Topic: #web3
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Spark Pivots to DeFi Backend for PayPal, Robinhood Stablecoin Rails
Spark, the lending unit of Sky (formerly MakerDAO), abandoned its consumer-facing app to focus on supplying liquidity and yield infrastructure to major fintech platforms. The shift targets $1 billion in OTC lending by year-end, with Robinhood and PayPal already live on its stablecoin rails.
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MVMT Labs files Chapter 11 bankruptcy after $38M Series A
Movement Labs' parent company MVMT Labs filed for Chapter 11 bankruptcy protection in July, listing $100,001 to $1 million in assets against $1–$10 million in liabilities, despite raising $38 million in April 2024. Move Industries says it has no affiliation with the debtor.
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France blocks Polymarket after geofence fails to stop 579K French visitors
France's gambling regulator ordered ISPs to block Polymarket after the platform's transaction restrictions were circumvented, citing Similarweb data showing nearly 579,000 visits from French users in June 2026.
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SBI Holdings and SMFG partner with Solana to tokenize Japan's real-world assets
SBI Holdings and Sumitomo Mitsui Financial Group announced a strategic partnership with the Solana Foundation to build a regulated Web3 hub in Japan, focusing on tokenizing real-world assets including the yen-backed JPYSC stablecoin and enabling cross-border micropayments between AI agents.
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KOR Protocol raises $7.5M Series A from 1kx, Blockchain Capital
KOR Protocol, an onchain creative asset clearinghouse built on Coinbase's Layer 2, raised $7.5 million in Series A funding from 1kx and Blockchain Capital. The platform has surpassed $2 million in gross revenue and counts over 1,000 partners including Black Mirror and Beatport.
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Summer.fi pauses Lazy Summer vaults after $6M flash loan exploit
DeFi protocol Summer.fi halted its Lazy Summer yield vaults after a flash loan attack drained approximately $6 million from the Ethereum platform. The protocol's SUMR token fell over 18% following the exploit.
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Ledger CTO: MiCA compliance costs lock out Web3 startups
Charles Guillemet, CTO at Ledger, warned that the EU's MiCA regulation has created a two-tier market where only well-funded firms can afford compliance, leaving early-stage innovators locked out and handing competitive advantage to legacy financial institutions.
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Binance shuts down NFT marketplace, migrates users to Binance Wallet
Binance is sunsetting its NFT marketplace and moving users to Binance Wallet, giving holders until July 3, 2026 to withdraw assets or face loss of access. The exchange is offering fee reimbursements to incentivize migration.