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Enterprises Contain AI Agents to Balance Risk, Reward

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NEW YORK — As an early adopter of AI, Kevin Hearn, senior vice president and head of consumer bank development at Axos Bank, made one mistake: giving hundreds of people on his team access to the technology without a specific goal. 

During a fireside chat at the AI Agent Conference, Hearn said he gave 300 employees access to an AI agent, which yielded 300 different results.  

Some used the agent to write code, some used it to fix the code, others struggled to prompt the agent effectively, leading to inconsistent results in code quality. 

So Hearn had to reevaluate how to proceed and ultimately decided to shrink his team of AI testers from 300 to about five to seven people focused on experimenting, testing and refining the AI agent. 

“As people come to me with ideas, I may give them the autonomy to go chase it, or I’ll have that team specifically focus on it,” Hearn said in an interview. “The power of that team is that once they’ve solidified an agent in a particular area, meaning they’ve worked with all the consumers of that agent to put a corporate effect on it, we’re now able to perpetuate that consistently.” 

Related:Enter Bob, IBM’s Friendly AI Coding Assistant

Hearn’s strategy is an example of how enterprises are trying to ensure they do not miss out on the powerful technology of AI agents while also mitigating risks and keeping agents within a contained environment so that their use of it does not backfire and cause business mistakes. His strategy also indicates the balancing act enterprises must do when approaching the new technology. 

“Agents aren’t traditional software,” said Matt DeBergalis, CEO and co-founder of Apollo GraphQL, in an interview at the conference. “On the one hand, everybody is banging on the table saying, ‘Go fast, go far, act like a startup.’ But on the other hand, this is the biggest data exfiltration threat to every enterprise.” 

He said that while enterprises need to be able to experiment, they also need strong foundations in place to experiment in a measured way. 

Internal Use Cases 

For Axos, the opportunity AI promised was too great to pass up, so the company found that its approach to risk mitigation was to focus on using AI technology and AI agents internally first. The banking institution uses OutSystems Agent Workbench to create, deploy and manage its AI agents including internal business analyst agents, Scrum Master agents and engineering agents. 

Hearn said that having a small, focused team working on experimenting with AI is key. 

“It’s all coming through that kind of centralized team that ensures the governance is there,” he said. “Governance being that we are using it appropriately. We are not feeding information we should not be. It does not have access to the outside world.” 

Related:SoundHound Launches Self-Learning AI Agent Platform

Like Axos, the fintech company Netevia uses AI, including agentic AI, for internal processes such as customer service. However, it avoids risks by not integrating it into forward-facing applications. 

“Part of the journey is to be able to understand how you thread slowly,” said Vlad Sadovskiy, CEO of Netevia, in an interview at the conference. “You cannot [mess] with people’s money even though the technology is already available to others doing agentic payments, AI-to-AI payments. We are still about a year away from the actual people thinking of adoption.”  

T-Mobile and Upwork 

While some enterprises are more focused on internal use cases, others are  building externally facing agents for consumers. At T-Mobile, AI helps solve customer service issues. 

T-Mobile customers use the company’s AI-powered app, T-Life. The telecommunications company also places a heavy focus on managing potential risks, said Julianne Roberson, director of AI engineering at T-Mobile. 

“We have observability on everything, so if something goes wrong, we see it,” Roberson said in an interview at the conference. “We try not to put things out if we don’t know if they’re going to work.” 

Related:Mistral’s Model Lets You Vibe Long-Running Code in the Cloud

Similarly, Upwork  prioritizes risk mitigation by giving agents a contained environment in which to run. 

“We built a lot of internal tech that provides the safety harness for all of this,” said Andrew Rabinovich, CTO and head of AI at Upwork, in an interview. “Every language model that’s run internally — and they’re all custom-built — they’re all passed through this trust system to avoid hallucination and prevent getting off the rails.” 

He added that Upwork spent time demystifying AI agents for employees so that they understood how they worked. 

“We spent a lot of time teaching and presenting to the whole company all the components of the technology so people get a better sense of it, what to do with it, and then people have an opportunity to interact with it and try to include it on their own as well,” Rabinovich said.  

The containment strategy, where enterprises ensure the right governance and tools are in place before releasing agents more broadly, can be critical because it helps mitigate the risks associated with using AI and agentic AI tools. 

“People see performance, mistake it for confidence, then they get FOMO and it is a mess. As soon as you get into FOMO mode, it is a big mess,” said Robert Blumofe, executive vice president and chief technology officer at Akamai, a cloud computing and security company. He said that organizations should use AI when nothing else works. 

“Use AI for what AI is awesome at and not try to force it into everything,” he said.

XRP’s 2025 Chart Fractal May Repeat Another 66% Price Rally to $2.35

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XRP (XRP) is currently displaying a technical pattern that follows a 2025 fractal that produced 66% gains. The daily chart shows XRP price breaking out of a bull flag, which can also result in massive gains.

Key takeaways:

  • XRP is currently displaying a technical pattern similar to the 2025 price action that ignited a 66% price rally
  • XRP’s spot taker CVD has turned positive, suggesting confidence among buyers.

XRP price chart fractal targets $2.35

XRP’s price action in the daily time frame mirrors a technical structure after recovery from the April 2025 cycle low, preceding a sharp upward continuation. 

The formation came after a multi-week consolidation inside a bull flag, followed by a bullish cross by the 20-day and 50-day exponential moving averages (EMAs), as shown in the chart below.

Related: XRP set for ‘strongest’ 2026 monthly ETF inflows as bulls target $2

The XRP/USD price broke above the upper boundary of the flag in early July 2025, triggering a cascade of short liquidations and fresh buying that ultimately delivered 66% gains to its current all-time high of $3.66, less than two weeks later.

XRP/USD daily chart. Source: Cointelegraph/TradingView

XRP’s current price action is following a similar pattern, with the price again breaking out of a bull flag pattern and a pending bullish crossover from the moving averages.

If history repeats itself, XRP/USD may rally by more than 66% toward $2.35. Further confirmation of a trend reversal now hinges on the price holding above $1.40, which is also the flag’s upper boundary and the 50-day SMA.

“XRP is gaining momentum above $1.40, holding firmly over its 100-hour SMA” analyst Jack Straw said in a Tuesday post on X, adding:

“A clean break above $1.420 could trigger the next leg up.”

Fellow analyst Sam Mti said XRP was “looking good” after a buy signal from the MTI indicator, with potential to move above $1.45 as long as support at $1.40 holds. 

XRP/USD 1-hour chart. Source: Sam Mti

As Cointelegraph reported, buyers will gain the upper hand on a close above the $1.40 level, paving the way for an XRP rally toward $2, then to $2.40.

XRP’s spot taker CVD suggests buyers are back

XRP’s 90-day spot taker cumulative volume delta (CVD) shows that buy-orders (taker buy) have become dominant again. CVD measures the difference between buy and sell volume over three months.

The metric flipped positive (green bars in the chart below) on May 1 as the price broke above the $1.38 resistance and has remained positive since. This indicates optimism among traders, as they’re actively positioning for further gains.

If the CVD remains green, it means buyers are not backing down, which could set the stage for another rally as seen in the past. A similar occurrence in June 2025 accompanied 70% XRP price gains. 

XRP spot taker CVD. Source: CryptoQuant

Meanwhile, XRP’s open interest (OI) delta flipped positive, rising to as high as $27 million on May 1, reflecting  a change in active derivatives positioning, data from CryptoQuant shows

“A sharp positive reading suggests that new positions are being added to the market,” CryptoQuant analyst Amr Taha said in a QuickTake analysis on Tuesday, adding:

“When this happens while price is rising, it often shows that traders are increasing exposure as momentum begins to recover.”

XRP OI delta across exchanges. Source: CryptoQuant

This article is produced in accordance with Cointelegraph’s Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.

OKX joins crypto’s pre-IPO frenzy with OpenAI, SpaceX perpetual futures

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OKX is preparing to offer perpetual futures tied to private companies, including OpenAI, SpaceX, and Anthropic, intensifying a growing race among crypto firms to bring pre-IPO speculation markets on-chain, the company said Wednesday in a blog post.

The contracts will provide synthetic price exposure to private companies ahead of their anticipated public listings, without granting actual equity ownership or shareholder rights.

Bitget entered the sector in April with “IPO Prime,” listing a Solana-based SpaceX-linked token issued through investment platform Republic. Last year, Injective rolled out pre-IPO perpetual futures tied to firms including OpenAI, Anthropic, SpaceX, and Perplexity, describing the products as a way to bring the $13 trillion private equity market “directly on-chain.”

The trend also reflects how crypto exchanges are increasingly moving beyond bitcoin and ether (ETH) trading to include equities, prediction markets, and real-world assets as they seek new sources of trading activity.

Robinhood tried something similar but took a different approach last year. The fintech platform offered OpenAI-linked tokens backed by a special purpose vehicle that held equity purchased on the secondary market, rather than direct equity ownership.

OpenAI publicly distanced itself from the product at the time, warning that any transfer of actual company equity would require its approval.

Visibility as the Core of Treasury Transformation

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At the Money20/20 Asia event, the challenge of managing fragmented banking and payment systems took center stage as a primary hurdle for modern finance teams. David Hanna, CEO of Finmo, joined the discussion to detail how the company functions as a treasury operating system specifically designed to solve the critical issue of cash visibility. For mid-market customers operating across the region, the typical reality involves managing multiple organizations, diverse currencies, and a complex web of bank accounts that often exist both inside and outside of the APAC region. Finmo addresses this by providing a consolidated view, pulling disparate data into a single, unified dashboard. This fundamental shift allows finance teams to move away from the time-consuming process of logging into 15 to 20 different individual bank portals, instead granting them the ability to see their global cash position at any given time.

By establishing visibility as the foundation of the treasury department, Finmo enables teams to optimize their downstream working capital with high precision. In many traditional setups, CFOs often maintain an extra cash buffer in specific markets because they lack the predictability required to manage their liquidity effectively. With Finmo, these teams can transition from manual spreadsheet manipulation to the use of real-time intelligence and data insights. This allows for the automation and optimization of essential functions such as FX hedging, liquidity management, and general workflow automation. The move from manual entry to automated insights has resulted in significant gains in speed and efficiency, while also reducing the headcount and personnel costs previously required to perform these repetitive tasks.

A major differentiator for the platform is its API-first, modular architecture, which is specifically built to address the long and often disruptive implementation cycles associated with legacy treasury management systems (TMS). While traditional treasury tools are notoriously hard to integrate and can take anywhere from 12 to 18 months to fully deploy, Finmo offers a plug-and-play infrastructure. This modularity allows merchants to easily integrate everything from basic cash visibility to complex workflow optimization without the need for a total system overhaul. Whether a customer requires traditional money movement capabilities or more advanced hedging and invest-side optimization, the platform is designed to be highly adaptable to the specific needs of the business.

The modernization of the treasury function is further enhanced by MoAI, an embedded AI capability that is built directly into the foundation of the Finmo platform. This innovation gives CFOs and finance leaders a deeper level of insight into their cash positions and transaction behaviors. By analyzing historical data alongside external macro-environmental factors that might impact currency risk or liquidity, MoAI can proactively predict and forecast what needs to happen from an optimization standpoint. In this new environment, a CFO can begin their day with predictive insights already available, rather than spending hours downloading data and performing manual forecasts.

Ultimately, Finmo’s focus on streamlining liquidity management and providing total visibility is reshaping the future of treasury in APAC. By integrating directly into real-time payment infrastructure across 180 different markets and supporting 30 different currencies, the platform ensures that payments move smoothly and fast. By solving the visibility crisis first, Finmo provides the necessary clarity for CFOs to reduce unnecessary buffers, perform more efficient investment functions, and turn their treasury operations into a strategic driver of global business growth.

Key Highlights from David Hanna:

  • Consolidated Cash Visibility: Hanna explains how Finmo replaces the need to log into multiple bank portals with a single dashboard that provides a real-time view of cash positions across different entities.

  • MoAI Predictive Intelligence: A look at how embedded AI helps CFOs move from manual reporting to proactive forecasting based on historical data and environmental factors.

  • Efficiency in Real-Time Payments: How direct integration into real-time payment infrastructure allows for smoother money movement across 180 markets and 30 currencies.

  • Rapid API Integration: The strategic advantage of a modular, API-first platform that eliminates the 12 to 18-month implementation cycles found in legacy systems.

Crypto PAC spends $500K in support of Indiana candidate ahead of primary

Defend American Jobs, the crypto-backed political action committee (PAC) affiliated with Fairshake, reported spending more than $500,000 on media to support a Republican incumbent representative in Indiana.

According to a Saturday filing with the US Federal Election Commission (FEC), the Defend American Jobs PAC spent about $514,000 on media in support of James Baird, a Republican House member running for reelection in Indiana’s 4th Congressional District. The spending was the latest in Fairshake’s spending on the 2026 US elections ahead of today’s Indiana primary elections.

Source: FEC

Baird, who assumed office in January 2019, voted in favor of the GENIUS Act, the stablecoin payments bill, and the CLARITY Act, legislation aimed at creating digital asset market structure that has been stalled in the US Senate for months.

The Coinbase-aligned digital asset advocacy organization Stand With Crypto rated the Republican as “strongly supports crypto.”

Fairshake and its affiliates, Defend American Jobs and Protect Progress, are expected to spend millions of dollars in support of candidates they consider “pro-crypto” in this year’s US midterm elections.

In 2024, the PAC reported more than $130 million in expenditures for media supporting such candidates, including $40 million for Ohio’s US Senate race, in which voters rejected three-term Democratic incumbent Sherrod Brown. He is running this year to unseat Senator Jon Husted, a Republican appointed to fill Vice President JD Vance’s old seat.

Related: Americans distrust crypto, AI as industry super PACs flood midterms, poll finds

Today’s Indiana primary pits Baird against Indiana state representative Craig Haggard. Fairshake‘s backers include crypto companies Coinbase and Ripple Labs. Cointelegraph requested a comment from Fairshake but did not receive an immediate response.

Six months until US midterms with crypto bill hanging in the balance

All 435 seats in the US House of Representatives and 33 seats in the US Senate are up for grabs in November’s midterm elections, with money from crypto lobbyists and PACs expected to potentially influence voters.

Fairshake reported holding $193 million in its coffers as of January, and said it will “oppose anti-crypto politicians and support pro-crypto leaders” in 2026. The PAC has already spent about $8.6 million in Illinois races for the state‘s governor and Senate and House members, and more than $1 million in Texas races.

The spending reports come as the US Senate is expected to schedule a markup on the CLARITY Act. The digital asset market structure legislation, passed by the House in July 2025, has been stalled in the Senate for months largely over concerns on ethics and stablecoin yield, but may be progressing after lawmakers announced a compromise last week.

Magazine: North Korea denies crypto hacks, Upbit’s bank tests Ripple: Asia Express

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Colombian President Proposes Building a Bitcoin Mining Hub

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Colombia’s President Gustavo Petro said the nation’s Caribbean coast has the potential to become a Bitcoin mining hub, leveraging its surplus renewable energy to attract foreign investment and spur economic development.

In a post on X on Tuesday, Petro said the Caribbean cities of Barranquilla, Santa Marta and Riohacha could host Bitcoin (BTC) mining facilities and tap the country’s clean energy sources, following a path similar to those of Venezuela and Paraguay in recent years.

“It’s an immense boost to the development of the Caribbean,” Petro said, proposing that the Wayúu community — Colombia’s largest Indigenous community, which mainly resides on the Caribbean coast — could be co-owners of the project.

Bitcoin mining analysts such as Hashlabs managing partner Jaran Mellerud have said the industry can have a sizable economic impact on emerging countries looking to convert otherwise unused electricity into cash flow.

There’s also an opening for countries with low electricity costs to capture a larger share of the Bitcoin network hashrate as US commercial miners continue expanding into AI and high-performance computing in pursuit of higher-margin opportunities. 

Petro’s remarks were made in response to a post from Luxor Technology’s Alessandro Cecere, who noted that Paraguay’s share of global Bitcoin hashrate has risen to 4.3% since tapping into hydroelectric energy at its Itaipu dam.

The small, landlocked South American country is now the fourth-largest Bitcoin mining country by hashrate, behind the US, Russia and China.

Global Bitcoin hashrate map. Source: Hashrate Index

A World Bank report published in April 2024 found that Colombia generates as much as 75% of its electricity from renewable energy — more than twice the global average. 

Tapping these renewable sources would mitigate concerns flagged by Petro that Bitcoin mined with fossil fuels contributes to global warming and potential “climate collapse.”

Petro’s presidential term ends in August 

Petro has served as Colombia’s president since August 2022 and has adopted a relatively neutral stance on Bitcoin and the crypto industry.

Related: K Wave Media abandons Bitcoin treasury push for AI infrastructure 

Petro only has another three months to lead the Bitcoin mining initiative as his presidential term comes to an end in August.

He is not running in Colombia’s forthcoming presidential election on May 31 due to constitutional limits.

Data from prediction market Kalshi suggests that left-leaning Senator Iván Cepeda Castro and Abelardo de la Espriella, a conservative lawyer and free-market advocate, are the clear front-runners to replace Petro.

Neither candidate has made significant public comments on Bitcoin or digital assets to date. 

Magazine: Bitcoin may face hard fork over any attempt to freeze Satoshi’s coins

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Lighter Names USDC as Preferred Stablecoin in New Circle Partnership

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The agreement spans spot and perpetual trading, settlement, liquidations, and onboarding flows on the decentralized exchange.

Circle and Lighter have entered a strategic partnership that designates USDC as the default and preferred stablecoin across the decentralized perpetuals exchange’s full product stack.

The integration covers spot and perpetual trading, settlement, liquidations, and onboarding flows, Circle said in a Tuesday post on X.

“As onchain markets scale, trusted dollar infrastructure becomes core market infrastructure,” the stablecoin issuer wrote, framing the deal as part of a broader push to embed its digital dollars deeper into onchain trading venues.

Lighter responded that USDC has been a foundational asset for the protocol and its traders since day one, adding that the two firms plan to continue building together.

The deal lands as Lighter works to recover momentum lost since its December token generation event. The exchange briefly led the perp DEX market by volume in November and December, but has since slipped behind Hyperliquid, Aster, and EdgeX.

Lighter currently ranks fourth by 7-day perp volume at roughly $8.7 billion, per DefiLlama. Meanwhile, the LIT token has struggled despite a string of feature rollouts, including unified collateral accounts and multi-asset margin.

This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.

Enter Bob, IBM’s Friendly AI Coding Assistant

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BOSTON — Meet Bob, the supportive and collaborative AI coding helper that automates much of the software development process while leaving the human in charge.

“It’s Bob the Builder,” said Venkat Venkatesan, senior manager in the tax technology and transformation practice at EY, the global tax and consulting firm, affectionately referring to the well-known animated British TV show featuring a builder and his helpful talking machines. “When I first started using Bob, I knew it was not a simple coding assistant.” 

You could say that Bob, released about a week before the start of IBM’s Think 2026 user conference, was the star of the show, popping up in panels and presentations and even the opening keynote by Arvind Krishna, the long-established tech vendor’s chairman and CEO. 

In a way, Bob is IBM’s answer to Claude Code, the widely used coding agent from IBM partner/competitor Anthropic, and Codex from OpenAI, another generative AI leader. 

Related:Enterprises Contain AI Agents to Balance Risk, Reward

Except that Claude is one of the AI models at the heart of Bob, which routes coding tasks to Claude, open source models from France-based AI vendor Mistral, and Granite, IBM’s own family of lightweight models, depending on the nature of the job. 

Venkatesan and her team, who are building out an extensive global tax platform for EY, had been using Bob in private beta for a few months before IBM made it generally available late last month and introduced it to the wider world at the conference. 

“I would call it an agent,” Venkatesan said in an interview on Tuesday, the official start of the conference. “It helps you during every phrase. It’s like you’re working with it.” 

In the coding community, pair programming is a traditional practice in which two developers share a single workstation to collaboratively write code. 

“Bob is like that. It’s like a digital worker. You both work together,” Venkatesan said. 

Bob, who has his own mascot, was certainly not the only new IBM AI creation on display this week. 

Krishna positioned AI at the core of the 115-year-old company’s go-forward strategy, saying in his keynote that IBM itself has applied AI and automation across all of its operations and realized $4 billion in productivity gains. 

“As you talk to different clients, as you talk to different geographies and industry sectors, this is the big change,” Krishna said. “It’s no longer about how much your budget is. The question comes down to, how deeply is AI embedded in your business processes?” 

Among other new developments was the release of 150 prebuilt agents in Watsonx Orchestrate for hybrid cloud and mainframe environments and a major expansion of the Concert AIOps platform. IBM also touted a new generation of the Watsonx Orchestrate agent management system and an integration of Watsonx and Confluent’s streaming data platform, after IBM’s $11 billion acquisition of Confluent

Related:SoundHound Launches Self-Learning AI Agent Platform

For many observers, IBM is wise to strategically extend its generative AI offerings — led by the Granite and Watsonx lines of models — to hybrid cloud and mainframes, while retaining many cloud AI products and services and maintaining a multi-model, multi-cloud approach. 

IBM has a long tenure with many of the world’s biggest and oldest financial institutions and other companies in highly regulated industries that value the data privacy and security of mainframe computers. It’s a trusted brand with loyal customers that are moving forward with both on-premises IT operations and more modern cloud and AI technologies. 

Remarkably for IBM, which still builds and sells mainframe hardware and software, mainframes are still a profit center, said Sanjeev Mohan, founder and analyst at the SanjMo advisory firm, in an interview at the conference. 

“If you’re a financial services company or an agricultural company, and for 70% of global transactions, everything still flows through mainframes,” Mohan said. “Mainframes are a growing business, not a dying business.” 

Related:Mistral’s Model Lets You Vibe Long-Running Code in the Cloud

Likewise, IBM’s decision not to engage competitively with the biggest generative AI vendors and instead focus on smaller and lighter-weight models was correct, Mohan said. 

“What IBM is saying is that, with so much competition, ‘If we focus on very niche areas where their clients are, then we can cut a swath based on where the need is rather than create a generic model,’” he said. 

Meanwhile, the IT department of another IBM customer, Pennsylvania-based SEI, a large financial services company, is not going the mainframe route in favor of a fleet of AI agents it plans to build with IBM Consulting, the professional services wing of IBM. The company’s accounting section, however, still runs on IBM mainframes. 

IBM Consulting recently won a competitive request for proposals at SEI to design agents for cloud-based operations for a multitude of business processes, including replacing dated optical character recognition document systems. 

“They’re coming in to really help us reexamine our workflows bottom-up and reengineer those workflows and apply AI where applicable and potentially build out those agents,” said Zachary Womack, CTO at SEI. “Those agents would be deployed on our framework and may require tech that we don’t have. In the future, operations goes from banging away on applications to orchestrating agents.” 

That tech could include Watsonx models and agents, Claude or OpenAI models, Womack said.  

“We definitely are multi-model in our approach,” he said. “All that will be part of the harness we are continuing to build out.” 

As for ROI, that remains to be seen, as are the metrics SEI will use to determine it. 

“It’s still early days. The question of ROI is a good one,” Womack continued. “I think people are still evaluating the promise that’s there.” 

One IBM customer is retired tennis superstar Andre Agassi and his sports entertainment company

Agassi appeared on the main stage Tuesday to talk about his Watsonx-powered racket sports digital coaching mobile app, set to be released later this year.  

Agassi said that when he played, preparation was key to overcoming his physical limitations as neither the biggest nor fastest player on the pro tennis tour. 

He said he had to count on his coaches and trainers to help him perform at a high level. 

“And now, all of a sudden, when you start seeing the capability of an AI, my partnership with IBM, you start to realize … we have multiple ways to use this to enhance this game in a beautiful way, and take it deep in the future,” he said. 

Crypto Exchange Bullish Strikes $4.2 Billion Deal For Equiniti To Build Tokenized Securities Infrastructure

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Bullish has agreed to acquire global transfer agent Equiniti in a $4.2 billion transaction that aims to fuse traditional market infrastructure with blockchain-based systems, marking one of the largest deals tied to tokenized securities.

The agreement combines Bullish’s digital asset platform with Equiniti’s role as a core record-keeper for public companies. Equiniti services nearly 3,000 issuer clients, supports more than 20 million shareholders and processes about $500 billion in annual payments. Transfer agents maintain shareholder records, manage dividend distribution and handle corporate actions, placing them at the center of equity market operations.

Under the terms, Bullish will assume $1.85 billion of Equiniti’s debt and issue about $2.35 billion in stock, subject to adjustments. The companies expect the deal to close in January 2027, pending regulatory approvals.

The combined firm is projected to generate about $1.3 billion in adjusted revenue in 2026, with more than $500 million in adjusted EBITDA less capital expenditures. Bullish expects revenue growth of 6% to 8% from 2027 through 2029, with tokenization and blockchain services contributing a larger share over time.

Blockchain tech is making a push

The transaction reflects a broader push across financial markets to bring equities and other assets onto blockchain infrastructure. Bullish executives frame the acquisition as a way to address a gap in tokenized markets: the absence of a regulated transfer agent built for digital securities.

Bullish provides token design, issuance, compliance and trading services, along with liquidity and market data through its ownership of CoinDesk. Equiniti contributes established relationships with listed companies and regulators, along with its role as a system of record for equity ownership.

Together, the firms plan to offer an integrated platform that spans the full lifecycle of tokenized assets, from issuance to registry management and secondary trading. The system is designed to operate alongside existing financial infrastructure, including central securities depositories, custodians and broker-dealers.

Executives argue the structure could allow issuers to track ownership in real time, replacing settlement processes that can take days. The platform also aims to automate corporate actions and expand access to investors across jurisdictions. For investors, the model promises continuous trading, faster settlement and fewer intermediaries.

Bullish said they plan to support trading in tokenized equities outside the United States, targeting international investors seeking access to digital representations of shares. The platform will also bridge traditional certificated shares with tokenized formats, allowing both to coexist within a single system.

Equiniti will continue to operate under its existing leadership, with CEO Dan Kramer and his team retaining responsibility for day-to-day operations, client relationships and regulatory compliance. Bullish will provide infrastructure and strategic support tied to tokenization initiatives.

Private equity firm Siris, which acquired Equiniti in 2021, will receive two board seats in the combined company. The deal includes a provision allowing Siris to acquire certain non-core business lines.

The acquisition lands amid a rise in consolidation across the digital asset sector, as firms seek to build end-to-end financial platforms that combine trading, custody, payments and compliance. 

Yesterday, The Depository Trust & Clearing Corporation said they will begin piloting tokenized securities trading in July 2026, with a full launch scheduled for October. The initiative will run through its subsidiary, the Depository Trust Company, which holds over $114 trillion in assets, underscoring the scale of the shift.

Crypto ETFs go mainstream as traditional finance locks in

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Miami Beach, FL — “The market is the market… it’s not crypto and traditional anymore,” said Dave LaValle, President of CoinDesk Indices and Data, on a panel at Consensus Miami Tuesday, capturing a shift echoed across issuers and asset managers.

As traditional finance firms pour in, Douglas Yones of Direxion argued that institutional participation is “good for the industry,” bringing standardization and discipline to processes that were once fragmented.

That institutional layer is also unlocking global access. In regions where spot crypto remains restricted, particularly across parts of Asia, ETFs have emerged as the primary on-ramp.

“ETFs are a plug-and-play solution,” said Krista Lynch, SVP of ETF Capital Markets at Grayscale, noting they fit seamlessly into existing risk systems that can’t accommodate direct bitcoin exposure.

The result is rapid adoption. Lynch points to surging demand for features like in-kind redemptions and collateral usage, while Steven McClurg, CEO of Canary Capital, highlights a simpler appeal: security and liquidity. “Some investors would rather hold an ETF and let issuers handle custody,” he said.

Where the market goes next is already taking shape. Index-based products are poised to organize a growing universe of assets, while staking and income-generating strategies could define the next wave. Tokenization, though promising, remains in its early stages, according to McClurg.

Still, the direction is clear: ETFs aren’t just expanding crypto access, they’re redefining how the asset class is structured, distributed, and owned globally.

Read more: Recovery in bitcoin ETF inflows is real. It is just not complete yet.