted to recognize blockchain-based distributed ledgers as securities registries, placing the Korea Securities Depository at the center of the market’s infrastructure. The framework is scheduled to take effect on February 4, 2027, following updates to subordinate rules and the establishment of supporting infrastructure.

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Samsung expands its crypto footprint with Dunamu investment

The 4% Dunamu bid represents a notable consolidation of Samsung’s exposure to Korea’s crypto ecosystem. By distributing the stake across Samsung Securities, Samsung SDS, and Samsung Card, the conglomerate signals an intent to participate across issuance, infrastructure, and consumer-facing payment rails—an approach that mirrors broader industry moves where conglomerates seek to blend traditional finance with blockchain-enabled services.

Regulatory momentum: tokenized securities and infrastructure

Korea’s move to formalize tokenized-securities infrastructure centers on recognizing blockchain registries as legitimate securities records and building a trusted backbone through the Korea Securities Depository. With the act amendments now in place and a targeted 2027 implementation date, market participants watch closely for how issuers, exchanges and custodians will adapt to the new architecture. The ongoing dialogues around stablecoins remain a focal point for policymakers, as they weigh the design of issuer structures and the regulatory perimeter for digital-asset payments.

Strategic implications for Upbit and the broader ecosystem

Samsung’s investment deepens its ties to Dunamu and Upbit at a moment when traditional financial players are positioning themselves as custodians and distributors of regulated digital assets. Hana Financial’s sizeable stake underscores the appetite among banks and non-bank financials to participate in tokenized markets, while Samsung’s combined deal with Dunamu could accelerate collaborations on tokenized-securities issuance, distribution, and related digital-asset services. For Upbit, the expanding investor base may influence liquidity dynamics, product development, and regulatory engagement as the platform navigates a more formalized national framework.

On the technology side, Samsung SDS’ engagement points to a broader strategy to fuse enterprise IT capabilities—artificial intelligence, cloud, security, and data management—with Dunamu’s blockchain experience. Samsung Card’s exploration of digital-asset payments via Monimo hints at real-world usage scenarios that could be tested as the regulatory landscape solidifies. Collectively, these moves aim to align Korea’s crypto market with a framework that supports both regulated tokenized instruments and consumer-facing digital-asset services.

What remains uncertain is the pace at which the 2027 framework will translate into practical deployments and how other major players will respond—both in terms of competition and collaboration. The industry will also be watching how the stablecoin and tokenized-securities rules take shape, including issuer structures and cross-infrastructure interoperability, as clusters of collaboration between exchanges, banks, and technology groups continue to evolve.

Readers should keep an eye on further confirmations from Dunamu and Samsung on the specifics of their collaboration, any subsequent stake movements, and the evolution of Korea’s tokenized-securities ecosystem as the regulatory clock ticks toward 2027.