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Gemini Revenue Surges 42% in Q1 2026, Credit Cards Shine

Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, reported a 42% year-over-year revenue jump in the first quarter of 2026, reaching $50.3 million. This growth was fueled largely by the explosive success of its Gemini Credit Card, which saw revenue soar nearly 300% to $14.7 million, according to the companys May 14 earnings release.　　The shift underscores Gemini‘s ongoing transformation from a pure-play crypto exchange to a diversified financial services platform. Transaction revenue, historically the company’s bread and butter, remained steady at $24 million for the quarter. However, crypto exchange revenue dropped 27% year-over-year to $17.2 million, reflecting a broader slowdown in spot trading activity as total crypto market volumes remain subdued.　　Credit Cards Lead Revenue Shift　　Geminis credit card program is emerging as a key driver of revenue diversification. The nearly 300% growth in credit card income was attributed to a significant increase in the user base and higher transaction volumes. The company has actively expanded its card offerings, introducing crypto-specific editions such as XRP and Solana in 2025, and more recently, a Zcash edition in February 2026.　　In 2025, the Gemini Credit Card surpassed $1.2 billion in transaction volume, contributing $21.5 million in annual revenue, with monthly sign-ups reaching record

05-16

Bitwise Launches HYPE-linked Fund as Hyperliquid Interest Grows

Bitwise Asset Management has launched a US-listed investment product tied to Hyperliquid, offering investors spot exposure to the token and staking rewards linked to the decentralized derivatives platform.　　The fund, trading under the ticker BHYP on the New York Stock Exchange, is the second US-listed Hyperliquid product to launch this week. Bitwise said the fund plans to stake a significant portion of its HYPE (HYPE) holdings through its in-house staking division.　　Hyperliquid is a decentralized trading-focused layer 1 blockchain launched in 2023 that offers perpetual futures, spot trading and lending services. Bitwise said the platform processed about $2.9 trillion in trading volume in 2025 and accounted for roughly 60% of global onchain derivatives open interest as of May 5, citing DefiLlama data.　　HYPE was trading at around $44 on Friday with a market capitalization of roughly $11.22 billion, making it the 10th-largest cryptocurrency by market value, according to CoinMarketCap data. The token is used for staking, governance and ecosystem participation.　　Bitwise, which manages about $11 billion in client assets across crypto investment products including exchange-traded funds, private funds and staking strategies, said the fund will charge a 0.34% sponsor fee, which will be waived for the first month on the funds first $500 million

05-16

Connex releases 17.95m in CONX tokens today

Connex released 1.32 million CONX tokens worth $17.95 million on May 15 in a scheduled cliff unlock.Connex unlocked 1.32 million CONX tokens valued at approximately $17.95 million on May 15, 2026.The unlock represents 1.49% of Connexs released supply, with 822,500 tokens allocated to the ecosystem.The remaining 500,000 CONX tokens from the release were directed to the community treasury.　　Connex, a Web3 professional networking platform that uses its native token for payments, governance and credential verification, executed the unlock on a preset cliff schedule. According to Tokenomist data, the release equals approximately 1.49% of the projects adjusted released supply, with 88.60% of maximum supply already in circulation ahead of the event.　　The allocation split the 1.32 million CONX into two portions. The ecosystem fund received 822,500 tokens worth approximately $10.94 million, while the community treasury received the remaining 500,000 tokens valued at approximately $6.65 million.　　Supply event adds $17.95m in CONX tokens to circulation　　Cliff-style unlocks, which release tokens in a single event rather than gradually, can add short-term selling pressure when a large percentage of market cap enters circulation at once.　　At current prices the unlock represents roughly 60% of CONXs market capitalisation of approximately $30.61 million, making it one of the highest unlock-to-market-cap ratios

05-16

CME, ICE Seek US Review of Hyperliquid Over Oil Market Risks

CME and ICE urged U.S. regulators to review Hyperliquid over market and sanctions risks.Hyperliquid drew concern over anonymous trading, perps, and possible sanctions evasion.Coinbase and Circle partnerships kept Hyperliquid in focus despite regulatory scrutiny.　　CME Group and Intercontinental Exchange, or ICE, pressed U.S. regulators to review Hyperliquid over market manipulation and sanctions evasion concerns. Bloomberg reported the discussions on Friday, citing people familiar with talks involving federal officials and lawmakers.　　Executives from CME and ICE raised the issue with the Commodity Futures Trading Commission. The matter also reached lawmakers on Capitol Hill, according to the report.　　CME, ICE Flag Hyperliquid Trading Risks　　The concerns focus on Hyperliquids fast-growing perpetual futures market. Bloomberg said both exchange operators warned about possible risks to traditional commodities markets, especially oil.　　CME and ICE pointed to Hyperliquids decentralized structure as a major concern. Its anonymous trading environment was also cited as a risk in the discussions.　　However, both companies warned that Hyperliquid could be used by bad actors to influence market prices. Sanctions evasion was also cited as a risk linked to its trading model.　　The report said CME and ICE warned that Hyperliquids activity could affect global oil benchmarks. Both companies also warned that decentralized trading channels could allow insider coordination.　　Hyperliquid

05-16

CME and ICE target Hyperliquid over manipulation

CME Group and ICE urged US regulators to scrutinize Hyperliquid for manipulation and sanctions risks on May 15.CME Group and ICE, the NYSE parent, asked the CFTC and Congress to investigate Hyperliquid for manipulation and sanctions risks.Hyperliquid‘s HYPE token fell roughly 6%, dropping from above $45 to below $43 following Bloomberg’s report.The Hyperliquid Policy Center has engaged the CFTC separately, seeking a tailored regulatory framework for on-chain derivatives.　　CME and ICE warned that Hyperliquid‘s anonymous, round-the-clock perpetual futures trading could distort global commodity benchmarks, particularly in oil markets. The exchanges also flagged risks of insider coordination and sanctions evasion by state-linked participants exploiting the platform’s permissionless structure.　　Hyperliquid holds a market capitalisation of approximately $10.3 billion, making HYPE the 13th-largest crypto asset globally. At its April 2025 peak, the platform accounted for roughly 70% of the on-chain perpetual futures market.　　HYPE falls as Wall Street targets DeFi perp venue　　The pressure campaign comes as Hyperliquid has expanded into synthetic markets for stocks and commodities, placing it in direct competition with CME and ICE. Both exchanges operate under strict regulatory oversight that Hyperliquid currently does not face.　　The Hyperliquid Policy Center argued the platform provides markets that are “more beneficial and present fewer risks than traditional

05-16

Metals Pull Back Before New York Open as Traders Watch Reversal

Metals came under pressure today as gold, silver, copper, and platinum all dropped before the New York session. Analyst Ian Cooper said gold was down 1.9%, silver lost 6%, copper fell 3.2%, and platinum declined 2.7% at the time of his update.　　However, Cooper warned that he does not fully trust early moves before New York opens. He said the drops could still reverse during the day, so traders are watching whether the current declines hold after U.S. markets become active.　　Gold Bull Flag Comes Under Pressure　　Gold showed the weakest short-term structure among the charts Cooper shared. The metal fell back below the upper orange trendline, which had supported the bull flag idea in recent sessions.　　The daily gold chart showed price trading near $4,561 after a drop of about 1.88%. Gold had already been compressing inside a narrowing structure, with resistance near $5,092 and lower support near $4,381.　　Cooper said the bull flag now looks to be failing after the price lost the upper orange line. Still, he remained neutral while gold held the lower orange support line.　　A break below that lower line would turn the short-term setup bearish. On the other hand, a recovery back above the upper orange trendline would put

05-16

Kraken Joins Exodus from LayerZero, Adopts Chainlink CCIP

Kraken has officially migrated its cross-chain infrastructure from LayerZero to Chainlink‘s Cross-Chain Interoperability Protocol (CCIP) following the $292 million Kelp DAO exploit in April 2026. The decision, announced on May 15, positions Chainlink as Kraken’s sole partner for securing wrapped tokens, including its Kraken Wrapped Bitcoin (kBTC).　　“Chainlink CCIP offers enterprise-grade infrastructure with strict security and risk management requirements,” Kraken stated. These include a secure-by-default design, 16 independent nodes, and native rate-limiting mechanisms—features that have become critical after the Kelp DAO attack exposed vulnerabilities in cross-chain protocols.　　LayerZero Fallout After the Kelp DAO Exploit　　The Kelp DAO breach on April 18, 2026, remains the largest DeFi exploit of the year. Attackers exploited a vulnerability in LayerZero‘s single Decentralized Verifier Network (DVN) setup to forge a cross-chain message, siphoning 116,500 rsETH worth approximately $292 million. LayerZero later attributed the hack to North Korea’s Lazarus Group but maintained the exploit was isolated to Kelp DAO‘s specific configuration. However, Kelp DAO countered that the vulnerability stemmed from LayerZero’s default settings.　　The incident triggered widespread concerns about the security of cross-chain bridges. Within 48 hours, total value locked (TVL) in DeFi dropped by $13 billion, highlighting the systemic risk posed by such exploits. More than $3 billion in

05-16

US-Based Law Firm Files New Motion Demanding Redistribution of $344M in USDt

Law firm Gerstein Harrow LLP filed a new motion on Thursday in a miscellaneous enforcement lawsuit, asking the court to compel stablecoin company Tether to hand over more than $344 million in frozen USDt linked to Iranian entities.　　The motion claims that the plaintiffs are owed more than $532 million in compensatory damages and more than $1.8 billion in punitive damages from acts of “terrorism committed or sponsored by Iran,” stretching back more than 25 years.　　The latest filing is part of a broader lawsuit against North Korea (DPRK) and Iran, attempting to claim and redistribute digital assets as compensation for victims of various and unrelated judgments tied to state-sponsored violence, drawing criticism from the crypto community.　　In May, the law firm filed a restraining notice against the Kelp decentralized autonomous organization (DAO), which manages the liquid staking platform, attempting to block the transfer of frozen Ether ( ETH) tied to the $293 million Kelp exploit in April.　　The law firms tactics have drawn condemnation from the crypto community, with critics arguing that distributing funds owed to hack victims to satisfy unrelated judgments stretching back decades delays repayment for hack victims, who have a greater claim to the funds.　　ZachXBT slams Gerstein Harrow for crypto

05-16

UAE Fast-Tracks Second Oil Pipeline to Bypass Strait of Hormuz

UAE to complete a second oil pipeline by 2027, bypassing the Strait of Hormuz, doubling its capacity to 3.6M bpd.This stems from an ongoing 11-week Strait of Hormuz blockade and comes weeks after the UAE exited OPEC.This will allow a huge export flexibility outside the chokepoint amid tensions over production policies.　　The United Arab Emirates (UAE) is fast-tracking a major oil pipeline to Fujairah, aiming to bypass the Strait of Hormuz by 2027 and double its export capacity from 1.8 million barrels per day (bpd) to approximately 3.6 million barrels per day.　　The move, driven by an ongoing 11-week Strait of Hormuz blockade, is designed to secure crude exports, stabilize global energy flows, and reinforce the UAEs position as a resilient and independent oil exporter.　　UAE to Complete a Second Major Oil Pipeline by 2027　　On May 15, 2026, according to sources, the United Arab Emirates (UAE) is fast-tracking a major oil pipeline to bypass the Strait of Hormuz by 2027 and double its export capacity from 1.8M bpd to approximately 3.6M bpd.　　Notably, Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan has directed state oil company ADNOC to accelerate the previously undisclosed project. The new pipeline will run parallel to

05-16

Solayer Introduces USDC Card with ATM support

Layer-1 blockchain developer Solayer launched a Visa-compatible payment card that allows users to spend USDC balances through in-store, online and contactless transactions.　　The card supports ATM withdrawals in supported regions and can be ordered through the Solayer Pay app, according to the announcement. Existing users can request the card for free, while new users pay a $20 annual activation fee.　　Solayer Pay launched in April 2025 under the name Emerald Card and initially rolled out to 40,000 users across more than 100 countries, according to the company. Solayer said the new physical card expands the existing Solayer Pay platform, which supports storing, transferring and spending digital assets through Visa-linked payment infrastructure.　　The company said the card enables users to spend USDC (USDC) balances globally through Visa payment infrastructure directly from their Solayer Pay accounts.　　Solayer develops infiniSVM, a layer-1 network compatible with the Solana Virtual Machine that is designed for high-throughput onchain applications using Solana (SOL) for gas fees.　　Stablecoin payment cards expand　　The launch from Solayer comes as rypto and payments companies have increasingly launched stablecoin-linked payment cards tied to traditional card networks including Visa and Mastercard.　　In January, crypto exchange OKX launched a Mastercard-linked payment card for European users through regulated issuer Monavate, allowing verified

05-16

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