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The Growing Institutional Adoption of Crypto: An Interview with Nick Hammer, CEO, BlockFills

The institutional acceptance of crypto around the world has accelerated significantly recently, developing hand in hand with better-defined regulation. Here, BlockFills CEO Nick Hammer discusses the reasons for crypto’s increasing institutional usage and some of the latest products responding to that demand.
What trends are you seeing now in the digital asset space?
We’ve been seeing increased involvement from institutional players in this space such as hedge funds, family offices and asset managers, which underscores the growing credibility and maturity of the digital asset space. Institutional activity brings significant capital, greater liquidity and stability to this market. It also drives mainstream acceptance and necessary regulatory clarity.
To that end, governments and regulators around the world are developing more defined frameworks and focusing on investor protection. This helps build trust and ensures compliance in various jurisdictions. This has also been helpful for us as we navigate the global regulatory landscape and launch offices in South America and the Middle East. BlockFills also has a London-based affiliate, Basis Capital Markets UK Ltd, which is regulated by the Financial Conduct Authority (FCA). The move towards regulatory certainty has been beneficial for the major players in this space.
DeFi also continues to grow, offering decentralized alternatives to traditional financial products like lending, borrowing and trading. This enables greater financial inclusion, efficiency and transparency. Many central banks are also exploring or developing their own digital currencies in response to the rise of cryptocurrencies and stablecoins. This could impact the future of money by creating a more digitized financial ecosystem.
Finally, we are also seeing a rise in the use of stablecoins. Stripe introduced a new payment option allowing customers to pay U.S. businesses in the USDC stablecoin, and this growing trend is reshaping how assets are traded and stored.
Why have we seen more institutional adoption of crypto?
There’s been a lot of movement from regulators to provide institutional traders more confidence when accessing the digital asset space. The U.S. has adopted a strategic Bitcoin Reserve policy at both the federal and some state levels, the SEC and CFTC have created a joint crypto regulation advisory committee and several crypto ETFs have been approved, with more, including Bitwise’s application for an XRP ETF, under consideration.
We have also seen the development of institutional custody solutions for crypto, which builds further confidence in the digital asset space. BlockFills has partnered with leading players that have invested heavily in custody solutions, insurance and regulatory compliance. These are only a few of the steps we take to safeguard assets against hacking and theft, since long-term sustainability is important to us.
Finally, there has been a real trend to tokenize traditional financial products like stocks, bonds and commodities. Institutional and professional investors are attracted to this sort of offering due to its fractional ownership and increased liquidity, which provide unique opportunities apart from traditional investment vehicles.
As the market matures, how are you looking at the landscape of product opportunities or deficits?
Having both a spot and derivatives* offering enables BlockFills to provide unique trading opportunities and provides traders the opportunity to explore various strategies. As an OTC desk, we have customizable products with a robust variety of underlying digital assets, including BTC, ETH, SOL, XRP, USDT, LTC, BCH and more. We are not only dealing with the major coins.
Legacy products and technologies may have restraints that are holding digital asset evolution back. Crypto demands same-day settlement, 24/7 markets and non-fiat as collateral, so BlockFills is exploring how best to meet the needs of digital asset traders while leveraging traditional building blocks.
BlockFills also offers cash-settled as well as physically delivered products to meet the needs of all sorts of professional and institutional traders.Turnkey solutions from BlockFills can get firms up and running in the digital assets businesses so as not to experience FOMO.
The digital asset landscape is very unique in that it was developed by retail investors and has evolved for institutional markets. We owe credit to the first movers in the digital asset retail space and aim to capture some of their innovative spirit when developing our products.
Your firm recently launched the BlockFills CoinDesk 20 Options Market. Can you tell me more about that?
BlockFills provides institutional-grade liquidity to the CoinDesk 20 Index, which measures the performance of leading digital assets and applies a capped market capitalization weighted methodology to ensure portfolio diversification. Additionally, we offer the BlockFills CoinDesk 20 Options Market product, answering the demand for diverse and tradeable digital assets products beyond BTC and ETH ETFs. We have heard the demand from qualified institutional market participants for a foundational reference index to trade, invest, and measure performance in, and are thrilled to provide them with a solution.
Prominent digital asset manager and multi-strategy crypto hedge fund, Hyperion Decimus, initiated the first transaction of the product in January of this year.
What’s next for BlockFills? Where should people go for additional information?
We are working strategically with partners to provide an enhanced level of service for digital asset trading. We recently collaborated with CQG, a leading global provider of high-performance technology solutions for market makers, traders, brokers, commercial hedgers and exchanges, to bring industry-leading, reliable pricing and deep liquidity to their vast client base. And our market participants benefit from the ability to use CQG’s institutional-grade technology and trading tools.
We are also expanding our relationships with key industry players such as custody provider Fordefi, London-based banking group BCB, CQG, CoinDesk Indices and others to enhance the digital assets experience.
BlockFills will also be launching global offices in Dubai, Brazil and the U.K. Those seeking more information can visit BlockFills.com.
Disclosure:
*Derivative Products available to Qualified Counterparties Only. For US Persons, client is an Eligible Contract Participant (“ECP”) as defined in Section 1a(18) of the Commodity Exchange Act and related guidance. Non-US Persons must qualify as an Eligible Professional Client.
The information in this article is not to be construed as an offer to sell or a solicitation or an offer to buy contracts for difference (CFD), cryptocurrencies, futures, foreign exchange, or options on the aforementioned. All information contained herein is believed to be accurate, Reliz Ltd makes no representation as to the accuracy or completeness of any data, statistics, studies, or opinions expressed and it should not be relied upon as such. The risks of trading can be substantial. Each investor must consider whether this is a suitable investment. Those acting on this information are responsible for their own actions.
Authors’ views and opinions are their own and not associated with CoinDesk Indices. The interview was conducted by CoinDesk Indices and is not associated with CoinDesk editorial.
CoinDesk Indices, Inc., including CC Data Limited, its affiliate which performs certain outsourced administration and calculation services on its behalf (collectively, “CoinDesk Indices”), does not sponsor, endorse, sell, promote, or manage any investment offered by any third party that seeks to provide an investment return based on the performance of any index. CoinDesk Indices is neither an investment adviser nor a commodity trading advisor and makes no representation regarding the advisability of making an investment linked to any CoinDesk Indices index. CoinDesk Indices does not act as a fiduciary. A decision to invest in any asset linked to a CoinDesk Indices index should not be made in reliance on any of the statements set forth in this document or elsewhere by CoinDesk Indices. All content displayed here or otherwise used in connection with any CoinDesk Indices index (the “Content”) is owned by CoinDesk Indices and/or its third-party data providers and licensors, unless stated otherwise by CoinDesk Indices. CoinDesk Indices does not guarantee the accuracy, completeness, timeliness, adequacy, validity, or availability of any of the Content. CoinDesk Indices is not responsible for any errors or omissions, regardless of the cause, in the results obtained from the use of any of the Content. CoinDesk Indices does not assume any obligation to update the Content following publication in any form or format. © 2025 CoinDesk Indices, Inc. All rights reserved.
Uncategorized
The Protocol: Self-spreading Malware Found in Privacy Crypto Dero

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
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.
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.
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.
Calendar
- May 27-29: Bitcoin 2025, Las Vegas
- May 27-29: ETHPrague, Prague
- June 8-22: Berlin Blockchain Week, Berlin
- June 24-26: Permissionless, Brooklyn
- June 30-July 3: EthCC, Cannes
- July 16-18: Web3 Summit, Berlin
- Sept. 22-28: Korea Blockchain Week, Seoul
- Oct. 1-2: Token2049, Singapore
- Nov. 17-22: Devconnect, Buenos Aires
- Dec. 11-13: Solana Breakpoint, Abu Dhabi
- Feb. 10-12, 2026: Consensus, Hong Kong
- May 5-7, 2026: Consensus, Miami
Uncategorized
From Steam Engines to Ethereum Staking: How Insurance Enables Innovation

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

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.
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.
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.
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.
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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