Crypto.com achieves ISO/IEC 42001:2023 certification for its Artificial Intelligence Management System. Crypto.com announced on February 16, 2026 that it has received ISO/IEC 42001:2023 certification, the international standard for an Artificial Intelligence Management System (AIMS), making it the first digital asset platform to attain this recognition for responsible AI governance and risk management. The certification complements […]
Popular burger joint Steak ’n Shake says bitcoin adoption boosted sales ‘dramatically’
Fast food chain Steak ‘n Shake has said its decision to accept bitcoin nine months ago has seen same-store sales rise “dramatically.”
Bitcoin payments are routed directly into its Strategic Bitcoin Reserve, which is then used to fund bonus payments for its employees, according to a statement posted on the company’s X account on Monday.
“Nine months ago today, Steak ‘n Shake launched its burger-to-Bitcoin transformation when we started accepting bitcoin payments,” the company wrote. “Our same-store sales have risen dramatically ever since.”
The company revealed earlier this year it added $10 million worth of bitcoin to its corporate treasury, as part of a “self-reinforcing” cycle where customers pay in BTC, sales rise, and crypto revenue flows into the reserve.
Stake ’n Shake started accepting bitcoin payments in May of last year via the Lightning Network. Since then, it initially saw a 10% uptick in same-store sales, with the company’s COO, Dan Edwards revealing the firm saves about 50% in processing fees when customers pay in cryptocurrency.
In October, the fast food chain unveiled a Bitcoin-themed burger and started donating a small portion of each Bitcoin Meal to open-source Bitcoin development.
Bitcoin remains under pressure near $68,000 even as panic ebbs
Bitcoin is struggling to build any upward momentum, even as the key panic gauge pulls back from its early-month high and hints at renewed stability.
Bitcoin’s 30-day implied volatility, the fear or panic gauge, which reflects investors’ expectations for price swings over 4 weeks, has dropped to an annualised 52%, according to data source Volmex. The decline has reversed the early-month spike, which saw the index rise from roughly 48% to nearly 100% as bitcoin crashed to nearly $60,000.
The receding volatility suggests that panic has ebbed and that investors are no longer chasing options or hedging instruments as frantically as during the crash.
Options are derivative contracts offering insurance against price swings. A call option allows you to profit from upside price volatility in BTC, while a put option protects against price slides. Demand for options influences implied volatility.
“Implied volatility has dropped, and deleveraging is running out of steam, analysts at Bitfinex said in an email to CoinDesk, noting the newfound stability and ebbing of panic.
Still, bitcoin’s price remains under pressure, trading just under $68,000 at press time, a 1.2% drop over the past 24 hours, per CoinDesk data. The early-month sell-off fizzled near $60,000 on Feb. 6, sparking a recovery, but prices haven’t sustainably moved above $70,000 since.
That’s telling of weak demand.
“Funding rates have yet to show appetite for aggressive re-leveraging and derivatives markets support the view of a stabilization rather than renewed buying,” Bitfinex analysts explained.
Perpetual funding rates are periodic payments exchanged between long and short traders in crypto perpetual futures contracts to keep the contract price anchored to the spot price. A positive rate implies that longs (buyers betting on price rises) pay shorts (sellers betting on drops), signaling more bullish positioning in the market. A negative rate suggests a bias for short positions.
While the implied volatility has receded sharply, funding rates in BTC perpetuals remain just above zero, a sign of mild bullish leanings among traders, but nothing aggressive yet.
Institutional appetite hasn’t been great either. The U.S.-listed spot bitcoin exchange-traded funds have registered a net outflow of $677.98 million this month, extending a three-month streak of redemptions, according to data source SoSoValue.
Macro offers hope
Battered bulls can pin their hopes on the dwindling U.S. inflation and lower real yields, which could offer a tailwind to risk assets and non-yielding assets like bitcoin.
Data released last week showed the consumer price index (CPI) slowed to 2.4% year-on-year in January from 2.7% in December, strengthening hopes for at least two 25 basis-point rate cuts by the Fed this year.
The real or inflation-adjusted yield on the U.S. 10-year Treasury note fell to 1.8%, the lowest since Dec. 1. A decline in real yield typically prompts investors to increase exposure to assets like bitcoin.
“Lower real yields reduce the relative carry disadvantage of non-yielding assets such as Bitcoin, while a softer dollar supports global liquidity conditions,” Bitfinex analysts noted.
Per Åsberg Sommar: Historical data from the Riksbank is vital for macroeconomic theories, Sweden’s shift to a 2% inflation target, and the impact of larger economies on small open economies
Historical data from the Riksbank is crucial for testing macroeconomic theories. The Riksbank formally adopted a 2% inflation target in 1995 after allowing the Swedish krona to float. Flexible inflation targets can accommodate supply shocks while maintaining medium-term goals.
Key Takeaways
- Historical data from the Riksbank is crucial for testing macroeconomic theories.
- The Riksbank formally adopted a 2% inflation target in 1995 after allowing the Swedish krona to float.
- Flexible inflation targets can accommodate supply shocks while maintaining medium-term goals.
- Small open economies are significantly influenced by the monetary policies of larger economies.
- Central banks use corridor systems to stabilize short-term interest rates.
- The Riksbank employs certificates of deposits to manage liquidity, differing from traditional reserves.
- Evaluating central bank effectiveness requires focusing on reserves rather than balance sheet size.
- The Riksbank balances reserves based on demand and pricing of monetary policy instruments.
- Quantitative easing by the Riksbank since 2015 has led to a significant liquidity surplus.
- The Riksbank aims to maintain a scarce reserve system to ensure banks drive liquidity growth.
- The Riksbank’s operational framework involves balancing liquidity to make the system scarce.
- The Riksbank’s certificates of deposits are tradable securities, unlike account-based money reserves.
- The Riksbank’s approach to liquidity management emphasizes the importance of reserve levels.
Guest intro
Per Åsberg Sommar is a senior advisor in the markets department at Sveriges Riksbank, the Swedish central bank. He previously served as Head of the Market Strategy Division in the same department. He co-authored key research on the Riksbank’s monetary policy implementation and operational framework reforms.
The importance of historical data in macroeconomic research
- The Riksbank’s historical data is invaluable for testing macroeconomic theories.
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My friend Josh Shenrikson and I know others have used that data to test macroeconomic theories for example the long run neutrality of money
— Per Åsberg Sommar
- Historical data provides practical applications for contemporary economic analysis.
- The significance of historical data lies in its ability to validate and refine macroeconomic theories.
- Researchers utilize historical data to understand long-term economic trends and patterns.
- The Riksbank’s data is a critical resource for economists studying monetary policy impacts.
- Historical data allows for the examination of economic phenomena over extended periods.
- The Riksbank’s archives serve as a foundation for empirical research in economics.
Sweden’s shift to inflation targeting
- The Riksbank adopted a formal inflation target of 2% in 1995 after allowing the Swedish krona to float.
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After letting the Swedish krona float the Riksbank adopted formally the inflation target in 1995
— Per Åsberg Sommar
- Initially, the inflation target included an interval of 2% plus or minus 1%, abolished in 2010.
- The formal adoption of inflation targeting marked a significant shift in Sweden’s monetary policy.
- Inflation targeting aims to provide a stable economic environment by controlling price levels.
- The Riksbank’s decision reflects a broader global trend towards inflation targeting in central banking.
- The 2% target is designed to anchor inflation expectations and maintain economic stability.
- The evolution of inflation targeting in Sweden highlights the adaptability of monetary policy frameworks.
Flexibility in inflation targeting
- A flexible inflation target can accommodate supply shocks while maintaining a medium-term goal.
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The argument for a band is you have supply shock so you want some flexibility
— Per Åsberg Sommar
- Flexibility in inflation targeting allows central banks to respond to economic conditions.
- Maintaining a 2% target over the medium run provides stability while allowing for short-term deviations.
- The balance between flexibility and stability is crucial for effective inflation targeting.
- Central banks must consider external shocks when setting inflation targets.
- Flexibility in targets helps manage the trade-off between inflation control and economic growth.
- The Riksbank’s approach demonstrates the importance of adaptability in monetary policy.
Impact of larger economies on small open economies
- Small open economies are significantly affected by the monetary policies of larger economies.
-
A small open economy is affected by policies in larger economies so that’s unavoidable
— Per Åsberg Sommar
- The interconnectedness of global economies necessitates monitoring larger economies’ policies.
- Small economies must adapt their monetary policies in response to external influences.
- Larger economies’ policies can have spillover effects on smaller economies’ financial stability.
- Central banks in small economies must be vigilant about global economic trends.
- The Riksbank’s strategies reflect the challenges faced by small open economies.
- Understanding global economic dynamics is essential for effective monetary policy in small economies.
The role of corridor systems in central banking
- Central banks use corridor systems to stabilize short-term interest rates through operational frameworks.
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Any operational framework where the central bank offers unlimited lending and deposit facilities is some variant of a corridor system
— Per Åsberg Sommar
- The Riksbank introduced a wide interest rate band of 200 basis points.
- Corridor systems are crucial for maintaining control over short-term interest rates.
- The Riksbank’s approach targets the two-week interest rate to manage liquidity.
- Corridor systems provide a mechanism for central banks to influence market interest rates.
- The stability of short-term rates is vital for overall economic stability.
- Understanding corridor systems is key to grasping central bank operations.
Liquidity management through certificates of deposits
- The Riksbank uses certificates of deposits as a tool to manage liquidity, which differ from traditional reserves.
-
The Riksbank has this really interesting tool certificate of deposits that it can use to drain liquidity
— Per Åsberg Sommar
- Certificates of deposits are tradable securities issued by the Riksbank.
- Unlike reserves, certificates of deposits are financial assets used for liquidity management.
- The Riksbank’s certificates are distinct from account-based money reserves.
- Liquidity management involves balancing the supply of reserves and financial assets.
- Certificates of deposits provide flexibility in managing the banking system’s liquidity.
- The Riksbank’s approach highlights the importance of diverse tools in central banking.
Evaluating central bank effectiveness through reserves
- One shouldn’t look at the size of the central bank’s balance sheet but rather the amount of reserves to gauge true liquidity.
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One shouldn’t look at the size of the central bank’s balance sheet but look at the amount of reserves
— Per Åsberg Sommar
- Reserves provide a more accurate measure of liquidity than balance sheet size.
- Central banks’ balance sheets can be misleading indicators of financial health.
- Focusing on reserves offers insights into the actual liquidity available in the economy.
- The Riksbank emphasizes the importance of reserve levels in monetary policy analysis.
- Understanding the role of reserves is crucial for assessing central bank operations.
- Evaluating reserves provides a nuanced perspective on central bank effectiveness.
The Riksbank’s approach to liquidity management
- The Riksbank manages liquidity in the banking system by balancing reserves based on demand and pricing of monetary policy instruments.
-
The Riksbank provides the amount of reserves banks demand given the current interest rate
— Per Åsberg Sommar
- Balancing liquidity involves regular adjustments to maintain a scarce reserve system.
- The Riksbank’s approach aims to ensure banks drive liquidity growth.
- Managing liquidity is a dynamic process influenced by interest rates and reserve demands.
- The Riksbank’s framework highlights the strategic intent behind its monetary policy.
- The balance between surplus and deficit is crucial for effective liquidity management.
- Understanding the Riksbank’s approach provides insights into central banking functions.
Effects of quantitative easing on liquidity
- The Riksbank’s quantitative easing since 2015 has led to a significant liquidity surplus in the banking system.
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Since 2015 for instance the Riksbank has conducted quantitative easing
— Per Åsberg Sommar
- Quantitative easing involves the purchase of government bonds to increase liquidity.
- The Riksbank’s actions during the corona crisis further increased liquidity.
- A liquidity surplus can influence interest rates and economic activity.
- The Riksbank’s quantitative easing highlights the impact of unconventional monetary policy.
- Understanding the effects of quantitative easing is crucial for analyzing monetary policy.
- The Riksbank’s experience provides lessons for other central banks considering similar measures.
Anthropic and the Pentagon Clash Over Claude’s Military and Mass‑Surveillance Uses
The Pentagon is considering cutting ties with Anthropic, with Defense Secretary Pete Hegseth close to designating the company a “supply‑chain risk.” Anthropic opposes the use of its AI model Claude in mass‑surveillance campaigns and fully autonomous military operations. Anthropic Clashes With the Pentagon Over Claude’s ‘Non-Ethical’ Uses Anthropic, one of the largest artificial intelligence (AI) companies, […]
Steak ‘n Shake Says Bitcoin Has Lifted Sales ‘Dramatically’ in 9 Months
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PPRO Bolsters C-Suite With Appointment of Alexander Matthey as Chief Technology Officer to Lead Tech Innovation
WHY THIS MATTERS: The appointment of a new Chief Technology Officer is usually a procedural announcement, but PPRO’s choice of an Adyen veteran who most recently led an AI startup signals a critical shift in the competitive landscape for payments infrastructure providers. The era of simply aggregating local payment methods (LPMs) is ending; the new imperative is achieving unparalleled platform scalability and operational efficiency through strategic technology leadership. Alexander Matthey’s unique background—combining deep, high-volume global payments expertise with hands-on experience in bringing complex AI applications to production—shows PPRO is placing a definitive bet on AI integration as the key differentiator. This move directly addresses the complexities of modern cross-border commerce, where merchants demand flawless, resilient, and optimized acceptance of hundreds of regional payment types. This transition in leadership expertise underscores a wider industry trend: AI is moving from being a fringe capability to a mission-critical component of core processing infrastructure.
PPRO, the leading local payments platform, today announced Alexander Matthey as Chief Technology Officer (CTO), strengthening its executive leadership as it accelerates global growth and enters a new era of payments innovation.
Alexander joins PPRO following a standout career in the payments industry, with strengths in scaling platforms, leading high-performing engineering organisations, and applying AI to complex, real-world problems. Previously serving as CTO at Adyen, he played a pivotal role in expanding the global payments platform and led the company’s global engineering, data and technology operations. Most recently, he served as CTO at AI startup Parloa, where he led technical teams and took complex AI applications into production for some of the world’s largest enterprises.
Alexander’s appointment reflects both the strength of PPRO’s technology platform and the size of the opportunity ahead. He brings extensive experience in leading and evolving payments and AI platforms to his new role at PPRO, with a proven track record of building and operating mission-critical technology.
As CTO at PPRO, he will continue to enhance platform scalability, resilience, and developer experience, while accelerating the strategic adoption of AI across the stack. He will lead the continued evolution of PPRO’s market-leading infrastructure, driving the expansion of its technology architecture as the company enters its next phase of growth. His expertise in operating global payments systems at scale will be instrumental in advancing the next evolution of PPRO’s already world-leading local payments infrastructure.
Upon joining PPRO, Alexander Matthey said, “PPRO has built a highly respected local payments platform with big growth ambitions, and I’m excited to join the team at such a pivotal moment in its journey. I’m looking forward to shaping the future of local payments by fostering an environment where talented teams can move fast and make smart, independent decisions. By working closely with PPRO’s customers and partners, my focus will be on defining the next phase of growth and solving the most critical challenges as we set the global standard for local payment methods.”
Commenting on Alexander’s appointment, Motie Bring, CEO at PPRO, stated, “We are very excited to welcome Alexander to PPRO’s leadership team. He brings unique experience in operating at scale within established payments organisations and valuable perspective as we expand our payments platform. His leadership will be a significant asset in driving our growth and strengthening our position as the global leader in local payments.”
FF NEWS TAKE: This hire is more than just a personnel change; it fundamentally moves the needle by setting a new bar for the technical leadership required to succeed in the local payments arena. Bringing together Matthey’s pedigree in scaling a rival platform with his focus on advanced technology adoption suggests PPRO is preparing for a new phase of intense technological competition. We will be watching closely to see the tangible results of this focused effort on AI adoption, particularly in optimizing smart routing, developer experience, and managing the inherent fragmentation of the global LPM ecosystem.
Dollar bearish positioning hits highest since 2012.
Investors are most bearish on the dollar in over a decade, per Bank of America’s (BofA) latest survey and that extreme bet could breed bitcoin volatility, just not the way crypto bulls have become used to.
BofA’s February survey shows investor positioning in the U.S. dollar has fallen to its most negative (bearish) level since at least early 2012, with net exposure at a record underweight. This is driven by concerns over further deterioration in the U.S. labor market, which could prompt the Federal Reserve to cut interest rates.
Since its inception, bitcoin has mostly moved in the opposite direction of the U.S. Dollar Index, rising when the greenback slides and falling when it strengthens. That tracks for two big reasons: As a dollar-denominated asset, a softer buck makes BTC cheaper to buy and vice versa. Plus, a strong dollar tightens financial conditions globally, hammering risk assets like bitcoin and the reverse holds when it weakens.
So, if history is a guide, the record bearish dollar positioning, a sign of investors aligned for a weaker dollar, could be termed a classic bullish tailwind for bitcoin.
But wait, there’s a twist. Since early 2025, and especially lately, bitcoin has developed a weird positive link to the dollar. DXY plunged over 9% last year and another 1% this year. Yet BTC dropped 6% in 2025 and is down 21% year-to-date. Their 90-day correlation hit 0.60 on Monday, the highest since April 2025, according to data source TradingView.
If that link sticks, a deeper slide in the dollar index may not bode well for bitcoin. But the flip side is a dollar bounce, fueled by a short squeeze, could drag BTC higher with it.
When investors pile into extreme bearish positions, any unexpected price bounce forces them to buy back en masse to limit losses, creating a short squeeze. This frantic covering propels the asset price higher, amplifying volatility skyward.
“Record short positioning raises the risk of volatility in major USD pairs; downside may extend on weak US data, but crowded trade dynamics increase potential for sharp short-covering rallies,” InvestingLive’s Chief Asia-Pacific Currency Analyst Eamonn Sheridan said in a market update.
At press time, the dollar index was up 0.25% on the day at 97.13 and bitcoin changed hands at $68,150, down 1%, according to CoinDesk data.
DeFi protocol ZeroLend shuts down after 3 years, citing inactive chains and hacks
Decentralized lending protocol ZeroLEnd is winding down operations after three years, citing unsustainable economics amid inactive blockchains and rising security threats.
The protocol, which ran crypto lending markets across various blockchains, said sustained efforts couldn’t overcome challenges such as price data providers dropping support and shrinking liquidity on networks like Manta, Zircuit, and XLAYER. These issues and constant hacker threats have made it unsustainable.
“Combined with the inherently thin margins and high risk profile of lending protocols, this resulted in prolonged periods where the protocol operated at a loss,” the team stated in an official update.
Lending markets such as ZeroLend are blockchain platforms where users deposit their cryptocurrencies to earn interest (like a savings account), while others borrow those assets by putting up collateral. Think of it as peer-to-pool lending without banks.
Oracle providers provide real-time price data to lending markets such as ZeroLend. When they drop support, it breaks the lending markets, making them unreliable or impossible to run.
The shutdown underscores harsh realities: fleeting liquidity, persistent exploits, and dwindling investor interest in broader corners of the digital asset market continue to test DeFi protocols.
ZeroLend’s team said its top priority is ensuring that “users can safely withdraw their assets” from the protocol.
For assets stuck on low-liquidity chains such as Manta, Zircuit, and XLAYER, the team will update the smart contracts on a set schedule to free up as much as possible. Users need to withdraw quickly, as most markets have been set to a 0% loan-to-value ratio, which means no borrowing is allowed.
LBTC holders on Base get partial relief
Lombard Staked Bitcoin, or LBTC, a year-bearing version of bitcoin used in DeFi lending on ZeroLend’s markets on Coinbase’s Layer 2 network Base, experienced an exploit in February last year, The attacker used a forged LBTC as collateral to drain liquidity.
Users who deposited LBTC there will get partial refunds funded by the team’s LINEA drop allocation. The announcement called on affected users to contact moderators or file support tickets for the refund.
“We kindly ask all affected LBTC users to contact the moderators or submit a support ticket so we can maintain direct communication and coordinate the next steps. For token holders, this marks the conclusion of the ZeroLend journey,” the team said.
“Please withdraw any remaining assets and reach out through official support channels if you need assistance. Thank you for being part of ZeroLend,” it added.
Liberis and Deliveroo Partner to Strengthen Funding Support for UK Hospitality
Liberis, a leading embedded finance platform, today announces a UK partnership with Deliveroo, to launch Deliveroo Capital, a funding solution built to support restaurants and food businesses operating on the Deliveroo platform.
Through Deliveroo Capital, Liberis provides eligible UK restaurants with access to flexible funding directly within the Deliveroo Partner Hub. Merchants can review and access pre-approved offers in the same place they manage orders, performance and day-to-day operations.
Hospitality businesses continue to face rising costs and fluctuating demand, making timely access to capital essential. Deliveroo Capital is designed to provide funding that reflects how restaurants trade in practice.
Rob Fairfield, CEO at Liberis, said: “Restaurants operate with little margin for delay, making access to capital a day-to-day operational concern rather than a strategic luxury. Traditional lending models often fail to reflect how hospitality businesses actually trade, and so by embedding finance directly into the Deliveroo platform, funding can be accessed at the moment it’s needed, rather than adding friction to already pressured teams.”
The product went live in the UK in January. Following a strong initial rollout, they’re expanding access in phases to thousands more eligible UK businesses during Q1 2026.
Eligibility is assessed using Deliveroo platform data alongside Liberis’ funding expertise, enabling decisions based on real trading performance. Eligible merchants are notified within the Deliveroo Partner Hub, where they can review and access funding with minimal effort.
Payments are collected as a fixed percentage of future sales processed through the Deliveroo platform. This means payments flex in line with trading performance, helping restaurants manage cash flow during quieter periods while clearing balances more quickly when sales are stronger.
Rob Harris, Chief Revenue Officer and VP of Merchants at Deliveroo, said: “Restaurants are constantly balancing operational pressures with the need to invest and grow, and our new partnership with Liberis offers a practical and accessible funding solution. We are excited to continue finding new ways to support the industry through a range of different services.”
The partnership is intended as a long-term collaboration, with plans to expand access over time.