Protocols, incentives, and strange corners of the internet economy.

Joined August 2017
Bitcoin custody is getting $370M insurance policies AnchorWatch has launched as a Nevada-chartered qualified Bitcoin custodian. Clients can optionally receive Lloyd’s-backed insurance of up to $370M per client.
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Coverage can include risks such as theft, fraud and even violent coercion, depending on the policy. Institutional Bitcoin custody is evolving beyond: “Who holds the keys?” toward: “Who pays if the keys fail?”
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Deutsche Bank is preparing a much bigger crypto custody push Deutsche Bank plans to launch institutional crypto custody in Germany and then expand into Asia in 2027. Initial support is expected to include:
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BTC ETH USDC EURC EURAU The bank will manage client wallets directly. Crypto custody is becoming normal bank infrastructure much faster than it looked a few years ago.
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Kraken’s parent is buying a European bank Payward, the parent company of Kraken, has agreed to acquire Lithuania-based Saldo Bank. If regulators approve the deal, Payward would become the first crypto-native company to own an EU bank.
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The acquisition could eventually let it offer: deposits loans cards SEPA payments crypto services inside one financial platform. Crypto exchanges are slowly becoming banks.
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BNY and Citadel just used tokenized Treasuries as collateral BNY and Citadel Securities completed a transaction using tokenized U.S. Treasuries. The test demonstrated how tokenized government bonds could move from settlement directly into financing and collateral workflows.
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BNY is also exploring tokenized deposits and longer settlement hours. RWA isn’t only about putting Treasury bills onchain. The bigger opportunity is making those assets usable everywhere else in finance.
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Coinbase added a former xAI and X CFO to its board Anthony Armstrong has joined Coinbase’s board and its Audit and Compliance Committee. He previously served as CFO at xAI, X.AI Corp. and X Corp., and spent years in investment banking at Morgan Stanley.
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Coinbase keeps adding people with experience far outside pure crypto. That makes sense if the goal is becoming a full financial infrastructure company.
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Moonwell lost around $8.7M without a classic code hack Moonwell suffered an estimated $8.7M exploit after an attacker manipulated the price of thinly traded MAMO collateral on Base.
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The inflated collateral value was then used to borrow assets including cbBTC and USDC. The lesson here is important: DeFi security isn’t only about smart-contract audits. Oracle design and collateral liquidity can break a lending market too.
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Shinhan Bank Teams Up With Visa on Stablecoins South Korea’s Shinhan Financial Group has partnered with Visa to explore stablecoin issuance, transfers and redemption.
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The companies also plan to test stablecoins in card payments, B2B transactions and AI-powered payment models. Stablecoins are becoming payment infrastructure.
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