Institutions expand crypto infrastructure as AI reshapes workflows, with rising focus on regulation, security risks, and control over users and data.
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In Web3, institutional expansion is accelerating even as risks persist beneath the surface. Kraken’s US$20 billion acquisition of Bitnomial signals a deeper push into regulated derivatives, while banks such as Singapore Gulf Bank are enabling always-on stablecoin settlement.
Yet structural fragility remains evident. Legal disputes over stolen funds and Russia’s move towards criminal penalties for unregistered crypto services all point to a tightening environment. Even as AI agents now account for nearly a fifth of DeFi activity, their limited trading performance highlights how early the agentic economy is.
In AI, the focus is shifting towards interfaces, regulation, and real-world deployment. Adobe and Canva are redesigning creative workflows around conversational AI, while legal systems, such as Australia’s courts, are stepping in to enforce accountability.
Get up to speed with the latest in Web3 and AI with this week’s Pasar Pulse.
Crypto and Web3
Kraken’s Parent Acquires Bitnomial to Offer Derivatives
Payward, Kraken’s parent company, has acquired Bitnomial, a US exchange with three CFTC licences. The deal enables Kraken to offer spot margin, perpetual futures, and options to US clients using native clearing infrastructure.
Hormuz Ceasefire Odds Surge on Polymarket
The odds for normalised traffic through the Strait of Hormuz rose to 73% after Iran announced a temporary reopening during a ceasefire. Bitcoin also climbed to $78,000 on the news, although analysts remain cautious about the truce.
Russia Criminalises Unregistered Crypto Services
A proposed Russian bill introduced criminal penalties for operating unlicensed crypto services, with sentences of up to seven years in prison and fines reaching one million roubles.
Singapore Gulf Bank Enables 24/7 Stablecoin Minting
The Singapore Gulf Bank now allows its institutional clients to mint and redeem USDC directly from bank accounts using the Solana network. The integration enables continuous settlement and more assets like USDT and USDe are expected to follow.
X Cashtags Drive $1 Billion in Trading Volume
X’s newly launched Cashtags feature, which is only available in the US and Canada, supposedly generated US$1 billion in trading volume within two days. The feature provides live price charts for stocks and crypto.
Circle Faces Lawsuit Over Failure to Freeze Assets
Investors in Drift Protocol have filed a class action lawsuit against Circle, alleging it failed to freeze $232 million in stolen USDC. The attack has been linked to North Korean actors, and Circle maintains that it only intervenes under legal instruction.
NFT Platform Foundation Shuts Down
Ethereum-based NFT marketplace Foundation is closing after a planned acquisition by Blackdove collapsed. Its shutdown reflects broader consolidation and declining liquidity across the digital art market.
AI Agents Still Lag in Trading Performance
AI agents account for nearly 19% of on-chain activity and perform well in narrow use cases such as yield optimisation, though they remain significantly less effective than human traders in complex strategies.
Artificial Intelligence (AI)
Adobe Introduces Conversational AI Assistant
Adobe has launched the Firefly AI Assistant, allowing users to edit projects through natural language prompts rather than manual tools. The system will automate complex workflows across applications such as Photoshop and Premiere.
Canva Launches AI 2.0 with Prompt-Based Design
Canva AI 2.0 introduces a centralised interface for creating and editing designs using text prompts and includes object-based editing and persistent memory to maintain brand consistency.
Australia Tightens Rules on AI Use in Legal Practice
Australia has issued new guidance requiring lawyers to disclose the use of generative AI and verify all outputs. The rules aim to prevent false citations and misleading information, with penalties for non-compliance.
Allbirds Rebrands as AI Firm in Strategic Pivot
Allbirds is rebranding as NewBird AI, shifting focus from footwear to GPU acquisition and AI cloud services. The announcement triggered a 582% surge in its share price, despite recent financial challenges.
OpenAI Faces Leadership Departures Amidst Shift
OpenAI senior figures Bill Peebles and VP Kevin Weil are leaving OpenAI as the company refocuses on enterprise and coding products. The restructuring includes decentralising research efforts and discontinuing internal tools.
Val Kilmer AI Stars in Western Film
The film As Deep As the Grave features the first authorised AI-generated performance of a major actor following Val Kilmer’s death. The production uses deepfake visuals and voice synthesis for approximately one hour of screen time.
Researchers Uncover Vulnerabilities at Low Cost
Despite fears of dangerous vulnerabilities under Claude Mythos, researchers found that similar vulnerabilities can already be discovered at low cost, pointing to the fact that public models are good enough to discover major errors and bugs.
World Expands Verification to Major Platforms
World, the project behind Worldcoin, has upgraded its World ID protocol to integrate with platforms such as Tinder and Zoom. The system aims to verify humans across digital services, reducing bot activity and adopting an account-based identity framework.
That’s all for this week’s Pasar Pulse. Want more insights? Stay tuned to our site or subscribe via email!
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