Crypto Platform Updates
Kraken replaces LayerZero with Chainlink while Coinbase becomes Hyperliquid’s USDC treasury deployer
Here is what we have in store in this Market Summary:
1. Hana Bank acquires a $670M stake in Upbit parent Dunamu
2. Gemini reports 42% revenue growth and releases first prediction market metrics
3. Dune cuts 25% of staff as it increases AI integration
4. Coinbase becomes Hyperliquid’s official USDC treasury deployer
5. Kraken replaces LayerZero with Chainlink for cross-chain asset transfers
Hana Bank acquires $670M stake in Dunamu
Hana Bank acquired a stake worth around $670M in Dunamu, the parent company of South Korean crypto exchange Upbit.
The deal will give Hana Bank a 6.55% ownership stake in Dunamu, making it the company’s fourth-largest shareholder.
Read the full article by The Block here
Gemini reports revenue growth and prediction market activity
Gemini reported 42% revenue growth and shared its first metrics tied to prediction market activity.
The company recently expanded further into prediction markets and AI-linked trading tools through its broader trading infrastructure initiatives. Gemini also introduced Agentic Trading earlier this year, allowing AI systems to interact directly with trading accounts through user-defined permissions.
Read the full article by The Block here
Dune cuts 25% of workforce citing AI efficiencies
Dune reduced its workforce by 25% as the company shifted more internal operations toward AI-supported systems.
The firm said AI tools have improved operational efficiency across several areas of the business, reducing the need for larger teams in certain functions.
Read the full article by The Block here
Coinbase becomes Hyperliquid’s official USDC treasury deployer
Coinbase has become the official USDC treasury deployer for Hyperliquid as the platform expands the role of USDC within its ecosystem.
The transition makes USDC the main AQA on Hyperliquid, while USDH will gradually sunset over time. As part of the agreement, Native Markets, the operator behind USDH, granted Coinbase the right to purchase USDH brand assets.
Read the full article by The Block here
Kraken replaces LayerZero with Chainlink for cross-chain infrastructure
Kraken is replacing LayerZero with Chainlink CCIP for cross-chain transfers tied to kBTC and future wrapped assets.
More than $3B in total value locked is expected to migrate as Kraken shifts its wrapped asset system to Chainlink’s interoperability network.
Read the full article by CoinDesk here
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Disclaimer:
The content covered in this newsletter is not to be considered investment or financial advice. It is for informational and educational purposes only. The views and opinions expressed in this publication do not reflect those of AP Collective.