Latest news with #Wintermute
Yahoo
4 days ago
- Business
- Yahoo
Robinhood's tokenised stocks are seen as ‘next major driver of onchain adoption'
Tokenised debt helped DeFi survive the 2021 to 2022 bear market, but a pivot to tokenised stocks could boost the $115 billion crypto sector's next growth phase. That's according to a Monday report by Wintermute, a crypto market maker, that said market conditions necessary to incentivise the pivot are already emerging. The report said central banks are likely to lower interest rates in the next 12 to 18 months, which could dampen bond yields and other debt instruments. And Robinhood is positioning itself to capitalise on the market shift as the fintech app debuted tokenised stock trading for its users in June. 'Robinhood's timing is significant,' Wintermute said. 'As the yield trade loses momentum, tokenised equities, less dependent on interest rate dynamics, could emerge as the next major driver of onchain adoption.' Tokenised equities don't rely on interest rate gymnastics, the way bonds do. Instead, they offer volatility, growth, community, appeal, and retail excitement. Retail excitement has been noticeably absent from DeFi since the height of its buzz in 2021. Making a splash But for now, tokenised stocks remain a tiny slice of DeFi's real-world asset, or RWA, pie. They account for only $424 million out of the $25 billion RWA market, which is mostly dominated by tokenised credit, Treasuries, and other low-velocity debt instruments. And while Robinhood has made a splash, competition is brewing. Crypto-native rivals like Kraken and Bybit are also ratcheting up their tokenised stock trading offerings, while Ondo Finance has sought regulatory approval to buy Oasis Pro, a regulated broker. Coinbase has also applied to the Securities and Exchange Commission for approval to offer tokenised stock trading. For Wall Street incumbents, tokenised stock trading could upend the status quo and push them to play second fiddle in their own arena, according to Galaxy Digital analysts. Last week, the crypto firm warned that fintech disruptors like Robinhood and crypto-native players like Coinbase and Kraken moving into tokenised equities could reduce titans like the New York Stock Exchange to 'mere custodians.' And traditional firms like JPMorgan, Wells Fargo, and Citigroup are already scrambling to adapt by launching stablecoin and tokenisation platforms. Still, Galaxy Digital analysts say the market edge will lie with participants that not only offer trading but also control the underlying blockchain infrastructure. Crypto market movers Bitcoin is up slightly by 0.1% over the past 24 hours and is trading at $108,832. Ethereum is also up slightly by 0.5% in the same period to $2,575. What we're reading A digital euro will be a poor and crippled substitute to stablecoins — DL News Jack Dorsey Tests Decentralized Messaging App Bitchat — Unchained 3 factors impacting crypto this week — Milk Road Vitalik's EIP-7983 Calls For 16.77M Gas Cap Per Transaction — Unchained Solana bot platform Axiom takes over AI coder Cursor with $150m revenue fuelled by airdrop hype — DL News Osato Avan-Nomayo is our Nigeria-based DeFi correspondent. He covers DeFi and tech. Got a tip? Please contact him at osato@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
7 days ago
- Business
- Yahoo
Even SEC's Hester ‘Crypto Mom' Peirce says tokenised stocks are securities
You can wrap equities in code, call 'em tokenised, and stuff them into smart contracts, but in the eyes of US regulators, they're still securities. That's according to SEC Commissioner Hester Peirce. In a letter released on Wednesday, she opined that slapping traditional assets onto a distributed ledger doesn't change their legal DNA. 'As powerful as blockchain technology is,' she wrote, 'it does not have the magical abilities to transform the nature of the underlying asset.' 'Tokenised securities are still securities.' Peirce's comments come amid the backdrop of a mini boom in tokenised equities that crypto market maker Wintermute says could be the 'next major drive of onchain adoption.' 'Still securities' While blockchain technology might decentralise access to financial assets, it doesn't do away with the longstanding legal framework that governs financial markets, Peirce wrote. And if you're trading securities, even shiny digital ones like tokenised stocks, you're stepping onto the turf governed by the nearly century-old Securities Exchange Act. Peirce said market participants must recognise the many complexities associated with tokenised securities, warning that tokens may fall under different regulatory buckets based on how they are structured or used. Some tokens may represent actual ownership of the underlying security, while others could be legally distinct and qualify as restricted instruments like security-based swaps, she wrote. Tokenised stocks goldrush Her comments may throw some cold water on those excited about a slew of companies launching tokenised stocks services. Most of those have, so far, been launched in Europe. Those include fintech giant Robinhood, which debuted trading for tokenised US stocks in June. Meanwhile, crypto exchange Kraken has partnered with Backed to launch a similar offering that allows users to trade tokenised stocks, called xStocks, on the Solana and BNB blockchains. But things are brewing Stateside, too. Coinbase has applied to the SEC for approval to let users trade tokenised stocks on its platform, while Ondo Finance has acquired Oasis Pro, an SEC-registered broker. Although Peirce's views aren't official SEC policy, they could be a strong signal of how the regulator might treat tokenised equities, especially as her pro-industry stance has earned her the nickname 'Crypto Mom.' Osato Avan-Nomayo is our Nigeria-based DeFi correspondent. He covers DeFi and tech. Got a tip? Please contact him at osato@
Yahoo
14-07-2025
- Business
- Yahoo
Crypto Markets Bifurcate With Institutions Focusing on BTC and ETH While Retail Chases Alts: Wintermute
The crypto market is splitting in two. Institutional and retail investors are taking increasingly different paths, with institutional players anchoring themselves in bitcoin BTC and Ethereum's ether ETH while retail investors pour into altcoins and memecoins, according to a mid-year report from crypto trading firm Wintermute. Analyzing over-the-counter spot trading volumes, institutional trading volumes with the two largest tokens held steady at 67%, likely backed by ETF inflows and structured accumulation vehicles, the report said. Meanwhile, retail investors dropped their BTC and ETH exposure from 46% to 37%, shifting capital toward newer, more speculative tokens. "This divergence isn't a temporary thing; It's the sign that we are experiencing a more mature, sophisticated and specialized crypto market," said Evgeny Gaevoy, CEO and founder of Wintermute. "Investors are no longer chasing the same trend," he added. "Institutions are treating crypto as a macro asset, while retail traders continue to gravitate to innovation." Overall, traditional finance (TradFi) firms were the fastest-growing cohort in OTC trading volumes, growing 32% year-over-year. That growth was being fueled by regulatory developments like the U.S. GENIUS Act and the EU's ongoing MiCA rollout, which have given larger firms more confidence to participate, the report said. Retail brokers also saw strong activity, with a 21% rise in volume over the same period. Meanwhile, crypto-native firms dialed back, down 5%. OTC options volume jumped 412% compared to the first half of 2024, as institutions embraced derivatives for hedging and yield generation, the report noted. Meanwhile, Contracts for Difference (CFDs) doubled in variety, offering access to less liquid tokens in a more capital-efficient way. Wintermute said its own OTC desk saw spot trading volumes grow at more than twice the pace of centralized exchanges, signaling a shift toward more discreet, large-volume trading favored by traditional finance. The firm noted that memecoin activity has become more fragmented. While overall retail trading in memecoins declined, the number of tokens traded by individual users doubled, signaling a broadening appetite for micro-cap assets in the long tail of the market. With that, legacy names like dogecoin DOGE and shiba inu SHIB lost ground to a growing list of niche tokens such as bonk BONK, dogwifhat WIF and popcat POPCAT, the report noted. Looking ahead to the second half of 2025, Wintermute analysts said to keep an eye on spot dogecoin ETF filings with spot with a final regulatory decision expected by October. "The outcome could significantly impact the retail market and set a precedent for other alternative assets," the report said.
Yahoo
09-07-2025
- Business
- Yahoo
Asia Morning Briefing: Bitcoin Stalls Near $109K as Market Waits for a Catalyst
Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk's Crypto Daybook Asia begins its Wednesday trading day, bitcoin (BTC) continues to trade rangebound without any dominant market-moving headlines. The world's largest digital asset is trading above $108,900, according to CoinDesk market data, and the CoinDesk 20 index, a measure of the performance of the largest digital assets, is above 3,100, up 1.7%. Right now, what separates bitcoin's drift to $110K from a rally is market conviction, say observers. In a recent report, Glassnode highlighted that spot volumes for BTC continue to linger below their usual statistical bands, ETF flows contracted sharply from recent highs, and institutional investors appear hesitant despite the climbing unrealized gains shown in elevated ETF Market Value to Realized Value (MVRV) ratios. In a market update from earlier this week, Wintermute describes this cautious environment as a "barbell market," pointing out a stark divide between renewed enthusiasm in high-beta assets, like memecoins, and the stability of established large-cap tokens. Last year's narrative darlings, notably AI and DePIN tokens, have lost investor attention, indicating that traders are rotating into memecoins, many of the majors like DOGE, SHIB, and PEPE are up over 8% in the last week, or staying in BTC and ETH, which are seen as battle-tested and secure. With global equities largely shrugging off geopolitical uncertainties, BTC's hesitancy underscores lingering caution among traders, suggesting the market awaits clearer signals before breaking decisively higher. Things are likely to remain rangebound until that changes. Bitcoin-only VC firm Ego Death Capital has closed a $100 million second fund aimed at backing projects that treat Bitcoin as infrastructure, not a speculative trade, CoinDesk previously reported. The fund will target Series A rounds between $3 million and $8 million for startups solving real-world problems using Bitcoin's base layer or its scaling solutions. 'We're investing in businesses that treat Bitcoin not as a trade, but as infrastructure—something to build on, not bet on,' said general partner Lyn Alden. Ego's existing portfolio includes Relai, a self-custody app, and Roxom, a securities exchange built directly on Bitcoin rails. At a time when multichain VCs are chasing yield on every new L2 and L3, Ego's thesis is a bet on simplicity and durability: Bitcoin's dominance remains above 60%, and the fund aims to capitalize on its staying power. The message to allocators: ignore the hype, back the rails that last. A federal judge has ruled that the U.S. government's sanctions against Tornado Cash, which were imposed in 2022 and later overturned, cannot be discussed in the upcoming criminal trial of developer Roman Storm, CoinDesk previously reported. Judge Katherine Polk Failla said allowing the jury to hear about the now-invalid sanctions would require "mental gymnastics" and risk confusing the core legal issues at trial. The sanctions were originally imposed by the U.S. Treasury's Office of Foreign Assets Control (OFAC) over alleged use of the mixer by North Korea's Lazarus Group, but were struck down earlier this year in a separate case, Van Loon v. Treasury. Storm faces multiple criminal charges related to his role in building Tornado Cash, a privacy tool that allows users to obscure the origin of crypto transactions. Prosecutors allege that he profited substantially from the project, citing evidence of multi-million-dollar TORN token sales and real estate purchases. Judge Failla also ruled that evidence obtained from fellow Tornado Cash developer Alexey Pertsev's phone can be admitted at trial, despite objections from Storm's legal team who argued the material was cherry-picked and not independently verifiable. Although Storm is free to speak about his belief in privacy and civil liberties, the judge said he will not be allowed to frame his actions as protected under the First Amendment. The court drew a distinction between personal beliefs and legal defenses. A final pre-trial hearing is scheduled for Friday, with the trial slated to begin on June 14 and expected to last four weeks. The outcome of the case is likely to set an important precedent for how U.S. courts treat developers of open-source privacy tools. BTC: Bitcoin maintained institutional-grade resilience during the July 7–8 trading cycle, holding above the key $108,000 level while navigating heavy resistance at $109,200 and finding strategic support near $107,470, signaling continued confidence from corporate treasuries despite late-session profit-taking, according to CoinDesk's market insights bot. ETH: Ethereum rose 3% to $2,610 during the July 7–8 session as institutional investors deployed $515 million in coordinated weekend buying, driving volumes to nearly triple the average and pushing the asset through key resistance levels Gold: Gold fell 1.2% to below $3,300 on Tuesday as optimism over delayed reciprocal tariffs and hopes for new trade deals weakened safe-haven demand, while markets awaited FOMC minutes for further rate guidance. Nikkei 225: Asian markets traded mixed Wednesday as Japan's Nikkei 225 edged down 8.39 points (0.021%) after U.S. President Trump ruled out delaying August 1 tariffs, imposed a 50% duty on copper imports, and warned of potential 200% pharmaceutical tariffs with an 18-month grace period. S&P 500: The S&P 500 closed nearly unchanged on Tuesday after President Donald Trump confirmed there would be no exemptions to the August 1 tariff rollout. Eigen Labs lays off 25% of employees, turns focus to EigenCloud (Blockworks) SharpLink Gaming Jumps 26% as Ether Treasury Tops 200K ETH (CoinDesk) Japan's Surging 30-Year Yield Is Flashing Warning Sign for Risk Assets: Macro Markets (CoinDesk)Sign in to access your portfolio
Business Wire
01-07-2025
- Business
- Business Wire
Lynq Sets July 15th Launch Date for Real-Time Interest-Bearing Settlement Network
NEW YORK--(BUSINESS WIRE)-- Lynq, the real-time, interest-bearing settlement network for digital assets, today announced July 15, 2025, as its official go-live date. Lynq's launch follows more than a year of market research and collaboration with some of the world's leading digital asset firms, including B2C2, FalconX, Fireblocks, Galaxy and Wintermute. In addition to onboarding at tZERO Securities, the special purpose broker dealer, and connecting to the platform via API, launch partners are helping accelerate adoption by referring key counterparties and integrating Lynq into their back-office workflows. The Lynq platform sets a new standard by delivering institutional clients instantaneous settlement capabilities while providing them with a mechanism to continually accrue interest. The growing industry support and continued momentum ahead of the July 15th launch reinforce the importance of building independent real-time settlement infrastructure for the benefit of the entire digital asset ecosystem. 'The digital asset community has been searching for a settlement solution that solves the challenges of market fragmentation and counterparty risk,' said Jerald David, CEO of Lynq. 'With Lynq, we are delivering a scalable and settlement utility that reduces friction, unlocks liquidity, and enables institutions to operate with full transparency.' Lynq was developed by Arca Labs, Tassat, and tZERO with the goal of creating a settlement platform that meets the industry's demand for liquidity, scale, and security while maximizing capital efficiency for all network participants. Lynq's innovative architecture leverages tZERO's Broker-Dealer and Special Purpose Broker-Dealer licenses, Arca's expertise in asset management, and Tassat's proven, real-time blockchain settlement platform. 'Digital asset markets are entering a new structural phase that will be defined by real-time settlement, regulatory clarity, and institutional-grade infrastructure,' said Katryna Hanush, Director of Business Development and Partnerships at Wintermute. 'Lynq's launch is a pivotal step forward in that direction. It combines the ability to earn interest during settlement with the security and trust of established financial partners. This is the type of solution the industry needs, and Wintermute is proud to support it.' Lynq's service partners include Avalanche, which provides the open-source Layer one blockchain network, and U.S. Bank, which serves as Lynq's qualified cash custodian. To learn more about Lynq or to inquire about onboarding for the launch, please visit About Lynq Lynq is a broker-dealer-operated real-time settlement utility. Developed by Arca Labs, Tassat, and tZERO Group, and supported by a syndicate of leading digital asset and TradFiinstitutions, Lynq offers clients a scalable and inclusive settlement service on a proven end-to-end platform. Built 'by the industry, for the industry,' Lynq delivers interest and transparent proof of reserves within a bankruptcy-remote architecture that minimizes counterparty risk. Lynq's patent-pending 'Yield-in-Transit' technology enables users to maximize earned interest even during settlement operations, driving unprecedented capital efficiency. For more information, please visit
