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Elliptic hits $670M valuation as Nasdaq, Deutsche Bank double down on crypto compliance
Bhutan has quietly dumped $230M in Bitcoin this year, drawing its once-massive reserves down 70% from their peak.
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Markets are taking a hit, but infrastructure money keeps flowing.
Deutsche Bank and Nasdaq are backing a crypto analytics firm and that tells you where traditional finance is heading.
Kraken's parent company and Franklin Templeton are expanding into onchain yield products.
Meanwhile, hot inflation data is throwing cold water on rate cut hopes and risk assets are feeling it.
Elliptic raises $120M from One Peak, Deutsche Bank, and Nasdaq at $670M valuation
Two of the biggest names in traditional finance just co-signed a blockchain compliance startup.
London-based Elliptic, which tracks illicit crypto flows, landed a $670M valuation in the round led by One Peak Partners.
When the compliance cops get funded by Wall Street, it signals institutions are building for permanence, not just dabbling.
Markets
Hot inflation print rattles risk assets as rate cut dreams fade
April's CPI came in at 3.8% year-over-year, the highest reading in three years.
Markets had priced in three rate cuts for 2026. Now a 31% chance of a hike exists instead.
That whiplash sent crypto sliding across the board.
BTC slipped below $80K, ETH traded near $2,300, SOL drifted under $94, and XRP settled near $1.43.
Kraken parent Payward teams with Franklin Templeton to launch tokenized yield products
Kraken's parent company just partnered with a $1.7T asset manager to build onchain financial products.
Payward and Franklin Templeton plan to create tokenized yield offerings that blend traditional investing with blockchain rails.
When a fund that manages more than most countries' GDPs starts tokenizing, the "institutional adoption" narrative stops being theoretical.
On Our Radar
Shiny new asset class: Crypto bros are discovering that silver bars beat digital wallets sometimes.*
MARA's next act: Miner offloaded 20,880 Bitcoin while doubling down on AI data centers.
Bhutan's economic vision: Mindfulness City streamlines banking and licensing for crypto firms.
*sponsored
ICYMI
Meme of the Day
That’s your briefing. Catch you next time.
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