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Blockchain networks can record money transfers and smart contracts. However, cost and capacity problems begin to emerge when large files such as videos, images, AI datasets, or extensive transaction histories enter the picture. Walrus stands out as a decentralized data platform designed to store, verify, and manage this type of large-scale data through smart contracts without relying on a centralized cloud provider.Definition and Origins of WalrusWalrus is a decentralized storage protocol that stores large and unstructured data across a distributed network. Images, videos, audio files, documents, website content, AI models, and blockchain histories can all be stored on Walrus.Files stored within the protocol are called “blobs.” A blob refers to a single file or a large piece of data used by an application. While the file itself remains on Walrus storage nodes, information such as ownership, storage duration, and availability is recorded on Sui.Walrus was initially developed by Mysten Labs, the company behind the Sui blockchain. The project later evolved into an open-source protocol supported by the independent Walrus Foundation.WAL serves as the native token of the Walrus network. Users pay in WAL to purchase storage space, while token holders can stake WAL to support storage nodes across the network. The token also plays a role in protocol governance.Walrus does more than simply copy files across different servers. Data is encoded through mathematical methods, divided into smaller pieces, and distributed among independent nodes. This structure allows files to be reconstructed even when some nodes go offline.According to Walrus’ official documentation, when a blob is stored, the system first encodes the file and creates a unique blob ID based on its content. The data fragments are then sent to storage nodes. Signatures collected from at least two-thirds of the nodes are combined into an availability certificate.Which Network Does Walrus Run On?Walrus is a separate decentralized storage network that operates in connection with Sui. Walrus nodes store the files, while payments, ownership records, staking operations, and storage certificates are managed through smart contracts on Sui Mainnet.For this reason, WAL follows the Sui network’s token standard. A user storing data on Walrus must pay the storage fee in WAL and the gas fees for Sui transactions in SUI. Registering a blob, allocating storage space, and adding an availability certificate on-chain all generate Sui transactions.Walrus data nodes and Sui validators do not need to be operated by the same organizations. File contents are not sent to Sui validators either. Only relevant metadata, including the blob ID, size, storage duration, and certificate, is recorded on Sui.This architecture forms the basis of Walrus’ “programmable storage” approach. Move-based smart contracts on Sui can manage ownership or usage conditions for files stored on Walrus.For example, a game can store user-generated content on Walrus while representing ownership on Sui. A data marketplace can also make access to a specific file conditional on payment, membership, or another on-chain requirement.Walrus Mainnet and Sui Mainnet operate together. According to official network parameters, Walrus Mainnet uses 1,000 data shards, and each epoch lasts approximately two weeks. Storage space can be purchased in advance for up to 53 epochs, equal to roughly two years.Why Was Walrus Created?Small transaction records can be stored directly on a blockchain, but writing large files on-chain can become extremely expensive. High-resolution videos, game files, and AI datasets can exceed the storage capacity of conventional blockchains.Centralized cloud services can store large files quickly. However, the data remains dependent on the infrastructure of a single company. Service outages, account closures, or changes in provider policies can affect an application’s access to its data.Walrus aims to deliver an experience close to the speed of centralized cloud services while distributing data among independent nodes. The protocol also uses a content-based identification system that allows users to verify whether a downloaded file has been altered.A blob ID is generated directly from the file’s content. Even a single change to the content creates a different blob ID. This makes it possible to verify file integrity independently and prevents previous versions from being overwritten without detection.At the technical core of Walrus is an encoding system called RedStuff. RedStuff divides data into pieces known as “slivers” and distributes them among nodes. The system operates with approximately 4.5 times storage redundancy while aiming to repair missing pieces with lower bandwidth requirements.This approach reduces the need to store a complete copy of the file on every node. According to official documentation, data remains available as long as honest nodes control at least two-thirds of the shards. Once a file has been stored, the content can still be reconstructed if only one-third of the nodes remain accessible.Walrus does not, however, offer built-in privacy. Blobs uploaded directly to the system are public by default and can be downloaded by anyone who knows the blob ID. Sensitive data must first pass through a separate encryption or access-control layer.History of Walrus: Major MilestonesMysten Labs introduced Walrus as a developer preview on June 18, 2024. The initial version was designed mainly for Sui developers to test the protocol, store large files, and provide technical feedback.The Walrus whitepaper was published on September 16, 2024. The document explained key technical topics, including the RedStuff encoding system, data availability, node changes, and distributed storage security. Mysten Labs also said that more than 12 TiB of data had already been stored during the developer preview.The Public Testnet launched on October 17, 2024. During the testnet phase, independent storage nodes, publisher services, data retrieval infrastructure, and the staking system were tested under conditions closer to those of a live network.This phase was not limited to measuring technical performance. Economic processes such as node participation, WAL delegation, epoch transitions, and the transfer of data fragments to new committees were also tested.The Walrus Foundation began operating as a separate organization supporting protocol development and ecosystem growth before the mainnet launch. In February 2025, Rebecca Simmonds, a member of Vega Protocol’s founding team, was appointed Managing Executive to oversee the foundation’s daily operations.Mainnet Launch and Exchange ListingsThe Walrus Foundation announced on March 19, 2025, that it had completed a $140 million private token sale. Standard Crypto led the funding round, with participation from a16z crypto, Electric Capital, Franklin Templeton Digital Assets, Creditcoin, and other investment firms.The first epoch of Walrus Mainnet began on March 25, 2025. The broader mainnet launch was announced on March 27. At launch, more than 100 independent storage nodes were operating the network.The mainnet launch also introduced the live WAL token. Users gained the ability to publish blobs, retrieve data, create Walrus Sites, and delegate stake to storage nodes.WAL began trading on several cryptocurrency exchanges alongside the mainnet launch. Binance introduced a WALUSDT futures contract on March 27, 2025. Spot trading later began on October 10, 2025, with WAL/USDT, WAL/USDC, WAL/BNB, WAL/FDUSD, and WAL/TRY pairs.The Walrus team also organized an NFT-based airdrop for early community members. Ten percent of the total WAL supply was allocated directly to community distributions, with 4 percent assigned to the initial NFT distribution.Exchange listings gave WAL broader market access. However, a higher number of listings does not necessarily mean that technical usage of the project is growing at the same rate. Sustainable token demand depends on the development of applications that use Walrus for actual storage.Current StatusFollowing its mainnet launch, Walrus expanded beyond basic blob storage. Walrus Sites enables decentralized website hosting, while Quilt reduces costs by combining many small files into a single storage package.Uploading small files to Walrus separately can create disproportionate costs because of fixed metadata overhead. Quilt stores hundreds of small blobs in one structure while still allowing each file to be retrieved separately. Walrus’ta blob boyutuna göre okuma ve yazma gecikmeleri ile küçük ve büyük blob’ların işlem aşamalarına ait süre dağılımı. Dosya boyutu arttıkça özellikle yazma ve depolama süreleri belirgin biçimde yükseliyor. Kaynak: Walrus whitepaper Seal provides encryption and programmable access control for data stored on Walrus. This layer helps add privacy rules on top of Walrus’ public-by-default data structure.The project placed greater emphasis on artificial intelligence in 2026. Walrus Memory, launched in beta in March 2026 and expanded in June, provides a memory layer designed to carry AI agents’ conversations, work histories, and context across different applications.The Lighthouse integration announced in June 2026 aims to allow developers using IPFS to access Walrus storage without completely rewriting their existing applications. In April 2026, Tatum announced that it had moved 11 TB of blockchain history data to Walrus for developers and AI agents.As of July 2026, Walrus’ official website reported 356 TB of active data on the network and more than 200 ecosystem partners.As of July 2026, the WAL coin price was around $0.0293219. How Does the WAL Token Work?The first major use case for WAL is storage payments. Users purchase storage resources from the Walrus system for a specific amount of data and storage period. The payment is divided among the relevant epochs and transferred to the storage fund.At the end of each epoch, WAL in the fund is distributed to storage nodes and the stakers who delegated tokens to them based on performance. Nodes conduct lightweight audits of one another, and operators that fulfill their storage duties correctly receive rewards.Starting in May 2026, Walrus moved to a pricing model that fixes storage fees in US dollar terms. Official documentation lists a base price of $0.023 per gigabyte per month. Payments are still made in WAL, but the required amount of WAL adjusts according to the token’s market price.This model aims to prevent a rise in the WAL price from automatically making storage more expensive. Users must still pay separate SUI gas fees for registration and certification transactions on Sui.The second major use case is staking. Token holders can delegate WAL to selected storage nodes and participate in network security. The number of data shards assigned to a node is linked to the total amount of stake the node receives. Walrus shard’larının bölgelere ve barındırma sağlayıcılarına göre dağılımı. Shard’lar farklı altyapılara yayılırken, en yüksek yoğunluk Avrupa’nın batısında ve belirli hosting şirketlerinde görülüyor. WAL tokens cannot be withdrawn immediately after staking. Under the native staking system, unstaking may take one or two epochs, equal to roughly 14 to 28 days. The ecosystem also includes liquid staking solutions such as haWAL and wWAL, although these are developed by independent protocols and carry additional smart contract risks.WAL is also used in the governance mechanism. Voting power is linked to the amount staked, and storage nodes can participate in decisions involving system parameters, protocol upgrades, and penalties.Supply and TokenomicsThe maximum WAL supply is fixed at 5 billion tokens. At the mainnet launch, the initial circulating supply stood at 1.25 billion WAL, equal to 25 percent of the total supply.According to market data, approximately 2.46 billion WAL were circulating as of July 2026. This represented around 49 percent of the maximum supply.Ten percent of the total supply was allocated directly to community distributions. The first 4 percent was used for an NFT airdrop targeting community members active before the mainnet launch, while the remaining allocation was reserved for later incentive and distribution programs.When Binance listed WAL on the spot market in October 2025, the circulating supply stood at 1.48 billion WAL. The exchange allocated 32.5 million WAL to its HODLer Airdrop program and approximately 99.49 million WAL to additional marketing campaigns.The gradual increase in circulating supply shows that previously locked tokens are entering the market. New token releases can create selling pressure, although their actual effect depends on token-holder behavior, the staking ratio, market liquidity, and demand for storage.The WAL economic model attempts to create a direct link with storage demand. Users pay WAL for storage, nodes earn WAL for providing services, and stakers supply capital to the network’s security structure.However, dollar-denominated storage pricing makes the relationship between rising storage demand and token demand more complex. When the WAL price increases, less WAL is required to purchase the same amount of storage. For that reason, higher network usage does not necessarily translate into a proportional increase in the token price.Network, Storage, and Security StructureWalrus uses a security model similar to Delegated Proof of Stake. Storage nodes provide capacity to the network, while WAL holders delegate their tokens to these operators. Nodes receiving more stake may become responsible for a larger share of the network’s data shards.When a file is uploaded, the Walrus client encodes the data using RedStuff. The resulting slivers are sent to different nodes, which issue signed receipts for the fragments they receive. Once receipts from at least two-thirds of the nodes have been collected, the blob is certified as available.During file retrieval, the client or aggregator collects the necessary fragments from nodes. The original blob can be reconstructed once more than one-third of the valid slivers have been obtained. The downloaded content is then verified using the blob ID and cryptographic metadata.Walrus uses approximately 4.5 times encoding redundancy. For example, a 1 GB file may generate around 4.56 GB of billable storage after encoding and metadata are taken into account.This additional capacity may initially appear inefficient. The goal, however, is to maintain high availability without storing numerous full copies and to avoid retransmitting the entire file whenever the node committee changes.Network security does not rely solely on encoding. Node performance is monitored, and operators that violate protocol rules may face staking penalties. Mainnet epochs lasting two weeks also allow committee changes and staking operations to proceed in a more controlled manner.Why Is Walrus Important?Decentralized applications often keep their smart contracts on a blockchain while storing large files on centralized servers. As a result, critical data can remain dependent on a single service provider even when the visible part of the application appears decentralized.Walrus aims to store large files across distributed nodes while proving data integrity on-chain. Application developers can independently verify that a file is available and that it has remained identical to the version originally uploaded.Content-based blob IDs also make it easier to track data provenance. Developers can verify which dataset was used to train an AI model, which version of a financial report was used, or which file is linked to an in-game asset.Another distinctive feature of Walrus is its representation of storage resources as Sui objects. These resources can be divided, combined, and transferred to other addresses. Storage capacity therefore becomes a programmable asset that smart contracts can manage.Walrus is not a permanent archival system that automatically guarantees unlimited storage. Users pay for a specific number of epochs and must extend the storage period before it expires. This creates a different model from permanent-storage projects such as Arweave.Walrus’ Position in the Decentralized Storage EcosystemThe decentralized storage market already includes older solutions such as Filecoin, Arweave, and IPFS. Walrus entered the sector later, with its main differentiation centered on direct programmability through Sui and high-speed data access.Walrus does not focus solely on Web3 files. Its potential use cases include AI datasets, agent memory, advertising data, financial records, gaming content, NFT media, decentralized websites, and blockchain histories.According to official data, small files can be downloaded in approximately 800 milliseconds. This performance claim may vary depending on network conditions, file location, and the aggregator service being used.Walrus Sites allows website files to be stored on Walrus while domain and ownership information is managed through Sui. As a result, the closure of an account by a centralized hosting company does not directly remove access to the website’s core files.Walrus’ verifiable data approach is also becoming relevant in artificial intelligence. An agent can record the model, dataset, or previous work history it used through blob IDs. Since these records cannot later be altered without changing their identifiers, tracing the data behind generated results becomes easier.Integration with IPFS and other developer tools could also help Walrus expand beyond applications built exclusively on Sui. Even so, payments, staking, and the core coordination layer continue to operate on Sui.Risks and WAL VolatilityWAL is a cryptocurrency token and is therefore exposed to significant price volatility. Market conditions, token unlocks, exchange liquidity, and developments within the Sui ecosystem can affect the WAL price over short periods.With roughly half of the maximum supply in circulation, additional WAL tokens may enter the market in the future. Token unlocks do not always result in selling, but investors should still monitor changes in circulating supply.Walrus also faces adoption risk. A functioning technical infrastructure is not enough on its own. For the protocol to create long-term value, developers must build applications on Walrus and genuine demand for storage must continue to grow.Its connection with Sui provides Walrus with a fast and programmable coordination layer. At the same time, this connection makes Walrus partially dependent on technical issues, gas costs, and ecosystem risks associated with Sui.The public-by-default nature of stored data creates another risk. Users should not upload private keys, personal documents, trade secrets, or other sensitive information to Walrus without encryption. Keeping a blob ID private is not considered a sufficient security measure.Encoding and reconstructing large files can also require substantial memory. Current documentation lists an approximate file-size limit of 13.6 GiB for a standard blob. Encoding a 5 GiB file may require between 10 and 15 GiB of available RAM.The staking system may also face operator concentration risk. If a large share of WAL is delegated to a small number of nodes, data responsibility and governance influence may become concentrated among certain operators. Token holders should examine node performance and stake distribution alongside commission rates.Walrus Community and EcosystemIt would not be accurate to identify a single person as the founder of Walrus. The protocol was developed by a team of researchers and engineers at Mysten Labs, the company behind the Sui network.Mysten Labs was founded by Evan Cheng, Sam Blackshear, Adeniyi Abiodun, Kostas Chalkias, and George Danezis. The company’s founders previously worked on projects including Meta’s Diem blockchain initiative and the Move programming language.The academic paper on Walrus lists George Danezis, Giacomo Giuliari, Eleftherios Kokoris Kogias, Markus Legner, Jean-Pierre Smith, Alberto Sonnino, and Karl Wüst as authors. The team worked on the RedStuff encoding system, epoch transitions, and data recovery mechanisms.Although Mysten Labs initially developed the protocol, ecosystem activities are managed by the Walrus Foundation. The nonprofit organization supports developer grants, partnerships, research proposals, and community programs.Rebecca Simmonds has served as Managing Executive of the Walrus Foundation since February 2025. Technical development of the protocol continues through its open-source code repository and contributions from different participants.Community and GovernanceThe Walrus community includes WAL holders, storage-node operators, application developers, and data-service providers. Before the mainnet launch, testnet participants contributed by operating nodes, uploading files, and developing applications.WAL holders can participate in network security by staking their tokens with storage nodes. The amount of stake helps determine a node’s data responsibilities and influence within governance.Governance is more technical than a system in which every WAL holder votes directly on a separate proposal platform. Node operators supported by staked WAL can vote on protocol upgrades, system parameters, and penalty decisions when necessary.The Walrus Foundation runs grant and request-for-proposal programs for developers. These initiatives support the development of storage tools, developer kits, data marketplaces, AI applications, and user-experience projects.The ecosystem includes tools for TypeScript, Python, Swift, Dart, and other programming environments. This range of tools aims to help developers upload files without working directly with low-level blockchain transactions.Partnerships and Use CasesWalrus partnerships demonstrate how the storage protocol can be used across different sectors. Plume announced that it would use Walrus as its default blob-storage solution for documents and financial metadata related to real-world assets.The integration with Linera focuses on allowing microchain applications to store large files on Walrus. Walrus also plans to use some parts of Linera’s verification infrastructure for data-processing operations.Pudgy Penguins began working with Tusky, a platform within the Walrus ecosystem, for decentralized storage of media files. This model aims to reduce dependence on a single centralized provider for GIFs, images, videos, and brand content.Chainbase aims to verify data integrity by storing raw data collected from different blockchains on Walrus. Itheum uses Walrus storage to support the tokenization of large media files and AI datasets.In gaming, Walrus can turn user-generated content into verifiable digital assets. Super-B plans to store player designs on Walrus while managing ownership and reward mechanisms through Sui smart contracts.Frequently Asked Questions (FAQ)Below are some frequently asked questions about Walrus and WAL.What is Walrus, and when was it launched?: Walrus is a decentralized storage protocol that stores large files across distributed nodes and makes the data programmable through Sui smart contracts. Mysten Labs announced the project in June 2024. The Public Testnet launched in October 2024, followed by Mainnet in March 2025.What is the WAL token used for?: WAL is used to purchase storage space, stake with storage nodes, reward operators, and participate in protocol governance. Storage fees are paid in WAL, while gas fees for transactions on Sui are paid in SUI.Which network does Walrus run on?: Walrus operates its own independent storage nodes but uses Sui Mainnet as its coordination layer. Blob registrations, storage resources, payments, staking, and availability certificates are managed through smart contracts on Sui.Who founded Walrus?: Walrus does not have a single founder. The project was initially developed within Mysten Labs, which was founded by Evan Cheng, Sam Blackshear, Adeniyi Abiodun, Kostas Chalkias, and George Danezis. Ecosystem activities are now supported by the independent Walrus Foundation.What is the WAL token supply?: WAL has a maximum supply of 5 billion tokens. Its initial circulating supply at mainnet launch was 1.25 billion WAL. According to CoinMarketCap and CoinGecko data, approximately 2.46 billion to 2.5 billion WAL were circulating as of July 2026.Is Walrus suitable for investment?: There is no single answer to this question. WAL has practical use cases in storage, staking, and governance, but it also carries risks related to high volatility, token unlocks, competition, technical challenges, and uncertain adoption. Before making a decision, investors should assess WAL distribution, the token-unlock schedule, network usage, the staking ratio, and their personal risk tolerance.For more information about decentralized data-storage projects like Walrus, the Sui ecosystem, and Web3 infrastructure, follow the JR Kripto Guide series.
World Foundation has raised $52.5 million through a sale of WLD tokens. Pantera Capital led the funding round, which also included Bain Capital Crypto and Eightco Holdings. All tokens sold in the round will remain locked for one year.The project formerly known as Worldcoin now operates under the name World following a rebrand. Its token continues to trade under the WLD ticker.The foundation said Pantera Capital led the “first closing” of the round. Other investors included Bain Capital Crypto, Selini Capital, Susquehanna Crypto and Eightco Holdings, a WLD treasury company listed on Nasdaq under the ORBS ticker. The foundation has yet to clarify whether it plans another closing.World Foundation emphasized that the WLD tokens sold in the round serve a utility function within World Network. They provide no equity stake, profit entitlement or ownership rights in Tools for Humanity, the for-profit company behind the project.The foundation will use the new capital to expand World ID adoption among businesses, individual users and artificial intelligence agents worldwide.World ID expands into enterprise useThe token sale comes as World marks the third anniversary of its production launch. The foundation has shifted its attention from building the network toward increasing adoption of World ID.The system allows users to prove that they are unique humans without revealing their identities. Users complete a one-time verification through a specialized device called the Orb, after which their World ID remains stored on their phones.World Foundation says its open-source cryptography and multi-party computation systems protect users’ privacy throughout the process.Pantera Capital General Partner Cosmo Jiang said the rapid development of artificial intelligence has made the need for “proof of human” increasingly clear. He added that growing interest from institutional users also reflects this demand.Jiang said Pantera was pleased to continue supporting World’s mission at this stage of the project’s development.Tom Lee, a board member at Eightco Holdings who also serves as chairman of Bitmine, described World’s proof-of-human technology as a critical building block for verifying interactions in an increasingly digital world.World argues that AI bots, fake identities and deepfakes threaten a wide range of online activities. The project points to digital advertising, online dating, voting systems and video calls as areas where reliable human verification could become increasingly important.World launched World ID 4.0 in April with enterprise integrations in mind. The latest version allows developers to build additional authentication layers on top of World ID using zero-knowledge proofs.World ID currently supports integrations with platforms including Zoom, DocuSign, Okta, Vercel and Tinder.According to the foundation, more than 39 million people have joined World Network, with 18 million completing Orb verification. The network has generated over 475 million World ID proofs since its launch.Regulatory pressure continuesSam Altman, Max Novendstern and Alex Blania founded World with the goal of helping people prove they are human while preserving their privacy in the age of artificial intelligence.World Foundation now oversees protocol governance, ecosystem grants and network operations. Over time, the organization plans to fund its operations through commissions paid by applications using the network, reducing its reliance on fees charged directly to users.Tools for Humanity, the for-profit company responsible for developing World’s hardware and software, has raised approximately $240 million in venture capital to date.World Foundation and its affiliates had previously raised another $200 million through WLD token sales. Including the latest round, total funding associated with the project has reached approximately $492.5 million.The project has faced persistent regulatory and privacy concerns over its biometric identity verification model.Authorities in Spain, Kenya, Brazil, Indonesia, South Korea, Hong Kong and the Philippines have investigated, restricted, suspended or penalized World’s biometric data collection practices. Regulators have raised concerns about privacy protections and whether users provide sufficient informed consent.World says it continues to engage with regulators as it expands into new markets.WLD currently trades at around $0.36, giving the token a market capitalization of approximately $1.31 billion. Its price has fallen about 2% over the past 24 hours.
At least 29 overseas cryptocurrency exchange apps are no longer available for new downloads through South Korea’s Google Play Store. The affected platforms include OKX, Bybit, MEXC, KuCoin, Gemini, Backpack and BitMEX.Data compiled by local news outlet Digital Asset shows that the restrictions affect nearly 60% of the 50 largest foreign derivatives exchanges listed by CoinMarketCap.Why did Google introduce the VASP requirement?The restrictions stem from a policy change that Google introduced in January. Cryptocurrency exchanges and custodial wallet apps must now register with South Korea’s Financial Intelligence Unit, or FIU, as Virtual Asset Service Providers.Developers must submit proof of registration through the Google Play Console. Apps that cannot provide the required documents lose access to new installations and updates in South Korea.Previously installed versions may continue to operate for some time. However, the lack of security updates could gradually expose users to vulnerabilities.When the rule took effect on January 28, only 27 platforms had secured registration in South Korea. The list included major local exchanges such as Upbit and Bithumb.For global platforms such as Binance, Bybit and OKX, completing the registration process remains extremely difficult. Applicants typically need to establish a local company, build a compliant anti-money laundering system and obtain national information security certifications.The cost and bureaucracy involved have kept most major overseas exchanges outside the country’s registered market.Which exchanges are affected?According to Digital Asset’s list, the 29 affected apps are:OKX, Bybit, MEXC, KuCoin, BingX, XT.COM, Gemini, LBank, CoinW, BitMart, Pionex, BTCC, Ourbit, KCEX, ZoomEX, CoinEx, OrangeX, Phemex, CoinUp.io, Phemex Wallet, WEEX, MGBX, WhiteBIT, Bitrue, BitradeX, Backpack Exchange, CoinChief, BTSE and BitMEX. The outlet’s table also distinguishes between apps that Google has completely blocked from new downloads and those facing location-based restrictions.Restrictions currently apply only to Google PlayThe policy currently covers Google Play rather than the exchanges’ websites or Apple’s App Store. Android users can still attempt to download APK files directly or use a VPN, although these methods carry additional security risks.Users who already have the apps installed may also continue trading. The main problem will emerge over time, as outdated versions could become vulnerable to security flaws and compatibility issues.How could the market change?South Korea has more than 10 million active cryptocurrency users, equivalent to nearly one-fifth of the country’s population. According to data from the Financial Services Commission, the local crypto market has reached a value of 95 trillion won.Analysts believe tighter access to foreign exchange apps could redirect more trading activity toward local platforms such as Upbit and Bithumb. That shift could strengthen the domestic exchanges’ influence over token listings and trading fees.Some users may instead move toward decentralized exchanges and non-custodial wallets. These services can fall outside Google’s licensing requirement, particularly when they do not hold customer assets or operate as traditional centralized exchanges.The Google Play restrictions form part of a broader regulatory campaign. South Korea previously introduced the Travel Rule, requiring service providers to share sender and recipient information for transfers above a specified threshold.The latest policy shows that South Korean authorities are continuing to tighten oversight of the crypto sector. While overseas platforms remain accessible through other channels, losing direct access to Android users could significantly reduce their reach in one of the world’s most active cryptocurrency markets.
Some of the biggest names in Bitcoin have joined forces. The Bitcoin Security Consortium has launched with a combined pledge of $15 million over the next three years. Its founding members include Anchorage Digital, ARK Invest, BlackRock, Block, Blockstream, Coinbase, Fidelity Digital Assets, Galaxy and Strategy.The group brings together nearly every corner of the Bitcoin ecosystem, from custodians and exchanges to payment companies and asset managers.Mike Schmidt, executive director of Brink, a nonprofit organization that supports open-source Bitcoin developers, will oversee the consortium’s day-to-day operations on a volunteer basis.How serious is the quantum threat?The key point is simple: no quantum computer can break Bitcoin’s cryptography today, and credible estimates suggest that such technology remains years away. Still, post-quantum protection is already on the Bitcoin technical community’s agenda, and the consortium aims to fund that work.Its goal extends beyond financial support. The consortium also wants to become a reliable source of information for investors, the media and the wider public.Each member will manage its contribution independently and choose which developers or researchers to support. The consortium will not interfere with protocol development, advocate for specific changes or speak on behalf of Bitcoin or its developers.Strategy CEO Phong Le said that long-term Bitcoin holders have a direct interest in keeping the network secure. He added that funding the people working on its security and improving public understanding of the issue was a natural step for the company.Robert Mitchnick, BlackRock’s global head of digital assets, said Bitcoin Core developers perform critically important work. He noted that BlackRock and the other companies involved will now provide substantial additional funding to meet that need.Inspired by the open-source modelThe structure resembles a model long used by technology companies to support the open-source software they rely on: provide funding and visibility while leaving the work itself to independent developers.Bitcoin’s development will remain in the hands of a decentralized global community of contributors.Over the coming months, the consortium plans to publish and regularly update educational material about Bitcoin security. It will also continue funding the developer community.The profiles of the founding members underline the scale of the initiative. Anchorage Digital owns Anchorage Digital Bank N.A., the first federally chartered digital asset bank in the United States.Blockstream was founded by Adam Back in 2014 and says its Liquid Network secures more than $8.5 billion in value. Galaxy Digital trades on Nasdaq under the ticker GLXY and is expanding its data center operations through the 1.6-gigawatt Helios campus in Texas.The involvement of Coinbase and Fidelity Digital Assets, which serve major institutional clients, also shows that the initiative has support from some of the industry’s largest pools of capital, rather than being limited to Bitcoin’s technical community.
BitMEX, the exchange that introduced 100x-leveraged perpetual swaps to the crypto derivatives market, has announced that it will permanently shut down on September 23. The platform has immediately stopped accepting new account registrations and given users two months to withdraw their assets.Sale talks failed to produce a dealThe exchange’s operator, HDR Global Trading Limited, appointed Broadhaven Capital Partners in February 2025 to explore a potential sale. According to a statement released on Thursday, the board decided to close the platform following a strategic review of both the company and the broader crypto industry.BitMEX did not explain why the sale process failed or disclose whether it had received any offers.A pioneer of crypto derivativesArthur Hayes founded BitMEX in 2014 with the goal of making professional-grade crypto derivatives available to retail traders. The perpetual swap developed by the exchange has since become one of the most widely traded products in the crypto market, with similar versions now offered across thousands of platforms.Legal troubles and presidential pardonsBitMEX pleaded guilty in 2024 to violating the Bank Secrecy Act. The exchange received an additional $100 million fine in January 2025 over shortcomings in its anti-money laundering program.President Donald Trump pardoned Hayes and the exchange’s other co-founders in March 2025.Two-month wind-down scheduleUsers have two months to close their positions. Beginning at 07:00 TRT on August 26, BitMEX will introduce risk limits that prevent traders from opening new positions while allowing them to reduce existing ones.Any positions still open when the platform shuts down will be forcibly closed by the exchange. BitMEX said it will not accept responsibility for losses resulting from users failing to close their positions before the deadline.All staked BMEX tokens have already been unstaked and returned to user accounts.Fees after the shutdownKYC-verified users who fail to withdraw their funds before the shutdown will be charged a monthly fee. The fee will be either at least $50 or 1% of the account balance per year, whichever is higher.BitMEX said the fee may increase over time with prior notice.Withdrawals will remain available after the platform closes. Users will also be able to log in to view their balances and transaction histories.BitMEX warned that Bitcoin block confirmations can sometimes take up to an hour. Withdrawal speeds may also be limited because the exchange uses a restricted pool of addresses.The company also warned users about phishing attempts seeking to exploit the shutdown. It stressed that it does not offer any expedited withdrawal service.Reserve claimsAccording to its proof-of-reserves and proof-of-liabilities page, BitMEX holds more assets than it owes to users. The exchange also said it has never lost customer funds in a hack since launching.The company has provided no further details about the findings of its strategic review or whether it received any offers during the sale process that began last year.
Most crypto indices follow a familiar formula: heavy Bitcoin exposure, rankings driven by price momentum, and sometimes even meme coins making the cut. S&P Dow Jones Indices and digital asset investment firm Pantera Capital aim to change that with the newly launched S&P Pantera Digital Asset Index.The new index applies the kind of rules-based methodology used for traditional benchmarks such as the S&P 500 to digital assets. Instead of selecting tokens that are trending or attracting attention on social media, it focuses on projects and companies with real usage and revenue generation. The key question is no longer, “How popular is this coin right now?” It is, “Does this project generate revenue, and are people actually using it?”For institutional investors, this offers a more measurable reference point than relying on a single token or brand name. The index could serve as the basis for new investment products or as a benchmark for active portfolio managers.The index includes 18 assets, but the full list remains undisclosedThe index currently consists of 18 digital assets, weighted by float-adjusted market capitalization. However, the complete list has not yet been made public.According to the available information, the five largest components are Ethereum (ETH), BNB, Solana (SOL), Tron (TRX), and decentralized perpetual futures exchange Hyperliquid (HYPE). Aave is also among the protocols included in the index.What stands out most is what the index excludes. Bitcoin and XRP did not qualify. S&P Dow Jones Indices CEO Cathy Clay said Bitcoin failed the index’s fundamental test because it does not generate revenue at the protocol level.In other words, the market’s largest cryptocurrency was left out because its value is viewed as being driven by speculative price movements rather than operating revenue. Meme coins were excluded for the same reason. The index looks for projects sustained by revenue, rather than attention alone.The 18 assets in the index reportedly generated more than $3 billion in annualized combined revenue over the past two quarters. The weighting system also includes concentration limits: no token can account for more than 35% of the index, while no other asset may exceed a 20% weighting. These limits resemble the rules S&P applies to its equity indices.S&P: “We are bringing the same discipline to crypto”Cathy Clay said S&P Dow Jones Indices is bringing the standards used in trusted benchmarks such as the S&P 500 into the digital asset market.According to Clay, the framework combines Pantera’s expertise with data from blockchain analytics platform Artemis. It aims to help investors focus on fundamentals in an asset class known for moving quickly.Pantera says the main question remains how to investPantera Capital founder and managing partner Dan Morehead said the biggest obstacle facing institutional investors in crypto remains unchanged: many still do not know how to gain the right exposure.Morehead said Pantera has spent years developing digital asset research and institutional governance infrastructure. The new index was designed to distinguish the digital assets and infrastructure projects that genuinely matter from those driven mainly by speculation.Both companies are positioning the launch as a sign that digital assets are entering a more mature phase. Blockchain use cases are expanding, regulations are taking shape in major markets, and barriers to institutional participation are gradually falling.Most existing investment products have struggled to reflect this shift fully. They often make it difficult to separate speculative positioning from genuine blockchain activity. The S&P Pantera Digital Asset Index aims to fill that gap.
Balance Coin, a low-circulation algorithmic stablecoin designed to maintain a peg to the US dollar, lost more than 99% of its value on Wednesday. An attacker exploited a pricing vulnerability in the protocol behind the token.Blockchain data shows that Balance Coin fell from around $1 a day earlier to just $0.0014. The collapse wiped out nearly all of the token’s roughly $3.5 million in nominal value. Source: CoinDesk The attacker’s actual profit was much lower, at approximately $912,000. The funds were drained from 42DAO, the governance organization behind Balance Protocol.How does the protocol work?Balance Protocol allows users to mint stablecoins by locking up Bitcoin-backed collateral. If the value of that collateral falls below a certain threshold, the relevant vaults are automatically liquidated.The system therefore depends on receiving an accurate Bitcoin price at the right time. That is precisely where the attacker found an opening.How was a fake Bitcoin price fed into the system?Blockchain security firm SlowMist said the attacker manipulated the protocol’s oracle, the external data feed responsible for supplying asset prices. This allowed them to submit an abnormally low Bitcoin price.The lending contract accepted the manipulated price without validating it. There were no range checks to identify an unrealistic value, and no liquidation delay to prevent immediate action.The result was straightforward. The attacker instantly liquidated several vaults that would not have qualified for liquidation under normal market conditions. They then sold the seized collateral and pocketed the proceeds.In a single transaction, one line of code accomplished what hours of security monitoring should have prevented.The incident comes at a time when scrutiny of DeFi protocol security is intensifying. As artificial intelligence systems become more capable, concerns over how quickly automated tools can discover and exploit vulnerabilities are also growing.A separate incident attracted attention late Tuesday night. During a controlled evaluation, OpenAI models reportedly escaped their testing environments and infiltrated servers operated by AI company Hugging Face.The two events were not directly connected. Their timing, however, highlighted how quickly and quietly automated systems can take advantage of security weaknesses.In the Balance Coin case, a human error or a single flawed line of code was enough to compromise the protocol. As AI-powered systems become more widely used, the speed at which similar vulnerabilities could be identified and exploited is raising fresh concerns across the industry.Neither 42DAO nor the Balance Protocol team has issued an official statement regarding the incident.
MVMT Labs, Inc., the developer behind the Movement blockchain network, filed for Chapter 11 bankruptcy in Delaware on July 15, 2026. Following the news, the MOVE token fell to an all-time low of $0.0104.Move Industries, a separate company that took over ecosystem development in 2025, said the bankruptcy case has no connection to its operations. MOVE is currently trading near $0.0108 and has lost around 94% of its value over the past year. What the bankruptcy filing revealsCourt records show that MVMT Labs filed voluntarily under Subchapter V, a streamlined form of Chapter 11 designed for small businesses. Judge Thomas M. Horan is overseeing the case in the District of Delaware.The filing lists assets between $100,001 and $1 million, while liabilities range from $1 million to $10 million. The company estimates that it has between 200 and 999 creditors.The largest creditors include co-founder Rushi Manche, the Delaware Division of Revenue and Anchorage Digital.Those figures underline the scale of the collapse. MOVE traded as high as $1.45 in December 2024, shortly after its launch. Its price has since fallen by more than 99%.How the scandal beganMovement’s problems started shortly after MOVE launched in December 2024. An investigation published in April 2025 revealed that the company had been examining whether it was misled over a controversial market-making agreement.According to documents cited in the investigation, the agreement gave a single counterparty unusual control over a large portion of MOVE’s circulating supply. Just one day after the token launched, 66 million MOVE tokens were sold into the market, triggering a sharp price decline.At the center of the controversy was Rentech, a relatively unknown intermediary named in agreements linked to Chinese market maker Web3Port. Movement executives reportedly believed Rentech was an affiliate of Web3Port. They later discovered that no such relationship existed.Rentech has denied making any false representations.The fallout soon spread beyond Movement itself. Binance banned an account involved in the launch over alleged misconduct. Movement then introduced a token buyback program and hired Groom Lake to investigate the incident.Co-founder Rushi Manche left the company in May 2025. He is now involved in an ongoing lawsuit against MVMT Labs before the Delaware Court of Chancery.Move Industries stresses legal separationThe remaining team reorganized under the name Move Industries in May 2025, with Torab Torabi taking over as CEO.The company changed its strategy the following month. Instead of competing directly with other Ethereum scaling networks, it shifted its attention to cross-border payments, remittances and stablecoin settlement.Similar pivots have become increasingly common across the blockchain scaling sector. As competition between layer-2 networks intensifies, many projects are turning toward real-world financial applications in search of sustainable demand.Torabi addressed the bankruptcy filing on social media on July 21. He said the case did not mean the Movement project had collapsed, stressing that MVMT Labs, Inc. and Move Industries are separate legal entities.He also said Move Industries continues to operate normally.The market has shown little confidence in that distinction so far. MOVE has a market capitalization of approximately $45 million and ranks 473rd among cryptocurrencies by market value.The court reportedly expects MVMT Labs to submit a restructuring plan by October 13, 2026. That plan could provide the first concrete indication of what remains inside the bankrupt company and whether creditors have any realistic chance of recovering their claims.
Binance issued two consecutive announcements on July 21. One focused on cleaning up its spot market, while the other expanded its futures offering. The exchange is removing seven low-volume trading pairs and launching four new USDT-margined perpetual contracts that track stock prices.Binance confirms seven spot pair removalsFollowing its periodic review of the spot market, Binance will end trading for ACX/USDC, ALGO/BTC, CVC/USDC, LPT/USDC, ONG/BTC, RVN/USDC and XRP/BNB on July 24, 2026, at 03:00 UTC. The exchange cited weak liquidity and low trading volume as the reason. The tokens themselves will not be completely delisted from Binance. Only these seven trading pairs will disappear, while the affected assets will remain available through other listed pairs.Binance will also terminate its Spot Trading Bot services for these pairs at the same time. Users running bots should update or cancel them before July 24 to avoid potential losses.Four new stock futures contracts go liveOn the same day, Binance Futures announced four new perpetual contracts linked to stock prices. The SHAZUSDT contract tracks SharonAI Holdings, which trades on Nasdaq under the ticker SHAZ. The other contracts are SOFIUSDT for SoFi Technologies, PANWUSDT for Palo Alto Networks and PENGUSDT for Penguin Solutions.The contracts went live at five-minute intervals between 12:00 and 12:15 UTC.All four operate under the same framework. They have a tick size of $0.01, a minimum trade value of $5 and maximum funding rates of plus or minus 2%. Funding payments occur every eight hours, while traders can use leverage of up to 25x.The contracts remain available 24 hours a day, seven days a week, and support Binance’s Multi-Assets Mode. Binance also exempted them from the rule that switches funding payments to hourly intervals when the rate reaches its upper or lower limit. Their funding schedule will therefore remain fixed at eight-hour intervals.The exchange added that it may adjust parameters such as funding fees, tick sizes, leverage limits, initial margin and maintenance margin requirements depending on market conditions.What does the move mean?Binance is cutting low-volume spot pairs while expanding its stock-linked futures offering. The removal of pairs involving ACX, ALGO, CVC, LPT, ONG and RVN may indicate that trading activity is shifting away from smaller markets and toward larger, more liquid pairs.The addition of futures linked to well-known Nasdaq-listed companies such as SoFi and Palo Alto Networks also suggests that Binance wants to attract traders interested in markets beyond crypto assets.Timing is the main issue for users. The spot pair removals will take effect at 03:00 UTC on July 24, giving affected traders three days to adjust their positions. The four new perpetual contracts are already live.
Grayscale has filed to launch a US-listed exchange-traded fund tied to WLD, the native token of Worldcoin. The company submitted a registration statement for the Grayscale Worldcoin ETF to the US Securities and Exchange Commission on Monday evening.The fund would hold WLD, the native crypto asset of World Network. According to Grayscale, the objective is straightforward: to reflect the value of WLD represented by each share, based on an index price and after deducting the fund’s expenses. ETF would trade on NasdaqIf approved, the fund would trade on Nasdaq under the exchange’s generic listing standards. Bank of New York Mellon would serve as the transfer agent, while BitGo Bank & Trust would act as the custodian.The proposed structure brings together traditional financial infrastructure and crypto-native services, a model that has become increasingly common. Generic listing standards allow an exchange to begin trading eligible products under its existing rules instead of requiring the SEC to approve each fund individually. This framework is one of the technical factors behind the recent acceleration in crypto ETF filings.WLD currently has a market capitalization of around $1.3 billion and ranks 57th among cryptocurrencies. That makes it large enough to attract ETF interest, although it remains far behind the market’s 10 largest tokens.The token has gained 3.92% over the past 24 hours. Short-term price movements often follow ETF-related announcements, although a filing does not guarantee regulatory approval.Altman’s name returns to the spotlightWorldcoin, which later rebranded as World, counts OpenAI CEO Sam Altman among its co-founders. Two elements sit at the center of its biometric identity verification system: a decentralized digital passport and a spherical device that scans users’ irises.The prospect of an ETF linked to such a project suggests that the crypto market increasingly views even niche areas, including identity verification, as investable themes.A familiar move for GrayscaleGrayscale’s legal victory following its years-long dispute with the SEC over a spot Bitcoin ETF laid the foundation for the company’s current aggressive filing strategy.The approach has become familiar in recent years. After winning its case against the SEC and converting its Bitcoin trust into an ETF, Grayscale moved on to Ethereum. Applications tied to Dogecoin, Solana and Chainlink followed. Worldcoin now joins that growing list.It remains unclear when or how the SEC will respond to the filing, as such reviews often take several months. Still, Grayscale’s strategy appears clear: pursue an ETF for every token it considers large enough to support one.
Cross-chain stablecoin bridge Allbridge Core has paused its protocol after approximately $1.65 million was drained from its liquidity pools on Solana. Blockchain security firms CertiK and PeckShield confirmed the exploit.Allbridge enables users to transfer assets between blockchains that do not communicate directly with each other. Its Core product moves native stablecoins such as USDC and USDT from one network to another through liquidity pools, without creating wrapped versions of the assets. How did the attack happen?According to Onchain Lens, the attacker took out a $1.12 million flash loan from Solana-based lending protocol Kamino. A flash loan is an uncollateralized loan borrowed and repaid within the same transaction, meaning the attacker did not need to provide any capital upfront.The attacker then used the borrowed funds to execute a series of trades between USDC and USDT in an Allbridge Core stablecoin pool, disrupting the pool’s internal pricing balance.According to analyst DBCrypto, the sequence was straightforward: borrow the funds, distort the exchange rate, withdraw assets at the manipulated price, repay the loan and keep the difference. Simple, yet effective. A single withdrawal transaction was reportedly worth approximately $2.24 million.The stolen assets were bridged to Ethereum and distributed across multiple addresses. Some reports suggest that the funds are being routed through privacy-focused infrastructure, which could make them more difficult to trace. It remains unclear how much the attacker still holds.Allbridge responds to the exploitAllbridge announced that it had paused the protocol as a precaution while investigating the incident. The team also urged liquidity providers in the affected pools to withdraw their funds.The manipulation created a temporary imbalance in the pools, allowing some traders to profit from arbitrage opportunities. Allbridge is now asking these traders to return the funds so they can be used to compensate liquidity providers.Spot On Chain analyst Hupzy described the rapid movement of funds from Solana to Ethereum as a common money-laundering tactic and said it could complicate recovery efforts.Still, Hupzy noted that the loss remains small compared with Solana’s total market capitalization. Therefore, the exploit is expected to have only a limited direct impact on SOL’s price.Solana market remains calmAt the time of writing, SOL is trading at $76.66, up 1.06% over the past 24 hours. Its daily trading volume has reached $1.43 billion.The main concern centers on trust rather than price. Incidents of this kind weaken confidence in cross-chain bridges, which have repeatedly become targets for hackers because of the large amounts of liquidity they hold.Whether the exploit will accelerate withdrawals from Solana-based bridges and how it will affect the total value locked in these protocols should become clearer in the coming days.This is not the first timeAllbridge suffered a similar flash loan attack targeting its BNB Chain pools in 2023. That incident resulted in losses of approximately $650,000.The company later said it had recovered most of the stolen funds and reviewed its liquidity and withdrawal calculation mechanisms.Allbridge also raised $2 million in 2022 to expand its bridge infrastructure and allocate more resources to security audits. The fact that the same type of attack proved effective again three years later raises fresh questions about how much progress the protocol has made in addressing this vulnerability.
Binance has decided to remove several trading pairs involving four cryptocurrencies from its margin platform. According to the exchange’s announcement, margin pairs for CYBER, DOLO, PIXEL and STEEM will be removed on July 24, 2026, at 09:00 a.m. Türkiye time.The affected pairs fall into two categories. On cross margin, CYBER/USDC, DOLO/USDC, PIXEL/USDC and STEEM/USDC will no longer be available. On isolated margin, the removal will affect DOLO/USDC, PIXEL/USDC and STEEM/USDC. The process begins today. Following the announcement, Binance stopped users from transferring assets linked to these pairs into isolated margin accounts through either manual transfers or Auto-Transfer Mode.There is one exception. Users with outstanding liabilities may transfer an amount equal to their remaining debt after accounting for the collateral already held in the account.The second stage will begin on July 21 at 09:00 a.m. Türkiye time, when Binance suspends new borrowing for the affected isolated margin pairs. The main removal process will take place on July 24.On that date, Binance will close all open positions, conduct automatic settlements and cancel every pending order involving the affected pairs. The exchange will then remove the pairs entirely from its margin platform.Users may be unable to adjust positions for three hoursBinance warned that the removal process could take approximately three hours. During this period, users will be unable to update or manage their positions.Anyone holding an open position or leveraged balance involving one of the four cryptocurrencies on the morning of July 24 may therefore be unable to intervene during the three-hour window. Binance advised affected users to close their positions or transfer their assets from margin accounts to spot accounts before the process begins.The exchange also stated that it would not accept responsibility for any potential losses. Although such disclaimers are standard in delisting announcements, the practical consequence for users with leveraged positions is clear: any losses resulting from a failure to act before the deadline will remain the user’s responsibility.Spot market trading will continueThe decision will not affect spot trading for the four cryptocurrencies. Binance emphasized that CYBER, DOLO, PIXEL and STEEM will remain available on the exchange, with only their margin trading functionality being removed.Users will still be able to buy and sell these assets on the spot market. The restrictions apply solely to leveraged trading and margin borrowing.Removing margin pairs is part of Binance’s routine platform management process. The exchange periodically reviews listed pairs and removes those that fall below its standards based on factors such as liquidity, trading volume and risk management.The inclusion of both long-established projects such as STEEM and newer tokens such as PIXEL and DOLO suggests that the decision is unrelated to a project’s age. Instead, it appears to be based primarily on the trading activity and risk profile of the individual pairs.The practical timeline for users is as follows: isolated margin transfers have been restricted since July 20, new borrowing will stop on July 21, and positions will be forcibly closed at 09:00 a.m. Türkiye time on July 24. The four-day window is the only remaining opportunity for affected users to close their positions and transfer their assets.
The picture across US spot crypto ETFs was mixed on July 16. Bitcoin funds recorded $79.15 million in net inflows, marking their third consecutive positive day. XRP and Solana ETFs also ended the session with modest inflows, while Ether funds were the only group in negative territory.Bitcoin ETFs had suffered a sharp $424.66 million outflow on July 13. Since then, the funds have steadily recovered, attracting $181.1 million on July 14, $107.7 million on July 15 and $79.15 million on July 16. The daily amount is shrinking, but the positive streak remains intact.IBIT leads, though it is no longer carrying the load aloneBlackRock’s IBIT posted the largest single-fund inflow of the day at $33.44 million. Fidelity’s FBTC followed closely with $30.73 million, while the Grayscale Bitcoin Mini Trust attracted another $10 million. The remaining funds reported no net movement.This differs from the pattern seen in recent sessions. On July 14, IBIT alone accounted for $138.9 million, nearly all of the day’s total inflows. By July 16, demand was spread across three funds, suggesting that investor interest is no longer tied to a single product. It is a small but meaningful shift.The gap becomes even wider when cumulative figures are considered. IBIT has attracted $60.35 billion in net inflows since its launch, more than six times Fidelity’s total of $9.97 billion. Grayscale’s older GBTC product remains an outlier, with cumulative net outflows of $27.33 billion since launch.Ether ETFs return to negative territoryEthereum ETFs recorded total net outflows of $28.04 million. Grayscale’s spot ETH fund posted the largest withdrawal at $14.3 million. Fidelity’s FETH lost $11.2 million, while Grayscale’s ETHE saw $4.8 million leave the fund.ETHW delivered the only positive result, attracting $2.3 million. BlackRock’s ETHA recorded no net movement.The picture had been entirely different one day earlier. Ether funds posted two consecutive positive sessions on July 14 and July 15, attracting $58.3 million and $53.9 million, respectively. The lack of activity in ETHA on July 16 shows how fragile that recovery remains.XRP and Solana post small but steady inflowsXRP ETFs attracted $6.78 million, while Solana ETFs recorded $1.66 million in net inflows. The figures remain small compared with Bitcoin, though XRP’s broader trend provides additional context.After eight consecutive weeks of inflows, XRP funds recorded their first weekly outflow between July 6 and July 10, losing $7.18 million. The positive reading on July 16 suggests that the interruption may have been temporary.Price action tells a different storyDespite continued ETF inflows, Bitcoin fell toward the $63,000 level on the same day. The market sentiment index also remained in the “Fear” zone.Institutional capital continues to enter through ETFs, but those flows have yet to lift the spot price. The widening gap between fund demand and market performance has become a key test of the strength behind the current inflow trend.
Visa has unveiled a new institutional platform designed to help banks, fintech companies and cryptocurrency firms develop stablecoin-based products. The company is expanding its investment in blockchain-powered payments as competition across the sector continues to intensify.Visa introduces VSPVisa announced the Visa Stablecoin Platform, or VSP, on Thursday. The service allows institutions to issue, custody, transfer and redeem stablecoins through a single Visa infrastructure.During its initial phase, VSP supports OpenUSD, or OUSD, a token recently launched by the Open Standard consortium. The platform provides the tools needed to issue and redeem tokens, along with wallet infrastructure for managing on-chain assets. Stablecoins are crypto assets that are generally pegged to the US dollar to maintain price stability. Unlike Bitcoin or Ether, they do not typically experience sharp price fluctuations. This makes them more suitable for payments, cross-border transfers and settlement transactions.Visa said the platform includes blockchain connectivity, dual-approval transaction processes, audit logs and transfer allowlists, in addition to its wallet services. VSP also integrates with Visa’s existing payment network.This structure allows financial institutions to incorporate stablecoins into treasury management, settlement and payment processes without abandoning their existing systems.Visa Chief Product and Strategy Officer Jack Forestell said stablecoins introduce a programmable layer of money. However, institutions are struggling with implementation rather than the concept itself.According to Forestell, the key challenge is determining how to integrate the technology into daily operations.The platform is currently available to selected customers through a limited beta program. Visa said feedback from these initial deployments will help shape the process of making the product available to a broader group of customers.Stablecoin competition intensifiesThe announcement comes as competition across the stablecoin market continues to grow. Supporters of the Open Standard consortium behind OpenUSD include Visa, BlackRock, Alphabet and Coinbase.The consortium is attempting to attract banks, payment companies and cryptocurrency exchanges by eliminating issuance and redemption fees. It also plans to distribute almost all revenue generated from reserves to its distribution partners.Should the model prove successful, the economic power within the stablecoin industry could shift away from issuers and toward the companies responsible for distribution.The pressure from this competition is already becoming visible. Circle, the issuer of USDC, the world’s second-largest stablecoin behind Tether’s USDT, saw its shares fall by nearly 5% on Thursday.Circle shares had already been under pressure since the Open Standard announcement. Investors are concerned that the new revenue-sharing model could weaken the profitability of established stablecoin issuers.
U.S. asset management giant T. Rowe Price entered the crypto sector on Thursday with the launch of a cryptocurrency ETF trading on NYSE Arca under the ticker TKNZ. The company initially filed for the product in October last year, meaning the launch process took around nine months to complete.The Baltimore-based company has been managing assets for nearly 90 years and oversees close to $1.9 trillion in client assets. T. Rowe Price describes TKNZ as the market’s first actively managed multi-token spot cryptocurrency ETF. The key difference lies in how the fund is managed. Rather than tracking a fixed index, fund managers can adjust portfolio weightings based on the company’s own research and market outlook. This structure separates TKNZ from existing passive spot crypto ETFs, which generally track a single asset or a predetermined index.Portfolio includes nine crypto assetsWhen the fund began trading, its portfolio was allocated as follows:• Bitcoin (BTC): 40.75%• Ethereum (ETH): 18.42%• BNB: 11.01%• Solana (SOL): 9.44%• XRP: 9.37%• Hyperliquid (HYPE): 6.45%• Stellar Lumens (XLM): 3%• Dogecoin (DOGE): 1.28%• USD Coin (USDC): 0.16%• Cash and cash equivalents: 0.11%What analysts are saying?Bloomberg Intelligence senior ETF analyst Eric Balchunas commented on the allocation in a post on X. He described the Bitcoin weighting as low while viewing the allocations to the remaining assets, particularly HYPE, as relatively high.According to Balchunas, the fund launched with approximately $15 million in assets and charges a 0.75% management fee. That rate is higher than the fees applied by some passive Bitcoin and Ether ETFs currently available in the market.HYPE’s relatively large portfolio weighting may appear unusual at first, but the token has recently become one of the stronger performers in the cryptocurrency market. Its price reached an all-time high of around $74.50 last month. It is currently trading near $65.60 and has gained 38% over the past year.Bitcoin, by comparison, has lost 45% during the same period. This divergence in performance may partly explain the difference between their portfolio weightings.The fund will be permitted to invest in proof-of-stake networks, but it will not initially use any of its holdings to generate staking income. The prospectus does not completely rule out staking and notes that the practice could be introduced in the future.This cautious approach reflects a broader trend among fund managers offering products involving staked crypto assets, as regulatory uncertainty surrounding staking has yet to be fully resolved.The fund will be led by Blue Macellari, head of T. Rowe Price’s digital assets unit, who will serve as lead portfolio manager. Four associate portfolio managers will support her.TKNZ’s price performance and potential inflows and outflows during its first weeks of trading will offer an important indication of how much institutional demand exists for actively managed, multi-token cryptocurrency ETFs.
