Crypto World
Starbucks (SBUX) Develops Proprietary AI Platform to Slash $400M Software Budget
Key Highlights
- The coffee retailer is creating proprietary AI-driven solutions to eliminate dependency on IBM and Microsoft platforms
- Annual software expenditures currently total approximately $400 million, which the company aims to reduce substantially
- Internal platforms may launch by late next year following comprehensive testing phases
- The technology division expects to reduce spending by roughly $30 million in the current fiscal year
- IBM shares declined approximately 3%, ServiceNow dropped 3.5%, and Salesforce fell 4% during premarket hours following the announcement
The Seattle-based coffee giant is constructing proprietary AI-enabled platforms to substitute enterprise solutions currently purchased from major technology providers like IBM and Microsoft. This strategic shift caused enterprise software stocks to retreat during Thursday’s early trading session.
IBM experienced a decline of approximately 3% before market opening. ServiceNow tumbled nearly 3.5% while Salesforce retreated by about 4% in premarket activity. SBUX shares climbed almost 3% during trading, reaching $106.93.
The global coffee chain is engineering alternatives for a Microsoft inventory management platform and an IBM-powered maintenance operations tool. According to Bloomberg reporting on an internal corporate presentation, certain homegrown systems may be operational by the conclusion of next year, contingent on successful validation processes.
Chief Technology Officer Anand Varadarajan informed staff members earlier this year that the corporation allocates approximately $400 million per year toward software purchases. He emphasized that significant “clear opportunities to reduce the spend in software” exist within current operations.
The company is conducting a comprehensive examination of “every contract and service” throughout its technology infrastructure as component of a wider initiative to eliminate $2 billion in total operational expenses.
According to reports, AI-powered development methodologies have been instrumental in creating the platform intended to supplant IBM’s maintenance management solution. The corporation has simultaneously encouraged technology personnel to expand their utilization of AI capabilities — with artificial intelligence adoption now influencing performance bonus calculations.
Financial Optimization and Workforce Adjustments
The enterprise technology unit anticipates decreasing its yearly budget by approximately $30 million throughout the fiscal period concluding in late September. This reduction encompasses roughly $10 million in software cost savings and approximately $13 million from decreased utilization of external contractors.
Starbucks has additionally been developing an internal point-of-sale platform to supplant Oracle Simphony for multiple years, according to sources familiar with Bloomberg.
Beginning in February of the previous year, the organization has eliminated approximately 2,300 positions, with a substantial portion representing technology-focused roles.
Geographic Expansion Amid Restructuring
Despite workforce reductions, the coffee retailer is enlarging its technological footprint through establishing new operational centers in Nashville and India, while maintaining its corporate headquarters in Seattle.
The corporation allocates roughly $400 million annually toward software expenditures in total. The internal documentation examined by Bloomberg indicated the enterprise technology division remains on schedule to achieve its cost reduction objectives for the present fiscal year.
The company’s GF Score registers at 81 out of 100. Profitability metrics receive an 8 out of 10 rating, although financial strength registers at merely 4 out of 10. The equity trades at a P/E ratio of 78.87.
Insider transaction data covering the previous three months reveals $0.9 million in equity sales, with zero purchase transactions documented.
The Bloomberg analysis additionally highlighted that artificial intelligence adoption has evolved into a formal performance indicator influencing bonus compensation calculations for certain employees within the technology organization.
Crypto World
Q2 2026 Digital Asset Review
This summary was created based on CoinDesk Research’s latest report; Digital Assets: Quarterly Review and Outlook, Featuring CoinDesk 5 and CoinDesk 20.
– Joshua de Vos, Research Lead, CoinDesk
Ask an Expert
Q: Is Asia advancing via tokenization and stablecoins rather than spot bitcoin ETFs?
Institutional adoption in Asia is shifting from exploratory pilots to targeted deployment, with tokenization of real-world asset and regulatory stablecoin acting as key entry points for bank and asset managers. Jurisdictions like Hong Kong have introduced comprehensive legislation such as the Stablecoins Ordinance. Requiring full reserve backing, redemption rights and risk controls to make tokenization activity compatible with existing prudential frameworks. Against that backdrop, pure bitcoin ETF plays a smaller strategic role than in North America and Europe.
Q: Are bitcoin ETFs adding income features like other non-traditional ETFs?
The growth of deep, liquid options markets on regulated bitcoin ETFs gives structured product issuers a reliable exchange-traded tool for income and hedging strategies. This is why covered call, buffered and other derivatives-based approaches are being used to generate income from bitcoin ETFs, which do not pay cash distributions or dividends.
Q: How much more capital could flow into bitcoin ETPs from institutions?
The more capital an asset can reasonably attract, the bigger its pool of potential buyers who follow fixed rules like pension plans, retirement accounts and institutional allocators. Right now, retirement systems are the largest pool of this kind of money that still has not meaningfully slowed into bitcoin ETFs. Just a 1% allocation from the $22 trillion US 401(k) and Defined Contribution system would generate $90-$130 billion of inflows, roughly matching the size of the current bitcoin ETF market size.
Crypto World
Hyperliquid highlights how on-chain perps may disrupt Wall St
Perpetual futures—derivatives that typically trade without fixed expiry dates—are increasingly being positioned as a next-generation instrument for markets that never sleep. In a Wednesday post on X, blockchain-focused asset manager Pantera Capital argued that decentralized venues built around onchain infrastructure could make 24/7 perpetual trading materially more competitive with traditional finance by improving continuity of trading and simplifying contract mechanics.
Pantera, which is an investor in the Hyperliquid ecosystem, highlighted Hyperliquid as a leading example of that shift. The firm also pointed to growing interest from established market operators, including NYSE parent Intercontinental Exchange (ICE), and cited data suggesting onchain perpetuals have taken a meaningful share of total perpetual volumes over the last year-plus.
Key takeaways
- Pantera says perpetual futures offer structural advantages—such as 24/7 trading and continuous price discovery—over many traditional derivative formats.
- Hyperliquid is presented as the clearest onchain case study, extending perpetuals from crypto to equities, commodities, and stock indices.
- Pantera claims decentralized exchange (DEX) perpetual volumes have risen to 14% of centralized exchange (CEX) perpetual volumes, up from less than 1% in early 2023.
- Pantera estimates Hyperliquid represents about 40% of onchain perpetual trading volume and generated $13.5 million in weekly fees over the past seven days, according to DefiLlama data.
- Traditional finance firms are moving toward onchain 24/7 markets, with ICE leadership urging regulators to avoid a “level playing field” disadvantage for onchain perps.
Why perpetuals are attracting attention beyond crypto
Perpetual futures have long been a staple in crypto markets, but Pantera’s argument is that their core mechanics translate well to broader financial products. According to the asset manager, onchain perpetual venues benefit from several “structural advantages” relative to conventional derivatives: trading can run continuously, positions don’t face the same kind of scheduled contract expiries, position management can be simpler, and prices can reflect ongoing demand through uninterrupted markets.
The point matters for investors and market participants because it reframes the debate away from whether derivatives can be moved to blockchain and toward how the product’s operational characteristics change trading behavior. If market hours and contract roll cycles are reduced, liquidity dynamics and execution practices may shift—particularly for strategies that rely on staying continuously exposed rather than rebalancing around expiry windows.
Hyperliquid’s expansion and the push toward “housing all of finance”
Pantera specifically singled out Hyperliquid as evidence that perpetuals can spread quickly when the venue’s design supports both trading continuity and a growing menu of assets. The firm said Hyperliquid has gone beyond cryptocurrencies and expanded perpetual futures into equities, commodities, and stock indices as part of founder Jeff Yan’s vision of “housing all of finance.”
That expansion is significant because it introduces a compatibility question that often holds back experimental derivatives: whether an onchain trading venue can support complex, non-crypto underlyings while maintaining the user experience traders expect. By framing Hyperliquid’s asset diversification as a key driver, Pantera is effectively arguing that the perpetual model—paired with always-on trading—can serve as a general-purpose derivatives interface.
Onchain perps gain share, but central venues are watching closely
Pantera’s post also emphasized measurable traction in onchain perpetuals. The firm said DEX perpetual volumes rose to 14% of CEX perpetual volume, up from less than 1% in early 2023, when Hyperliquid first launched. It further claimed Hyperliquid accounts for roughly 40% of onchain perpetual trading volume.
To ground the growth narrative in revenue generation, Pantera cited fees performance: Hyperliquid, it said, generated $13.5 million in weekly fees in the past seven days, using DefiLlama data. While trading volume and fee totals are not the same metric, the combination is useful for readers because it suggests demand is not purely speculative—there is sustained activity sufficient to support protocol revenue.
Still, the numbers also highlight a transition phase. Even at 14% of CEX perpetual volume, the majority of perpetual activity remains centralized. Pantera’s figures therefore portray an emerging competitive set of venues rather than a complete replacement of traditional exchanges.
Traditional finance steps toward 24/7, and ICE calls for regulatory parity
Pantera’s thesis about perpetual futures has drawn parallels with moves already happening in traditional finance. The asset manager pointed to attention from ICE, where CEO Jeffrey Sprecher urged regulators to create a “level playing field” for launching 24/7 onchain perpetual futures contracts.
The underlying tension is straightforward: onchain derivatives aim to bring trading closer to continuous market mechanics, but regulatory frameworks and supervisory expectations may still treat onchain offerings differently than traditional venues. Pantera’s mention of ICE leadership implies that the competitive stakes are large enough that major incumbents are advocating for consistent rules rather than waiting for markets to converge naturally.
Momentum appears across multiple related announcements involving 24/7 trading ambitions. Cointelegraph previously reported that OKX announced plans to launch perpetual futures linked to ICE’s Brent crude and West Texas Intermediate benchmarks, citing a partnership with the exchange operator. Earlier coverage also noted the NYSE’s collaboration with tokenization platform Securitize to develop blockchain-based stock trading infrastructure with 24/7 trading and settlement for Wall Street, as well as ICE’s plans for a tokenized securities venue aimed at 24/7 trading and instant settlement, with stablecoin-based funding and onchain settlement.
Taken together, these developments show that the “always-on” market concept is no longer confined to crypto infrastructure. Instead, it is becoming a reference point for how TradFi platforms consider liquidity access, settlement speed, and funding workflows.
For readers, the next thing to watch is whether regulatory clarity accelerates the move from pilots to scaled onchain perpetual launches across more traditional asset classes. Pantera’s data suggests onchain perps are already carving out measurable share, but the pace of expansion beyond current players will likely depend on how the “level playing field” debate resolves and whether incumbents can align product rollouts with regulator expectations.
Crypto World
PayPal’s PYUSD Stablecoin Arrives Natively on Polygon via Paxos Partnership
Key Takeaways
- PayPal USD arrives on Polygon natively via Paxos for streamlined business transactions.
- The Open Money Stack from Polygon now supports PYUSD alongside wallets and fiat conversion.
- Companies gain access to integrated settlement and cash-out capabilities in one platform.
- Polygon reports handling $2.6 trillion in stablecoin transaction volume.
- Paxos delivers regulated, dollar-backed PYUSD to Polygon’s payment ecosystem.
PayPal’s stablecoin has officially launched on Polygon via a Paxos partnership, marking a significant expansion in its payment capabilities. This development provides companies with native access to PYUSD through Polygon’s comprehensive payment framework. The integration combines regulated dollar-backed settlement with digital wallets, fiat on-ramps, and built-in compliance infrastructure.
Native PYUSD Integration with Polygon’s Payment Infrastructure
Paxos has introduced native PYUSD issuance on Polygon, eliminating the need for bridged token versions. Consequently, companies can now leverage the stablecoin across Polygon’s entire payment ecosystem. This framework enables deposits, transfers, settlements, and fiat conversions within a unified architecture.
The Open Money Stack from Polygon integrates digital wallets, fiat gateway services, regulatory compliance features, and stablecoin settlement capabilities. This unified approach allows companies to minimize the need for multiple payment provider integrations. The infrastructure accommodates various payment methods including card transactions, bank transfers, exchange operations, and stablecoin flows.
This integration specifically addresses the needs of organizations requiring accelerated cross-border transactions and simplified operational workflows. Payroll service providers, digital marketplaces, and money transfer services can leverage PYUSD for global payment processing. These companies can transfer value and convert to fiat without developing proprietary banking infrastructure.
Stablecoin Transaction Volume Highlights Polygon’s Payment Focus
According to Polygon, its blockchain has facilitated over $2.6 trillion in stablecoin transaction volume. This substantial figure demonstrates the network’s established foundation in payment-oriented stablecoin operations. It also illustrates why integrating PYUSD aligns with Polygon’s comprehensive settlement approach.
Major companies including Revolut and Stripe currently utilize Polygon for payment operations. Businesses already operating on Polygon can incorporate PYUSD without overhauling their existing technology stack. This compatibility reduces technical overhead and accelerates implementation timelines.
According to Polygon Labs, the Open Money Stack enables organizations to accept payments and facilitate cross-border fund movement. It also provides currency conversion to local denominations through a single integration point. This architecture creates a more direct connection between conventional financial systems and blockchain-based settlement.
Regulated Stablecoin Settlement Through Paxos
PYUSD is minted by Paxos and maintained through dollar-denominated reserve assets. Paxos states that the stablecoin functions under a national trust charter with OCC oversight. This regulatory framework positions PYUSD among the supervised dollar-backed stablecoins operating in the U.S. market.
The Polygon deployment provides PYUSD with access to another significant blockchain network for payment and settlement operations. This expansion reflects the broader trend of stablecoin integration by payment companies and financial technology providers. Earlier this year in June, Mastercard incorporated PYUSD into its settlement infrastructure across multiple blockchain platforms.
PayPal and MoonPay also unveiled PYUSDx this year for customized stablecoin applications. This platform enables developers to create stablecoins supported by PYUSD reserves without constructing payment infrastructure independently. Collectively, these initiatives demonstrate PYUSD’s strategic expansion into mainstream payment systems.
Crypto World
Bitcoin Needs a Daily Close Above $64,700 to Seal Its Latest Rebound, Says Trader
Bitcoin (BTC) saw intraday highs after Thursday’s Wall Street open as US stocks rebounded on fresh Iran peace hopes.
Key points:
- Bitcoin joins a risk-asset rebound as US President Donald Trump said that Iran “wants to make a deal” after the ceasefire breakdown.
- Crypto short liquidations near $100 million over 24 hours.
- Traders see important BTC price levels coming as soon as the daily close.
Crypto, stocks rise as Trump teases new Iran “deal”
Data from TradingView showed BTC/USD rising back above $63,000, up by nearly 1.5% on the day.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView
US stocks were in the green across the board, helping to erase Wednesday’s downside as US President Donald Trump said that the Iran peace deal was “over.”
“They called a little while ago; they want to make a deal so badly,” Trump subsequently said in comments quoted by trading resource The Kobeissi Letter and others.
Crypto markets joined the sense of relief, helping push 24-hour short liquidations to nearly $100 million, per data from CoinGlass.

BTC/USD vs. crypto liquidations (screenshot). Source: CoinGlass
Commenting on the latest BTC price setup, trader Killa described their view as “not bearish at all.”
“In my view, we still have a few more months of choppy PA,” an X post stated, eyeing $68,000 for a potential short entry.

Source: Killa/X
Fellow trader Jelle saw ongoing strength from bulls, with a support reclaim still possible.
“Looks like bulls aren’t giving up on the reclaim just yet,” he told X followers.
“Get back above, and we likely push for 65-70k again. Reject, and sub-60k is back on the menu for $BTC.”

BTC/USD 12-hour chart. Source: Jelle/X
Bitcoin price needs a $64,700 daily close
Continuing, trader Daan Crypto Trades emphasized $64,700 for the daily close.
Related: Bitcoin ETFs end ‘most overwhelming’ $2.7B sell-off amid new $85M net outflow
“$BTC is ranging $61.3K-$64.7K range and spent this morning climbing back up after yesterday’s risk-off flush,” his latest X analysis read.
“A daily close above $64.7K flips the story and would make for a larger relief rally across the board. A close under $61.3K opens the road to the lows again and kills the momentum.”

BTC/USD one-hour chart. Source: Daan Crypto Trades/X
As Cointelegraph reported, opinions on the bear-market bottom being in continue to diverge.
This week, analysis described a “textbook” bottom formation now underway, while BTC price-cycle comparisons continued to demand a deeper macro floor.
Crypto World
Cipher, TeraWulf among AI infrastructure stocks trading below contract value, Compass Point argues
Using that approach, the firm said Applied Digital (APLD), TeraWulf (WULF) and Cipher Mining (CIFR) appear to offer the largest disconnect between their contracted business and current valuations. In each case, Compass Point argues the market is assigning little, if any, value to additional AI capacity that has yet to be leased, despite the potential for those projects to generate significant rental income once completed.
Core Scientific (CORZ) and Riot Platforms (RIOT) stand out for different reasons. Compass Point said Core Scientific’s existing contracts are already largely reflected in its valuation, meaning further upside will likely depend on signing new customers. Riot, meanwhile, is valued more on future potential than current lease income, with investors placing a premium on its Corsicana campus and broader AI development pipeline despite its relatively limited contracted capacity today.
The report argues the next two years will be a turning point for the sector as companies shift from announcing AI infrastructure deals to delivering them. As projects are completed, tenants move in and rent payments begin, investors will have a clearer picture of the recurring cash flow these facilities can generate. Companies that execute successfully could be rewarded with valuations more in line with other income-producing infrastructure assets.
Crypto World
Ripple (XRP) News Today: July 9
Ripple announced several deals and key partnerships over the past few days, further boosting the buzz surrounding the company.
However, the positive news has failed to trigger a major resurgence for XRP, yet certain analysts believe a big breakout could be on the horizon.
The Recent Developments
On July 4, the USA celebrated its 250th Independence Day, a historic milestone filled with nationwide special events. Ripple joined the festivities by partnering with a nonprofit that helps unemployed veterans find high-quality jobs after service. The ultimate goal is to secure jobs for 200,000 affected people by 2030, with Ripple matching donations up to $10,000.
Two days later, the company disclosed breaking news from the other side of the globe. It received full authorization as a Crypto Asset Service Provider (CASP) from Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF), allowing the firm to offer its regulated payments platform throughout the European Economic Area (EEA).
Shortly after, Ripple shook hands with the Kansas Jayhawks, also known as KU (the athletic teams representing the University of Kansas). Per the partnership’s conditions, XRP’s logo will appear on all of their uniforms. Speaking on the matter was Ripple’s CEO, Brad Garlinghouse, who said:
“Rare moment where my professional and personal worlds collide: XRP is now the first crypto on the jersey of a major college athletics program, at my alma mater.”
Just recently, the X account BSCN revealed that the US supply chain firm Made in USA has selected the XRP Ledger to power its verification and product certification system. According to the entity, blockchain will provide immutable records that help verify the origin and authenticity of local products.
The ETF Front
Spot XRP ETFs saw significant capital inflows over the past few months, highlighting growing institutional appetite for the asset. The first company to issue such a fund (with 100% exposure to the token) is Canary Capital, followed by Bitwise, Franklin Templeton, 21Shares, and Grayscale. Since day 1, these investment vehicles have generated a cumulative total net inflow of almost $1.5 billion.
Spot XRP ETFs have had only four red days since April, with July 8 being one of them. This stands in sharp contrast to spot BTC ETFs, which have been bleeding heavily over the past few months.

XRP Price Outlook
As of press time, Ripple’s cross-border token trades at around $1.09, a minor 1.3% increase on a weekly scale. According to X user MikybullCrypto, the current price level represents a “lifetime opportunity entry,” as the analyst set a target of $5 and potentially even higher.
For their part, Crypto Coral spotted that XRP is compressing inside a triangle, with the valuation currently reacting from a key support zone. “Structures this large often lead to significant moves once resistance gives way,” they added.
The post Ripple (XRP) News Today: July 9 appeared first on CryptoPotato.
Crypto World
Hong Kong Regulator Mandates New Anti-Phishing Rules for Crypto Firms
The Hong Kong Securities and Futures Commission (SFC) has issued new rules aimed at reducing account takeovers on virtual asset trading platforms (VATPs) and online brokers. The regulator says platforms in the city must upgrade authentication controls to make logins more resilient to phishing and other social engineering tactics.
The SFC requires stronger phishing-resistant authentication methods and device binding, and it bans one-time passwords delivered via SMS, email, or app-based logins. Companies covered by the rules have 12 months to implement the changes, which the SFC frames as a key part of raising local cybersecurity standards as phishing activity intensifies globally.
Key takeaways
- The SFC’s new requirements apply to virtual asset trading platforms (VATPs) and online brokers operating in Hong Kong.
- One-time passwords through SMS, email, or app-based logins are prohibited for these platforms.
- Phishing-resistant authentication and device binding are required, with options such as passkeys and hardware security keys.
- Covered firms must complete implementation within 12 months from issuance.
- The SFC linked the update to rising phishing and social engineering losses in the broader crypto industry.
What the SFC is requiring for crypto login security
In a statement released Thursday, the Hong Kong regulator outlined specific expectations for authentication on VATPs and online brokers. The SFC’s document sets out requirements for phishing-resistant methods and device binding, aiming to prevent attackers from hijacking accounts through fraudulent login prompts or compromised credentials.
According to the SFC, the new standards disallow one-time passwords delivered by SMS, email, or via app-based logins. Instead, the commission points to stronger alternatives designed to reduce the effectiveness of phishing scams—for example, passkeys, registered devices with cryptographic verification, and hardware security keys.
The formal requirements are available through the SFC’s publication gateway: SFC requirements document.
Why Hong Kong is tightening rules now
The SFC’s move arrives at a moment when phishing and social engineering incidents continue to disrupt crypto users worldwide. The SFC said that in the first quarter of 2026, phishing-related tactics accounted for a significant portion of reported industry losses.
As reported by Cointelegraph earlier, industry losses totaled $482 million in the period, with $306 million attributed to phishing attacks and social engineering scams. The SFC also referenced a separate local data point: counterfeiting and fraud incidents represented 57% of security incidents reported to the Hong Kong Cyber Security Accident Coordination Center in 2025.
In remarks carried in the SFC materials, Dr. Ye Zhiheng, executive director of the Intermediaries Department of the China Securities Regulatory Commission, said that protecting customers from increasingly complex counterfeiting and fraud attacks requires comprehensive measures spanning prevention, detection, response, and education.
Real-world phishing losses underscore the risk
The SFC’s tightening reflects a pattern already visible in recent crypto incidents: attackers often use phishing to trick users into signing approvals or connecting wallets to fraudulent pages. These actions can grant attackers control over funds or enable unauthorized transfers.
Cointelegraph reported on Wednesday that a crypto investor lost nearly $1 million after signing a malicious phishing token approval transaction on Ethereum. Earlier coverage also described another case in which a wallet holder reportedly lost $1.65 million after connecting to a fake exchange and signing a malicious contract that gave attackers unlimited access to funds. Researcher Ryan Coleman made the assessment in a post shared on X: RyanColeXBT.
Additional examples cited in earlier reporting highlight the variety of phishing delivery methods. Cointelegraph noted that on May 25, on-chain analyst “b-block” warned scammers used Google to deploy malicious phishing ads impersonating decentralized exchange Uniswap, reportedly stealing more than $400,000 from victims. That earlier report is here: Cointelegraph on fake Uniswap ads.
Broader industry leaders have also called attention to wallet security weaknesses that phishing exploits. Cointelegraph previously connected such risks to discussions from Binance co-founder Changpeng Zhao after major investor losses, including a $50 million address poisoning incident in December 2025. Earlier coverage on that topic is here: Zhao’s remarks and related loss.
Device binding and passkeys: what changes for users and platforms
Although phishing attacks often start with a message that looks legitimate, the SFC’s approach targets the authentication layer that attackers rely on. By requiring phishing-resistant authentication and device binding, the rules are designed to reduce the chances that credentials or approvals obtained through a scam lead directly to account compromise.
For platforms, the practical implication is that they cannot treat multi-factor authentication as a checkbox. The SFC’s explicit ban on SMS/email one-time passwords is especially important because these methods can still be vulnerable to social engineering and interception—scenarios where attackers focus on tricking users into providing the second factor or luring them into fraudulent flows.
Instead, the SFC highlights methods that tie authentication to trusted hardware or cryptographic verification. Passkeys, cryptographic device registration, and hardware security keys all share a common theme: the login mechanism should be harder for attackers to replicate via fraudulent prompts, and stronger controls should ensure that only authorized devices can complete authentication.
For Hong Kong users, the change may eventually translate into a more consistent login experience with fewer fallback authentication options. For investors and traders, stronger login security is not just a compliance issue; it can be a direct determinant of whether account takeover attempts succeed—particularly when platforms integrate authentication with deposit, withdrawal, and trading permissions.
Still, one key uncertainty remains: how quickly different VATPs and online brokers will choose among the SFC’s allowed phishing-resistant alternatives, and how smooth the migration will be for end users. With a 12-month deadline, platform execution and user onboarding processes will likely be crucial in determining how effectively the new rules reduce real-world phishing losses.
With the SFC setting a clear timeline and banning weaker authentication methods, attention should now turn to how quickly Hong Kong platforms roll out passkeys or device-bound cryptographic authentication—and whether regulators will later expand requirements as phishing tactics evolve.
Crypto World
Gold Surges Past $4,100 as Middle East Tensions and Fed Policy Uncertainty Fuel Rally
Key Highlights
- Gold surged more than 1%, recovering above the $4,100 threshold following a three-session decline
- Fresh military confrontations between the United States and Iran sparked renewed safe-haven buying
- Federal Reserve meeting minutes revealed division among officials regarding future interest rate decisions
- Rising energy costs are intensifying inflation concerns, potentially prolonging elevated interest rates
- The resilient U.S. dollar and hawkish Federal Reserve tone continue to limit gold’s upward momentum
Precious metal prices staged an impressive recovery on Thursday, advancing more than 1% following three consecutive sessions of declines. Spot gold increased 1.14% to reach $4,123.91 per ounce, while futures contracts for gold rose 1.25% to settle at $4,132.95 per ounce.

The resurgence occurred as market participants returned to gold’s traditional safe-haven properties amid renewed military confrontations between Washington and Tehran.
Middle East Military Tensions Boost Precious Metal Appeal
The United States initiated additional military operations against Iran on Thursday, coming just hours after President Donald Trump announced the breakdown of ceasefire negotiations with Iranian leadership. The regional conflict has been intensifying since hostilities erupted in late February.
Tehran’s armed forces retaliated with strikes targeting what they identified as U.S. military installations in Kuwait and Bahrain. The Islamic Revolutionary Guards Corps issued warnings of additional attacks on American military assets throughout the Gulf region should Washington persist with its military operations.
This recent escalation has created turbulence across energy markets. Iranian assaults on vessels attempting to navigate through the Strait of Hormuz have driven crude oil prices upward, subsequently heightening concerns about energy-related inflationary pressures.
Higher oil prices complicate the Federal Reserve’s ability to implement interest rate reductions. This creates a challenging environment for gold, as declining rates typically support the non-interest-bearing asset while elevated rates diminish its attractiveness.
“Any surge in energy prices will strengthen market expectations that the Federal Reserve may maintain interest rates at elevated levels for an extended period to address persistent inflation,” noted analysts at ANZ in their research commentary.
Federal Reserve Meeting Minutes Reveal Policy Uncertainty
The release of Federal Reserve minutes from June’s policy meeting provided markets with additional considerations. Central bank officials demonstrated disagreement regarding the necessity of additional interest rate increases, offering some encouragement to gold investors.
The prospect that rate increases might be suspended later this year contributed to improved sentiment surrounding bullion. Reduced borrowing costs decrease the opportunity cost associated with holding gold, which generates no yield.
However, the same meeting minutes also indicated that Fed policymakers are becoming increasingly worried about entrenched inflation. U.S. inflationary pressures have consistently exceeded the central bank’s 2% objective since the onset of the Iran conflict.
“The minutes confirm that the possibility of a September interest rate increase remains firmly on the table,” stated Thomas Ryan from Capital Economics.
The U.S. dollar remained relatively unchanged at 100.98 on Thursday but continues hovering near 13-month peak levels achieved in June. A robust dollar typically increases gold’s cost for international buyers using alternative currencies, which generally constrains demand.
Gold had experienced downward pressure earlier in the week as the dollar gained strength on inflation anxieties connected to the regional conflict. Thursday’s rally lifted gold back above the $4,100 threshold after Wednesday’s downturn pushed it beneath that psychological level.
Crypto World
Wells Fargo loads up on Strategy while trimming BlackRock Bitcoin ETF
Wells Fargo has expanded its exposure to Strategy while reducing part of its BlackRock Bitcoin ETF position, according to its latest regulatory filing that also shows larger investments across Ethereum and Solana-linked products.
Summary
- Wells Fargo increased its Strategy stake by 125% while trimming its BlackRock Bitcoin ETF holding.
- The bank boosted Ethereum ETF exposure, added Solana funds, and expanded positions in Bitmine and Robinhood.
- SEC filings also show reduced stakes in Coinbase and Galaxy Digital despite broader crypto market exposure.
According to the bank’s latest filing with the U.S. Securities and Exchange Commission, the $2.5 trillion asset manager increased its holding in Michael Saylor’s Strategy (MSTR) by 125% to nearly 726,000 shares, adding roughly $41.5 million in exposure.
At the same time, the filing shows the bank reduced its position in BlackRock’s iShares Bitcoin Trust (IBIT) by 75,102 shares compared with the previous quarter, while also opening a new IBIT call position and increasing its put exposure during a period of heightened market uncertainty linked to the U.S.-Iran conflict.
Bitcoin ETF exposure has been rebalanced rather than cut outright
Although Wells Fargo trimmed its IBIT position, the filing indicates it did not reduce its Bitcoin exposure across the board. The bank also lowered its holdings in the Invesco Galaxy Bitcoin ETF (BTCO), the ARK 21Shares Bitcoin ETF, and the Fidelity Wise Origin Bitcoin Fund (FBTC).
However, it added to positions in the Grayscale Bitcoin Mini Trust, Grayscale Bitcoin Trust (GBTC), and Bitwise Bitcoin ETF (BITB), with its BITB stake rising 24% from the previous quarter.
Ethereum-linked investments moved in the opposite direction. Wells Fargo increased its holdings in BlackRock’s iShares Ethereum Trust (ETHA) by about 65%, taking its position to more than 1.10 million shares valued at approximately $17.56 million, according to the filing.
The bank also reported ownership of 257,157 shares of the Bitwise Ethereum ETF, 4,637 shares of the Grayscale Ethereum Staking ETF, and 623 shares of VanEck’s Ethereum ETF (ETHV).
The filing also disclosed the bank’s first reported positions in Solana investment products. Wells Fargo purchased 13,280 shares of Grayscale Solana Trust (GSOL) and 1,638 shares of the Fidelity Solana Fund (FSOL), adding Solana exposure alongside its existing Bitcoin and Ethereum allocations.
Crypto stock buying has favored treasury companies
Beyond exchange-traded funds, Wells Fargo increased investments in several crypto-related companies. Its position in Bitmine Immersion (BMNR) climbed from 2,323 shares to 21,547 shares, an increase of about 828%, lifting its exposure to the company’s Ethereum treasury strategy to roughly $426,000.
The filing also shows new positions in American Bitcoin Corp. (ABTC), the Trump family-backed Bitcoin treasury company, and Strive Asset Management’s treasury vehicle (ASST). At the same time, Wells Fargo expanded its Robinhood (HOOD) holding by 65% to about 2.56 million shares while opening put option positions valued at nearly $116,000.
Robinhood has recently attracted interest from other institutional investors as well. As crypto.news reported on June 27, Cathie Wood’s ARK Invest bought approximately $25.54 million worth of shares across Coinbase, SpaceX, Circle, Bullish, and Robinhood through several of its exchange-traded funds. Robinhood was one of the companies added during that round of purchases.
Not every crypto-linked stock received additional capital. Wells Fargo cut its stake in Galaxy Digital by roughly 97% and reduced its Coinbase (COIN) position by about 25%, according to the SEC filing, indicating the bank adjusted individual equity holdings while continuing to maintain exposure across Bitcoin, Ethereum, Solana, and crypto treasury companies.
Crypto World
Kresus launches crypto inheritance service for self-custody wallet users
- Kresus launches crypto inheritance service for self-custody users.
- Users can pass crypto to heirs without sharing private keys.
- New tool aims to simplify digital asset legacy planning.
Kresus has launched a new inheritance planning service designed to help cryptocurrency investors securely transfer their digital assets to beneficiaries after death without sharing private keys or relying on complex recovery procedures.
The company said the new subscription-based service, called Kresus Inheritance, is built directly into its self-custody wallet and aims to address one of the biggest challenges facing crypto investors: ensuring digital assets can be passed on across generations while maintaining user control during their lifetime.
The launch comes as cryptocurrency ownership continues to grow, while concerns persist over the long-term management and inheritance of self-custodied digital assets.
Kresus introduces inheritance planning for crypto holders
Kresus said self-custody gives users full control over their cryptocurrency holdings, but the supporting infrastructure available in traditional wealth management has not kept pace.
According to the company, beneficiary designations, estate transfer mechanisms, recovery pathways and long-term planning tools remain largely absent from the self-custody ecosystem.
Existing alternatives often require users to expose sensitive information, such as writing down seed phrases or sharing private keys, creating potential security risks.
“Too much digital wealth has already been lost because there was no plan for what happens next,” said Trevor Traina, Founder and CEO of Kresus.
“Self-custody shouldn’t mean your assets disappear if something happens to you. With Kresus Inheritance, we’re giving users a secure and affordable way to protect their legacy and ensure the wealth they’ve built can be passed on to the next generation.”
The service is priced at $99.99 per year and is integrated into the Kresus wallet.
How the inheritance service works
Kresus Inheritance allows users to designate a beneficiary who can gain access to the wallet owner’s cryptocurrency holdings only after a predefined inactivity period has elapsed.
The company said private keys are never shared during the transfer process, allowing users to retain full control of their assets while they remain active.
Kresus also emphasized that it does not take custody of customer assets.
The wallet owner remains in control unless the defined inactivity period expires and the succession process is triggered.
According to the company, a user holding $50,000 in Bitcoin can designate a spouse or adult child as a beneficiary without granting them access to the assets before a verified succession event occurs.
Crypto ownership grows as inheritance concerns persist
Kresus cited a Harris Poll study estimating that 55 million US adults, or 21% of the population, now own cryptocurrency.
At the same time, the company pointed to research from the Cremation Institute, which found that 89% of crypto investors worry about what happens to their digital assets after death.
The company said Kresus Inheritance is intended to address that concern by providing users with a built-in succession planning tool before it becomes necessary.
The launch also expands Kresus’ broader wallet platform, which the company said already serves millions of self-custody wallet users through the Kresus Wallet, mini-app experiences and enterprise solutions.
Kresus said the new offering reflects its strategy of expanding beyond digital asset storage into a broader wealth management platform, with inheritance planning becoming part of the self-custody experience for cryptocurrency investors.
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