Stablecoins are moving beyond crypto into real-world finance, becoming vital B2B cross-border payment and treasury infrastructure, valued for efficiency, speed and regulatory compliance.
Onramp Raises $12.5M Series A To Scale Multi-Institution Bitcoin Custody Platform
Onramp has raised $12.5 million in a Series A round led by Early Riders, valuing the bitcoin financial services firm at $135 million as it pushes to scale a custody model designed to meet institutional standards.
The Austin-based company told Bitcoin Magazine it now holds more than $1 billion in assets under custody and has recorded zero security incidents since its founding in 2023. The new capital will support expansion of Onramp Finance, its recently launched platform that combines bitcoin custody, brokerage, and cash management, while funding new partnerships across banks, registered investment advisors, and fintech firms.
At the center of the strategy is Onramp’s Multi-Institution Custody (MIC) model, which distributes key control across several regulated custodians rather than relying on a single entity or placing full responsibility on clients. The system is built with partners including BitGo, Coincover, and Tetra Trust, allowing for shared control structures that can span jurisdictions.
The approach targets a long-standing tradeoff in digital asset custody. Investors have often had to choose between centralized platforms with counterparty risk and self-custody setups that require technical expertise and operational oversight. Onramp positions MIC as a middle path that removes single points of failure while keeping assets verifiable on-chain.
Institutional traction has begun to follow. UK pension fund Cartwright selected Onramp as custodian for its bitcoin allocation, while the Bitcoin Policy Institute has endorsed multi-party custody frameworks for potential state-level bitcoin reserves.
A full bitcoin financial stack via Onramp
Chief executive Michael Tanguma said the company aims to build a full financial stack around bitcoin, including lending, retirement accounts, and treasury management tools. The firm launched Onramp Finance in April, offering brokerage services across all 50 states, cash accounts with rewards, a payments card, bitcoin IRAs, and access to gold within a single interface.
Early Riders partner Liam Nelson said the firm backed Onramp to help establish MIC as a standard across the industry, arguing that custody design will shape the next phase of bitcoin adoption.
The company plans to split the new funding between product development and distribution. On the engineering side, Onramp will continue building out its platform and prepare its custody infrastructure for licensing to other regulated custodians. On the commercial side, it will expand sales efforts and develop white-label offerings for financial institutions seeking to integrate bitcoin services.
Onramp also named former Blackstone partner David Thayer as a strategic advisor, adding experience in infrastructure investing as it targets deeper engagement with traditional finance.
The bet is that as bitcoin enters broader portfolios, custody will become a primary concern. Onramp is positioning its architecture as a foundation for that shift, aiming to extend its model across institutions that want exposure without assuming concentrated risk.
Here is why Wall Street is racing to tokenize the entire stock market
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Ex-Celsius Exec Sentenced to Time Served after Guilty Plea
A US federal judge has sentenced the former chief revenue officer of defunct cryptocurrency lending platform Celsius to time served after almost three years following his arrest on fraud and conspiracy charges.
In a sentencing hearing in the US District Court for the Southern District of New York on Wednesday, Judge John Koeltl ordered that Roni Cohen-Pavon be sentenced to time served and one year of supervised release for his role in manipulating the price of Celsius’s CEL token and fraud on the platform.
The former chief revenue officer initially pleaded not guilty to four charges following his arrest in September 2023, changing his plea to guilty about a week later.
Alex Mashinsky at the Bitcoin 2021 conference in Miami. Source: Cointelegraph
Cohen-Pavon was indicted along with former CEO Alex Mashinsky in July 2023 after the 2022 collapse of Celsius, which led to billions of dollars’ worth of investor and user losses.
Cohen-Pavon, an Israeli citizen and resident, was outside the US when prosecutors filed the indictment, but later reentered the country for his arraignment. He posted a $500,000 bond in September 2023 and has been free to travel with some restrictions.
With the sentencing of Cohen-Pavon and Mashinsky, who is already serving 12 years following his guilty plea, the criminal cases involving Celsius are winding down. The former CEO was ordered to pay $48 million as part of a forfeiture in his criminal case, while Cohen-Pavon agreed to pay more than $1 million and a $40,000 fine.
Related: Celsius founder Alex Mashinsky settles FTC case with $10M payment
“Whatever sentence the Court imposes, the deeper obligation will remain the same,” said Cohen-Pavon in a letter to Koeltl before his sentencing. “I will have to spend the rest of my life becoming, through my conduct, the husband, father, and man my family had every right to expect from me all along.”
The sentencing memorandum for Roni Cohen-Pavon. Source: Court Listener
Tornado Cash co-founder still potentially looking at SDNY retrial
Roman Storm, the co-founder of crypto mixing service Tornado Cash, still faces a possible retrial on two charges in the Southern District of New York after a jury failed to reach a verdict in his trial last year.
Prosecutors requested that a judge schedule the proceedings in October to retry Storm on money laundering and sanctions violation conspiracy charges, for which the jury deadlocked.
The terms of Storm’s $2 million bail restrict the Tornado Cash co-founder to certain areas of New York, Washington and California. However, on Thursday, a federal judge granted him permission to “attend his niece’s high school graduation” in El Dorado Hills, California.
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XRP Futures Activity Just Broke Above Its 30-Day Average: Bullish Signal Or Warning?
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XRP is trying to hold above $1.40 as the market enters a pivotal day defined by the US Senate Banking Committee’s vote on the CLARITY Act — legislation that carries direct regulatory implications for XRP and the broader digital asset ecosystem. The price is under pressure but not broken, and an Arab Chain report tracking Binance derivatives activity has identified a signal in the futures market that adds a specific structural dimension to where XRP stands heading into today’s vote.
XRP open interest on Binance has reached approximately $475.4 million — above the 30-day average of $440.7 million by a meaningful margin. The Z-Score, measuring the deviation of current open interest from its historical norm, has climbed to approximately 1.65, a reading that reflects new liquidity entering the XRP futures market at a pace significantly above recent baseline levels. When the Z-Score crosses above 1.0, it typically signals a noticeable acceleration in trader activity and leverage usage — participants are not simply maintaining existing positions, they are adding new ones.
The timing creates an important context. Speculative activity returning to XRP derivatives on the same day the Senate Banking Committee votes on the framework that could define XRP’s regulatory future in the United States describes a market that is positioning rather than waiting. Whether that positioning reflects confidence or hedging — and whether today’s vote delivers the clarity or the uncertainty that determines which interpretation is correct — is what the next several hours will reveal.
Half a Billion in XRP Open Interest. Not Yet a Directional Signal
The Arab Chain analysis frames the open interest recovery with the calibration that prevents it from being misread as a straightforward bullish confirmation. XRP derivatives activity approaching $475 million on Binance is notable precisely because of where it is coming from. A prolonged period of relatively weak derivatives participation that made the asset’s futures market one of the quieter venues in the broader crypto ecosystem. The recovery toward half a billion in open interest reflects a genuine return of trader engagement after months of subdued activity.
The historical context that the analysis provides adds an honest perspective. XRP’s derivatives market has seen considerably higher peaks during previous speculative waves — the current level, while representing meaningful recovery, remains well below the extremes that characterized the most aggressive positioning phases. The current reading describes a market gradually rebuilding liquidity rather than one approaching the kind of overcrowded positioning that historically precedes sharp liquidation events.
The Z-Score’s role in the analysis is precise and worth understanding correctly. A reading of 1.65 confirms that activity has meaningfully exceeded the recent historical norm. But it does not specify the direction of that activity or its ultimate price implication. Rising open interest with strong buying flows behind it tends to support upward momentum. Rising open interest, building on defensive or short-side positioning, can equally increase the probability of sharp volatility when those positions are forced to unwind.
The derivatives market is telling a story of returning engagement rather than confirmed direction. The catalyst that determines which way that engagement resolves may arrive before today’s session closes.
XRP Holds Key Support While Momentum Remains Unresolved
XRP is trading near $1.44 and continues moving inside a narrow consolidation structure that has defined price action for most of the past two months. The daily chart shows XRP stabilizing after the sharp February decline, but buyers still have not generated enough momentum to produce a decisive trend reversal. Instead, price remains trapped in a range where both bulls and bears continue competing for control.
Technically, the $1.35–$1.45 region has become the market’s key battleground. XRP repeatedly revisited this zone throughout March, April, and May, suggesting the area has evolved into an important equilibrium level where demand continues absorbing selling pressure. The fact that the price remains above support despite multiple retests is constructive and indicates that sellers have struggled to force continuation lower.
However, broader trend structure still favors caution. XRP continues trading below the major long-term moving averages, with the declining 100-day and 200-day averages positioned overhead near the $1.60–$1.80 region. Those levels continue acting as dynamic resistance and define the barriers XRP must reclaim before confirming a larger recovery trend.
Volume also remains subdued compared to February capitulation levels. Lower participation suggests conviction has not fully returned. For now, XRP appears to be compressing beneath resistance, with volatility likely building toward a larger directional move.
Featured image from ChatGPT, chart from TradingView.com
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Nairobi City Thunder Name Send App as Main Sponsor for the 2026 Season
Nairobi City Thunder have announced Send App, a leading cross-border remittance and payments platform by Flutterwave, as the club’s front-of-shirt sponsor on a two-season deal, starting with the 2026 campaign. The partnership carries added significance, with Flutterwave CEO and Nairobi City Thunder investor, Olugbenga Agboola, uniquely positioned across both organisations.
The partnership comes at a defining moment for Nairobi City Thunder, who come into the season as two-time unbeaten champions of the Kenya National Basketball League (KNBL) and with the responsibility of representing Kenya in the Basketball Africa League (BAL) for the second time.
As part of the partnership, Send App will feature as the club’s premier sponsor throughout the 2026 season, with branding integrated across matchday experiences, digital platforms, and fan engagement initiatives, beginning with the pre-season games.
Nairobi City Thunder CEO, Colin Rasmussen, said: “We are proud to be partnering with a celebrated brand like Send App that has global reach and is creating real impact through convenient access to capital. Our ambition is to build a pan-African brand with global recognition, and we believe this partnership with Send App will play a key role in helping us achieve that.”
Send App’s Head of Business, Harvey Bahia, said: “We’re proud to have supported Nairobi City Thunder’s 2026 BAL campaign and look forward to continuing this journey as the team builds towards returning to the BAL and sustaining success on the continental stage. The team’s continued success and unwavering commitment to excellence mirror our own drive to provide Africans in the diaspora with a seamless way to support their families back home. We believe in the power of sports to unite and inspire, and we are proud to stand behind the Thunder as they showcase the very best of African basketball to the world.”
Nairobi City Thunder have opened their 2026 league campaign, building on their domestic dominance while continuing their journey on the continental stage. With Send App on board as the premier sponsor, the club heads into the season with strong momentum, renewed backing, and a clear focus on sustaining success both locally and across Africa.
U.S. senators lament failure to win bipartisan support, yet, on crypto Clarity Act
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BoE Considers Easing UK Stablecoin Caps After Industry Backlash
Update May 14, 2:45 pm UTC: This article has been updated to include comments from Katie Haries, head of policy for Europe at Coinbase.
The Bank of England (BoE) is reconsidering parts of its proposed regime for pound sterling stablecoins after digital asset companies warned that holding caps and reserve requirements could stifle adoption and make UK-issued tokens uneconomic.
The central bank is looking at alternatives to temporary caps on how many stablecoins individuals and businesses can hold, and is examining whether its requirement that at least 40% of backing assets be held as non-interest-bearing deposits at the BoE is overly conservative, Deputy Governor Sarah Breeden told the Financial Times.
The rethink comes as the UK government and regulators try to position Britain as a competitive hub for digital assets while containing risks to bank funding and financial stability. Sterling-pegged tokens currently make up a tiny fraction of the roughly $300 billion global stablecoin market, which remains dominated by dollar-based issuers.
The BoE set out detailed ownership limits in its November 2025 consultation paper on a proposed regulatory regime for sterling-denominated systemic stablecoins, building on options first aired in a 2023 discussion paper.
Under that proposal, individuals would be restricted to holding up to 20,000 pounds (roughly $27,000) of a given UK stablecoin, while businesses would be capped at roughly $13.5 million, at least during an initial transition period.
Stablecoins Discussion Paper, 2023. Source: Bank of England
The central bank argued that limits were needed to avoid a sudden outflow of deposits from commercial banks into new forms of “tokenised” money if a large stablecoin were rapidly adopted for payments.
Related: Bank of England chief says global stablecoin rules will ‘wrestle’ with US
Industry groups and prospective issuers countered that the caps were operationally cumbersome, hard to supervise across platforms, and could deter serious institutional use of regulated UK stablecoins in areas like corporate treasury, payroll and settlement.
BoE rethinks stablecoin caps after pushback
Breeden has been one of the most cautious voices on stablecoins within the BoE. In November 2025, she warned that diluting the rules too far could damage financial stability, stressing that stablecoins are money-like instruments that must be at least as safe and robust as existing payments infrastructure.
At the time, she backed stringent liquidity requirements that would force stablecoin issuers to park large portions of their reserves at the central bank and hold the rest in high-quality liquid securities such as UK government bonds.
Law firms and potential issuers argue that such a structure would significantly compress margins and make UK stablecoin issuance far less attractive than operating under the United States or European Union regimes.
UK hunts for middle ground on stablecoins
The shift in tone highlights how UK policymakers are still feeling their way toward a middle ground on stablecoins as global approaches diverge.
In January, UK lawmakers opened an inquiry into how best to oversee fiat-backed tokens, taking evidence from industry participants such as Coinbase and Innovate Finance, while the BoE and Treasury continue to refine a framework intended to sit alongside broader crypto rules and potential digital pound plans.
Katie Haries, head of policy for Europe at Coinbase, told Cointelegraph it’s an important signal the BoE is prepared to revisit its stablecoin proposals.
“We’ve said for a long time that a cap on stablecoin holdings is a cap on innovation,” she said, with “real and significant risks for UK competitiveness.” She added that creating a regime where stablecoins can succeed and benefit users is “exactly the right ambition,” and something the crypto industry and everyday people are asking for.
A more flexible approach to caps and backing requirements could determine whether systemic GBP stablecoins emerge as serious competitors to dollar-pegged rivals in cross-border payments and onshore crypto markets, or whether activity remains concentrated in jurisdictions seen as more accommodating.
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Anthropic Targets Small Businesses With Latest Claude Release
Anthropic is continuing its push into the enterprise market with the launch of Claude for Small Business.
As the name indicates, the software is designed to help small business owners take advantage of the AI wave.
Adoption of AI by small enterprises continues to lag that of larger companies, despite their key role in the U.S. economy.
“Small businesses account for 44% of U.S. GDP and employ nearly half the private-sector workforce, but their adoption of AI has lagged behind larger enterprises,” as a post on the Anthropic website said.“Tools and training are rarely tailored to the ways small businesses operate, and as a result, their use often stops at the chat window,” the statement continued.
Anthropic’s answer is this package, released on May 13, which puts Claude inside many of the tools small businesses depend on, and is built on Claude Cowork, the general-purpose AI agent introduced earlier this year, which automates a host of non-coding tasks such as managing files and checking inboxes.
Claude for Small Business offers enhanced functionality using a toggle that allows Claude to get to work in a number of familiar third-party applications commonly used by enterprises of this size. These include Intuit QuickBooks, PayPal, HubSpot, Canva, DocuSign, Google Workspace and Microsoft 365.
It also ships with 15 ready-to-run workflows covering areas as diverse as finance, sales, HR, customer service and planning payroll, plus 15 skills that Anthropic says small businesses have identified as causing regular problems.
Other tasks that Anthropic says the small business platform can help with include closing the monthly books, scheduling, campaign analysis, invoices, reviewing contracts and preparing for tax season.
Several businesses are already using the software, among them Simple Modern, an Oklahoma-based drinkware manufacturer, whose CEO, Mike Beckham, said in a statement: “What we used to think were the constraints are just not constraints anymore. Hours of looking at stuff that doesn’t matter are gone. I want an entire organization where everybody is using these tools daily.”
The release is being supported by the launch of a Claude for Small Business tour, which will provide free training and workshops for small business owners and employees.