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Who’s pledging to Aave’s $300 million DeFi recovery effort after massive Kelp DAO exploit

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In the often-fractured world of decentralized finance, crises tend to expose fault lines. This time, they’re also revealing an unusual level of coordination.

Aave, one of DeFi’s largest lending protocols, is at the center of a broad recovery effort following losses tied to the Kelp DAO exploit, drawing in capital and credit commitments from across the industry. The effort, informally dubbed “DeFi United,” has raised about $303 million in commitments as of Monday, according to its website, with much of the capital still pending governance approval.

The exploit, which rippled into rsETH markets and created risk across lending positions on Aave, has prompted what is shaping up to be one of the most coordinated industry responses to a DeFi incident.

“There’s a shared priority around supporting users and restoring normal market conditions,” an Aave Labs spokesperson told CoinDesk. “Many of these participants are deeply connected to DeFi, whether through infrastructure, capital, or user access, and have a direct interest in ensuring markets function as expected.”

At the core of the effort is Aave itself. A governance proposal outlines a plan for the DAO to allocate up to 250,000 ETH as part of the recovery. Founder Stani Kulechov has separately indicated he would donate 5,000 ETH personally. Other contributors within Aave’s orbit are also stepping in, including Aave’s Emilio Frangella (500 ETH), BGD Labs’ Ernesto Boado (100 ETH), BGD Labs (250 ETH), and KPK’s Marcelo Ruiz de Orlano (100 ETH).

‘Long-standing’ relationships

But the response has quickly extended beyond Aave, and in some cases began with direct outreach.

Following the April 18 bridge hack that impacted rsETH, Kulechov reached out to Consensys and other ecosystem participants early to help coordinate a response, according to a Consensys spokesperson.

The firm, alongside its founder Joseph Lubin, agreed to commit up to 30,000 ETH in financial support to help advance the recovery and protect users. Sharplink played a strategic advisory role in those discussions, the spokesperson said.

“The Ethereum ecosystem has always been at its best when it moves together,” Lubin said in a statement. “DeFi United is exactly that, a broad, coordinated response to protect users and strengthen the infrastructure we’ve all helped build. Consensys is proud to contribute alongside other stewards in the ecosystem.”

The effort has also drawn smaller contributions from across the community.

Lido has put forward a proposal to allocate up to 2,500 stETH, while EtherFi is discussing a 5,000 ETH plan aimed at supporting users and limiting bad debt across DeFi. Mantle has proposed a 30,000 ETH credit facility loan, adding to a growing pool of backstop liquidity. Compound also put forward a proposal to give up to 3000 ETH to the fund.

Other contributions are taking the form of deposits into Aave itself. Babylon Foundation plans to deposit $3 million in USDT, while Renzo has supplied more than $10 million from its treasury. Circle Ventures is purchasing AAVE tokens, and additional deposits have come from entities including Avalanche Foundation, Solana Foundation, and Justin Sun, according to Aave Labs.

The list of participants continues to grow. Entities that have not publicly specified the size of their commitments include Ethena, LayerZero, Frax Finance, and Ink Foundation, alongside Tyro.

“These are long-standing Aave relationships across the ecosystem,” the Aave Labs spokesperson added. “Teams like Consensys, Sharplink, and others have been in close contact throughout.”

Not all contributions are structured the same way. Some participants are offering grants, others deposits, and several are extending credit lines, highlighting different approaches to balancing support with risk management.

In parallel, Aave Labs has put forward a proposal asking Arbitrum governance to approve the release of roughly 30,765.67 ETH immobilized by the network’s Security Council into the coordinated remediation effort, with the goal of “making affected rsETH holders whole” and restoring rsETH’s backing.

Much of the capital remains subject to governance approval, and several proposals are still under discussion. Even so, the breadth of participation underscores how widely the exploit’s impact has been felt across DeFi.

“The Ethereum ecosystem has always been at its best when it moves together,” Lubin said. “DeFi United is exactly that: a broad, coordinated response to protect users and strengthen the infrastructure we’ve all helped build.”

Ian Allison contributed reporting.

Read more: Why DeFi is not dead after the KelpDAO exploit

Western Union (WU) gears up stablecoin launch to settle global transactions without SWIFT

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Western Union (WU) is preparing to roll out a stablecoin strategy that could reshape how the 175-year-old money-transfer company settles payments across its global network.

CEO Devin McGranahan said on the company’s first-quarter earnings call that Western Union’s U.S. dollar stablecoin (USDPT) is in the final stages of readiness and is expected to launch next month. The firm announced in October that the digital dollar will run on Solana (SOL) and will be issued with federally chartered crypto bank Anchorage Digital.

Western Union plans to use the stablecoin first as an alternative to the interbank settlement rails it uses today to move money between the company and its agents.

“We are not originally launching [USDPT] as consumer-facing,” McGranahan said. “We are launching it as an alternative to the interbank SWIFT settlement network that we use today.”

That matters, he said, because Western Union’s business still depends on legacy banking systems that settle only on business days and can take two or three days in some markets. Stablecoins could allow the company to settle with partners in real time, including over weekends and holidays, while reducing capital tied up in the system, he added.

The second piece of the company’s strategy is the Digital Asset Network (DAN), which lets crypto wallet companies offer Western Union as a cash-out option. Through that network, wallet users will be able to convert digital assets into local currency through Western Union’s retail footprint, McGranahan said.

The company said its partner pipeline represents tens of millions of crypto wallets globally.

Western Union also plans to launch a Stable Card, expected later this year. It will let customers hold funds in stablecoins and spend through card networks. McGranahan said the card could be useful in inflation-sensitive markets where customers want access to U.S. dollar-denominated value with everyday spending utility.

“We expect to begin rolling this out across dozens of markets with an initial wave targeted for later this year,” he said.

Western Union’s stablecoin push comes as its core remittance business faces pressure, with rival fintechs and crypto payments firms increasingly using blockchain tech for cross-border payments. MoneyGram, for example, is looking to Circle’s USDC stablecoin, while Stripe launched its own stablecoin infrastructure with a payments-focused chain Tempo.

Read more: DoorDash is bringing stablecoin payments to masses with Stripe-backed blockchain

Bitcoin signals flash caution as conference kicks off and momentum fades

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Bitcoin’s Sunday night rally stalled out near $79,400 and is beginning to show signs of fatigue, with several indicators pointing to potential short-term weakness as the price trades back around $77,000.

First, the Coinbase premium index has turned negative for the first time since April 8, according to Coinglass data.

The move to -0.04% follows a 14-day stretch of positive readings, the longest since October, that signaled consistent demand from U.S. investors and a run-up in the bitcoin price from $66,000 to $79,000.

The index measures the price difference between Coinbase, a platform for U.S. institutions, and offshore exchanges like Binance. A flip into negative territory suggests that this cohort is no longer aggressively buying, leaving the market more reliant on offshore flows. As the Coinbase premium turns negative, this tends to coincide with price pullbacks or consolidation.

At the same time, the large Bitfinex whale, closely tracked for directional pricing, remains near cycle peak long exposure. Holdings currently sit at 79,342 BTC, just shy of the 80,100 BTC high. This entity typically divests its position once a local bottom is all but confirmed or when there is clear upside momentum.
The fact that exposure remains near the cycle peak despite bitcoin’s push toward $79,000 suggests a lack of short-term upside, raising the risk of a price decline.

Adding to these headwinds, bitcoin failed to reclaim the short-term holder realized price (STHRP) at $79,200. This metric represents the average on-chain acquisition cost of coins held for fewer than 155 days, a cohort that tends to be more reactive to price swings. The longer the price stays below the STH RP, the more likely recent buyers are to continue to exit, putting further pressure on the price.

Last but not least, the flagship Bitcoin conference has begun, with prior gains already fading, and if history is any guide, further downside follows.

Vitesse Strengthens U.S. Commercial Team with Appointment of Shareen Minor as Chief Revenue Officer, North America

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Vitesse, the trusted financial infrastructure connecting the global insurance ecosystem, announced the appointment of Shareen Minor as chief revenue officer, North America. Minor brings more than 20 years of experience across carriers, TPA operations and PE-backed insurtechs, and will lead Vitesse’s commercial growth across the United States, reporting to Curt Hess, executive president, North America.

The appointment follows a period of deliberate investment in the U.S. market. In 2024, Vitesse secured $93 million in Series C funding led by KKR with a clear mandate to bring its insurance treasury and payments platform to the U.S. insurance market, supporting expansion across product, operations and commercial growth. Since then, the company has connected nearly 500 insurance network participants to its platform, a 42% increase year over year, and grown payment volumes by 32% in the last financial year. Building on that foundation, Vitesse is now accelerating its commercial growth in the U.S.

Minor most recently served as chief revenue officer at Ontellus, where she delivered double-digit revenue growth including 30% expansion within existing client bases and was instrumental in driving the company through a successful private equity exit. Before that, she held senior roles at Charles Taylor Adjusting and Technical Services, Engle Martin and Associates, and NatGen Premier, where she helped scale a new enterprise from zero to $50 million in revenue in 15 months.

“Shareen has spent her career inside the organizations we serve, working with TPA operations, building carrier relationships and navigating the commercial pressures our customers face every day,” said Phillip McGriskin, CEO and co-founder of Vitesse. “That experience is exactly what we need as we build deeper partnerships with the carriers, TPAs and MGAs we are here to serve.”

“We have spent the past two years building a U.S. operation that works, with the right product, the right regulatory foundation and the right team,” said Curt Hess, executive president, North America. “The next step is growth, and Shareen is the right person to lead that. She knows this market from the inside, has the relationships that matter and understands the pressures carriers and TPAs are under. I look forward to what we will build together.”

The market opportunity is significant. Research published by Vitesse in its 2025 State of Claims Finance report found that 74% of U.S. insurers struggle to access readily available claims funds and only 1% rate collaboration between claims and finance teams as highly effective.

“The U.S. market is ready for a more modern, transparent approach to claims funds management,” said Shareen Minor, chief revenue officer, North America. “Vitesse brings the technology and infrastructure to deliver that. I’m excited to build upon our partnerships with carriers, TPAs and the broader claims ecosystem and help clients take control of their claims funds, strengthen treasury oversight and unlock real operational value.”

The appointment further establishes Vitesse as the category-defining financial infrastructure for the global insurance market, helping carriers, TPAs and MGAs deliver claims payments faster and with greater visibility and control.

Kalshi Says Bitcoin Payments And Prediction Markets Are Building A New Exchange For Big Money

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Kalshi’s head of crypto, John Wang, used a Bitcoin 2026 fireside chat to argue that regulated prediction markets offer a more accessible way to trade Bitcoin than traditional spot venues. He opened by describing his path at Kalshi and pushed back on the idea that the exchange is a pure crypto platform, saying Bitcoin and other digital assets serve as key payment rails rather than its core product. 

According to Wang, Bitcoin is now the largest source of user payments into Kalshi’s apps, underscoring how deeply the asset’s audience overlaps with the platform’s trader base.

Bitcoin predictions and insider trading on Kalshi

Moderator Conner Brown asked Wang on why a Bitcoin holder would choose Kalshi over spot markets to express a price view. Wang said prediction markets are attractive because they can apply to almost any outcome while preserving a simple user experience.

He argued that people already like trading Bitcoin and other cryptocurrencies and find them accessible, but that spot markets remain out of reach for many users compared with a straightforward contract that settles on a clear event result.

In his view, Kalshi can sit on top of that demand and package directional Bitcoin views in a format that feels more intuitive than managing wallets and navigating crypto exchanges.

Brown also raised concerns about insider trading and where to draw the line in event markets. Wang said Kalshi uses know-your-customer checks and internal protocols to protect traders and emphasized that information asymmetry is a challenge in equities and other markets as well. 

He framed the question as one of incentives, warning that if platforms fail to protect their users they risk turning markets into insider arenas that erode trust. The safeguards and norms for prediction markets are still developing, he said, but he expects investor protection standards to converge with those in more established asset classes.

Looking ahead, Wang positioned Kalshi as an exchange being built from the ground up for a new category of contracts rather than a niche trading venue. He said the company is constructing infrastructure for event-based exposure that can sit alongside traditional markets and added that he expects large hedge funds to take significant positions in prediction markets over time. 

Kalshi is set to launch cryptocurrency perpetual futures today, expanding beyond its core event-based contracts into continuous derivatives trading. The new product will allow traders to hold positions without expiration, using U.S. dollars as initial collateral, with plans to add stablecoins later.

Backed by its regulatory status and growing trading volumes, the move positions Kalshi to compete more directly with offshore crypto derivatives platforms.

Aven Launches Bitcoin-Backed Visa Card With Up To $1M Credit

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Aven has introduced a bitcoin-backed credit card that allows users to borrow against digital assets without selling holdings, marking a shift in crypto-linked consumer finance, according to statements shared with Bitcoin Magazine. 

The Aven Bitcoin Visa Card, unveiled today at the Bitcoin Conference 2026 in Las Vegas, provides a credit line of up to $1 million secured by bitcoin collateral. The product targets long-term holders seeking liquidity without triggering taxable events tied to asset sales.

The card combines a revolving credit line with fixed-term loan options, offering repayment periods of up to 10 years. Interest rates for both structures start at 7.99% APR, which the company said is below typical rates in the bitcoin-backed lending market.

“The industry norm for borrowing at fixed rates against bitcoin is a 1-year term. At Aven, we have 10X the industry standard, unlocking a wide variety of use cases previously not feasible,” Aven’s Sisun Lee said, speaking at The Bitcoin Conference.

Aven’s bitcoin custody structure

Borrowers pledge bitcoin through custody and infrastructure provided by BitGo Inc. and BitGo Bank & Trust, a federally regulated digital asset trust bank. The structure separates asset custody from card issuance, which is handled by Coastal Community Bank under a Visa network license.

The product includes no annual or origination fees and offers 2% cash back on purchases. Aven positions the card as a tool that bridges crypto holdings with traditional credit access, aiming to expand the utility of bitcoin within household balance sheets.

The card also offers up to a 5-year interest-only period for added flexibility. The company is one of the few Bitcoin-backed loan providers offering both fixed-term and interest-only plans in the same product.

“At Aven we believe that the hardest money ever created deserves the best financial products. With the Aven Bitcoin Card, we’re just getting started,” Lee said.

Bitcoin-backed lending has grown with the rise in digital asset adoption, though it has faced scrutiny over risk management and collateral volatility. Fixed-rate, longer-term structures such as Aven’s may appeal to borrowers seeking more predictable repayment schedules compared with margin-style loans that can face liquidation risk during price swings.

Aven, founded in 2019, focuses on asset-backed lending products designed to lower borrowing costs. The company reports that its platform has saved customers more than $300 million in interest payments through March 2026.

The launch signals continued convergence between crypto infrastructure and regulated financial services, as firms seek to integrate digital assets into mainstream credit markets while addressing risk, custody, and compliance requirements.

MARA Holdings targets bitcoin quantum threat and network resilience with new foundation

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Las Vegas — MARA Holdings (MARA) CEO Fred Thiel announced the launch of the MARA Foundation at the Bitcoin Conference Monday, outlining a broad effort to support the long-term resilience of the bitcoin network beyond the firm’s bitcoin and AI mining operations.

“Bitcoin is the most important decentralized system ever created, but its future is not guaranteed,” Thiel said, framing the initiative around the idea that the network requires active stewardship.

Thiel described bitcoin as “a public utility that nobody owns, but everybody depends on,” adding that decentralization “doesn’t mean it runs on itself, it means responsibility is distributed.”

The foundation will focus on maintaining bitcoin’s core properties as “sound, durable money,” while advocating for its open and global use. Key priorities include supporting the network’s security budget, particularly the development of a sustainable transaction-fee market, and funding research into emerging risks, such as quantum computing.

MARA also plans to fund open source development across scaling, mining, and user infrastructure, expand access to self-custody, and promote financial sovereignty worldwide.

Education and policy engagement are central to the initiative, including technical training, multilingual resources, and outreach to regulators.

As part of the launch, MARA will award $100,000 to one of three nonprofit organizations, with the recipient chosen by community vote, underscoring Thiel’s call for shared responsibility across the ecosystem.

BitMine Expands ETH Holdings Despite $6.5B in Unrealized Losses

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BitMine Immersion Technologies, the Ether treasury company backed by Fundstrat’s Tom Lee, has expanded its ETH holdings for the second time in as many weeks, even as large unrealized losses underscore the strategy’s risks.

The company said Monday it purchased an additional 101,901 Ether last week, bringing its total holdings to roughly 5.08 million ETH. Its combined crypto and cash reserves now stand at about $13.3 billion.

Source: Wu Blockchain

The latest acquisition follows a purchase of 101,627 ETH a week earlier, which was the company’s largest accumulation since December.

Despite the aggressive buying, BitMine is sitting on more than $6.5 billion in unrealized losses, based on total investments of approximately $17.6 billion, highlighting the impact of recent volatility in Ether prices.

The share price of the NYSE-listed BMNR stock is down more than 20% year-to-date, according to Yahoo Finance data.

Still, the company is generating yield on a portion of its holdings. BitMine has staked roughly 3.7 million ETH, allowing it to earn rewards for helping secure the Ethereum network and validate transactions, a strategy that provides a steady income stream even during price downturns.

BitMine’s unrealized losses on its ETH treasury have topped $6.5 billion. Source: Dropstab

Related: Crypto Biz: Same players, bigger bets as crypto eyes a rebound

Ether, crypto markets show signs of stabilization

BitMine’s large purchases come as the broader crypto market shows early signs of stabilizing after months of declines through March.

Ether rebounded above $2,400 last week after falling to a low near $1,800 earlier this year, according to TradingView data. Despite the recovery, the second-biggest crypto by market cap remains down roughly 23% year-to-date.

The rebound mirrors a broader uptick across equities and other risk assets in recent weeks, suggesting improving investor sentiment.

However, the volatility underscores the challenges facing crypto treasury players. Companies that accumulate large digital asset reserves are highly exposed to price swings, which can lead to significant unrealized losses during downturns, even as they continue buying. 

While strategies like staking can generate yield, they often do little to offset large drawdowns in asset value, leaving balance sheets sensitive to market cycles.

Related: Michael Saylor’s Strategy adds 3.2K Bitcoin at nearly $78K per BTC

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.

Kiwe Receives Final CBE Approval ,the New Wave of Fintech Has Arrived

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Kiwe, the home-grown fintech startup built around how people actually use money today, has received final approval from the Central Bank of Egypt (CBE) to launch its application and card in the Egyptian market, marking the arrival of a new wave of fintech that is more relevant, user-centric, and experience-driven.

The approval marks a major milestone for Kiwe and signals a growing shift in Egypt’s fintech landscape toward more user-centric, digitally driven financial solutions. Developed in partnership with Banque Misr, VISA, Meeza and ModuPay (formerly MDP). Kiwe combines international payment technology with trusted local banking infrastructure to deliver a seamless and secure experience for users.

What sets Kiwe apart is its focus on the social side of money, recognizing that people don’t just spend money, they move, share, and experience it together. The platform introduces Egypt’s first social money features, allowing users to manage money with ease. Whether it’s personal spending, planning a group trip, organizing a celebration, or contributing towards a shared goal, Kiwe removes the friction from everyday financial interactions and makes them feel intuitive and collaborative.

Alongside its social capabilities, Kiwe offers a full suite of practical money management tools. Users can send instant, free transfers, monitor spending in real time, and gain clearer insights into their financial habits. Designed with financial literacy at its core, the platform empowers users to stay in control, set boundaries, and make more informed financial decisions.

Kiwe is backed by a group of leading financial and investment institutions, including EFG Hermes, Valu, Cairo Capital, Dfin Holding, Marakez Group, and EFG EV, reflecting strong confidence in the platform’s vision, governance, and long-term potential.

Omar Kamel, Co-Founder of Kiwe said: “Receiving final approval from the Central Bank of Egypt is a defining moment for Kiwe. From day one, our goal has been to rethink how people experience money — to make it simpler, more relevant, transparent, and social. With the launch of our app and card, we’re offering users a platform that helps them manage, share, and understand their money in a way that feels natural and empowering. We’re excited about what 2026 holds, not just for Kiwe, but for the future of fintech in Egypt.”

It is worth noting that Kiwe was founded in 2021 by Mohamed Khalifa, Fatma Khalifa, and Omar Kamel, and began with a clear idea: Money should feel relevant to how people live today. That idea has since evolved into a fully licensed financial platform, ready to reshape how Egyptians move, manage, and share money.

 With its CBE approval secured, Kiwe is preparing for a strong 2026 launch, with plans to introduce additional financial products that continue to simplify money management while bringing a more personal and connected approach to everyday finance.

Bitcoin Bulls Battle For Control With Emphasis On $80K Reclaim

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Bitcoin (BTC) fell more than 2% on Monday as US-Iran war nerves again guided macro markets.

Key points:

  • Bitcoin gave back early-week gains as its downside extended toward 3% on Monday.
  • Two key moving averages hang in the balance amid macro uncertainty over the war in Iran.
  • Bulls need to clear the low $80,000 area next, says market analysis.

Crypto exec: Bitcoin needs to clear bull market support band

Data from TradingView showed BTC/USD hitting local lows of $76,567 on Bitstamp, giving back earlier gains.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

The pair had managed a weekly candle close above a key moving average — something that market participants had hoped would allow it to avoid a fresh retracement.

“Bitcoin just reclaimed the 21W EMA for the first time since Oct 2025,” trader Ryan Hogue noted in a post on X

“$84.5K (200DMA) looks like the next stop this week.”

BTC/USD one-week chart. Source: Ryan Hogue/X

Nic Puckrin, CEO and cofounder of crypto education platform Coin Bureau, added that Bitcoin reclaiming its bull market support band — two moving averages of which the 21-week EMA is one — was now key.

“We are right in the middle of the Bull Market Support Band. This has historically served as a key support for bull markets. We broke below the band in October last year,” he told X followers. 

“While 80k is acting as a resistance right now, if we flip the band to support, it would point to a major macro-bullish shift.”

BTC/USD one-day chart with bull market support band. Source: Nic Puckrin/X

Crypto markets “shaping up for more upside”

Uncertainty over progress between the US and Iran on ending the war nonetheless directed Bitcoin lower at the Wall Street open, along with US stocks.

Related: First 21-week trend line reclaim since October 2025: Five things to know in Bitcoin this week

Oil conversely began to gain, with WTI crude reaching $97.50 per barrel to near two-week highs.

CFDs on US WTI crude oil four-hour chart. Source: Cointelegraph/TradingView

Commenting, trading company QCP Capital suggested that Iran’s foreign minister flying to Russia for talks with President Vladimir Putin was “reviving concerns of broader geopolitical alignment and escalation, and adding to market uncertainty.”

“Whether the next leg higher proves to be another classic bull trap or a more durable recovery will hinge on BTC’s ability to close above 82k,” it wrote in its latest Market Color analysis.

QCP added that corporate earnings represented another source of potential risk-asset volatility for the week ahead.

BTC/USDT six-hour chart. Source: Michaël van de Poppe/X

Elsewhere, crypto trader Michaël van de Poppe was confident about a breakout beyond the current multimonth trading range.

“The markets are still shaping up for more upside, and it’s still holding crucial levels,” he wrote on the day. 

“I think that we’ll see $85-88K in May and correct/consolidate from there.”

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.