Today, digital currencies are back in the red. Robin Hood reports a surge in revenue in the third quarter driven mostly by its crypto business. And Kraken's co-CEO David Ripley discusses crypto regulation and the company's IPO ambitions from the Ripple Swell Conference in New York City.Welcome to CNBC's Crypto World. I'm Brandon Gomez. Digital currencies are facing another pullback as the volatile week in trading continues.By noon Eastern, Bitcoin was in the red, but holding on to the $100,000 level. Ether ...

Core Insights - North America has emerged as a significant hub for cryptocurrency activity, with substantial transaction volumes recorded over the past year, indicating growing institutional and retail interest in digital assets, particularly in the United States [1] Group 1: Transaction Volumes - North America received $2.3 trillion in cryptocurrency value from July 2024 to June 2025, accounting for 26% of all global transaction activity during this period [2] - A peak monthly transaction value of approximately $244 billion was recorded in December 2024 [3] Group 2: Market Drivers - The rise of spot Bitcoin ETFs has significantly contributed to market expansion, with U.S.-listed Bitcoin ETFs holding over $120 billion in assets under management (AUM), representing a large portion of the global total of roughly $180 billion [4] - The market for tokenized real-world assets has also seen notable growth, with funds holding tokenized U.S. treasuries increasing their AUM from about $2 billion to over $7 billion [4] Group 3: Institutional and Retail Activity - The strong demand for ETFs is evident in the recent resumption of inflows, despite some criticism from figures like Robert Kiyosaki [4] - Retail activity remains robust, with centralized exchanges processing trillions in trades for everyday users, although North American markets exhibit more volatility due to a higher concentration of institutional trading [6]

Company Vision - The company is building the everything exchange [1] - The platform aims to offer a wide range of assets in one place [2] Product Offering - The exchange will support millions of assets [2] - Derivatives will be available on the platform [2] - Tokenized equities will be offered [2]

Core Insights - Robinhood Markets is facing challenges following its launch of tokenized equities, which included a $1 million giveaway of SpaceX and OpenAI tokens [2][3] - OpenAI has distanced itself from Robinhood's token offerings, clarifying that these tokens do not represent equity in the company and require their approval for any equity transfer [3] - The Bank of Lithuania has sought clarification from Robinhood regarding the legality and compliance of the tokenized offerings [3] Regulatory Environment - Tokenized equities remain in a regulatory grey area in the U.S., with many brokerages not yet offering them [4] - Critics argue that tokenization may dilute shareholder value, especially for private companies like OpenAI that have not gone public [4] Market Trends - There is a growing interest in democratizing access to private markets for retail investors, as noted by industry leaders [5] - Major financial institutions, including JPMorgan and Kraken, are also making moves towards tokenization, indicating a broader trend in the industry [5][6] Industry Implications - The push to move traditional financial services onto the blockchain raises questions about the future of capital markets and regulatory frameworks [6][7] - The report highlights the need to address whether tokenized securities complement or compete with traditional markets and the responsibilities involved in decentralized versus centralized systems [7]