Crypto World
ZK Tools Are Quantum Immune
study producing major crypto privacy news found that zero-knowledge proof systems including Railgun, PrivacyPools, Aleo, and Aztec are mathematically immune to quantum attacks, because they rely on information-theoretic security rather than encryption, meaning they remain safe even against infinitely powerful attackers including future quantum computers.
Summary
- The Coinbase-led study, co-authored with Stanford and Ethereum Foundation researchers, found that ZK proof systems derive their security from how information is structured and shared.
- Bitcoin wallets with exposed public keys remain the most immediately vulnerable category in any quantum attack scenario, while ZK-based privacy tools are unaffected by the same class of attack.
- The finding provides a concrete security advantage for privacy-preserving DeFi infrastructure at a moment when the broader crypto industry is still debating how and when to implement post quantum cryptography across base-layer networks.
Crypto privacy news arrived Tuesday with a significant finding: the same quantum computing threat that has triggered emergency roadmaps at Ripple, Bitcoin, and Ethereum appears not to apply to privacy-preserving zero-knowledge proof systems. A study co-authored by Coinbase researchers alongside teams at Stanford and the Ethereum Foundation concluded that networks like Railgun and PrivacyPools rely on a fundamentally different security model than the one quantum computers are designed to attack.
The study was shared with DL News and concludes that zero-knowledge proof systems “rely on information-theoretic systems which are secure even against infinitely powerful attackers because of how information is structured and shared, not because of encryption.” That distinction is not a matter of degree. It is a categorical difference between computational security and information-theoretic security.
Why Zero-Knowledge Proofs Are Structurally Immune
Standard blockchain security, including the protection on Bitcoin wallets and Ethereum accounts, relies on computational hardness: the assumption that breaking the underlying math problem requires more computation than any attacker possesses. Quantum computers using Shor’s algorithm can in theory solve certain categories of these math problems exponentially faster than classical computers, which is why Bitcoin’s elliptic curve signatures are considered potentially vulnerable.
Zero-knowledge proofs work differently. They allow one party to prove knowledge of a secret without revealing the secret itself, and the security guarantee comes from information-theoretic principles rather than computational difficulty. Even a computer with infinite processing power cannot extract more information than the proof was designed to reveal. That structural property makes ZK-based privacy tools immune to Shor’s algorithm and to any quantum attack that targets computational hardness.
What This Means for Railgun, Aztec, Aleo, and PrivacyPools
Railgun is a privacy protocol that shields transaction amounts and addresses using ZK proofs on Ethereum. PrivacyPools is a protocol designed to allow compliant privacy by letting users prove their funds do not come from sanctioned sources without revealing their full transaction history. Aleo is a Layer 1 blockchain built natively around ZK proofs. Aztec is an Ethereum Layer 2 with private smart contract execution via ZK proofs.
All four rely on information-theoretic security for their core privacy guarantees. The Coinbase study’s conclusion means that when quantum computers eventually mature to the point of threatening Bitcoin’s key security, the privacy properties of these networks will remain intact. Their vulnerability, if any, would come from other components of their architecture, such as the underlying elliptic curve signatures used for account authentication, which is a separate security layer from the ZK proof system itself.
The Broader Implication for DeFi Privacy Infrastructure
The finding arrives as the broader Bitcoin quantum risk debate is producing governance friction across the ecosystem. The quantum threat debate in Bitcoin has centered on whether to force coin migration or rely on optional upgrades. ZK-based privacy infrastructure sidesteps that debate entirely, because its core security model was already quantum-immune by design.
For DeFi developers and institutional users evaluating infrastructure choices over long time horizons, the study provides a concrete basis for treating ZK-based privacy tools as categorically more future-proof than traditional transparency-based blockchain accounts with respect to the quantum threat. Ethereum co-founder Vitalik Buterin has publicly endorsed protocols like Railgun on broader grounds, arguing that privacy should be a default option for blockchain users. The quantum immunity finding adds a security dimension to that argument.
US election news from Texas arrived Monday as Attorney General Ken Paxton filed a lawsuit in Tarrant County district court against ActBlue, the Democratic fundraising platform, alleging it violated the Texas Deceptive Trade Practices Act by continuing to accept gift card donations it had publicly claimed to ban.
Summary
- Texas investigators made three donations to ActBlue in February 2026 using false identities and prepaid gift cards and successfully reached the DNC and two Texas officials’ campaign accounts, directly contradicting ActBlue’s representations to Congress.
- The lawsuit seeks a permanent injunction barring ActBlue from accepting gift card and prepaid debit card donations, $10,000 in civil penalties per violation, and attorneys’ fees on claims totaling more than $1 million.
- ActBlue called the suit “a thinly veiled attempt to distract from Ken Paxton’s numerous legal and ethical issues ahead of next month’s runoff” against Senator John Cornyn.
US election news sharpened Monday around campaign finance integrity as Paxton accused ActBlue of deceiving Congress and the public about its safeguards against fraudulent and foreign donations. ActBlue has processed more than $16 billion for Democratic candidates and causes since 2004 and processed $1.78 billion in small-dollar donations in 2025 alone.
“ActBlue lied to Congress and to the American people, and I will ensure justice is served,” Paxton said in a statement. “Fair elections are the foundation of our democracy, and I will work to ensure no illegal campaign donation flies under the radar.”
The lawsuit rests on a core factual allegation: ActBlue’s own outside counsel at Covington and Burling acknowledged in early 2025 that the organization’s representations about its donation safeguards to Congress were not true. The New York Times had previously reported that acknowledgment. Despite that, ActBlue did not correct its public statements or inform Congress of the discrepancy.
What Texas Investigators Found and When
The Office of the Attorney General opened its ActBlue investigation in December 2023. In February 2026, investigators made three test donations using false identities and prepaid gift cards. All three cleared the platform and landed in the accounts of the Democratic National Committee and two Texas state officials’ campaigns. The investigation also found that ActBlue made its fraud prevention rules “more lenient” twice during the 2024 election cycle despite documented fraud on the platform.
The lawsuit alleges seven counts against ActBlue, centering on false, misleading, and deceptive business practices under Texas consumer protection law. The state seeks an injunction prohibiting gift card and prepaid debit card donations, civil penalties of $10,000 per violation paid to the state, and full recovery of litigation costs. The complaint states the monetary relief sought exceeds $1 million.
ActBlue’s Response and the Political Context
ActBlue denied wrongdoing through spokesperson De’Andra Roberts-LaBoo, calling the filing politically motivated. “This is a thinly veiled attempt to distract from Ken Paxton’s numerous legal and ethical issues ahead of next month’s runoff,” she said, referencing Paxton’s GOP Senate primary runoff against incumbent Senator John Cornyn. “Our platform has done more than any other, regardless of party, to prevent improper donations and protect donors.”
The timing is notable. Paxton is in an active Senate primary runoff. House Administration, Judiciary, and Oversight Committees have been investigating ActBlue separately for nearly two years over its 2024 practices. A House Republican aide has indicated that all options remain on the table for compelling ActBlue’s cooperation, including hauling its CEO before the panels or initiating contempt proceedings.
What the Lawsuit Means for Crypto and Campaign Finance
The ActBlue case is part of a broader federal and state-level pressure campaign on digital fundraising infrastructure heading into the 2026 midterms. The midterm pressure already compressing the congressional calendar for crypto legislation is compounded by each new political conflict that draws attention and legal resources away from the legislative agenda. Stablecoin regulation, the CLARITY Act, and crypto reform more broadly all depend on a Senate majority that can focus on substantive legislation rather than managing compounding political and legal crises through a midterm election cycle.
Prediction market exchange Kalshi is reportedly preparing to expand into cryptocurrency trading by introducing perpetual futures contracts, marking a major shift beyond its core event-based derivatives business.
In a Tuesday report, The Information cited people familiar with the matter as saying Kalshi plans to offer perpetual futures — commonly known as “perps” — on cryptocurrencies such as Bitcoin (BTC).
Perpetual futures are a type of derivative contract that allows traders to speculate on price movements without an expiration date.
Unlike traditional futures, which must be rolled over periodically, perps enable continuous exposure and are typically paired with leverage. The structure was popularized in crypto markets by BitMEX, helping fuel the rapid growth of derivatives trading.
Kalshi’s planned launch would signal a move away from binary event contracts toward continuous financial markets, potentially broadening its appeal to both retail and institutional traders.
Kalshi is regulated in the United States by the Commodity Futures Trading Commission (CFTC), a distinction that could position it as a compliant alternative to offshore crypto derivatives platforms.
CFTC Chair Michael Selig has indicated that these products could become available in the United States in the near future, as regulators seek to bring more trading volume onshore.
Related: Onchain real-world perps surge, while altcoin rout drags on: Report
Competition for perps is gaining traction
The reported move comes amid intensifying competition across both prediction markets and the fast-growing perpetual futures segment, with US platforms increasingly seeking to offer this trading to non-US residents.
Crypto exchanges have been drawn in this direction, with Coinbase recently launching round-the-clock perpetual-style futures tied to equities for non-US traders, expanding beyond its traditional crypto derivatives offering.
Kraken has also rolled out tokenized stock perpetual futures for users outside the United States, targeting exposure to US stock indexes, precious metals and individual stocks.
Related: S&P Dow Jones licenses S&P 500 perpetual futures for Hyperliquid
The push to advance the CLARITY Act gained fresh momentum after a key industry group urged swift Senate action. Lawmakers now face tighter timelines as unresolved issues continue to slow progress. The development highlights growing pressure to finalise a clear regulatory framework for digital assets in the United States.
Senate Banking Committee Faces Renewed Pressure
The Digital Chamber increased pressure on the Senate Banking Committee to move the CLARITY Act forward. It sent a formal letter urging lawmakers to begin the markup phase without further delay. The group stressed urgency due to limited legislative time remaining.
The committee leadership, including Chairman Tim Scott and Ranking Member Elizabeth Warren, received the request directly. The letter emphasised that the House already passed the bill with bipartisan backing months ago. As a result, industry leaders expect the Senate to act without prolonged delays.
Lawmakers now operate within a narrowing window before the upcoming congressional recess. If the committee delays further, the bill risks losing momentum. Therefore, stakeholders continue pushing for immediate procedural progress.
Timeline Constraints Increase Legislative Pressure
The legislative calendar continues to tighten as Congress moves deeper into its current session. Lawmakers have already passed significant time without advancing the CLARITY Act in the Senate. This delay creates urgency among both policymakers and industry participants.
The bill missed a recent markup opportunity, which added pressure on the next available schedule. The upcoming week presents another chance to move the process forward. However, failure to act before the May recess could stall progress for an extended period.
Industry advocates argue that continued delays undermine regulatory certainty for millions of users. They point to the rapid growth of digital asset adoption across the country. Consequently, they maintain that clear legislation remains essential for market stability and innovation.
Stablecoin Yield Debate Remains Key Obstacle
The ongoing disagreement over stablecoin yield provisions continues to block legislative progress. Banking groups and crypto firms have not reached a consensus on how to regulate yield-bearing stablecoins. This disagreement remains the central issue delaying the markup phase.
Some lawmakers have proposed extending discussions to allow more time for negotiation. Senator Thom Tillis supported delaying the markup to allow further dialogue between stakeholders. This approach aims to produce a balanced framework acceptable to both sides.
Meanwhile, the absence of a finalised draft complicates negotiations and slows progress further. Banking representatives have also introduced new concerns about the proposed provisions. As a result, lawmakers must address these issues before moving the bill forward.
Industry Signals Strong Support for Immediate Action
The Digital Chamber continues to advocate for immediate legislative movement despite unresolved issues. The organisation believes that the markup process can proceed while discussions continue. This approach would allow lawmakers to refine details during later stages.
Industry representatives highlight the scale of digital asset adoption across the United States. Millions of users rely on clear rules to guide participation in the market. Therefore, they argue that delaying action creates unnecessary uncertainty.
At the same time, policymakers recognise the importance of balancing innovation with financial stability. The Senate Banking Committee has engaged with stakeholders to gather input. However, pressure continues to build for decisive action in the coming weeks.
The big picture: The film Finding Satoshi aims to solve what its creators call one of the biggest financial mysteries ever.
- Director Tucker Tooley said the project blends investigative reporting with storytelling about “a human being” behind Bitcoin.
- The team deliberately avoided conspiracy tropes, instead focusing on Satoshi’s motivations, struggles, and context.
- The mystery itself, why someone created Bitcoin and vanished, drives the narrative.
How they investigated: The team shifted tactics after early resistance from crypto insiders.
- Investigative journalist Bill Cohan said major crypto figures often dismissed the question as irrelevant or a “waste of time.”
- That resistance pushed the team to bring in private investigator Tyler Maroney and dig deeper.
- They narrowed suspects to a small group of cryptographers with specific technical skills and early involvement in Bitcoin’s origins.
Behind the scenes: The reporting relied on years of relationship-building and technical analysis.
- Maroney said the team focused on cryptographers, mathematicians, and early “cypherpunks,” not investors or executives.
- Sources included pioneers like Whitfield Diffie, who helped invent public-key cryptography and industry veterans such as Joseph Lubin and Katie Haun.
Why it matters: The film reframes Bitcoin’s origin story and challenges how people think about it today.
- Maroney said Bitcoin began as a privacy tool, not a store of wealth, rooted in fears of “surveillance capitalism.”
- The creators argue understanding that context is key to understanding Bitcoin’s purpose.
- The mystery also raises stakes: Satoshi is believed to hold about 1.1 million Bitcoin that have never moved.
What’s driving the mystery: Not everyone wants the answer.
- Cohan said some major investors may prefer the myth to remain intact, fearing reputational risk if Satoshi were controversial.
- Others argue it simply doesn’t matter, comparing it to not knowing who invented the internet.
- The filmmakers reject that view, saying the identity and intent behind Bitcoin are central to its story.
What comes next: The film promises a definitive conclusion and a broader takeaway.
- The team says it reached a clear answer, though they won’t reveal it outside the documentary.
- They emphasize the journey: understanding the people and ideas that led to Bitcoin’s creation.
- Tooley said the goal is to make a complex, technical subject accessible and entertaining for a broad audience.
- The documentary comes out April 22, 2026 at findingsatoshi.com
MicroStrategy has recorded a sharp turnaround as Bitcoin surged in April and lifted its treasury back into profit. The company generated significant gains within weeks after months of unrealized losses. Consequently, the rebound highlights the impact of sustained accumulation during volatile market conditions.
MicroStrategy benefited from Bitcoin’s strong price recovery, which reversed earlier drawdowns seen during the year. As a result, its treasury performance improved rapidly and moved out of loss territory. The shift reflects a broader market recovery that supported long-term holders.
Additionally, the company maintained consistent buying activity despite prior market pressure and declining valuations. This approach strengthened its position during the rebound phase. Therefore, the firm now reports notable gains tied directly to Bitcoin’s upward movement.
Bitcoin Gains Drive Treasury Performance Higher
Bitcoin continued its upward trend in April and restored profitability for major holders. As a result, MicroStrategy recorded a 6.2% Bitcoin yield within three weeks. The company added 47,078 BTC in gains, valued at approximately $3.6 billion.
Moreover, Michael Saylor classified this BTC gain as a key performance measure under its Bitcoin-focused strategy. This metric reflects operational success within a Bitcoin standard framework. Consequently, it offers a direct comparison to traditional net income.
Strategy has generated 6.2% BTC Yield and ₿47,079 of BTC Gain in the first three weeks of April, worth approximately $3.6 billion. BTC Gain is the closest analog to Net Income on the Bitcoin Standard. $MSTR pic.twitter.com/dDKr5KfEFl
— Michael Saylor (@saylor) April 21, 2026
The company also reported year-to-date gains of 64,191 BTC, valued at nearly $4.9 billion. These figures show stronger performance compared to earlier periods marked by price declines. Therefore, sustained accumulation continues to support long-term returns as Bitcoin stabilizes.
Holdings Expand as Accumulation Strategy Continues
MicroStrategy continued to increase its Bitcoin holdings despite earlier unrealized losses during market downturns. This approach strengthened its overall position during the recovery period. As a result, the firm now holds 815,065 BTC.
The company’s holdings represent more than 4% of Bitcoin’s total supply, which highlights its scale in the market. Additionally, this accumulation places it ahead of BlackRock in Bitcoin reserves. BlackRock currently holds approximately 802,823 BTC.
Furthermore, the aggressive accumulation strategy reflects confidence in Bitcoin’s long-term growth potential. The company maintained purchases during weak price phases and benefited during the rebound. Therefore, its treasury structure remains closely tied to Bitcoin’s price trajectory.
Bitcoin faced repeated downturns earlier in the year due to macroeconomic pressure and reduced market activity. However, recent gains have restored confidence across the market. Consequently, MicroStrategy’s performance reflects the broader recovery trend and continued reliance on Bitcoin exposure.
DoorDash is moving to wire in stablecoins as a core part of its payments infrastructure, tapping Tempo to enable faster, cross-border-friendly settlements for its workforce of dashers, its merchants, and its vast user base. The collaboration aims to bring a stablecoin-enabled payment rail to more than 40 countries, with Tempo describing the project as a step toward broader, faster digital-dollar style settlements within everyday commerce.
Tempo announced the initiative in a Tuesday notice, framing it as a mutual advance for the delivery platform and the broader crypto-enabled payments ecosystem. In the message, Tempo said it is collaborating with DoorDash to build stablecoin-powered payment infrastructure that can streamline payouts to dashers, merchants, and users while reducing cross-border costs and increasing transaction flexibility. “If we can get merchants and Dashers their money faster, and do that in a way that’s affordable for them, that’s a no-brainer for the entire ecosystem,” DoorDash co-founder Andy Wang said in reference to the plan.
The stablecoin framework represents a notable milestone for a mainstream on-demand platform that previously leaned into other AI-driven enhancements but has not yet integrated digital assets into its core payout flows at scale. Tempo highlighted the payout speed, cost efficiency, and transactional flexibility as the primary benefits behind the integration, underscoring the potential for a smoother, cheaper experience for participants across the delivery chain.
Tempo’s announcement situates the DoorDash integration within a broader push into stablecoins, backed by a coalition that includes Stripe, investment firm Paradigm, Coastal Bank, and fintech ARQ. The aim is to establish a robust, cross-border, scalable payment rails that can support large-volume commerce while offering the stability users expect from fiat-backed digital currencies.
DoorDash’s transactional footprint provides a useful backdrop for context. The company reported delivering 903 million orders in its fourth quarter of 2025, with a total order value of approximately $29.7 billion. The firm is slated to disclose its Q1 2026 results on May 6, providing a fuller picture of growth, profitability, and unit economics as it pushes into new payment modalities.
Key takeaways
- DoorDash will enable stablecoin payments across its platform for dashers, merchants, and users in more than 40 countries, via Tempo’s infrastructure.
- The move prioritizes faster payouts and lower cross-border costs, aiming to improve liquidity and flexibility for gig workers and merchants.
- Tempo frames the collaboration as part of a wider push into stablecoins among major fintech and payments players, with Stripe, Paradigm, Coastal Bank, and ARQ also involved.
- Broader market momentum includes traditional payment giants pursuing stablecoin rails, as shown by related moves from Stripe, Mastercard, and Visa.
- DoorDash’s recent activity comes against a backdrop of strong Q4 2025 performance and an upcoming Q1 2026 earnings release, which will shed light on the quarterly impact of any new payments infrastructure.
Tempo, DoorDash and a broader industry shift toward stablecoin rails
The DoorDash–Tempo collaboration is a clear signal that mainstream consumer platforms are testing the practicality of stablecoins as a payments backbone for everyday commerce. Tempo’s framing centers on three benefits: higher payout velocity, lower fees for cross-border settlements, and the flexibility to settle in digital currency types that can be converted or routed to recipients with relative ease. If deployed at scale, the initiative could meaningfully shorten the time between a sale and a cash-out for dashers and gig workers, reducing friction in the creator economy model that underpins DoorDash’s network.
In addition to Tempo’s partnership with DoorDash, the broader payments ecosystem has been quietly building stablecoin rails. Stripe has already integrated stablecoins into its payments stack, a continuation of its 2024 deal to acquire the stablecoin platform Bridge for about $1.1 billion. The strategic rationale, according to Stripe, has been to expand the reach and reliability of digital-dollar settlements across its merchant base and partner networks.
Meanwhile, traditional payment networks are pursuing stablecoin-enabled settlement capabilities more aggressively. Mastercard disclosed a roughly $1.8 billion deal in early 2024 to acquire stablecoin infrastructure company BVNK, underscoring the strategic value of on-chain settlement capabilities in mainstream card networks. Visa has also advanced its stablecoin offerings, expanding support for additional stablecoins and broadening its on-ramp to crypto-enabled commerce in mid-2024.
These moves reflect a trend: major financial and payments players view stablecoins as a practical bridge between traditional fiat rails and digital asset ecosystems. The DoorDash initiative with Tempo adds a real-world consumer app into the mix, demonstrating how stablecoins could move from pilot programs or pilot-market experiments into full-scale operations that touch millions of daily transactions.
What this means for workers, merchants and the wider market
For dashers and merchants, a stablecoin-enabled payout system could unlock several practical advantages. Greater payout speed means workers could receive earnings sooner, while lower cross-border costs could expand the geographic reach of DoorDash’s network and improve the economics of international or cross-border orders for merchants. For users, the prospect of optional stablecoin payments could simplify international purchases or tipping in a digital asset that remains tightly pegged to a fiat reference, reducing price volatility during the settlement window.
However, the deployment will hinge on several factors beyond the technology itself. Regulatory clarity around stablecoins, consumer protections, KYC/AML compliance, and the integration of wallet infrastructure into consumer apps all play a crucial role in whether such rails achieve durable, scalable adoption. The timing also matters: DoorDash is poised to present its Q1 2026 results in May, which will provide fresh insight into how well the new payment rails are performing against the backdrop of overall platform growth and profitability.
Looking ahead, investors and builders will want to watch three areas closely: first, user and merchant onboarding to stablecoin payouts and how wallets, exchanges, and custodians manage liquidity; second, how regulators define permissible stablecoin use in consumer platforms across diverse jurisdictions; and third, how the interplay between fiat and crypto rails impacts platform economics and consumer trust.
As DoorDash and Tempo begin piloting a stablecoin-enabled workflow, the broader market is watching to see whether this approach can translate into measurable improvements in payout speed and cost, while maintaining strict controls around compliance and risk. The coming quarters will indicate whether stablecoins transition from a novelty in fintech discussions to a dependable, everyday tool for gig economies and large consumer platforms alike.
For readers keeping an eye on the next chapter of crypto-enabled payments, the DoorDash–Tempo collaboration provides a tangible milestone: a mainstream app seeking to embed a digital asset payment rail into its core operations, alongside the broader industry push by Stripe, Mastercard, and Visa toward more robust, scalable stablecoin settlement capabilities.
Ripple Labs has introduced a four-phase plan to upgrade XRP Ledger security. The roadmap targets full post-quantum readiness by 2028. Meanwhile, XRP traded near $1.43, gaining over 4.6% in one week.
The company designed the plan to address risks from future quantum computing breakthroughs. It aims to maintain network stability during the transition. At the same time, it prepares for unexpected cryptographic failures.
Ripple confirmed that current protections cannot withstand advanced quantum machines. Therefore, it plans a gradual upgrade instead of abrupt changes. The approach balances security needs with network performance.
Emergency Response and Risk Evaluation Phases
Ripple has created a contingency plan for a sudden cryptographic failure event. The network could stop accepting traditional signatures during such a scenario. It would require users to migrate to quantum-secure keys.
The company plans to use zero-knowledge proofs for secure migration. This method allows users to prove ownership without exposing private keys. As a result, it reduces risk during emergency transitions.
Ripple has started testing post-quantum algorithms in early 2026. The tests focus on performance under real network conditions. They also measure impacts on storage, bandwidth, and transaction speed.
Development Testing and Full Network Transition
Ripple will introduce hybrid signature systems in the next phase. These systems combine existing elliptic-curve signatures with post-quantum alternatives. Developers will test them on Devnet during the second half of 2026.
The company will also explore advanced cryptographic tools. These include zero-knowledge systems and homomorphic encryption methods. Such tools may improve security without reducing efficiency.
Ripple plans to propose a network amendment for full deployment. Validators must approve the upgrade before activation on the main network. This step will complete the transition to quantum-resistant signatures.
Structural Advantages and Broader Industry Context
Ripple stated that XRPL offers built-in key rotation capabilities. Users can update keys without changing account addresses. This feature supports gradual migration to stronger cryptography.
Other networks require asset transfers to new accounts. This process can disrupt applications and user balances. XRPL’s design simplifies the transition process.
Ripple acknowledged that key rotation alone does not solve quantum risks. The network still needs full cryptographic upgrades. Therefore, the roadmap focuses on both infrastructure and protocol changes.
Timeline Risks and Ongoing Development Work
Ripple confirmed that no changes have reached the main network yet. The roadmap depends on testing, coordination, and validator approval. Each step introduces potential delays.
The development team has already started early prototypes. Engineers are testing new signature schemes on internal networks. These tests will guide future implementation decisions.
Industry estimates suggest quantum threats may emerge between 2029 and 2035. However, attackers may already collect data for future decryption. Ripple’s plan addresses this long-term risk.
Blockchain.com has rolled out perpetual futures trading in its non-custodial DeFi wallet, allowing users to open leveraged positions directly from self-custodied Bitcoin used as collateral without transferring funds to an exchange.
According to Tuesday’s announcement, the feature is routed through decentralized derivatives exchange Hyperliquid and gives users access to more than 190 crypto markets with up to 40x leverage.
Perpetual futures are derivative contracts that allow traders to take leveraged positions on an asset’s price without an expiration date. Michael Selig, chair of the Commodity Futures Trading Commission (CFTC), said last month that the derivatives regulator plans to allow the contracts in the coming weeks.
Trades are executed while assets remain in the wallet, allowing users to open, manage and close positions without relinquishing control of private keys or relying on a custodial intermediary.
Blockchain.com said the product also allows accounts to be funded directly with Bitcoin (BTC) from the user’s wallet in a single transaction, avoiding conversions or transfers across platforms. The company said it expects to expand the offering with additional asset classes, including foreign exchange, stocks and commodities, in the near future.
Blockchain.com, launched in 2011 and based in Malta, is a crypto services platform offering wallets, trading and infrastructure tools for retail and institutional users.
Related: HYPE hits 2026 high as Hyperliquid volumes soar: Is the rally sustainable?
Perpetual futures expand beyond crypto into multi-asset trading
Perpetual futures trading is expanding beyond cryptocurrencies into equities, commodities and other asset classes, as centralized and decentralized exchanges continue to broaden their offerings beyond digital assets.
In February, crypto exchange Kraken launched tokenized equity perpetual futures for non-US clients, offering 24/7 leveraged exposure to US stocks, indexes and commodities through crypto-based derivatives.
The following month, Coinbase launched stock-based perpetual futures for non-US users, offering leveraged, cash-settled exposure to major US equities as part of its push to expand 24/7 multi-asset trading.
On Tuesday, website The Information reported that prediction market platform Kalshi is exploring entry into crypto derivatives, with plans to offer perpetual futures trading in the United States.
Hyperliquid has also expanded beyond crypto-native markets. Data from the platform shows that commodity- and index-linked perpetual contracts, including oil, the S&P 500 and silver, rank among its most actively traded markets by volume, alongside major cryptocurrencies like Bitcoin and Ether.
TLDR
- Core Scientific plans to raise $3.3 billion through senior secured notes due in 2031.
- The company will back the notes with its assets, giving investors priority claims in a default.
- Core Scientific intends to use the proceeds to fund AI-focused data center expansion across the United States.
- The company will also repay borrowings under its 364-day credit facility to extend debt maturities.
- Core Scientific recently secured a separate $1 billion credit agreement with Morgan Stanley to support its buildout plans.
Core Scientific disclosed plans to raise $3.3 billion through senior secured notes due in 2031 to fund data center growth across the United States. The company said it will use the proceeds to expand infrastructure and refinance short-term debt obligations. The move supports its shift toward high-performance computing and artificial intelligence workloads as mining conditions tighten.
Core Scientific Expands Financing for AI Infrastructure
Core Scientific said it will issue senior secured notes backed by company assets, which gives investors priority claims in a default. The structure allows the company to secure capital without issuing new shares, so it avoids equity dilution. The notes will mature in 2031, which extends the company’s debt timeline and supports long-term projects.
The company stated that it will use part of the proceeds to repay borrowings under its 364-day credit facility. This step will extend existing maturities and improve debt structure as infrastructure scales. Core Scientific identified expansion projects in Georgia, Texas, North Carolina, and Oklahoma to support AI-focused data center services.
Core Scientific announced the offering after securing a separate $1 billion credit agreement with Morgan Stanley in March. The earlier agreement strengthened its access to capital for ongoing development plans. Together, both financings highlight the company’s effort to lock in long-term funding for its data center buildout.
The company has shifted focus beyond traditional bitcoin mining and toward diversified computing services. It continues to build facilities designed for high-performance computing and artificial intelligence tasks. The strategy aims to align infrastructure with evolving demand across the enterprise and technology sectors.
Crypto Miners Increase Leverage for Data Center Growth
Several mining firms have adopted similar financing strategies to expand data center capacity. MARA Holdings, Riot Platforms, and Hut 8 have invested in infrastructure and partnerships to diversify revenue streams. These companies seek to reduce reliance on bitcoin mining and pursue AI-driven workloads.
IREN reported one of the sector’s largest recent expansions, spending about $800 million on data centers and related infrastructure in its latest quarter. The company accelerated capital deployment to strengthen its computing footprint. This approach reflects a broader push to secure capacity for advanced workloads.
Partnerships have also shaped the industry’s growth model as companies expand AI operations. On Tuesday, Soluna Holdings announced an expanded partnership with Blockware to increase hosting capacity. The agreement will add 3.3 megawatts at Soluna’s West Texas colocation facility, which primarily serves third-party mining clients.
Blockware confirmed that the latest deal marks its fourth expansion with Soluna. The companies continue to collaborate on renewable-powered infrastructure to support mining and computing operations. The announcement adds fresh capacity at the West Texas site as expansion efforts continue.
Bitcoin’s distribution dynamics have shown a notable shift in recent days, with mid-size wallets moving fewer coins onto major exchanges and inflows concentrated on a single venue. Data from CryptoQuant indicates Binance mid-size wallet inflows — defined as entities holding roughly 100–1,000 BTC — have cooled to about 3,000–4,000 BTC over a seven-day horizon, a level not seen since 2023. In tandem, Coinbase reported around 8,500 BTC in inflows from similar-sized wallets on April 19, while inflows to other exchanges remained comparatively muted. Analysts view the pattern as a sign of reduced near-term selling pressure, though inflows alone do not prove that coins are being dumped on the market.
Key takeaways
- Binance mid-size wallet inflows have fallen to roughly 3,000–4,000 BTC on a weekly average, marking a multi-year low for this cohort and suggesting less immediate sell-side pressure on the exchange.
- Coinbase saw mid-size wallet inflows of about 8,500 BTC on April 19, nearing levels observed after the FTX episode in November 2022, while other exchanges reported smaller flows.
- Bitcoin’s 30-day net flow to exchanges swung negative in March (around −300,000 BTC) and remained materially negative near −98,000 BTC as of April 21, with exchange reserves continuing to dwindle for weeks.
- The inflow pattern appears fragmented rather than synchronized across venues, indicating mixed sentiment rather than a broad, coordinated distribution.
- Overall supply dynamics point to a withdrawal trend from exchanges, but traders should monitor how these signals translate into price action in the coming weeks.
Mid-size inflows back toward 2023 norms on Binance, while Coinbase remains distinct
CryptoQuant’s wallet-size taxonomy identifies mid-size holders as those controlling roughly 100–1,000 BTC. These entities are often associated with active traders and smaller institutions, and their decisions to move coins onto exchanges typically reflect near-term selling intent. Amr Taha, a crypto analyst, pointed out that the seven-day average inflows from this cohort into Binance have cooled to about 3,000–4,000 BTC, a level well below the 5,500–6,000 BTC range observed during the April–May 2023 period. The decline is notable because it suggests less urgent distribution pressure, though it does not prove that coins are being withdrawn from the market entirely or that selling has ceased.
Beyond Binance, the broader picture in inflows is more nuanced. Coinbase recorded roughly 8,500 BTC flowing from mid-size wallets on April 19, approaching levels last seen in the wake of the FTX collapse. In contrast, inflows to other exchanges appeared more muted, with no broad-based surge across multiple venues. This fragmentation implies a more dispersed sentiment among market participants rather than a synchronized dump across the ecosystem.
Net-flow signals point to a supply shift, not an imminent cascade of selling
Another lens on the pattern comes from tracking Bitcoin’s net flow, a measure that aggregates all inflows and outflows from exchanges. Axel Adler Jr., a Bitcoin researcher, highlighted a pronounced shift in supply dynamics: the 30-day net flow dropped from a positive 94,000 BTC in February to a negative 300,000 BTC in March, situating near −98,000 BTC as of April 21. That trajectory signals a sustained phase of exchange outflows, or at least a weaker tendency for coins to reappear on exchange desks.
Adding to the narrative, Adler Jr. noted that exchange reserves have declined for seven consecutive weeks, with more than 105,000 BTC withdrawn since early March. Even during the April 2 pullback toward roughly $67,000, there was no corresponding surge of coins back onto exchanges. Taken together, the data point to a tightening of readily available BTC on exchange rails rather than a broad, front-loaded selling wave. This pattern aligns with a market environment where holders are less inclined to surrender their positions into selling pressure, even as price volatility remains elevated.
For context, a broader audit of inflows by other researchers and analysts underscores that a single-week surge on one venue does not automatically translate into a market-wide distribution. The Coinbase inflow spike to 8,500 BTC, while meaningful, sits amid a backdrop of more tepid activity elsewhere. As Taha observed, a truly broad distribution signal — such as synchronized inflows across multiple exchanges — has yet to emerge in the current data, suggesting a more nuanced, mixed sentiment landscape among traders and funds.
What these dynamics could mean for traders and investors
From an investing and trading perspective, the divergence between Binance’s cooled mid-size inflows and Coinbase’s relatively larger single-day inflow creates a nuanced backdrop. If mid-size holders across multiple venues were actively distributing, one would expect more uniform pressure across platforms; the absence of such a pattern hints at selective liquidity dynamics rather than an indiscriminate sell-off. This distinction matters for price discovery because it suggests that selling intentions may be concentrated among specific counterparties or strategies rather than a broad market event.
Another layer of complexity comes from the persistence of lower exchange reserves. A seven-week streak of withdrawals implies tightening available supply on centralized platforms, which can have implications for volatility and liquidity, particularly when the market confronts macro headlines or sudden shifts in risk appetite. However, lower inflows to exchanges do not guarantee higher prices; price action will depend on the balance of demand, risk sentiment, and the speed with which holders choose to realize gains or reallocate exposure.
Investors should also watch how this dynamic interacts with broader narratives around Bitcoin adoption, institutional involvement, and regulatory developments. If outflows remain resilient while price remains range-bound or modestly bid, it could indicate that market participants are prioritizing custody and off-exchange holding, at least in the near term. Conversely, any resurgence of inflows across a broader set of venues could reintroduce selling pressure and higher volatility, especially if coupled with macro catalysts or shifts in risk tolerance.
Where the data points us next
Looking ahead, the key to interpreting these signals will be the trajectory of inflows across multiple venues, the pace of exchange-reserve depletion, and how these variables interact with price movement. If Coinbase inflows persist at elevated levels or if mid-size holders begin to re-accelerate deposits on other exchanges, traders should expect heightened attention to potential distribution phases. On the other hand, a continued fragmentation of inflows and persistent reserve drawdowns without broad-based selling could indicate that demand outside exchanges is absorbing supply more effectively than during prior cycles.
Market participants will also be watching for any shifts in the behavior of large holders and institutional players, which can have outsized effects on price dynamics. While the current data point to a cautious, non-coordinated pattern of activity rather than an imminent dump, the situation remains sensitive to evolving sentiment, liquidity dynamics, and external risk factors. In this context, the coming weeks could reveal whether the current quiet period on most exchanges translates into a more resilient price floor or if renewed selling pressure emerges as market conditions evolve.
The unfolding picture underscores a broader theme in crypto markets: inflows and outflows offer valuable clues about sentiment, but they must be interpreted in the context of where participants choose to store and move their assets, as well as what else is happening in the macro and regulatory environment. For now, the data suggest a cautious market, with a mix of targeted selling by some traders and a growing preference among others to guard Bitcoin on non-exchange wallets or custody solutions.
This analysis reflects data and observations through mid-April to late April 2024 and should be considered in the light of ongoing market developments. Readers should stay tuned for fresh exchange-flow metrics, reserve movements, and price action to gauge whether the current pattern holds or evolves into a more traditional distribution phase.
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