Intern says set your reminder ASAP 🫵https://t.co/gpwSqqJVzE ...

Welcome to The Protocol, CoinDesk's weekly wrap of the most important stories in cryptocurrency tech development. I’m Margaux Nijkerk, a reporter at CoinDesk. In this issue: Stripe-Backed Blockchain Tempo Starts Testnet; Kalshi, Mastercard, UBS Added as Partners ZKsync Lite to Shut Down in 2026 as Matter Labs Moves On Blockstream Connects Lightning and Liquid for Faster, Private Bitcoin Payments Axelar Unveils AgentFlux to Bring AI Agents Onchain, Without Cloud Risks Unknown block type "divide ...

RT BSCN (@BSCNews)🚨 @Tempo is a new blockchain purpose-built for payments and its testnet just went live.Tempo already boasts some of blockchain's most impressive partnerships ( @Kalshi, @Mastercard, @AnthropicAI and a lot more) and now that testnet is live...Companies across the globe can start building with Tempo's architecture.Payments is a sector that touches every aspect of modern day life and Tempo is building the future of it. This is one to watch... ⬇️https://t.co/5tt4s9kFR8 ...

Group 1 - Netcapital (NCPL) shares have approximately doubled following the appointment of Rich Wheeless as CEO and the announcement of an acquisition aimed at transitioning into digital assets [1] - Wheeless has over 20 years of financial leadership experience, including roles as CFO at blockchain firms, which positions him well for executing NCPL's transformation strategy [1] - Despite the recent surge, NCPL stock is trading at a fraction of its price from early July [2] Group 2 - The company has granted a significant inducement award of 1,000,000 shares to the new CEO, with vesting contingent on achieving $1.5 million in revenue by early 2027, indicating conservative insider expectations for revenue growth [3][4] - The acquisition of Rivetz will dilute existing shareholders through the issuance of 95,000 shares, potentially affecting per-share value in the near term [4] - NCPL shares face delisting risk as they hover around the $1 level, and the stock remains below major moving averages, indicating ongoing downward momentum [5][6] Group 3 - The transition from a traditional securities platform to include cryptocurrency and blockchain investments presents high execution risk in a competitive and regulated environment [5] - The absence of Wall Street coverage raises concerns about the evaluation of NCPL shares' valuation and future prospects, leaving investors to assess the stock independently [8]

The UK Financial Conduct Authority announced that stablecoins — cryptocurrencies pegged to a fiat currency, such as the dollar or pound — will be a major priority moving forward. Its new priority is part of a broader push to enhance the UK’s growth, which also includes initiatives to digitalise financial services, boost international trade competitiveness, and expand lending services to small businesses. In 2026, the FCA plans to “finalise digital asset rules and progress UK-issued sterling stablecoins, ...

Core Insights - The cryptocurrency market has experienced explosive growth in 2025, significantly outperforming traditional indices like the S&P 500, which has gained approximately 16.5% year to date [1] - Bitcoin reached an all-time high above $126,000 in early October, with crypto-related ETFs outperforming broad equity indexes [2] Group 1: Drivers of Crypto Rally - Mainstream institutional adoption has increased, with major institutions such as Fidelity, JPMorgan, and BlackRock expanding their crypto offerings [3] - Regulatory support has improved, highlighted by the passage of the GENIUS Act in July, which has provided greater confidence for builders and investors [4] - A favorable macroeconomic environment, characterized by expectations of interest rate cuts by the Federal Reserve, has contributed to a risk-on sentiment benefiting the crypto market [4] Group 2: Market Outlook - Analysts anticipate continued bullish momentum for the cryptocurrency market into 2026, with JPMorgan forecasting Bitcoin could reach as high as $170,000 within the next six to 12 months [5] - Standard Chartered has revised its Bitcoin price prediction for year-end 2026 from $300,000 to $150,000, citing a recalibration of demand expectations [6] - Despite the downgrade, a price of $150,000 would still represent a new all-time high for Bitcoin, indicating ongoing market buoyancy [7] Group 3: Crypto ETFs - U.S. crypto ETFs have seen record demand, attracting $29.4 billion in inflows through August 11, 2025, indicating a shift towards traditional investors using ETFs for digital asset exposure [8] - Notable crypto ETFs include: - Nicholas Crypto Income ETF (BLOX) with $219.8 million in assets, up 26% year to date [10] - Global X Blockchain ETF (BKCH) with $372.1 million in assets, up 61.2% year to date [11] - SPDR Galaxy Digital Asset Ecosystem ETF (DECO) with $15 million in assets, up 60.4% year to date [12] - VanEck Onchain Economy ETF (NODE) with $54.8 million in assets, up 49.3% year to date [13] - Schwab Crypto Thematic ETF (STCE) with $305 million in assets, up 67.5% year to date [14]

Financial Data and Key Metrics Changes - The fourth quarter of fiscal 2025 showed a year-over-year revenue growth of 29% to a record CAD 35.1 million, with total assets growing 20% year-over-year to over CAD 5.8 billion [11][12] - Adjusted net income increased by 91% year-over-year to CAD 10.5 million, or CAD 0.33 per share, excluding one-time costs associated with corporate realignment [12][18] - The CET1 ratio was reported at 12.92%, and the leverage ratio was 8.47%, both above internal targets [12] Business Line Data and Key Metrics Changes - Revenue from Canadian banking operations was CAD 27.6 million, up 17% year-over-year, while U.S. banking operations revenue reached CAD 5.2 million, a 67% sequential increase [13] - The receivable purchase program (RPP) assets grew to CAD 293 million, with total fundings for fiscal 2025 reaching CAD 310 million, surpassing targets [6][13] - The cybersecurity segment generated revenue of CAD 1.9 million, down from CAD 2.3 million in the previous year, reflecting higher operating expenses [14] Market Data and Key Metrics Changes - Credit assets grew 20% year-over-year to CAD 5.07 billion, with the RPP portfolio representing 78% of total assets [15] - The net interest margin on credit assets was 265 basis points, a 13% increase year-over-year, while overall net interest margin was 229 basis points [16][43] Company Strategy and Development Direction - The company is focusing on expanding its U.S. operations, targeting CAD 1 billion in RPP funding for fiscal 2026, with a mix of conventional and securitized RPP [18][19] - Plans to divest the cybersecurity business are underway, which is expected to eliminate CAD 10 million from the consolidated cost structure [20] - The company is also advancing its proprietary deposit tokens, aiming to establish a new deposit channel and license technology to other banks [22][45] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the momentum of the digital banking business and the potential for continued growth in both Canadian and U.S. markets [4][17] - The anticipated one-time costs associated with corporate realignment are expected to be around CAD 1.5 million, with overall costs projected to remain flat in 2026 [18][33] - The company expects to benefit from a stable net interest margin in 2026, with potential upside from the RPP and CMHC lending [19][43] Other Important Information - The company achieved a record book value per share of CAD 16.67 [11] - The liquidity levels were higher than typical due to the U.S. market entry, with cash and securities at CAD 663 million, or 11% of total assets [11][12] Q&A Session Summary Question: Can you talk about your partner pipeline for the U.S. RPP program? - Management confirmed that the existing partners can help reach the CAD 1 billion target for fiscal 2026, with a strong pipeline for new partners [25] Question: Can you elaborate on the custody solution consistent with planned regulation in Canada? - The company is prepared to provide custodial services to stablecoin issuers, leveraging its state-of-the-art technology [26][27] Question: What is the status of the DRT Cyber sales process? - The sales process is taking longer than expected, with a quality of earnings report in the final stages [28][29] Question: What is the expected base for non-interest expenses in 2026? - Management indicated that the budgeted figure is around CAD 72 million, excluding one-time expenses [33] Question: Can you provide insights on the growth drivers in the U.S. RPP? - The growth is driven by home improvement, HVAC, and energy-saving projects, similar to the Canadian market [37]

The crypto downturn has pushed a slew of Bitcoin miners to the brink of unprofitability, prompting operators to scale back the energy-hungry machines that keep the blockchain running https://t.co/ej4eUXPzHI ...

🚨 @Tempo is a new blockchain purpose-built for payments and its testnet just went live.Tempo already boasts some of blockchain's most impressive partnerships ( @Kalshi, @Mastercard, @AnthropicAI and a lot more) and now that testnet is live...Companies across the globe can start building with Tempo's architecture.Payments is a sector that touches every aspect of modern day life and Tempo is building the future of it. This is one to watch... ⬇️https://t.co/5tt4s9kFR8 ...

Industry Overview - The Property and Casualty (P&C) insurance sector is expected to benefit from improved pricing, prudent underwriting, increased exposure, and a strong capital position, ranking in the top 12% of the Zacks Industry Rank [1] - The industry is projected to outperform the market over the next three to six months due to these favorable conditions [1] Technological Advancements - Insurers are heavily investing in technology, with an expected generation of approximately $4.7 billion in annual global premiums from AI-related insurance by 2032, reflecting a CAGR of nearly 80% [2] - The adoption of technologies such as blockchain, AI, advanced analytics, telematics, and insurtech solutions is enhancing efficiency and reducing costs for P&C insurers [2] Company Highlights The Travelers Companies Inc. (TRV) - TRV has a strong market presence in auto, homeowners', and commercial property-casualty insurance, with a high retention rate and positive renewal premium changes [6] - Expected revenue and earnings growth rates for TRV are 3.4% and 6.7%, respectively, for the next year, with a 1.5% improvement in earnings estimates over the last 30 days [8] RenaissanceRe Holdings Ltd. (RNR) - RNR is experiencing steady premium growth, with a projected 5.4% year-over-year growth in net premiums earned in 2025 [10] - Expected revenue and earnings growth rates for RNR are -1.8% and 9.4%, respectively, for the next year, with a 0.9% improvement in earnings estimates over the last 30 days [11] The Allstate Corp. (ALL) - ALL is witnessing consistent premium growth, with a 7.6% year-over-year increase in net premiums earned in the first nine months of 2025 [12] - Expected revenue and earnings growth rates for ALL are 5.7% and -14.5%, respectively, for the next year, with a 5% improvement in earnings estimates over the last 30 days [14] Mercury General Corp. (MCY) - MCY is positioned for top-line growth due to sustained premium increases and a higher number of policies written [15] - Expected revenue and earnings growth rates for MCY are 6.7% and 23.5%, respectively, for the next year, with a 13.5% improvement in earnings estimates over the last 30 days [17] Hagerty Inc. (HGTY) - HGTY specializes in insurance services for collector cars and enthusiast vehicles, offering bundled memberships with various benefits [18][19] - Expected revenue and earnings growth rates for HGTY are 7.3% and -14.3%, respectively, for the next year, with a 6.1% improvement in earnings estimates over the last 30 days [20]