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Crypto Exchange Gemini Hires Brad Vopni to Lead Institutional Push

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Crypto exchange Gemini has hired Brad Vopni as head of institutional, the company told CoinDesk in an exclusive interview.

Vopni will be responsible for overseeing and executing the firm’s institutional strategy.

Gemini is already working with exchange-traded fund (ETF) providers such as VanEck, Purpose, Evolve, 7RCC, and Monochrome, the company said.

«With a crypto-native platform offering a diverse set of products founded with safety, security and compliance in mind, Gemini is well positioned to serve the growing institutional community wherever they are along their crypto journey, with a focus on delivering an exemplary client experience,» Vopni said in emailed comments.

Prior to joining Gemini, Vopni spent 6 years as head of digital assets at Hudson River Trading, one of the largest global electronic trading firms, where he led the firm’s expansion into the crypto space.

He joined Hudson River after leading capital markets at NextShares LLC, where he played a key role in the development and launch of the industry’s first actively-managed, portfolio-protected exchange-traded product.

Gemini hired Dan Chen as its new chief financial officer in March.

Read more: Gemini Hires New CFO as It Prepares for Potential IPO

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

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The Protocol: Self-spreading Malware Found in Privacy Crypto Dero

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Welcome to The Protocol, CoinDesk’s weekly wrap-up of the most important stories in cryptocurrency tech development. I’m Margaux Nijkerk, the Ethereum protocol reporter on CoinDesk’s Tech team.

In this issue:

  • The Solana Network Is Now Live on MetaMask
  • Privacy Crypto Dero Targeted With New Self-Spreading Malware
  • FIFA Teams Up With Avalanche to Build Its Own Blockchain, Expanding Web3 Ambition
  • Square Pilots Real-Time Bitcoin Payments in Vegas, Plans Full Availability to Customers in 2026
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Network News

SOLANA NOW ON METAMASK: MetaMask announced on Tuesday that its Solana integration was live, meaning that users can now transact on the second-largest smart-contract platform and interact with Solana-based applications through the wallet. The integration is currently only on desktop, but is slated to launch on the MetaMask mobile app in the coming weeks, the company said. MetaMask is the Ethereum network’s most popular browser wallet, with over 100 million annual users. — Tom Carreras Read more.

SELF-SPREADING MALWARE FOUND IN PRIVACY CRYPTO DERO: A newly discovered Linux malware campaign is compromising unsecured Docker infrastructure worldwide, turning exposed servers into part of a decentralized cryptojacking network that mines the privacy coin Dero. According to a report by cybersecurity firm Kaspersky, the attack begins by exploiting publicly exposed Docker APIs. In software terms, a docker is a set of applications or platform tools that delivers software in small packages called containers. Once access is gained, the malware spawns malicious containers. It infects already-running ones, siphoning system resources to mine Dero and scan for additional targets without requiring a central command server. As of early May, over 520 Docker APIs were publicly exposed over port 2375 worldwide — each one a potential target. — Shaurya Malwa Read more.

FIFA TAPS AVALANCHE FOR OWN BLOCKCHAIN: FIFA, football’s global governing body, plans to use Avalanche’s network to power its own dedicated layer-1 blockchain. The FIFA Blockchain is an Avalanche L1, a customizable blockchain that uses Avalanche’s technology (previously known as a subnet). The news comes as the Avalanche network recently went through its major Avalanche9000 upgrade, aimed at attracting new developers and encouraging them to create customized L1s. Thursday’s announcement is not FIFA’s first foray into the world of blockchain and crypto. In 2022, the football body released a non-fungible token (NFT) collection on the Algorand blockchain ahead of the Qatar World Cup. — Margaux Nijkerk Read more.

SQUARE PILOTS BITCOIN PAYMENTS: Jack Dorsey’s Square took bitcoin payments a step further at the Bitcoin 2025 conference in Las Vegas this week. For three days, the company is piloting a program where attendees can make purchases with their bitcoin by scanning a barcode. Payments are then settled in near real-time via the Lighting Network while Square handles real-time exchange rate calculations and confirmation notifications, according to a press release. Square hopes to make the feature available to a broader audience later this year and to all customers by 2026, pending regulatory approval. — Helene Braun Read more.

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In Other News

  • Bitcoin’s upward trend continued to show signs of weakness early Wednesday, even as Wall Street tech stocks surged overnight in anticipation of upbeat earnings from AI giant Nvidia (NVDA). The leading cryptocurrency by market value traded near $108,900 at press time, teasing a downside break of a trendline characterizing the uptrend from early April lows, according to data source Coingecko. Bullish trendlines indicate areas of strong demand, thus a move below one is generally seen as a sign of a potential reversal and a possible start of a downward move. — Omkar Godbole Read more.
  • The U.S. Securities and Exchange Commission (SEC) has formally initiated a review of the WisdomTree XRP Trust, a proposed spot exchange-traded fund (ETF) that would provide investors with exposure to XRP. Filed by the Cboe BZX Exchange, the application marks the first formal SEC review of a U.S.-based spot XRP ETF. If approved, it would be the first spot XRP ETF in the U.S. — a milestone that could open the door for similar products across other crypto assets. — Shaurya Malwa Read more.
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Regulatory and Policy

  • The U.S. Senate appears closer to passing its landmark stablecoin bill, the GENIUS Act, following a battle that Senator Cynthia Lummis (R-Wyo.), the bill’s main legislative champion, called incredibly hard-fought. “It has been extremely difficult,” Lummis said during a fireside chat with Coinbase’s Chief Legal Officer Paul Grewal at Bitcoin 2025 in Las Vegas on Tuesday. “I had no idea how hard this was going to be.” Last week, the Senate voted to advance the bill, easily clearing the 60-vote threshold required to kick the bill to its last discussion phase before the final vote to pass it out of the body entirely. An earlier attempt failed on a bipartisan basis after Senate Democrats, led by long-time crypto sceptic Elizabeth Warren (D-Mass.), as well as several Republicans, including Missouri’s Josh Hawley and Kentucky’s Rand Paul, voted against cloture. — Cheyenne Ligon Read more.
  • A man suspected of helping kidnap and torture an Italian cryptocurrency investor in a Manhattan townhouse has surrendered to New York City police. William Duplessie turned himself in Tuesday after what officials described as days of negotiations with authorities, the New York Times reports. He is the third suspect in an alleged plot to extract the keys to a bitcoin wallet belonging to Michael Valentino Teofrasto Carturan, a crypto fund associate who said he was held captive and abused for nearly three weeks.Francisco Rodrigues Read more.
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From Steam Engines to Ethereum Staking: How Insurance Enables Innovation

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The crypto industry is on the precipice of mainstream adoption. But, like many exciting innovations from previous eras, this technology brings new risks. And these new risks must be mitigated before crypto can achieve its full potential.

During the Industrial Revolution, steam power drove immense progress but carried deadly risks. Steam boilers exploded with alarming regularity — at one point nearly once every four days, wreaking havoc on lives and property. Early insurers stepped in to make this technology safer to scale. By providing financial guarantees against catastrophe, insurance turned what many saw as “acts of God” into manageable risks. Investors’ increased confidence allowed them to commit capital into steam-powered ventures, helping that breakthrough technology of the time further evolve to transform society.

Today, Ethereum validators serve as new “steam engines” — critical infrastructure that can drive evolution, but are subject to inherent risks. In proof-of-stake, validators lock up and pledge their $ETH tokens to run and secure the network, but any misstep can trigger a slashing incident (forfeiting some staked funds). These events are rare, but their mere possibility has been a major concern for institutional participants.

Until recently, insurance for stakers only covered slashing incidents — a safety net like boiler explosion coverage, tackling the worst-case scenario to encourage wider participation. Now, insurance is helping the crypto industry evolve more fully; this month, crypto insurer IMA Financial and Chainproof launched a policy that not only covers slashing losses but also guarantees a minimum annual yield for Ethereum stakers. The return is pegged to CESR(R), the Composite Ether Staking Rate, the average staking yield network-wide. By insuring yields, this coverage brings a new level of security to their staking returns.

A new frontier for crypto finance

Insuring validator yields opens the door to financial products once thought too risky. With a reliable floor on returns, we could soon see total-return staked ether ETFs and other structured products built on staking income. As staking moves into ETFs and institutional portfolios, insured yields will be imperative.

Just as boiler insurance unlocked investment opportunities in railroads and factories, this new crypto insurance can unlock institutional capital for blockchain networks. By making cutting-edge ventures safer for investors, insurance supports the responsible deployment of capital at the edge of innovation — powering the next wave of growth with clarity and conviction.

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From Hype to Reality: 2025’s Emerging Innovations in DePIN and AI

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DePIN: decentralized physical infrastructure networks

While DePIN projects, in theory, attempt to provide real utility to crypto, there are few that truly solve real-life problems, have a sensible business model capable of disrupting existing companies and cannot be easily spoofed. Most are simply solutions in search of a problem. One notable exception is a flight-tracking network called Wingbits. Why? Because it addresses a Web2 problem by solving it with Web3 incentives. For anyone who has ever tracked a flight such as BA117 from London to New York, you may have used websites like FlightAware or Flightradar.

Wingbits flight tracking map image

Figure 1: Wingbits flight tracking map

Source: Wingbits — Transforming Flight Tracking.

Flight-tracking companies generate millions in revenue by selling flight data to aviation companies and to buyers like financial analysts who monitor private jet movements for mergers and acquisitions. These companies also earn revenue from ads and subscriptions on their platforms. However, their capital expenditure does not include significant infrastructure and hardware expenses. This is because the aviation surveillance technology, called ADS-B receivers, is a hardware which requires antennas and Raspberry Pis, purchased and configured by aviation enthusiasts. These enthusiasts expect little in return, often receiving just a free subscription to their favourite flight-tracking platform.

The main problem is that enthusiasts are not incentivized to maximize the quality of data for these networks. Without marginal incentives, ADS-B receivers are often poorly placed — for instance, in lounge room corners or oversupplied in densely populated urban areas, leading to weak coverage in rural regions.

(LHS) Traditional ADS-B receiver, (RHS) Wingbits miner image

Figure 2: (LHS) Traditional ADS-B receiver, (RHS) Wingbits miner

Source: Wingbits — Transforming Flight Tracking.

Wingbits is revolutionizing flight tracking by incentivizing enthusiasts to set up stations strategically, based on altitude, while utilizing a system similar to Uber’s hexagonal hierarchical spatial index. This approach ensures optimized coverage, higher-quality data and most importantly, fair rewards for contributors to the network. They achieved coverage of 75% of the largest networks with only 1/11th the number of Wingbits stations. This high level of efficiency, combined with an expected rollout of 4,000+ stations, is anticipated to surpass traditional flight-tracking networks by a significant margin, delivering better-quality data to end customers.

The next family dinner conversation explaining this concept will come easily as we can now point to a real-world use case, driven by crypto incentives, that everyday people can understand.

Crypto x AI

Similar to market cycles, the demand for compute experiences peaks and troughs. GPUs can be expensive, and supply constraints make them even more so. Unlocking idle compute on consumer devices is not a new concept, but solving the synchronization challenge across multiple devices is. Exo Labs is a pioneering project achieving breakthroughs in edge computing, enabling users to run models on everyday consumer-grade devices, such as household MacBooks. This means sensitive data remains under your control, reducing risks associated with cloud-based storage or processing.

Image: A 9-layer model is divided into 3 shards, each running on a separate device

Figure 3: A 9-layer model is divided into 3 shards, each running on a separate device

Source: Transparent Benchmarks — 12 Days of EXO, EXO Labs.

Exo Labs has developed a novel software infrastructure called pipeline parallel inference, which enables a large language model (LLM) to be split into “shards,” allowing different devices to run separate parts of the model while remaining connected over the same network. This approach offers various advantages such as reduced latency, enhanced security, cost efficiency and most importantly, privacy benefits.

Exploring privacy further reveals Bagel AI, a project that has developed ZKLoRA (Zero-Knowledge Low-Rank Adaptation), a privacy-preserving approach to fine-tuning LLMs. This innovation enables the creation of specialized models for industries like legal services, healthcare and finance, allowing sensitive data to be used for reinforcement learning without risking confidential information leaks.

While privacy preservation is a hot topic, a bigger challenge for most LLMs is the hallucination problem, a response generated by AI that contains false or misleading information presented as fact. A portfolio manager once told me, “Wisdom lies in synthesizing competing viewpoints to uncover the nuanced truth between two extremes.” Blocksense is a project that has developed a proprietary approach called zkSchellingCoin consensus. This method aims to overlay subjective truths from multiple sources – say, different LLMs – to arrive at a single, common truth. For example, imagine running the same query across ChatGPT, Claude, Grok and Llama. If one model provides an incorrect output, it is statistically unlikely that all four models will generate the same false result when compared against each other.

Overview of the zkSchellingCoin Consensus image

Figure 4: Overview of the zkSchellingCoin Consensus

Source: Blocksense Network — The zk Rollup for Programmable Oracles.

The zkSchellingCoin consensus could also be applied to adding verifiability to AI inference. For instance, how can we confirm that an AI agent correctly bridged USDC into the highest-yielding vault at the time of execution? Trust in AI would be significantly strengthened with an additional verification layer. If we can solve this without compromising cost or latency, it could lead to a major breakthrough in real-world use cases.

The journey from hype to reality in DePIN and AI shows that genuine innovation lies in solving real-world problems with practical and efficient solutions. Projects like Wingbits and Exo Labs prove how blockchain and AI can create meaningful impact — whether by revolutionizing flight tracking with strategic incentives or unlocking the power of consumer devices for secure and cost-effective computing. With advancements like ZKLoRA for privacy-preserving AI and zkSchellingCoin for verifiable truth, these emerging technologies are poised to address critical challenges, paving the way for a more decentralized, efficient and trust-verified future.

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