Topic: #business
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Zhibao Closes $154.7M Raise Entirely in Bitcoin
Nasdaq-listed Zhibao Technology, a Shanghai-based insurance-tech firm, closed a $154.7 million private placement funded entirely in cryptocurrency, with non-U.S. investors contributing 2,380 Bitcoin directly to the company wallet rather than cash.
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Spotify hits 300M paid subscribers despite price hikes in Q2 2026
Spotify crossed 300 million premium subscribers in Q2 2026, adding 7 million during the quarter despite price hikes across several regions. Revenue grew 14% year-over-year to €4.8 billion as the company expands into AI tools, fitness, and audiobooks.
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Hashdex shuts down Bitcoin ETF after failing to gain traction
Hashdex is liquidating its U.S. spot Bitcoin ETF (ticker: DEFI) after the fund accumulated only $14.7 million in assets under management. Trading will end August 17, with cash distributions to shareholders expected by August 28.
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Luno cuts 20% of staff as automation reshapes exchange operations
Crypto exchange Luno is cutting approximately 20% of its workforce, with CEO James Lanigan citing automation and operational improvements. The move marks the second major reduction at the London-based exchange, which serves 16 million users across Africa and Asia-Pacific.
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Visa cuts 7% of workforce to accelerate digital payments strategy
Visa is eliminating roughly 2,600 jobs, or 7% of its workforce, to streamline operations and redirect resources toward high-growth areas including stablecoins and cross-border payments, CEO Ryan McInerney announced ahead of quarterly earnings.
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Samsung Wallet to Add Stablecoin Support, Starting With USDC
Samsung announced stablecoin support for Samsung Wallet at Galaxy Unpacked on July 22, showing a mockup holding Circle's USDC. The company hasn't disclosed launch details, issuers, or whether the feature will be custodial.
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Kraken Parent Payward Expands xStocks to Hong Kong, UK, Europe
Payward, the parent company of Kraken, teamed up with fintech GTN to bring xStocks—blockchain-backed tokenized equities—to Hong Kong, the UK, Europe, and South Korea. The product, which launched in June 2025, has already processed over $35 billion in transaction volume.
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ECB Warns Stablecoins Could Drain Bank Deposits, Pitches Digital Euro
Piero Cipollone, an executive board member of the European Central Bank, warned that stablecoins pose a structural threat to banks' retail deposit base, citing a three-layer erosion from mobile payments, digital startups, and crypto tokens. The ECB is pitching a digital euro as the answer.
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Kenya's CMA Seeks Blockchain Analytics to Combat Crypto Crime
Kenya's Capital Markets Authority is seeking an advanced blockchain analytics platform to monitor over 20 blockchains and detect fraud, money laundering, and sanctions evasion under the country's new Virtual Assets Service Providers Act.
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SBI Holdings acquires Bitbank for $289M, creating Japan's largest crypto exchange
SBI Holdings announced Thursday it will acquire Tokyo-based crypto exchange Bitbank for roughly $289 million, pending regulatory approval. The combined firm would hold $6.8 billion in assets under custody and serve 2.92 million accounts.
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CME sues CFTC over Bitcoin perpetual futures approval
CME Group plans legal action against the CFTC over its decision to approve crypto perpetual futures, arguing the products are swaps under Dodd-Frank and should face stricter oversight. Outgoing CEO Terry Duffy announced the lawsuit Wednesday.
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Strategy Expands Cash Reserves to $1.1B, Buys 1,587 Bitcoin
Strategy increased its USD Reserve to $1.1 billion and purchased 1,587 Bitcoin for $100 million, signaling a second consecutive week of cash accumulation and Bitcoin buying after dipping into reserves last month.
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Gary Gensler Backs States in Prediction Market Regulation Fight
The former SEC and CFTC chair filed an amicus brief with the Sixth Circuit arguing Congress never intended to give the CFTC exclusive authority over sports betting, siding with states against the agency he once led.
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FCA Warns Premier League Clubs Over Unlicensed Crypto Sponsorships
The UK Financial Conduct Authority has sent letters to Premier League clubs warning that crypto sponsorship partnerships with unlicensed firms could breach financial services laws and expose fans to unregulated trading platforms.
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Strategy's Bitcoin Sale Unlikely to Trigger Crypto Selloff Cascade
Crypto analysts say Strategy's recent sale of 32 BTC doesn't signal a wave of similar moves by other digital asset treasury firms, pointing instead to each company's distinct financial position as the determining factor.
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Trump Meme Coin Organizer Plans World Cup Trip for Top 19 Holders
Bill Zanker, a longtime Trump associate managing the president's meme coin, announced a permanent Trump Coin Club offering top holders exclusive quarterly events. The inaugural gathering will send the top 19 holders to the FIFA World Cup finals next month.
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Coinbase Launches Direct Indian Rupee Rails After Regulatory Clearance
Coinbase has returned to India with direct INR banking infrastructure, allowing traders to deposit and withdraw rupees without intermediary conversions. The move marks a reversal from the exchange's 2022 exit following informal RBI pressure.
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House subcommittee modernizes Bank Secrecy Act amid crypto surge
A House Financial Services subcommittee heard testimony Thursday on scaling back the Bank Secrecy Act, with crypto firms and policy experts divided over whether to reform or repeal the 1970 anti-money-laundering law as threats escalate.