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Happy Wednesday 🎉

A lot is happening across crypto right now, so let’s get straight to it

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Brings me back to simpler times.

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🌟 Welcome to the Introduction.com newsletter, where we filter out the noise so you don’t have to pretend you read everything on Crypto Twitter.

PayPal is teaching AI agents how to pay each other, a16z is exporting stablecoin rails into emerging markets, and Fidelity is quietly wiring institutions into real time settlement.

Toss in Pump.fun drama, TradFi finally embracing blockchains, and regulators waking up spicy, and you’ve got one of the most entertaining weeks in digital finance🌟

PayPal Invests in AI Infrastructure Trailblazing Agentic Stablecoin Payments 💡

What’s Happening 🚀

PayPal and General Catalyst led an 18 million dollar raise for Kite AI, powering the next generation of agentic stablecoin payments.

Who They Are 💡

Zettablock was founded in 2022 by Kevin Lu and Yuval Reisman as a blockchain data analytics platform, helping developers query and monitor on chain activity in real time. It gained early traction for its ability to unify blockchain data pipelines across multiple networks (LinkedIn).

In 2024, the same founding team rebranded Zettablock to Kite AI, shifting focus from data indexing to autonomous payment infrastructure for AI agents. In plain English, Kite builds the system that lets software programs pay each other directly using stablecoins (CoinDesk).

Here is how Kite works today:

This concept of escrow and verified identity is not new in Web3, but Kite’s differentiation is its focus on AI native use cases and stablecoin settlement at scale, giving agents programmable control over both money and logic.

The Round 💰

Kite raised 18 million dollars in Series A funding to expand its infrastructure and developer ecosystem.

Investors and their angle:

Together, they represent a cross sector bet that agent to agent transactions will become a meaningful new volume source for stablecoins.

What We Know and What We Don’t Know 🔍

Kite is currently in its network build out phase, running an incentivized testnet and preparing for its token launch (Kite X post). The testnet rewards users with XP for participation and requires them to bind an EVM wallet, which ties their actions to on chain identity. XP determines token eligibility, effectively simulating how the system will reward transaction activity once live.

What We Know:

What We Don’t Know:

In short, Kite has proven its incentive model and stablecoin settlement logic, but not yet its economic structure. The architecture is built, the incentives are live, but the true test will be translating XP based engagement into real transaction flow and token utility.

Why It Matters 🌍

PayPal and Coinbase are not just investors, they are signaling how they see the future of financial infrastructure.

Both firms are voting with their dollars on a world where programmable money, AI agents, and stablecoins define how transactions are initiated, verified, and settled.

For PayPal, Kite represents an extension of its PYUSD strategy into autonomous finance, where payments happen without human input.

For Coinbase, it aligns with its vision of an on chain economy where compliance, liquidity, and value flow are all natively governed by code.

Their combined participation reframes stablecoins from static digital cash into programmable capital, embedding governance, auditability, and intelligence directly into the transaction layer itself.

a16z leads funding round for homegrown talent, backing ZAR’s rise from incubation to emerging-market adoption.

What’s Happening 🚀

ZAR raised 12.9 million dollars in October 2025 in a round led by a16z, deepening a relationship that began in the firm’s CSX accelerator (a16zcrypto).

The company was incubated and refined into one of the program’s breakout fintech bets (Crypto Fundraising Info).

Who They Are 💡

ZAR is building a stablecoin payment app designed to bring digital dollars to users in high-inflation economies.

After SadaPay, one of Pakistan’s fastest-growing neobanks, was acquired in early 2024, founder Brandon Timinsky regrouped with Usman Raza and Ethan Lee to start ZAR later that year (LinkedIn).

From day one, ZAR was built with a16z guidance inside its CSX accelerator, evolving from an experiment in cross-border payments into a full-stack stablecoin platform ready for deployment (a16zcrypto).

The Round 💰

This latest 12.9 million dollar round, led by a16z Crypto with participation from Coinbase Ventures, Dragonfly Capital, VanEck Ventures, and Endeavor Catalyst, marks the formal graduation of a CSX-incubated project into the a16z portfolio (Crypto Fundraising Info).

In total, ZAR has raised approximately 20 million dollars to date, combining this Series A with its earlier seed investment (Crypto Fundraising Info).

Funding cements that mentorship into long-term alignment as a16z and Coinbase continue supporting ZAR’s roadmap and scaling efforts.

What’s Really Going On Here 🧩

This round represents continuity and belief. From incubation to the current raise, a16z has led the charge and validated the success of its accelerator model (a16zcrypto).

It also signals confidence in the execution and potential of emerging markets. Let’s see how ZAR puts the capital to work.

Fidelity Strengthens Its Investment Arm F-Prime with Hercle 🏦

What’s Happening 🚀

Hercle raised 60 million dollars to scale its institutional money movement infrastructure, combining 10 million in equity led by F Prime Capital with a 50 million dollar credit facility to fund global liquidity operations (BusinessWire).

It is not as large as Tempo’s 500 million dollar Series A, but still a major raise for a European stablecoin infrastructure firm.

This puts Hercle in the same conversation as Coinflow, BVNK, Plasma, and Fnality, with a heavier institutional angle through F Prime.

For context, Coinflow raised 25 million dollars and Fnality raised 136 million dollars, placing Hercle squarely between them.

CEO Gabriele Sabbatini (@contrariangab) is already appearing at Lightning 2049, signaling that Hercle is positioning itself in BTC and stablecoin money movement, not DeFi experimentation.

Who Is Hercle 💡

Hercle enables payment service providers, fintechs, and enterprises to move capital across stablecoins, digital assets, and fiat in minutes instead of days.

The company says it has processed more than 20 billion dollars in cross border transactions, suggesting it was operational well before this round was made public.

Their value proposition is clear:

“Hercle enables institutions to move capital across digital assets, stablecoins, and fiat near instantly and at scale.”

This is not a consumer wallet. It is B2B money movement with stablecoins at the core.

In the Space 🌐

F Prime’s Move 🧩

F Prime’s fintech portfolio already spans Stripe, Plaid, Rapyd, and Blockdaemon, all infrastructure plays that power modern finance (F Prime Portfolio).

Adding Hercle extends that thesis into stablecoin enabled payments, giving Fidelity early exposure to the regulatory and technological rails of Europe’s digital asset economy.

For Fidelity, this is an infrastructure position, not a speculative crypto bet. Hercle gives its venture arm a strategic foothold as on-chain settlement becomes part of mainstream financial plumbing.

Pump.fun Acquires Padre in Typical Fashion; Chaos Ensues 💥

What’s Happening 🚀

Pump.fun has acquired Padre, triggering major shifts in the memecoin trading infrastructure after the termination of PADRE token utility (Yahoo Finance).

What Is Padre 💡

Padre is a multichain trading terminal built for memecoins, offering professional traders access to order types and execution across Ethereum, Solana, Base, and BNB Chain (Brave New Coin).

It positions itself as the bridge between advanced trading infrastructure and community-driven token launches (CryptoBriefing).

The Merger 💰

What we know: Pump.fun announced its acquisition of Padre publicly and initiated integration of Padre’s terminal within its ecosystem (CryptoBriefing).

What we don’t know: The purchase amount, equity terms, and earn-out structure of the deal remain undisclosed (CoinEx).

Why they did it: By adding Padre’s infrastructure, Pump.fun aims to capture deeper trading volume, raise its UI and analytics capabilities, and consolidate the launch-to-trade lifecycle under one roof (ValueTheMarkets).

Market Blowback and Disruption ⚡️

Pump.fun has a history of explosive moves and community friction:

This is typical of Pump.fun’s rapid-fire disruption strategy, moving fast, integrating vertically, and tolerating blowback because they believe the underlying execution and ecosystem control will pay off.

Looking Ahead 🔮

This acquisition is classic Pump.fun: bold, disruptive, and messy in the moment, but potentially strategically powerful in the long term.

As markets continue to consolidate, end users may benefit from stronger infrastructure, less friction, and more seamless crypto experiences, even if token holders of acquired legacy projects feel the pain today.

_IRL:

Traditional finance institutions are crossing critical digital asset thresholds as blockchain moves from pilot to production in the world’s largest financial institutions.

📌 JPMorgan Completes First Blockchain Based Private Fund Transaction

JPMorgan Chase executed its first tokenised private equity fund transaction using its Kinexys blockchain platform, providing real time fund flow and investor data to streamline capital calls and distributions (CoinDesk).

Kinexys is JPMorgan’s automated fund-servicing blockchain, using smart contracts to synchronize subscriptions, redemptions and capital flows in real time, turning private fund administration into a production grade on chain process.

By replacing traditional wire transfers and manual reconciliation with smart contracts, JPMorgan accelerates settlement and increases transparency for high net worth clients.

This is a foundational example of crypto becoming essential institutional infrastructure.

📌 DBS and Goldman Sachs Execute First Interbank OTC Crypto Options Trade

DBS Bank and Goldman Sachs completed the first over the counter options trade between banks involving Bitcoin and Ethereum, enabling cash settled hedging of crypto exposure (CoinDesk).

The trade was a bilateral over the counter options transaction in which DBS and Goldman Sachs priced, structured and settled Bitcoin and Ethereum options directly between their trading desks, using bank grade derivatives workflows to mirror how FX or commodities options are executed today.

Contract customization, fiat settlement and direct bank to bank execution show crypto derivatives are now mainstream.

Top tier banks are treating crypto not as a curiosity but an integrated hedging tool.

📌 Western Union to Launch Stablecoin on Solana with Anchorage Digital

Western Union announced plans to issue a U S Dollar Payment Token (USDPT) on Solana in partnership with Anchorage Digital Bank, aiming to distribute it across more than 550,000 global agent locations (CoinDesk).

This puts a 174 year old money transfer giant on high throughput blockchain rails, reshaping how remittances settle.

By combining regulated custody, on-chain settlement and massive real world distribution, Western Union is building a hybrid fiat stablecoin network.

Legacy payment companies are beginning to embrace the inevitability of stablecoin powered infrastructure.

📌 Banco Inter and Chainlink Power Real Time CBDC Trade Settlement Between Brazil and Hong Kong

Banco Inter, one of Brazil’s largest digital banks, and HSBC, a major global clearing bank in Hong Kong, used Chainlink’s Cross Chain Interoperability Protocol to pass verified settlement instructions between Brazil’s DREX ledger and Hong Kong’s eHKD system, allowing both sides to synchronize payment, confirmation, and final settlement in real time. (CoinDesk).

The pilot demonstrates that CBDCs, smart contracts and traditional bank networks can interoperate without batch delays.

The result is reduced settlement risk and instant trade finance execution across jurisdictions.

This is not a theoretical demo but a live model for how global trade will eventually move.

🧭 Why It Matters

These developments represent core financial functions going live on digital rails. 

Fund servicing, derivatives, global remittances and cross border trade settlement are now happening on chain.

 For markets this is a signal that crypto is not a parallel system. It is becoming the infrastructure beneath traditional finance.

Gemini has filed with the CFTC to offer regulated prediction market contracts, signaling its intent to enter one of the fastest growing categories in digital finance (The Block).

What We Know 💡

Gemini has filed an application with the CFTC to launch regulated prediction market contracts in the United States.

The move places them alongside Polymarket and Kalshi, both of which have already demonstrated massive user demand and real trading volume.

Gemini has also previously lobbied regulators on event contract policy, showing this is not a sudden pivot but a strategic attempt to enter a fast growing market for on chain forecasting.

What We Do Not Know ❓

Gemini has not revealed any internal proof of concept, beta testing activity, or operational details for how its markets will function once approved.

There is no clarity on settlement structure, contract formats, or expected launch timing.

It is also unclear whether Gemini will differentiate its product or simply replicate what Polymarket and Kalshi already validated at scale.

Why It Matters 📈

Prediction markets are rapidly becoming both a profit machine for crypto traders and a credible form of real time information infrastructure.

In the same way Bloomberg terminals aggregate pricing signals across global markets, event markets are beginning to price political outcomes, economic data, corporate risk, and global sentiment with surprising accuracy.

Gemini’s entry signals that large exchanges see this sector not as a niche experiment but as one of the next major layers of financial data and on chain market intelligence.

What is Happening 🚀

Kraken has expanded its European derivatives framework to allow institutional clients to post Bitcoin and Ether as collateral for regulated derivatives across the EU, a milestone that positions it as one of the most compliant crypto venues in Europe (The Block).

Why This Matters for Kraken 🏛️

Kraken is one of the few global exchanges with deep regulatory coverage in both the EU and the United States.

The firm already holds registrations under multiple European regimes and now enables institutions to use crypto collateral within a compliant derivatives environment.

This brings crypto settlement closer to TradFi norms and moves European markets toward the same level of professional collateral management seen in CME style markets.

Where Kraken Stands Compared to Other Platforms 🏁

Together, this context shows that Kraken is not just expanding services. It is positioning itself among a very small group of exchanges that can offer regulated crypto collateral within a derivatives compliant framework across the EU.

The Takeaway 🌍

European institutions have been waiting for a fully compliant crypto collateral pathway. Kraken now delivers it.

With only a handful of platforms operating at this level of regulatory sophistication, this move cements Kraken as one of the few global exchanges capable of bridging institutional derivatives with digital asset collateral inside the rules.

This is not hype. It is infrastructure.

A busy week across courts, agencies, and global watchdogs as crypto regulation tightens and political noise ramps up. Here is what moved policy this week.

🇺🇸 SBF appeals court signals little sympathy

A federal appeals panel appeared unmoved by Sam Bankman Fried’s claim that his trial was unfair, suggesting his conviction is likely to stand (CoinDesk).

🇺🇸 Traditional bankers push back on Coinbase trust bank bid

Legacy banking groups criticized Coinbase’s effort to secure a federal trust bank charter, arguing it would give the exchange preferential regulatory treatment (CoinDesk).

🇦🇹 Amina secures MiCA license in Austria

Swiss crypto bank Amina received approval under Europe’s MiCA regime through Austria’s FMA, expanding compliant digital-asset services across the EU (CoinDesk).

🇺🇸 Trump claims he does not know who CZ is

Donald Trump told CBS News he does not know Binance founder Changpeng Zhao, despite prior public crypto-friendly messaging that suggested industry alignment (CoinDesk).

🇺🇸 US sanctions North Korean bankers over crypto laundering

The US Treasury sanctioned North Korean state-linked bankers supposedly tied to crypto laundering efforts that financed cyber-attacks, underlining the ongoing nexus of national security and digital-asset policy (CoinDesk).

🇺🇸 Government shutdown nears historic length

The US government shutdown is set to become one of the longest on record, with crypto rule-making and agency enforcement now stalled across key departments (CoinDesk).

🇺🇸 Bitcoin keeps running during shutdown politics

Former Treasury official Nellie Liang Bessent marked Bitcoin’s anniversary by contrasting its uptime with political gridlock, subtly critiquing Democratic leadership (CoinDesk).

🇺🇸 Custodia suffers another loss in master-account fight

Crypto-bank Custodia received another court rejection in its attempt to force the Federal Reserve to grant it a master account, prolonging a years-long legal battle (CoinDesk).

🇦🇺 AUSTRAC fines CryptoLink over ATM compliance failures

Australia’s financial-crimes regulator issued penalties to CryptoLink as part of a broader crackdown on non-compliant crypto-ATM operators (CoinDesk).

🇦🇺 Australian regulator signals broader digital-asset oversight

Australia is preparing for a new licensing regime and broader digital-asset supervision as regulators preview the next round of reforms (CoinDesk).

🇺🇸 Ironlight wins approval for first US regulated on-chain ATS

FINRA granted Ironlight approval to operate the first regulated US alternative trading system with atomic settlement on-chain (CoinDesk).

🇺🇸 Crypto money backing Trump’s ballroom project still opaque

Key crypto donors behind Trump’s controversial ballroom project remain unnamed as fallout grows around the initiative’s financing and oversight gaps (CoinDesk).

🇺🇸 Kalshi sues New York over sports prediction-market ban

Prediction market Kalshi filed suit against New York regulators, arguing the state unlawfully blocked its planned sports-based contracts market (CoinDesk).

The takeaway

This week’s headlines underscore a dual reality:

Institutions and platforms must now navigate the rules or be sidelined. Every missed filing, under-resourced compliance team, or regulatory signal could cost far more than reputation.

✨ If this week proved anything, it is that AI agents, emerging market fintechs, and buttoned up TradFi giants are all racing toward the same on chain finish line.

The rails are being rebuilt in real time, sometimes elegantly and sometimes with Pump.fun levels of chaos, but always moving forward.

Stay tuned, stay caffeinated, and keep your inbox open because the next wave of signal is already loading✨