Crypto Industry News & Market Trends

Porsche‘s ’long haul Web3 project ends in less than four years

Porsche is ending its Web3 project and Pioneers Circle community nearly four years after launching its 911 nonfungible token (NFT) collection.　　“Today, we are announcing the conclusion of the Porsche Web3 project and Pioneers Circle,” the company said in a post on X. Porsche said the project had expanded beyond its initial technology focus to include community events and other online and offline activities.　　The automaker said the Porsche 911 NFTs will remain with their holders and continue to exist onchain. Porsche will turn the community‘s Discord server into a read-only archive and stop actively updating the project’s X account.　　Porsches NFT collection launched in January 2023 with a planned supply of 7,500 tokens, but the company halted minting after complaints over pricing and lack of utility, leaving the supply at 2,363.　　When Porsche unveiled its Web3 plans in 2022, Lutz Meschke, its deputy chairman at the time, said the automaker had made its commitment “for the long haul” and cited potential uses in the metaverse, purchasing experiences and supply chains.　　Trading activity has since slowed. According to OpenSea, the collection had roughly $20 million in all-time trading volume, but only about $38,000 over the past year and around $2,900 over the past month.　　Related: Magic

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$4.2B crypto bank Anchorage Digital cuts 17% of workforce: Report

Anchorage Digital, a federally chartered US digital asset bank valued at $4.2 billion earlier this year, has reportedly cut 17% of its workforce, suggesting that the prolonged crypto market downturn is weighing on the company even as it expands its institutional footprint.　　Citing people familiar with the matter, The Information reported Friday that CEO Nathan McCauley informed employees of the cuts this week. Anchorage had about 400 employees globally as of February, according to McCauleys congressional testimony at the time, meaning a 17% reduction would amount to roughly 68 jobs if its headcount remained around that level.　　Cointelegraph reached out to a public relations contact representing Anchorage for confirmation but did not receive an immediate response.　　Crypto markets have struggled over the past year, which The Information cited as the backdrop for Anchorages workforce reduction. Bitcoin (BTC) briefly recovered above $87,000 on Friday but remains well below its $126,000 peak reached last October.　　The layoffs come as Anchorage has expanded its role in the regulated US crypto industry. The company became the first crypto company to receive a national trust charter from the Office of the Comptroller of the Currency in 2021 and has since grown into a major crypto custodian.　　More recently, Anchorage has

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Delayed AI access could push Europes future tech jobs abroad, Brickken CEO warns

Brickken CEO Edwin Mata has warned that uneven access to three AI products, Dots, Muse, and Siri AI, could steer European companies future hiring and investment abroad.　　Edwin Mata, CEO and co-founder of Barcelona-based tokenization company Brickken, told crypto.news that Europe could retain companies founded in the region while losing the jobs, investment and business expansion they generate later.　　In his assessment, founders do not need to move an entire company for Europe to lose future growth. Hiring engineers overseas, opening a sales operation near investors or choosing another country for a product launch could gradually draw more activity outside the region.　　Delayed AI access could influence where founders hire　　For founders deciding where to expand, Mata said access to leading AI tools increasingly sits alongside funding, taxation, customers and recruitment conditions.　　A team able to test products earlier and automate more work in another market could direct its next investment there, he explained. Investors then support businesses with credible growth prospects, while skilled workers follow companies with the resources to develop ambitious products.　　“Europe can therefore retain the original company while losing much of its future hiring, investment and value creation,” he said.　　Rather than treating access as the sole reason for an overseas expansion, the

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Kraken parent Payward explores crypto and payments partnership with BNY

Kraken parent Payward has entered talks with BNY over a potential partnership covering six areas, including crypto custody, trading and payments, according to two people familiar with the discussions.　　SummaryBNY and Payward are discussing crypto products, custody, wealth management, trading, payments and infrastructure.The talks remain ongoing, with no guarantee that the companies will reach an agreement.Nasdaq Ventures agreed in September to invest $100 million in Payward at a reported $21 billion valuation.Payward has completed acquisitions adding regulated U.S. derivatives and stablecoin payment services to its operations.　　Two people familiar with the matter said the proposed arrangement could involve services supplied through Payward Services, the Wyoming-based companys platform for banks, exchanges and asset managers.　　One of the people said parts of the discussions resemble the infrastructure work included in Paywards recent Nasdaq agreement. Speaking anonymously because the negotiations are private, the person described a possible agreement that remains under discussion.　　Payward and BNY discuss custody, payments and trading　　Alongside crypto products and custody, the people identified wealth management, trading, payments and financial infrastructure as possible areas of cooperation. Their account describes a potential relationship across several business lines rather than a single crypto product.　　Through its business-to-business platform, Payward offers financial companies access to services that also

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Circle urges EU to revise stablecoin reserve rules in MiCA review

Stablecoin issuer Circle urged the European Commission to revise reserve requirements in its response to a consultation on reviewing the Markets in Crypto-Assets Regulation (MiCA).　　In Thursdays summary of its response, the USDC and EURC issuer said mandatory bank-deposit requirements expose stablecoin issuers to banking-sector credit and counterparty risks.　　Circle faced those risks firsthand in March 2023, when USDC temporarily lost its dollar peg after the company disclosed that $3.3 billion of its reserves were held at Silicon Valley Bank. The funds were subsequently made available after US authorities protected the banks depositors.　　The consultation, which closed Wednesday, sought feedback on how MiCA is working and whether it remains fit for purpose as crypto markets develop. Responses will inform the Commissions assessment of the regulation and activities beyond its current scope.　　Related: MiCA focus shifts from rulemaking to supervision, ESMA chair says　　Circle aligns with central bank on reserve requirements　　MiCA currently requires e-money token issuers to hold at least 30% of reserves in commercial bank deposits, with a higher minimum of 60% for significant issuers, according to Circle.　　Circle backed reconsidering the mandatory deposit minimums and replacing them with a more flexible minimum asset liquidity requirement, agreeing with the European Central Bank.　　The company also called for

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Bitcoin briefly hits $87K as weak US jobs data sends bond yields lower

Bitcoin (BTC) spiked past $87,000 on Friday as US jobs data missed expectations.　　Key points:Bitcoin tapped $87,200 but failed to make new multi-month highs as overhead resistance held.September US nonfarm payrolls came in below expectations at 29,000, while the August and July figures were revised lower.Analysts saw further BTC price upside on the back of falling US bond yields　　Bond yields extend fall on weak labor-market data　　Data from TradingView showed BTC/USD reaching $87,229 on Bitstamp, just shy of new eight-month highs.　　BTC/USD four-hour chart. Source: Cointelegraph/TradingView　　September nonfarm payrolls data came in below expectations, with the economy adding just 29,000 jobs against an anticipated 84,000. August numbers, which had beat expectations on release, were revised down from 162,000 to 133,000.　　US stocks gained at the Wall Street open as traders scaled back hawkish bets on Federal Reserve interest-rate hikes following the weaker jobs data. The S&P 500 and tech-heavy Nasdaq Composite Index rose 1% and 1.8%, respectively.　　“This marks the third weakest jobs report of 2026,” trading resource The Kobeissi Letter noted in a reaction on X.　　The latest data from CME Groups FedWatch Tool showed just an 18% chance of the Fed enacting a 0.25% rate hike at its October meeting, down from 64% a week

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71% of UK finance leaders expect tokenization to reshape financial services: Lloyds

Nearly three-quarters of major UK financial institutions expect tokenization to reshape financial services, as banks and asset managers increasingly explore blockchain-based infrastructure for payments, settlement and liquidity management.　　The finding comes from an annual survey by Lloyds Banking Group, the UKs largest financial services provider, which polled 100 senior decision-makers across major UK banks, insurers, asset managers and financial sponsors.　　Faster payments and settlement emerged as the biggest potential benefit, cited by 60% of respondents, while 41% pointed to improved collateral and liquidity management.　　Lloyds said moving assets and payments onto digital infrastructure could also free up capital and liquidity tied up in financial transactions, allowing institutions to deploy those resources elsewhere.　　“The next phase is about turning those individual use cases into infrastructure that works at scale, with the interoperability and common standards needed to connect digital and traditional markets,” said Rob Hale, co-head of global markets at Lloyds.　　Lloyds has also tested the technology directly. Earlier this year, the bank worked with Archax and Canton Network on what it described as the UKs first public blockchain transaction using tokenized deposits to purchase a tokenized UK government bond.　　Related: Crypto adoption blooming in Germany, while UK is falling ‘behind,’ says CoinShares researcher　　UK builds infrastructure for

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Evernorth’s Nasdaq XRP treasury is approved, but its real buying power isn’t the $300 million expected

Evernorths shareholder vote has advanced its plan to become a publicly traded XRP treasury. Its next round of token buying hinges on cash left at closing: disclosed delayed subscriptions, conditional notes and expected trust proceeds imply roughly $88.5 million in gross sources if all three settle, before expenses and other uses.　　Related Asset XRP #5 XRP · $1.50 24-hour change: down 0.20% Loading price history… 24H Down 0.20% 7D Down 4.06% 30D Up 12.11%　　Evernorth and Armada Acquisition Corp. II, its merger partner, announced on October 1 that shareholders had approved the combination on September 30. They expect closing on October 7, subject to remaining conditions, followed by trading of the combined companys Class A stock on Nasdaq under XRPN on October 8.　　That timetable brings the funding question into focus. The companys approximately $300 million gross-cash figure includes a private placement program whose advance funding had already supported a roughly $214 million XRP purchase reported in November 2025. Cash already converted into tokens cannot finance the next acquisition a second time.　　Related Company Nasdaq An American stock exchange　　XRP was about $1.53 on CryptoSlates market page around press time.　　Cash raised and cash still to settle　　The October 1 announcement lists $225 million from related private

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Once a $2.3 Billion Network, Ethereum Layer-2 Blast Is Shutting Down

In briefBlast, the Paradigm-backed Ethereum layer-2, is shutting down, saying it costs more to run than it earns and has no credible path to sustainability.Users have until Oct. 26 to withdraw through Blasts interface. After that, funds remain reachable only through its bridge contracts on Ethereum.Once holding more than $2.3 billion, Blast joins Zero Network and Silicon Network among Ethereum layer-2s winding down this year.　　Blast, the Ethereum layer-2 network that once drew billions of dollars with promises of built-in yield and airdrops, is calling it quits.　　The team said Friday on X that maintaining the network now costs more than it earns, and that it sees no credible path to making the chain economically sustainable. “As a result, weve made the difficult decision to wind Blast down,” the team wrote.　　Myriad: Where does Ethereum go next？ Click to make your prediction.　　Users are being asked to move their assets back to Ethereums mainnet, including balances held in Blasts PWA, or progressive web app. Blast said it will cut its withdrawal delay to 24 hours, but withdrawals will first pause for about a week while it pulls the networks assets out of Lido, a liquid staking protocol.　　Users have until Oct. 26 to withdraw through

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Senate Democrats block Husteds data center bill weeks before the midterms

Senate Democrats have blocked the Ratepayer Protection Act, the bill that Ohio Republican Jon Husted wrote to shield households from the electricity costs of the data center boom.　　The measure fell flat at a 57 to 43 tally, three votes short of the 60 it needed to scale through. Only four Democrats voted in its favor.　　The blockage also kills the senators last chance to show voters that he is acting on affordability before the November midterm election.　　The contest for the seat that Husted currently occupies is seen as one of the tightest Senate races for the upcoming elections.　　Discover more　　Crypto news alerts　　Financial news digest　　Currencies & Foreign Exchange　　He is up against former Democratic Senator Sherrod Brown, who has been tying Husted to the rise in power bills for the average citizen. Brown accuses Husted of being complicit in the 240 data centers now operating in Ohio and the rising power bills that come with them.　　Why did Husted put his name on the bill？　　The Ratepayer Protection Act would amend existing energy law so that state utility regulators must at least consider a federal standard.　　Under the act, nonresidential customers who are consuming 100 megawatts or more at a single site would pay the full incremental

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