Nasdaq has chosen Pyth, an onchain financial data network, to distribute Nasdaq’s proprietary market data to blockchain applications and other software platforms, expanding how institutional trading feeds can be consumed by decentralized systems.

The collaboration begins with access to Nasdaq TotalView, the exchange’s depth-of-book data feed that captures every displayed bid and ask across price levels, along with order imbalance information around the opening and closing auctions. For traders and developers, the emphasis is on richer liquidity visibility than standard quote feeds, since a full order book can help power more informed execution, market-making analytics, and trading logic.

Key takeaways

• Nasdaq selected Pyth to make Nasdaq market data available to blockchain and other software platforms via onchain distribution.
• Initial coverage is Nasdaq TotalView, including full displayed order books and order imbalance data around opening and closing auctions.
• Pyth positions its integration as “single” access, aiming to simplify how applications obtain first-party market data.
• Nasdaq joins existing Pyth publishers such as Euronext, Tradeweb, Kalshi, Singapore Exchange (SGX FX), and the US Department of Commerce.

From exchange microstructure to onchain use

Traditional market data products typically serve low-latency trading systems and professional analytics, where order book visibility is critical. Nasdaq TotalView is designed for that purpose, offering a more complete picture of market liquidity by publishing the full displayed order book at each price level rather than relying only on top-of-book quotes.

By routing this type of feed through an onchain data network, Nasdaq is effectively lowering the integration barrier for applications that want to incorporate exchange-grade market information. According to Pyth, the service allows software applications to access first-party market data through a single integration, and it is intended for a range of use cases including blockchain applications, digital asset exchanges, prediction markets, and trading systems.

For builders, this matters because onchain trading and derivatives often struggle with a lack of consistent, high-quality market inputs. Depth-of-book and auction-related imbalance data can also support models that go beyond last-trade or index pricing, potentially improving how decentralized systems interpret liquidity conditions around times when participation and price formation are especially active.

Nasdaq’s broader digital-asset push

The Pyth partnership aligns with a series of moves by established exchange operators to expand into crypto-adjacent infrastructure and regulated market services.

In March, Nasdaq expanded its tokenization efforts through an agreement with crypto exchange Kraken and its infrastructure affiliate Backed to develop infrastructure aimed at linking traditional equities with blockchain networks. The company has framed this as part of a larger push to integrate tokenized assets with existing capital markets rails.

Nasdaq has also continued to deepen its regulated crypto derivatives strategy. The SEC approved Nasdaq’s proposal to list Bitcoin index options tied to the Nasdaq Bitcoin Index, with trading pending approval from the Commodity Futures Trading Commission. In parallel, Nasdaq partnered with CME Group to launch cryptocurrency index futures that track a basket of seven digital assets, including Bitcoin, Ether, Solana, and XRP, as part of its broader regulated derivatives lineup.

Exchange peers and the race for crypto product scope

Nasdaq is not alone in expanding beyond legacy exchange offerings. ICE—the parent of the New York Stock Exchange—has taken steps into crypto futures by partnering with OKX to launch perpetual futures tied to ICE’s Brent crude and West Texas Intermediate oil benchmarks. The announcement was described as the first product under that partnership.

ICE CEO Jeffrey Sprecher has also argued that regulators should allow traditional exchanges to offer 24/7 onchain perpetual futures. The core point is competitive: regulated venues should be able to contend with crypto-native platforms that already operate perpetual products around the clock.

While Nasdaq’s current Pyth deal is centered on market data distribution rather than trading products, it fits the same competitive theme—improving the ability of institutional-grade infrastructure to connect with blockchain applications. In practice, data access is often a prerequisite for building or operating decentralized systems that can respond to real liquidity conditions.

What to watch next

Investors and developers should keep an eye on how Nasdaq TotalView data is rolled out through Pyth beyond the initial scope, and whether additional Nasdaq market data offerings follow. As onchain applications increasingly seek higher-fidelity inputs, partnerships like this could become a differentiator for decentralized trading and prediction systems—provided integration remains practical and latency or data quality expectations can be met in real-world deployment.

The 2026 online betting landscape continues to be shaped by FanDuel and BetMGM, two names that pull in the bulk of US market share through major league deals, sharp mobile apps, and consistent advertising. But the picture is widening. Crypto-first operators have started occupying real ground in the same discussions, and ZunaBet — which launched in 2026 — is one of the brands finding its place quickly within that shift.

Here’s how FanDuel and BetMGM compare today, and where ZunaBet’s setup positions it as part of the evolving landscape.

The Two US Market Leaders

FanDuel has been operating since 2009, beginning as a daily fantasy sports site before expanding into a full sportsbook and online casino. In 2026, it sits at the top of US sports betting across many states. The platform runs polished mobile apps, holds major league partnerships, and works on the standard fiat banking model — cards, bank transfers, and e-wallets.

BetMGM launched in 2018 as a joint venture between MGM Resorts and Entain, combining MGM’s long casino history with Entain’s online betting technology. The platform offers a full sportsbook and online casino, with crossover perks tied to MGM resorts — hotel stays, dining, and entertainment included. Like FanDuel, it deals only in dollars and runs under state-by-state licensing.

Both are dependable choices for players who want a regulated US experience. Both also share the constraints that come with the traditional operating model — state-by-state restrictions, withdrawal timelines that depend on chosen methods, libraries narrower than what global crypto operators carry, and loyalty programs that haven’t moved far from the standard tiered template.

Where ZunaBet Comes In

ZunaBet went live in 2026 under Strathvale Group Ltd, operating with an Anjouan gaming license. The defining separator from the older brands is in the architecture — crypto isn’t a feature added later but the foundation the whole platform was built on.

The casino library covers more than 11,000 titles from over 60 providers, including Pragmatic Play, Hacksaw Gaming, Yggdrasil, BGaming, and Evolution. That depth places it among the larger crypto-focused libraries available, easily exceeding what FanDuel or BetMGM can carry in most of their licensed markets. Slots, table games, and live dealer rooms all share a single account.

The sportsbook completes the platform. Football, basketball, tennis, NHL, and other major sports sit alongside esports like CS2, Dota 2, League of Legends, and Valorant. Virtual sports and combat sports finish out the menu. The hybrid arrangement matches the category FanDuel and BetMGM occupy, with broader market coverage rolled into one platform.

How the Banking Models Differ

This is where the operating gap is clearest. FanDuel and BetMGM run all money through traditional banking. The result is processing windows, possible holds, and withdrawal speeds that depend on which method the player chose at deposit.

ZunaBet handles payments entirely in crypto, supporting more than 20 currencies — Bitcoin, Ethereum, USDT on multiple chains, Solana, Dogecoin, Cardano, and XRP all included. No platform fees apply on transactions, and withdrawals settle quickly. For players already comfortable holding crypto, the experience strips out the friction that comes with bank-routed payments.

There’s a reach factor too. Crypto-first operators don’t sit inside the same state-by-state licensing structure that US fiat brands work within. ZunaBet’s full platform is accessible across many regions where FanDuel and BetMGM can’t operate. For a generation already living in digital, crypto-friendly contexts, that aligns with how they expect any modern platform to work.

Welcome Bonus Comparison

FanDuel and BetMGM build welcome offers around deposit matches, bonus bets, or risk-free first bets. The exact terms shift by state, and wagering requirements often take close reading to navigate fully.

ZunaBet’s welcome offer runs up to $5,000 plus 75 free spins across three deposits. The first matches 100% up to $2,000 plus 25 spins. The second adds 50% up to $1,500 plus 25 spins. The third closes with 100% up to $1,500 plus another 25 spins. Marketed as a 250% bonus across three deposits, the layout gives new players more time and depth to explore than a single-deposit offer does.

Loyalty Programs Side by Side

FanDuel runs the FanDuel Rewards program, with points earned through play that can be exchanged for bonuses and perks. BetMGM uses MGM Rewards, which connects online play to perks at MGM resorts — hotel stays, dining, and entertainment among them. Both function effectively, but both stay close to the standard tiered loyalty model the industry has used for decades.

ZunaBet rebuilds the structure. The loyalty program runs on a dragon evolution theme, with a mascot named Zuno guiding players through six tiers. Squire opens at 1% rakeback, then Warden at 2%, Champion at 4%, Divine at 5%, Knight at 10%, and Ultimate at the top with 20% rakeback.

Tier movement unlocks more than rakeback. Free spins scale up with tier — reaching 1,000 spins at the highest level — along with VIP club access and double wheel spins through the climb. The format feels closer to in-game progression than collecting points toward a reward. For players already drawn to that kind of mechanic, the system creates engagement a flat VIP setup can’t match.

Why ZunaBet Fits the 2026 Landscape

FanDuel and BetMGM remain dependable choices for players who value regulation and a track record built over time. Neither brand is going anywhere. But the expectations players bring to these platforms in 2026 keep moving forward. Fast settlement, deep libraries, and engaging loyalty mechanics are turning into baseline features rather than premium ones.

ZunaBet was designed around those baselines from the start. The crypto-first core delivers quick payments and minimal fees. The library reaches beyond what most established brands offer. The sportsbook covers traditional sports and esports together. The dragon loyalty program adds direction and progression to regular play.

For players who want speed, variety, and a more current feel, ZunaBet sits among the more interesting platforms in the 2026 landscape. The brand is still in its early growth phase, but the trajectory is clear. A new generation of players treats crypto support, gamified rewards, and global access as starting points rather than features to request.

FanDuel and BetMGM built the online betting world that exists today. ZunaBet is one of the platforms working on what 2026 and beyond will look like — and players exploring it now are catching that direction early.

For the five years leading up to June 2025, Michael Saylor posted to X thousands of times, consistently praising BTC while disparaging credit and emphasising the legacy financial system’s emphasis on debt.

However, a social media audit pinpoints the exact moment when he pivoted.

Starting in June 2025, Saylor began lavishing praise on fiat-denominated credit in a series of online posts that culminated in the launch of STRC.

From August 2020 to June 2025, Saylor posted 3,494 times to X, with 75.8% of those posts mentioning BTC. He mentioned credit in fewer than one in 100.

When he did, he referred to credit as an insult aimed at fiat money, which BTC intended to supplant.

However, once he reversed his stance, his change in tone wasn’t subtle.

Still, he argued that the Circle’s 16% selloff on Tuesday went too far.

“I think it is an overreaction,” he told CoinDesk.

He pointed to Paxos’ Global Dollar Network (USDG), another consortium-backed stablecoin that shares reserve income with partners but has yet to gain significant market share. It has grown to a $3 billion supply since its launch in late 2024, lagging far behind USDC’s $73 billion and USDT’s $145 billion, according to CoinDesk data.

“The bigger question is how OUSD can convince consumers and end users to adopt them,” Lau said. “We don’t really know the answer until it is fully launched so that we can gauge the market cap and usage.”

Hadick also cautioned that building an industry consortium is rarely straightforward.

“Consortiums are hard and they break easily,” he said. “Incentives are broad and often misaligned.”

“So while the [Circle] stock selloff seems clearly reasonable, I also don’t expect this to be an easy or straightforward road for Open Standard and expect it to be harder to get to scale than expected,” Hadick added.

Details still missing

Others cautioned that the announcement left several important questions unanswered.

Noelle Acheson, author of the Crypto Is Macro Now newsletter, said Open Standard has assembled an impressive list of partners and is led by Bridge co-founder Zach Abrams, “who knows what he’s doing.”

Nasdaq has selected Pyth, an onchain financial data network, to distribute its proprietary market data to blockchain applications and other software platforms.

The partnership initially covers Nasdaq TotalView, the exchange’s depth-of-book data feed, which includes every displayed buy and sell order across all price levels as well as order imbalance data around the opening and closing auctions. The feed is widely used by professional traders because it provides a more complete view of market liquidity than standard market quotes by displaying the full order book.

According to Pyth, the marketplace gives software applications access to first-party market data through a single integration. The company said the service is intended for blockchain applications, digital asset exchanges, prediction markets, trading systems and other software platforms.

Nasdaq joins a group of publishers on Pyth that includes exchanges Euronext and OTC Markets, electronic trading platforms Tradeweb and Kalshi, market data provider Exchange Data International, Singapore Exchange’s SGX FX and the US Department of Commerce.

Related: Coinbase lets users transfer stock portfolios as exchange expands beyond crypto

Nasdaq and ICE deepen digital asset strategies

Nasdaq’s partnership with Pyth is the latest in a series of moves by established exchange operators to expand their digital asset businesses through cryptocurrency products, blockchain infrastructure and new market services.

In March, Nasdaq has expanded its tokenization efforts through a partnership with crypto exchange Kraken and its infrastructure affiliate Backed to develop infrastructure linking traditional equities with blockchain networks. The initiative builds on the exchange operator’s broader push to integrate tokenized assets with traditional market infrastructure.

The following month, the SEC approved Nasdaq’s proposal to list Bitcoin index options tied to the Nasdaq Bitcoin Index, paving the way for trading pending approval from the Commodity Futures Trading Commission. Nasdaq also partnered with CME Group to launch cryptocurrency index futures tracking a basket of seven digital assets, including Bitcoin, Ether, Solana and XRP, expanding its regulated crypto derivatives lineup.

Other exchange operators have pursued similar initiatives. ICE, the parent company of the New York Stock Exchange, partnered with crypto exchange OKX in May to launch perpetual futures tied to its Brent crude and West Texas Intermediate oil benchmarks, marking the first product announced under the companies’ broader partnership.

^{Source: OKX}

Later, ICE CEO Jeffrey Sprecher called on regulators to allow traditional exchanges to offer 24/7 onchain perpetual futures, arguing regulated venues should be able to compete with crypto-native platforms already offering the products.

Magazine: Bitcoin slides to $58K, XRP hits $1 but onchain data promising: Market Moves

TLDR:

• Binance added Anchorage Digital to its Triparty Banking network for institutional crypto trading access.
• Eligible clients can trade on Binance while assets remain in segregated qualified custody off exchange.
• Institutions may pledge crypto, USD accounts, and selected tokenized assets as eligible collateral.
• The integration expands off-exchange settlement while improving capital efficiency for institutional trading.

Binance is expanding its institutional trading infrastructure through a new partnership with Anchorage Digital. The move gives eligible institutional clients another way to trade on Binance without placing assets directly on the exchange. 

The integration strengthens off-exchange settlement services while introducing another custody option for professional market participants. It also reflects the growing demand for traditional financial market structures within crypto trading.

Binance and Anchorage Expand Institutional Crypto Trading Infrastructure

Binance announced it has partnered with Anchorage Digital to integrate the company’s Atlas settlement platform into its Triparty Banking network. The exchange also confirmed the development through its official X account alongside a detailed announcement published on its website.

The partnership allows eligible institutional and professional clients to keep digital assets in qualified, segregated custody with Anchorage Digital while accessing Binance’s trading liquidity. Instead of transferring collateral directly onto the exchange, institutions can continue holding assets with an independent custodian.

According to Binance, the arrangement separates custody from trade execution, a structure widely used across traditional financial markets. The model aims to reduce operational risks associated with prefunding exchange accounts while maintaining access to crypto liquidity.

Anchorage Digital becomes the latest banking partner within Binance’s Triparty Banking framework. Binance stated that this also marks the first crypto exchange integration supported through Anchorage Digital’s Atlas settlement platform.

Binance Triparty Banking Adds Capital Efficiency for Institutions

Binance first introduced Triparty Banking in 2023 as part of its effort to develop institutional-grade trading services. The company said the latest integration expands collateral management choices available to qualified clients.

Eligible institutions can pledge crypto assets alongside yield-bearing U.S. dollar accounts as collateral while trading on Binance. According to the exchange, this structure allows capital to remain productive instead of sitting idle in exchange wallets.

The platform also supports additional institutional workflows beyond trading. Binance said settlement, lending, and collateral management form part of the broader infrastructure available through its Triparty Banking service.

Subject to eligibility requirements, institutions may also use selected tokenized real-world assets as collateral. Binance listed products including BlackRock’s BUIDL, Circle’s USYC, and Franklin Templeton’s iBENJI among supported collateral options.

Binance noted that institutional demand increasingly favors market structures already familiar in traditional finance. Anchorage Digital also indicated that institutions continue seeking stronger custody standards and lower counterparty exposure before expanding digital asset participation.

The partnership adds another custody pathway without changing access to Binance’s exchange liquidity. As institutional participation grows, exchanges continue building infrastructure designed around established financial risk management practices rather than requiring direct custody transfers.

• The SEC has launched a consultation process for innovative ETF structures and forecasting market instruments.

• Regulators are examining whether emerging fund strategies comply with current securities legislation.

• Applications for prediction market ETFs from prominent investment firms await regulatory decisions.

• The agency is considering modifications to listing requirements, transparency standards, and registration procedures.

• Broader cryptocurrency regulatory assessments proceed concurrently with legal enforcement initiatives.

The Securities and Exchange Commission has initiated a comprehensive public feedback mechanism regarding innovative exchange-traded funds and prediction market investment vehicles, launching an extensive examination of rapidly evolving financial products. This regulatory action focuses on investment instruments connected to emerging asset categories and trading approaches that fall outside conventional ETF frameworks. The timing coincides with several outstanding applications for prediction market ETFs awaiting agency determination.

Regulatory Agency Examines Framework for Innovative Fund Structures

The commission has invited industry stakeholders to provide input regarding the alignment of innovative ETF products with established regulatory requirements. The consultation encompasses investment vehicles that hold assets beyond conventional securities marketplaces. Additionally, it scrutinizes funds employing methodologies that diverge from typical index-tracking or commodity-based offerings.

Regulators are seeking perspectives on whether specific fund structures meet the criteria for investment companies under prevailing legislation. This determination carries significant weight as certain products may contain assets that existing securities regulations do not explicitly address. Consequently, the commission is soliciting opinions on whether these vehicles should undergo registration under the Investment Company Act.

The consultation further evaluates the analytical framework employed to categorize investment companies. The SEC acknowledged that ambiguity persists regarding funds predominantly concentrated in non-securities assets. As such, the agency requires more definitive feedback before implementing changes to registration protocols and evaluation criteria.

Forecasting Market Fund Applications Await Regulatory Determination

This regulatory inquiry emerges while the commission assesses prediction market ETF proposals submitted by Roundhill, Bitwise, and GraniteShares. These prospective investment vehicles would monitor contracts associated with platforms like Polymarket. Regulators must still determine whether prevailing ETF regulations can accommodate these financial instruments.

Forecasting market funds present distinctive regulatory challenges because their foundational contracts vary substantially from conventional equities, fixed-income securities, or raw materials. They may also rely on marketplace infrastructures operating beyond standard securities trading venues. Accordingly, the SEC is requesting commentary on whether current listing frameworks can adequately support these offerings.

The commission has also questioned the 75-day assessment timeline for particular ETF submissions. Present regulations can permit certain registration documents to take effect following that interval. However, unconventional strategies may necessitate more thorough examination, enhanced disclosure requirements, and reinforced market protections.

Commission Evaluates Registration Procedures and Industry Behavior

The regulatory body has also expressed apprehension regarding rivalry among ETF issuers pursuing first-to-market advantages. The agency noted that accelerated submission timelines can generate urgency before products undergo comprehensive legal and operational assessment. Such pressure may result in hastily prepared documentation, insufficient disclosures, or funds that ultimately fail to materialize.

To mitigate this concern, the SEC inquired whether establishing a baseline registration charge would be appropriate. The fee could subsequently apply toward redemptions should the product successfully launch. The agency additionally questioned whether confidential submission intervals might discourage imitative applications.

This examination forms part of a broader digital asset policy initiative at the commission. The agency has simultaneously solicited feedback with the CFTC regarding cryptocurrency perpetual futures regulations. In parallel, it has postponed tokenized securities guidance while enforcement proceedings advance through federal courts.