Group 1 - Figure Technology, a stablecoin issuer, raised $787.5 million in a U.S. initial public offering [1] - This marks the latest instance of a crypto firm accessing the public markets [1]

Core Insights - Backpack's crypto exchange is set to debut in the U.S. this year, starting with spot trading in several states, as confirmed by CEO Armani Ferrante [1] - The company, established by former employees of FTX, has been focusing on markets in Japan and the EU while preparing to obtain necessary licenses for U.S. operations [1][2] - The U.S. market is prioritized by Backpack due to its size and familiarity to the CEO, who believes it offers the best opportunity for rapid market share growth [2][7] Company Operations - Backpack's self-custodial wallet has been available in the U.S. since its establishment in 2022, with a focus on regions like Dubai for crypto trading expansion [2] - The European arm of Backpack is registered in Cyprus and has begun offering perpetual futures under the MiFID II framework after acquiring FTX EU earlier this year [3] - The exchange has facilitated $170 billion in trading volume since 2024, indicating significant operational scale [7] Competitive Edge - Backpack aims to differentiate itself through "trust minimization," providing daily proof-of-reserve updates to enhance transparency and trust among users [4] - The company emphasizes the need for financial systems to be transparent and verifiable in real-time, contrasting with the opaque systems that have led to industry failures [5] - Despite regulatory challenges, Backpack maintains a strong presence in the U.S. with more employees than in any other country, indicating its commitment to the market [6]

Market Overview - The crypto market showed stability with Bitcoin (BTC) recovering above $112,000, while smaller coins like IP, MNT, and PUMP experienced double-digit gains, indicating the potential start of an altcoin season as CoinMarketCap's altcoin season index reached nearly 60% [1][3] - Traders are anticipating U.S. inflation data to influence asset prices, with a moderate range expected to favor risk assets, while any overshoot in inflation could pressure BTC and ETH [2][3] Derivatives Positioning - BTC's futures open interest remained steady, while open interest in ETH, SOL, and HYPE increased by over 2%, indicating a mixed sentiment among traders [3] - Notional open interest in BTC options on the CME reached a record $5.6 billion, with subdued futures activity, while BTC and ETH puts traded at a premium to calls, reflecting downside concerns [3] Altcoin Season Dynamics - The altcoin season is characterized by capital rotation into speculative tokens, with the altcoin season index rising to 59/100, surpassing August's high of 57, despite a generally bearish sentiment [3][4] - Historical patterns suggest that altcoin seasons occur when Bitcoin consolidates, allowing traders to invest in speculative assets without missing significant BTC movements [4]

My post about Tempo today was intentional not just to source some bots to block, but also to get more Tempo content to show up on my feedTwo main takeaways:- a bunch of ppl who “made it” in past cycles either by smart/lucky trading or just “being early” were taking shots at it- a bunch of ppl who actually work in the industry (particularly American-based crypto companies) think it’s really cool/interestingMethinks that one’s opinion on it largely hinge upon whether you are a “decentralization at all costs” ...

Fonte’s SETF includes:> Regulated international exposure to SOL> Built-in staking yield> Licensed custody by BitGoKazakhstan hosts one of the most crypto-forward jurisdictions on earth, and this marks a big step towards making Solana accessible across global markets. https://t.co/5mCxmMaqeL ...

.@SECGov released its latest rulemaking agenda Thursday, which focuses heavily on easing regulation of the crypto sector and following through on promises to integrate digital assets with the traditional American economy. https://t.co/wnASKiWm8e ...

Regulatory Landscape - UK regulators are drafting new Anti-Money Laundering (AML) rules for crypto firms [1] Cryptocurrency - The new rules specifically target crypto firms operating in the UK [1]

Lead Bank, the 97-year old Missouri lender rebuilt to serve fintech and crypto firms, has raised $70 million at a $1.47 billion valuation — almost double last year’s mark — as it pushes to expand its balance sheet and client base https://t.co/isjAIMStqN ...

Group 1 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [1][2] - The news team operates in major financial hubs including London, New York, Toronto, Vancouver, Sydney, and Perth, focusing on medium and small-cap markets as well as blue-chip companies [2][3] - Proactive covers a wide range of sectors including biotech, pharma, mining, natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Group 2 - Proactive is committed to adopting technology to enhance workflows, utilizing decades of expertise among its content creators [4] - The company employs automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [5]

🇺🇸 NEW: A framework was submitted to the SEC’s Crypto Assets Task Force to make digital assets quantum-safe. https://t.co/X1WcPbrUWr ...