Business
Companies, financing, products and strategy across the crypto industry.
Cash App's bitcoin fee cuts traded margin for a cheaper on-ramp
Block's SEC-filed Q1 letter shows Bitcoin Ecosystem gross profit down 26% year over year. The result exposes the economic choice behind cheaper retail trading.
2 min readBusiness · Deep DiveStablecoins are becoming a payment rail. The hard part sits offchain
Visa, Mastercard and their infrastructure partners are moving tokenized dollars into treasury funding, settlement and payouts. The blockchain transfer is only one layer of the product.
2 min readBusiness · NewsVisa Direct adds Zero Hash rails for stablecoin funding and payouts
Eligible clients can use stablecoins on both sides of a Visa Direct transfer: to fund an account and to deliver value to a recipient. The capability is not a universal switch-on across Visa's network.
2 min readBusiness · DataTeraWulf's filed numbers already show a data-center company replacing a miner
HPC leasing supplied 62% of first-quarter revenue while bitcoin output more than halved. A later Anthropic lease extends the pivot, but its long-dated contract value is not current revenue.
2 min readBusiness · AnalysisMastercard is building an identity layer for stablecoin transfers
Crypto Credential maps verified users and supported destinations before value moves. Its importance lies in the control plane around a transfer, not a new stablecoin or chain.
2 min readBusiness · NewsBNY plans in-custody staking with Galaxy, pending regulatory review
Galaxy will supply proof-of-stake expertise and help design BNY's digital-asset platform. The planned service would connect custody, staking, accounting and reporting, but it is not yet an unconditional product launch.
2 min readBusiness · AnalysisBNY is turning crypto custody into a servicing stack
Bitcoin and ether safekeeping was the entry point. USDC issuance and redemption, followed by planned staking, show BNY assembling the accounting and operational layer around institutional crypto assets.
2 min readBusiness · AnalysisRobinhood found revenue beyond crypto. Coinbase still felt the spot cycle
Both companies reported weaker crypto activity in Q2. Robinhood replaced the missing revenue with event contracts, equities and interest income; Coinbase's newer lines did not yet absorb the decline.
3 min readBusiness · AnalysisCloudflare is putting stablecoin checkout at the edge of the web
Its Monetization Gateway turns an HTTP request into a priced transaction. The product could lower the cost of selling data and APIs, but demand, wallet control and accounting remain open questions.
3 min readBusiness · NewsStorj enters Chapter 11 while keeping its storage network online
The storage company says it will continue ordinary operations while restructuring legacy liabilities. Court approval will determine what happens next.
2 min readBusiness · NewsCircle wins final OCC approval for a national trust bank
Circle National Trust will begin with custody for Circle and its affiliates. Managing USDC reserves and serving outside institutions remain future capabilities.
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