Digital Asset Manager ParaFi Raises $125 Million for Venture Fund

Kraken's revenue more than doubled in the third quarter, reaching $648 million, with adjusted earnings before taxes at $178.6 million. The company's total volume rose 23% to $561.9 billion, supporting its plans for an IPO valued at $15 billion.

The NHL has signed licensing agreements with prediction market startups Kalshi and Polymarket, allowing them to use the league's trademarks. This move marks the first time a major U.S. sports league has authorized such platforms, potentially influencing other leagues to follow suit.

BlackRock, with $13.5 trillion in assets under management, is hesitant to launch more spot crypto ETFs despite the growing interest in products like BTC and ETH. The company believes client demand is primarily focused on Bitcoin over other cryptocurrencies.

Bitcoin's price is expected to dip below $100,000 due to tariff-related fears, but Standard Chartered maintains a year-end target of $200,000. Analyst Geoff Kendrick believes this dip may be short-lived, with historical data showing strong performance in October and November.

Stablecoins have seen a significant rise in transaction volume, reaching over $4 trillion, accounting for 30% of all crypto transactions. Leading stablecoins have increased their market share by 52% compared to the previous year, with Tether and Circle controlling 93% of the market.

Kadena's KDA token is being delisted from major exchanges as the company behind the blockchain is shutting down, leading to a significant drop in token price. Despite this, the Kadena blockchain will continue operating independently through decentralized proof-of-work mining.

FalconX has agreed to acquire 21Shares, a crypto asset manager known for listing 50 ETPs in Europe. The acquisition will enable FalconX to venture into issuing crypto ETFs, expanding its services beyond market making and liquidity. 21Shares has been a key player in the European market for ETPs.

Pro-crypto U.S. Senator Cynthia Lummis (R-WY) is demanding immediate action to prevent large banks from blocking Americans' access to digital asset platforms. The open banking rule, finalized in 2024, enables users to connect traditional bank accounts to digital asset exchanges, crucial for crypto adoption. Lummis wrote to Acting CFPB Director Russ Vought that, "Throwing up barriers would drive entrepreneurs overseas and weaken America's leadership in financial technology."

Joshua Paul Armbrust, a former engineer at Digital River, was sentenced to three years of probation for illegally mining cryptocurrency using the company's cloud servers. Armbrust accessed the Amazon Web Services account without authorization, generating over $5,800 worth of Ethereum for personal use.

Bitcoin's recovery lags, with altcoins in the red, raising doubts about the end of the seasonally bullish October. The market saw a bullish wave in early October, but macroeconomic pressure and the U.S.-China trade war triggered a selloff.