PNC’s Coinbase Pilot Turns Incoming USDC Into Business Bank Deposits
TL;DR: PNC’s limited pilot lets eligible businesses receive Ethereum-based USDC, automatically converted into dollars. Coinbase supplies the payment infrastructure. PNC’s new stablecoin pilot addresses a practical business question: can a company accept a digital-dollar payment without deciding to hold digital assets? In its November 9 announcement, the bank says eligible Corporate & Institutional Banking clients…
BitGo Posts $44M Quarterly Profit as Platform Assets Grow, But Adjusted EBITDA Stays Negative
TL;DR: BitGo reported roughly $44.1 million in third-quarter net income even as adjusted EBITDA remained negative at about $4.3 million. Assets on its platform rose to $59.9 billion on the company’s normalized measure. The headline revenue figure includes substantial direct costs, so it should not be treated like a conventional software sales number. BitGo’s third-quarter…
eToro Q3 Profit Drops 74% as Crypto Trading Activity Slows
TL;DR: eToro reported third-quarter net income of about $15 million, down from $57 million a year earlier, as crypto-related activity weakened. Its funded-account base continued to grow, highlighting the difference between attracting customers and generating trading revenue from them in any particular quarter. A trading platform can gain users even when the market becomes less…
Exodus Reports $8.3M Quarterly Loss as Wallet Platform Expands Payments Business
TL;DR: Exodus reported third-quarter revenue of around $32.5 million, up 7%, while swinging to an $8.3 million net loss from a profit a year earlier. The wallet company’s expansion into payments and card infrastructure adds a new commercial opportunity but also increases the importance of integration costs and execution. Exodus built its brand around software…
Standard Chartered Expands Prime Brokerage Partnership With 24X to Cover BTC and ETH
Institutional investors will be able to access Bitcoin and Ether trading through an expanded relationship between 24X and Standard Chartered. In a November 10 announcement, 24X Bermuda said the banking group will extend its prime-brokerage role from foreign-exchange products to digital assets on 24X’s multi-asset technology platform. TL;DR: 24X says Standard Chartered is expanding its…
Kraken Parent Payward Wins In-Principle Approval For Kazakhstan Expansion
TL;DR: Payward has received in-principle approval for a Kazakhstan business covering digital asset trading, dealing and custody in the AIFC. Final licensing conditions remain relevant, and the announcement gives no customer launch date. Kraken parent Payward has moved closer to establishing a regulated business in Kazakhstan, with preliminary approval for several activities rather than trading…
BCG Study Puts Custody At The Center Of Banks’ Digital Asset Plans
TL;DR: A BCG study commissioned by Ripple argues that banks’ custody choices shape the digital asset services they can offer. Its modeled earnings opportunity is an illustration, while the report’s adoption estimate excludes assets on centralized exchanges. For a bank planning to move into digital assets, the custody decision can determine which products it is…
BitGo Launches Labs Unit With AI-Powered Gokubu Consumer App
TL;DR: BitGo has launched a research and product unit focused initially on AI and crypto. Its first projects include Gokubu, a consumer financial app that BitGo says is already live. BitGo is moving further into the application business with a new unit intended to build products on top of its digital-asset infrastructure. The company announced…
Coinbase And Samsung Bring USDC Directly Into Samsung Wallet
TL;DR: Coinbase is powering USDC inside Samsung Wallet, with the stablecoin feature due to reach 82 million compatible Galaxy devices in the United States from the final week of October. Coinbase Prime will custody the USDC, while Samsung says eligible users will be able to send funds to crypto wallets and qualifying bank accounts in…
BNY Expands Regulated Crypto Custody Across The European Union Under MiCA
TL;DR: BNY has expanded its Digital Asset Custody platform to selected institutional clients across the European Union under MiCA. The move follows the addition of its European banking entity to the ESMA MiCA register and gives one of the world’s largest custody banks a regulated route to hold and administer crypto assets in the region.…