USDTradFi-Crypto Ties This Week: Kraken, Visa, JPMorgan Lead Big Moves
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Kraken Expands into Traditional Finance, Launches Commission-Free Stock and ETF Trading in Ten States
Kraken has announced its entry into traditional finance with the launch of commission-free stock and ETF trading in the U.S., initially rolling out in ten states: New Jersey, Connecticut, Wyoming, Oklahoma, Idaho, Iowa, Rhode Island, Kentucky, Alabama, and the District of Columbia. Through its FINRA-regulated Kraken Securities division, users can trade over 11,000 U.S.-listed stocks and ETFs alongside cryptocurrencies, all within a single platform. The service allows seamless transitions between digital and traditional assets, supporting a comprehensive trading experience. This expansion follows Kraken's regulatory achievements, including securing Electronic Money Institution authorization in the UK and pursuing a broker-dealer license in the U.S. Kraken has also launched GBP/USD and EUR/USD perpetual futures contracts on its Kraken Derivatives platform, offering traders up to 20x leverage. These contracts are available exclusively on Kraken Pro, aimed at advanced traders, with plans for additional forex pairs in the future. However, traders based in the EU, UK, and other restricted regions cannot access the new offerings.
Visa Joins Paxos' USDG Alliance to Enhance Cross-Border Payments and Boost Stablecoin Adoption
Visa has joined Paxos’ Global Dollar Network (USDG) alliance, marking a key advancement in merging traditional finance with blockchain technology. This partnership aims to enhance cross-border payment systems and boost stablecoin adoption through liquidity incentives. Cuy Sheffield from Visa highlighted stablecoins' role in expediting cross-border commerce. As of April 14, 2025, USDG trades at $1.00 with a market cap of approximately $245.68 million, experiencing a 22.46% drop in trading volume and a 23.69% decrease over the past 90 days, indicating recent market volatility. The collaboration could redefine stablecoin adoption and promote innovation in payment processing.
JPMorgan Launches 24/7 GBP Blockchain Payments, Expanding Cross-Border Services
JPMorgan has launched British pound (GBP) blockchain payment accounts, expanding its offerings alongside euro (EUR) and dollar (USD) options. Major clients, including LSEG’s SwapAgent and Trafigura, are the first to utilize these accounts, allowing 24/7 cross-border transactions and real-time foreign exchange. Kinexys, JPMorgan's blockchain division, has processed over $1.5 trillion in transactions since 2019, with a daily average exceeding $2 billion. This new service enhances flexibility and efficiency, enabling clients to automate treasury actions through programmability and improve cash flow management. It marks a significant development in blockchain-based settlement services in the U.K.
Solayer Launches Non-Custodial Crypto Debit Card, Emerald, Supporting SVM Wallets and Crypto Rewards
Solayer has launched the Emerald Card, a non-custodial crypto debit card based on its InfiniSVM infrastructure, allowing purchases without off-ramping to fiat. Initially supporting SVM wallet funds, it plans to integrate additional chains, including EVM, soon. The card will operate in over 100 countries and features collaborations with SolanaID for digital identity and support for Apple Pay and Android Pay. An upcoming Emerald Rewards program will offer crypto-native cashback benefits, such as stakes in token events. Solayer, backed by Binance Labs, claims over 1 million transactions per second and raised $12 million in a seed round last year.
Only 11% of El Salvador's Bitcoin Service Providers Operational Amid Regulatory Challenges
Only 11% of the 181 Bitcoin service providers registered in El Salvador are operational, with only 20 meeting the requirements set by the country's Bitcoin Law. The Central Reserve Bank of El Salvador indicates that 89% of providers are classified as non-operational due to failure in implementing necessary measures like Anti-Money Laundering programs and cybersecurity systems. Notable operational firms include Chivo Wallet, Crypto Trading & Investment, and Fintech Américas. Meanwhile, the IMF's recent $1.4 billion loan deal has led to speculation about a potential rollback of Bitcoin’s legal tender status, effective April 30.
Greece's ATHEX Partners with Mysten Labs to Launch World's First On-Chain Stock Order Book Using Sui
Greece's stock exchange, ATHEX, is collaborating with Mysten Labs to implement on-chain order books using the Sui blockchain. This partnership, initiated in March 2024, aims to enhance ATHEX's electronic book building (EBB) platform by integrating a zero-knowledge proof mechanism for confidentiality. This development allows ATHEX to become the first national exchange to utilize a Layer 1 blockchain. Currently, SUI tokens are priced at $2.10, totaling a market cap of $6.8 billion, with 3.2 billion tokens in circulation out of a maximum supply of 10 billion. The project promises increased privacy, speed, and security for traditional capital markets.
State Street and Galaxy to Launch "GalaxyStreet" Crypto Investment App for Asian Investors
State Street and Galaxy are set to launch the "GalaxyStreet" crypto investment app, aimed at institutional and retail investors across Asia, with a beta launch planned for Q4 2025. This collaboration follows a partnership established in June 2024 and aims to democratize access to digital assets. Key features include proprietary analytics, tools for hedging volatility, and access to digital asset ETFs. The app targets $5 billion in assets under management by the end of 2026 and aligns with Hong Kong's initiative to establish a regulated crypto environment, reflecting growing institutional interest in digital assets.
SPAR Switzerland Introduces Bitcoin Payments via Lightning Network
SPAR, a prominent supermarket chain in Switzerland, has begun accepting Bitcoin payments through the Lightning Network, facilitating easier cryptocurrency transactions for everyday shopping. This initiative marks a significant advancement in integrating digital currencies into daily life and reflects the broader acceptance of crypto within Europe. By enabling customers to use Bitcoin for regular purchases, SPAR is setting a precedent for other retailers in the region. As this trend grows, the use of Bitcoin and potentially other cryptocurrencies for common transactions may soon become commonplace across Europe, underscoring a pivotal shift in consumer payment preferences and the retail landscape.
This article has been refined and enhanced by ChatGPT.
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