Payward, the parent company of crypto exchange Kraken, has announced plans to acquire US-based derivatives exchange Bitnomial in a deal valuing the company at $20 billion.

The move signals a major push into regulated crypto derivatives in the United States, with Bitnomial’s licenses playing a central role in the acquisition.

Regulatory Edge Drives Acquisition

Bitnomial stands out as the first crypto-native exchange in the US to hold all three key licenses from the Commodity Futures Trading Commission (CFTC): exchange, clearinghouse, and brokerage approvals.

According to Payward, this regulatory positioning was a primary factor behind the deal.

Kraken co-CEO Arjun Sethi emphasized that Bitnomial’s infrastructure was built specifically for digital assets, rather than adapted from traditional systems. This includes crypto-native settlement, collateral handling, and 24/7 trading capabilities.

Expanding Crypto Derivatives in the US

With the acquisition, Payward plans to leverage Bitnomial’s infrastructure to expand its product offerings for US clients.

This includes spot margin trading, perpetual futures, and options, all within a regulated framework.

The company also aims to enhance its institutional services, allowing businesses to integrate crypto features such as trading, tokenized stocks, derivatives, and fiat onramps through its API.

Kraken Deepens Institutional Strategy

The deal follows a series of strategic moves by Kraken to strengthen its presence in traditional finance.

This includes expanding into tokenized equities and derivatives, as well as securing a limited-purpose master account with the US Federal Reserve.

The account allows Kraken to access the Fed’s payment systems, enabling more direct settlement of transactions without relying on intermediaries.

Access to Federal Reserve Infrastructure

Kraken’s approval for a Federal Reserve master account, granted by the Kansas City Fed, marked a milestone for the crypto industry.

It provides access to the Fedwire system, which is typically used by banks and financial institutions for real-time payments.

However, the account comes with limitations, including a one-year term and certain operational restrictions.

Building a Native Crypto Market Structure

Payward’s acquisition of Bitnomial reflects a broader trend of building crypto-native financial infrastructure within regulated environments.

By combining Bitnomial’s licensing and trading systems with Kraken’s existing platform, the company aims to offer a more comprehensive suite of services tailored to both retail and institutional users.

As regulatory clarity improves in the US, such moves could help bridge the gap between traditional finance and digital asset markets.

Social media platform X has quickly made an impact in the trading space, generating around $1 billion in trading volume just two days after launching its new Cashtags feature.

The tool allows users to view real-time stock and crypto data directly within the app, marking another step toward Elon Musk’s vision of turning X into an all-in-one financial platform.

Strong Early Adoption

According to X’s head of product, Nikita Bier, the $1 billion milestone was reached shortly after the feature went live on Tuesday night.

The data comes from X’s early trading pilot, suggesting strong initial engagement from users exploring the new functionality.

With more than 550 million monthly users, X has the scale to quickly influence how people access financial data and interact with markets.

How Cashtags Work

Cashtags let users tag specific assets, including cryptocurrencies and stocks, within posts.

When tapped, these tags display live price charts, recent discussions, and relevant market data directly inside the platform.

Users can also link to specific smart contract addresses, making the feature especially useful for crypto traders tracking onchain assets.

Integration With Wealthsimple

The feature is currently integrated with Canadian brokerage Wealthsimple, allowing users in Canada to move directly from viewing an asset on X to trading it on the platform.

For now, Cashtags are only available to users in the US and Canada on iPhone devices, and the feature has not yet been connected to any US-based brokerage.

Part of X’s “Everything App” Strategy

Cashtags are just one piece of X’s broader push into financial services.

The company is building toward launching X Money, a peer-to-peer payments system that could include features like yield-bearing accounts, cashback debit cards, and other financial tools.

An early beta of X Money has already demonstrated basic payment functionality between users.

Crypto Integration Still Unclear

While X has steadily expanded into financial services, how cryptocurrencies will fit into its payments ecosystem remains uncertain.

The company has secured money transmitter licenses across more than 40 US states and registered with the Financial Crimes Enforcement Network, laying the groundwork for broader financial capabilities.

Bridging Social Media and Trading

The rapid traction of Cashtags highlights a growing trend of blending social media with financial markets.

By combining real-time data, user discussions, and trading access in one place, X is positioning itself as a potential competitor to traditional financial platforms and data providers.

Foundation, once one of the most prominent Ethereum-based NFT marketplaces from the 2021 boom, is officially shutting down after a planned acquisition fell through.

Founder and CEO Kayvon Tehranian announced the closure on Wednesday, confirming that the deal intended to keep the platform running under new ownership is no longer viable.

Failed Sale Forces Shutdown

While Tehranian did not explicitly name the buyer, the failed deal is tied to digital art platform Blackdove, which had previously planned to acquire Foundation.

The goal of the acquisition was to ensure continuity for the marketplace, but with the agreement collapsing, Foundation said it is no longer in a position to continue operations.

The platform will briefly come back online to allow users to delist their NFTs before shutting down permanently.

A Major Player From the NFT Boom

Launched in early 2021, Foundation quickly became a key platform during the NFT boom, facilitating high-value digital art sales at a time when the market was rapidly expanding.

According to Blackdove, the platform generated over $230 million in primary sales and hosted works from well-known artists such as Jen Stark, James Jean, and Reuben Wu.

It also gained attention for hosting Edward Snowden’s NFT “Stay Free,” which sold for around 2,200 Ether, valued at roughly $5 million at the time.

Declining NFT Market Takes Its Toll

Foundation’s closure reflects the broader downturn in the NFT market since its peak in 2022.

As trading volumes and liquidity declined, many independent platforms have struggled to sustain operations, leading to consolidation across the sector.

Wave of NFT Platform Shutdowns

Foundation is not alone. Several NFT marketplaces have either shut down or pivoted away from the space in recent months.

Platforms such as Nifty Gateway, Rodeo, and MakersPlace have all ceased operations or shifted focus, while X2Y2 and Bybit have scaled back or exited their NFT offerings.

Even infrastructure projects like Mint Blockchain have announced closures, signaling a broader contraction in the NFT ecosystem.

Market Consolidation Continues

Despite the downturn, OpenSea remains the dominant NFT marketplace, accounting for more than 70% of trading activity.

Competition still exists from platforms like Blur, but overall market activity has fallen back to levels seen before the 2021 surge.

Outlook for NFTs Remains Uncertain

While the current environment remains challenging, some industry leaders believe NFTs could see a resurgence in the future.

For now, however, Foundation’s shutdown highlights the reality of a maturing market where only a handful of platforms are able to survive reduced demand and tighter liquidity conditions.