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Kraken's parent company acquires Magic Labs' embedded wallet business; the latter has been renamed Newton Labs to focus on on-chain financial protocols.

1 hours ago

Payward, the parent company of crypto trading platform Kraken, announced the acquisition of Magic Labs' embedded wallet business. The transaction is structured as an asset purchase, with both parties remaining independent after completion. Magic Labs' wallet customers will migrate to Payward Services, while Magic Labs will officially rebrand as Newton Labs. Founded in 2018, Magic Labs has cumulatively created over 60 million wallets and provided embedded wallet services to more than 200,000 developers. Following the business spin-off, Newton Labs will focus on developing Newton Protocol, an on-chain financial authorization layer protocol. The protocol is set to launch its mainnet beta version in June 2026, designed to enforce compliance, security, identity verification, and risk control before transactions are recorded on the blockchain. Newton Labs stated that its first product built on Newton Protocol, VaultKit, will help institutional-grade custody solutions implement compliance and risk management prior to transaction settlement, with future expansion to cover real-world assets (RWAs), stablecoins, and AI agent commercial and financial scenarios. This acquisition marks the latest move by Payward to expand its financial infrastructure footprint. Earlier this May, Payward completed the acquisition of Bitnomial, a U.S. CFTC-licensed derivatives exchange, for up to $550 million, and also reached an agreement to acquire Hong Kong-based stablecoin payment firm Reap Technologies for $600 million. In 2025, it acquired retail futures trading platform NinjaTrader for $1.5 billion.

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Southern East adjusts the mechanisms for its multiple leveraged and inverse products, switching from fixed 2x leverage to maximum 2x leverage.

Southern Asset Management announced that, in response to recent revisions to relevant circulars by the Hong Kong Securities and Futures Commission (SFC) and market changes, multiple of its leveraged and inverse products will be optimized and adjusted starting August 3, 2026, adopting a flexible leverage structure. After the adjustment, product leverage multiples will be dynamically adjusted daily based on market conditions, with a maximum cap of 2x or -2x. Products that previously had fixed 2x leverage will switch to a "maximum 2x leverage" model, meaning the actual leverage multiple may drop to around 1.1x during extreme market conditions. Meanwhile, some product names will be adjusted; for example, the "Southern Asset Management Berkshire Daily Leverage (2x) Product" will be renamed "Southern Asset Management Berkshire Daily Maximum Leverage (2x) Product". Southern Asset Management stated that fund managers will announce the target leverage multiple for the next trading day after the daily market close, and investors should note the product structure changes and related risks. Industry insiders pointed out that the adjustment is primarily in response to regulatory requirements, aiming to reduce the risk exposure of highly leveraged products during extreme market conditions. For investors, the return elasticity of leveraged ETFs in the future may be lower than during the period of fixed 2x leverage.

9 minutes ago

Viewpoint: Revolut ramps up marketing spending in the crypto space, and is accused of becoming a major sponsor for numerous crypto KOLs on YouTube.

UK fintech firm Revolut is currently ramping up crypto content marketing, expanding its brand reach by sponsoring crypto KOLs on platforms like YouTube. Screenshots shared by trader CBB show Revolut is recruiting crypto content creators from the European Economic Area (EEA) for its crypto creator program, seeking collaborative promotion partnerships. Some market observers note Revolut has made aggressive investments in the crypto space in recent years, with some crypto YouTubers securing long-term commercial partnerships with the firm—even making such collaborations a key revenue stream for them. However, no public data has yet confirmed the exact scale and scope of these partnerships. Founded in 2015, Revolut is a UK-based fintech that has expanded its offerings in recent years to include crypto trading, digital asset services, and more, aiming to grow its younger user base via content marketing and community collaborations.

9 minutes ago

Naver partners with NVIDIA and Brookfield to build gigawatt-scale AI cloud infrastructure; Sejong AI Factory will expand to 200 megawatts.

South Korean internet firm Naver, NVIDIA, and Brookfield Asset Management plan to invest in and build gigawatt-scale AI cloud infrastructure in South Korea and the United States. It is reported that Naver and NVIDIA will expand the GAK Sejong AI factory located in Sejong City, South Korea, to a 200-megawatt scale, with completion targeted for 2028. The AI factory is expected to adopt NVIDIA’s latest AI infrastructure, including the Vera Rubin and Blackwell platforms. Additionally, Naver plans to further scale up its NVIDIA AI infrastructure deployment to 1 gigawatt to support large-scale artificial intelligence computing demands. The collaboration aims to advance South Korea’s AI computing power infrastructure development and strengthen its global AI cloud service footprint.

9 minutes ago

NVIDIA invests in a new AI lab co-founded by OpenAI, providing large-scale GPU computing power support.

According to a Wall Street Journal (WSJ) report, NVIDIA has invested in Safe Superintelligence (SSI) — the AI lab founded by former OpenAI chief scientist Ilya Sutskever — and the two parties have reached a long-term cooperation agreement. The deal aims to expand SSI’s computing resources while helping NVIDIA secure key clients in the AI sector. The companies stated that NVIDIA made a "large-scale" investment after reviewing some of SSI’s research progress, though the specific amount was not disclosed. As part of the partnership, SSI will gain access to a large volume of NVIDIA’s flagship GPU resources, which is expected to boost its computing power by an order of magnitude. Prior to this, SSI had relied primarily on Google’s TPU chips for AI research and development. The collaboration marks NVIDIA’s further expansion of its AI chip ecosystem, as it locks in future computing power demands by investing in top-tier AI labs. Founded in 2024 by Ilya Sutskever, SSI’s goal is to develop "safe superintelligence". The firm has previously raised around $2 billion in funding, with backers including Andreessen Horowitz and Sequoia Capital, and was valued at roughly $30 billion last year. This is not NVIDIA’s first investment in an AI company founded by a former OpenAI core member. In March this year, NVIDIA also invested in Thinking Machines Lab, established by former OpenAI chief technology officer Mira Murati, whose first AI model was trained on NVIDIA hardware. Ilya Sutskever is a leading researcher in modern artificial intelligence, who co-founded OpenAI and contributed to the development of large models like ChatGPT. However, after leaving OpenAI, he began to question the approach of advancing AI solely by scaling up data and computing power, shifting his focus to exploring new directions in superintelligence research.

9 minutes ago

The user wants me to create a headline for a Lookonchain tweet based on the given text. Let me identify the key information: - Tom Lee's Bitmine bought 9,946 $ETH ($19.38M) last week - Bitmine now holds 5,787,414 $ETH ($11.28B) - 4,917,189 $ETH ($9.58B) are staked Requirements: - Max 120 characters - Concise English headline - Keep tickers ($ETH), key amounts and names - No quotes, no hashtags, no trailing period I need to capture the most newsworthy element. The fact that Bitmine purchased a large amount of ETH and now holds a significant position seems most important. Let me draft options: 1. "Bitmine buys 9,946 $ETH, now holds 5.79M tokens worth $11.28B" 2. "Tom Lee's Bitmine purchases 9,946 $ETH, accumulates 5.79M token position" 3. "Bitmine adds 9,946 $ETH to position, total holdings reach 5.79M tokens" Let me count characters for option 1: "Bitmine buys 9,946 $ETH, now holds 5.79M tokens worth $11.28B" = 64 characters. Good, well under 120. Actually, I should consider what's most newsworthy - the recent purchase activity or the total holdings? The headline should probably emphasize the recent action (purchase) as the news hook. Option 2 is clearer about the recent purchase. Let me refine it. "Bitmine buys 9,946 $ETH, now holds 5.79M tokens worth $11.28B" - this is concise and hits the main points. Or maybe: "Bitmine accumulates 9,946 $ETH, total holdings reach 5.79M tokens" Let me count the best one: "Bitmine buys 9,946 $ETH worth $19.38M, total holdings reach $11.28B" = 68 characters This captures: the action (buys), the amount bought (9,946 $ETH), the price paid ($19.38M), and the total position value ($11.28B). Bitmine buys 9,946 $ETH worth $19.38M, total holdings reach $11.28B

Tom Lee(@fundstrat)'s #Bitmine bought 9,946 $ETH ($19.38M) last week. #Bitmine now holds 5,787,414 $ETH ($11.28B), with 4,917,189 $ETH($9.58B) staked.

9 minutes ago

Pre-Market News Roundup (US Stocks): NVIDIA further expands its AI footprint, AMD enters South Korea’s AI R&D sector, and South Korean firms strike a $950 billion deal with tech giants.

Pre-market key news for U.S. stocks as follows: 1. Rocket Lab (RKLB.O) secures a $266 million missile defense contract with the U.S. Space Force. 2. AMD (AMD.O) will build an artificial intelligence research center in South Korea and develop an open AI infrastructure ecosystem. 3. Apple (AAPL.O)’s system status page shows it has resolved outages affecting all impacted services, including the App Store. 4. Nvidia (NVDA.O): To form an open-source AI alliance with partners, it will launch the NOOA open-source project on GitHub, aimed at advancing AI security development. 5. Sources familiar with the matter said Nvidia (NVDA.O) is in talks to provide approximately $250 billion in financial guarantees for OpenAI’s Ohio data center project. 6. Dutch biotech company Argenx SE (ARGX.O) has agreed to acquire clinical-stage biopharmaceutical firm Forte Biosciences (FBRX.O) for around $2.2 billion in cash, to expand its immunology drug portfolio. 7. South Korean conglomerates have reached agreements with global tech giants including Nvidia (NVDA.O) to carry out a series of collaborative projects totaling $950 billion. 8. Strategy has not increased its Bitcoin holdings for three consecutive weeks, bringing its U.S. dollar reserves to $3.75 billion. 9. Bitmine added 9,946 ETH to its holdings last week, bringing its total position to 5.7874 million ETH.

9 minutes ago

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