Launch of Kraken’s Prime Brokerage Service For Institutional Clients A Pivotal Moment For DeFi

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June 7, 2025

Kraken has launched Kraken Prime, a full-service prime brokerage platform tailored for institutional investors, such as asset managers, hedge funds, and corporations. The platform integrates trading, custody, and financing into a single interface, offering access to over 90% of the digital asset market’s liquidity across more than 20 global venues. Key features include sophisticated trading tools, 24/7 white-glove support, asset-backed lending, T+1 credit facilities, and a smart order routing system for seamless on- and off-platform liquidity.

Trades can be executed directly from qualified custody managed by Kraken Financial, a U.S. state-chartered bank. The platform is SOC 2 Type I and ISO/IEC 27001 certified, emphasizing security and compliance. Kraken Prime aims to meet the execution quality and operational rigor expected in traditional finance, competing with platforms like Coinbase Prime and FalconX, and is now available to eligible institutional clients.

Kraken Prime provides institutional investors with a robust platform integrating trading, custody, and financing, which could accelerate institutional participation in crypto markets. Features like smart order routing, deep liquidity access (over 90% of the market), and asset-backed lending cater to the sophisticated needs of hedge funds, asset managers, and corporations.

This move aligns with the broader trend of traditional finance (TradFi) institutions entering crypto, especially as regulatory clarity improves in some regions (e.g., the U.S. with Kraken Financial’s banking charter). By offering access to liquidity across 20+ global venues, Kraken Prime could reduce market fragmentation and improve price discovery. This may lead to more stable and efficient markets, benefiting both institutional and retail participants.

The platform’s T+1 credit facilities and lending options could also increase trading volumes, further boosting liquidity. Kraken Prime enters a competitive space alongside players like Coinbase Prime and FalconX. Its focus on security (SOC 2 Type I and ISO/IEC 27001 certifications) and white-glove support positions it as a strong contender, potentially driving innovation and better services across the sector.

This competition could lower costs and improve offerings for institutional clients, indirectly influencing retail markets through better infrastructure. Kraken’s use of a U.S. state-chartered bank (Kraken Financial) for custody and its compliance certifications signal a push toward meeting TradFi’s rigorous standards. This could attract risk-averse institutions and set a benchmark for other crypto platforms.

Kraken Prime is exclusively for institutional clients, offering features like sophisticated trading tools, dedicated support, and credit facilities that retail investors typically cannot access. This creates a tiered ecosystem where institutions benefit from superior infrastructure, potentially leading to better execution and lower costs compared to retail platforms. Retail investors, limited to standard exchange interfaces, may face higher fees, less liquidity, and fewer financing options, widening the gap in market access.

Institutional participation through platforms like Kraken Prime can drive significant price movements due to their large capital pools. Retail investors, with smaller positions, are often more exposed to volatility caused by institutional trades, creating an uneven playing field. For example, institutions using smart order routing can optimize trades across multiple venues, while retail investors are typically confined to a single exchange’s order book.

Institutional platforms often operate under stricter compliance frameworks (e.g., Kraken Financial’s banking charter), which can provide institutions with greater legal clarity and protection. Retail investors, however, may face inconsistent regulations across jurisdictions, increasing their risk exposure. The certifications and banking integration of Kraken Prime may also give institutions confidence in custody solutions, while retail investors rely on less regulated or decentralized options.

The minimum capital requirements and eligibility criteria for Kraken Prime exclude most retail investors, concentrating advanced financial tools among wealthy institutions. This mirrors trends in TradFi, where prime brokerage services are reserved for high-net-worth clients. Retail investors may feel sidelined as institutions gain access to exclusive services, potentially fueling resentment or distrust in centralized platforms.

As institutional infrastructure improves, retail platforms may adopt similar technologies (e.g., better custody or trading tools), indirectly benefiting retail users. Retail investors could push for more inclusive access to advanced tools through community advocacy or decentralized finance (DeFi) platforms that mimic prime brokerage features. Clearer regulations could level the playing field, ensuring retail investors have access to secure, compliant platforms with competitive features.

Kraken Prime strengthens the institutional crypto ecosystem but underscores the growing divide between well-resourced institutions and retail investors. While it may enhance market efficiency, it risks leaving retail participants at a disadvantage unless broader access to similar tools and opportunities emerges.

Truth Social Bitcoin ETF Is A High-Stake Move With Potential To Reshape Crypto’s Mainstream Perception

By

Paul Ugbede Godwin

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June 7, 2025

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Trump Media & Technology Group, the parent company of Truth Social, has filed for a spot Bitcoin ETF named the Truth Social Bitcoin ETF. On June 3, 2025, NYSE Arca filed a Form 19b-4 with the SEC to list the ETF, followed by an S-1 registration statement on June 5, 2025. The ETF aims to track Bitcoin’s price and will be managed by Yorkville America Digital, with Crypto.com’s Foris DAX Trust Company as the custodian. This move aligns with Trump Media’s broader crypto initiatives, including a $2.5 billion Bitcoin treasury plan and a partnership with Crypto.com to launch digital asset products.

The SEC has up to 240 days, until January 29, 2026, to decide on the application. The filing has raised concerns about potential conflicts of interest due to Trump’s majority ownership, though his shares are held in a trust controlled by Donald Trump Jr. The ETF enters a competitive market dominated by BlackRock’s iShares Bitcoin Trust, with nearly $69 billion in assets. The filing for a Truth Social Bitcoin ETF by Trump Media & Technology Group carries significant implications and highlights a polarized divide in public and market sentiment.

The ETF could further legitimize Bitcoin as an institutional-grade asset, especially given Trump’s high-profile association and his administration’s pro-crypto stance. With Truth Social’s visibility and Trump’s influence, the ETF could attract retail and institutional investors, boosting Bitcoin’s mainstream appeal. Critics argue this could be more speculative hype than substance, potentially inflating Bitcoin’s price without addressing underlying volatility or regulatory risks. The ETF’s success hinges on SEC approval, which is uncertain given concerns about market manipulation in crypto.

Political and Cultural Polarization

The ETF ties Bitcoin to Trump’s brand, which is deeply divisive. Supporters may view it as a bold move aligning with Trump’s “America First” agenda and his push for U.S. leadership in crypto. Critics, however, see it as a self-serving venture leveraging Trump’s influence, potentially politicizing crypto markets further. This could deepen the divide between pro-Trump investors and those wary of his involvement, with some viewing the ETF as a patriotic investment and others as a risky, politically charged gamble.

Trump’s majority ownership (114.75 million shares, ~60% of Trump Media) raises red flags about conflicts of interest, especially given his role as the 47th U.S. President. Although his shares are managed by a trust under Donald Trump Jr., skepticism persists about impartiality in regulatory or policy decisions impacting the ETF. The SEC’s review process could face scrutiny, with allegations of favoritism if approved or political bias if rejected, potentially affecting public trust in financial regulators.

The ETF enters a crowded field, competing with established players like BlackRock’s iShares Bitcoin Trust ($69 billion AUM). Truth Social’s smaller scale and lack of financial track record could limit its ability to capture significant market share. The announcement has already driven a 30% surge in Trump Media’s stock (DJT) and a 10% Bitcoin price increase post-filing, reflecting speculative enthusiasm. However, this could lead to volatility if the ETF fails to deliver or faces delays.

Approval could signal a more crypto-friendly SEC under Trump’s administration, encouraging other firms to launch similar products. Rejection, however, might reinforce regulatory caution, impacting the broader crypto ETF landscape. The 240-day SEC review period (until January 29, 2026) adds uncertainty, as market conditions and political dynamics could shift. Trump’s base sees the ETF as a win for innovation and economic freedom, aligning with his pro-crypto policies (e.g., Bitcoin treasury reserve proposals). They view it as a counter to “establishment” financial institutions like BlackRock.

Proponents argue it democratizes crypto access for retail investors, leveraging Truth Social’s platform to promote financial sovereignty. Trump’s brand carries weight with his supporters, who may invest out of loyalty or belief in his business acumen, despite risks. Opponents highlight Trump’s ownership stake as a potential abuse of power, especially if his administration influences SEC decisions. This fuels distrust among those skeptical of his motives.

Financial analysts and crypto skeptics warn of volatility and lack of transparency in Trump Media’s operations. The company’s $4 billion valuation despite minimal revenue raises concerns about speculative bubbles. Critics argue tying Bitcoin to Trump’s polarizing brand could alienate institutional investors and hinder broader crypto adoption, framing it as a partisan issue rather than a neutral financial innovation.

DJT’s 30% surge contrasts with broader market caution, as investors weigh Trump Media’s financial instability (reporting losses and limited revenue). The ETF amplifies the broader cultural split in the U.S., where Trump-related initiatives are often seen through a binary lens of loyalty or opposition. This could deter neutral investors, who may avoid the ETF to steer clear of political baggage.

The Truth Social Bitcoin ETF is a high-stakes move with potential to reshape crypto’s mainstream perception while intensifying political and financial divides. Its success depends on regulatory outcomes, market reception, and Trump Media’s ability to navigate conflicts of interest. The polarized reactions underscore broader tensions around Trump’s influence, with supporters viewing it as a bold economic step and critics as a risky, self-serving venture. Monitoring SEC developments and market trends through January 2026 will be critical to assessing its impact.

Elon Musk Loses $33.9 Billion in A Day Amid Explosive Feud With President Trump

By

Ojukwu Emmanuel

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June 7, 2025

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Elon Musk’s net worth plummeted by a staggering $33.9 billion on Friday, June 6, 2025, marking one of the most significant single-day losses ever recorded, according to Bloomberg.

Tesla stocks tumbled by 14%, losing $150 billion in value, erasing all of its gains for the year. The financial hit comes amid an escalating feud between U.S. President Donald Trump and Elon Musk, casting a long shadow over Musk’s business empire and investor confidence.

Once seen as a powerful alliance between business and politics, Musk’s relationship with Trump has unraveled into a bitter dispute that’s impacting the markets. The fallout has created policy uncertainty, rattled shareholders, and fueled speculation about the long-term stability of Musk’s vast tech empire.

Speaking to reporters in Washington, Trump didn’t hold back, voicing “deep disappointment” in Musk, a figure he had previously supported by granting federal backing to Tesla and SpaceX, often sidestepping red tape to give Musk preferential access to decision-makers. That support, however, appears to have evaporated.

The rupture reportedly began over disagreements on federal space policy and Musk’s outspoken criticism of Trump’s 2024 campaign platform. Musk, who previously led the Department of Government Efficiency (DOGE), has condemned a new federal spending bill supported by Trump, calling it a “disgusting abomination” due to its projected $2.4 trillion addition to the national deficit. He argued that the bill undermines his efforts to reduce federal spending.

One of Musk’s biggest objections is the bill’s elimination of electric vehicle (EV) tax credits, a move that could directly impact Tesla’s bottom line. Trump, in response, accused Musk of opposing the bill out of “self-interest,” citing Tesla’s reliance on these incentives to maintain global competitiveness.

The rift took an even sharper turn, escalating into personal attacks which saw Trump mock Musk’s appearance, also accusing him of being upset about the EV mandates. Musk fired back on his platform X, claiming Trump would have lost the 2024 election without his nearly $300 million in campaign support and amplification via social media. He also lobbed an incendiary accusation, suggesting Trump’s name appeared in Jeffrey Epstein’s files—an unverified claim that ignited further controversy.

Trump retaliated by calling Musk “a man who has lost his mind” and floated the idea of cutting off federal contracts and subsidies to Musk’s companies, including SpaceX and Tesla. On Truth Social, he even proposed terminating those deals as part of his broader plan to reduce government spending.

Tensions had been building before this public blowup. Musk’s departure from his role as a special government employee in May 2025 was partly due to frustrations with Trump’s tariff policies, which Musk opposed because they affected his businesses reliant on imported parts. Additionally, Trump withdrew his nomination of Musk’s ally Jared Isaacman to lead NASA, a move seen as a slight against Musk. Reports also suggest Musk’s high-profile role in the administration, including his influence over DOGE and his public criticisms of other Trump advisors, caused friction within Trump’s inner circle.

The feud has had significant implications with Musk threatening to decommission SpaceX’s Dragon spacecraft, critical for NASA’s operations, which was later retracted, but however highlighted the stakes of their conflict, given SpaceX’s role in U.S. space and national security programs.

The feud has come at a precarious time for Musk. Bloomberg reports he is facing a “rare convergence of threats,” including declining brand loyalty, weakening global sales for Tesla, shaky revenue streams, and growing legal and regulatory pressure.

Notably, the chaos has added pressure as Musk seeks new funding to stabilize his companies. Despite the storm, some investors remain cautiously optimistic. They point to Musk’s track record such as Tesla’s comeback from near-collapse in 2019 and his turnaround of X as signs that he may weather this crisis as well.

DeepMind CEO Demis Hassabis Says AI Misuse, Not Job Loss, Is the Bigger Threat

By

Samuel Nwite

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June 7, 2025

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Demis Hassabis, CEO of DeepMind and a Nobel Prize laureate, says the most serious threat posed by artificial intelligence is not widespread job loss, but the potential for the technology to be misused by bad actors.

Speaking at the SXSW festival in London, Hassabis emphasized the need for tighter restrictions on access to powerful AI systems, warning that the world is moving too slowly to regulate tools capable of destabilizing entire economies and societies.

“Both of those risks are important,” Hassabis told CNN’s Anna Stewart during the interview. “But a bad actor could repurpose those same technologies for a harmful end… and so one big thing is how do we restrict access to these powerful systems to bad actors, but enable good actors to do many, many amazing things with it?”

His comments come amid growing anxiety over AI’s disruption to the labor market. Last week, Anthropic CEO Dario Amodei warned that artificial intelligence could wipe out half of all entry-level white-collar jobs. Meta CEO Mark Zuckerberg recently said AI would write half of his company’s code by 2026.

But Hassabis, who heads Google’s flagship AI research lab, downplayed fears of a “jobpocalypse.” He acknowledged that AI will change the nature of work and push society to adapt, but said the real challenge lies in how governments, institutions, and companies distribute the gains of productivity AI will generate.

“There’s going to be a huge amount of change,” he said. “Usually what happens is new, even better jobs arrive to take the place of some of the jobs that get replaced. We’ll see if that happens this time.”

But he said the bigger danger is letting these systems develop and proliferate without adequate safeguards. Citing recent examples—like hackers impersonating U.S. officials using AI-generated voice messages, or the rise in deepfake pornography—Hassabis said the absence of a global framework for AI safety is increasingly alarming.

A 2023 State Department report warned that AI could pose “catastrophic” risks to national security, while the FBI recently issued an advisory after detecting AI-generated audio being used to impersonate American officials.

The concerns are not hypothetical. Just last month, President Donald Trump signed the Take It Down Act, which aims to curb the spread of non-consensual explicit deepfakes by making it illegal to share such content online. At the same time, Google quietly removed language from its AI ethics page in February, including a clause pledging not to use AI for weapons and surveillance—fueling more concerns about the erosion of internal guardrails.

A Call for International AI Governance

To prevent misuse, Hassabis is calling for an international agreement on how AI should be used and governed—a kind of global accord similar to nuclear or climate pacts. But geopolitical tensions, particularly between the U.S. and China, have so far stalled progress on any unified regulatory vision.

“Obviously, it’s looking difficult at present day with the geopolitics as it is,” Hassabis admitted. “But… as AI becomes more sophisticated, I think it’ll become more clear to the world that that needs to happen.”

The DeepMind chief envisions a future in which people will rely heavily on AI “agents”—autonomous tools capable of executing complex tasks in real time. Google is already working to integrate such capabilities into its search engine and has experimented with AI-powered smart glasses that function like always-on digital assistants.

“We sometimes call it a universal AI assistant that will go around with you everywhere,” Hassabis said. “Help you in your everyday life, do mundane admin tasks for you, but also enrich your life by recommending you amazing things… maybe even friends to meet.”

Between Hype and Reality

Despite the powerful promise of AI and its rapid adoption across sectors, Hassabis noted that the technology still suffers from serious limitations, including bias and hallucination. These flaws have led to real-world failures, such as when The Chicago Sun-Times and The Philadelphia Inquirer published AI-generated summer reading lists that included books that didn’t exist.

While technologists like Hassabis remain optimistic that AI will be a net benefit to society, his comments underscore the growing split among industry leaders: some warn of AI’s economic shockwaves, others of its geopolitical risks. Hassabis seems to believe both are real, but only one could spiral out of control if left unchecked.

Bitcoins’ Future – ‘JP’, Blackrock, the Quantum ruse, and the BIP 360 twists!

By

John Mc Keown

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June 7, 2025

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Blackrock and JP Morgan. Two companies who have very different types of noises coming out of them about Bitcoin.

BlackRocks’ iShares Bitcoin Trust ETF (IBIT) is arguably the most successful ETF of all time. In its updated prospectus for IBIT, BlackRock mentions quantum computing under its “risk factors” section.

‘…In the past, flaws in the source code for digital assets have been exposed and exploited, including flaws that disabled some functionality for users, exposed users’ personal information and/or resulted in the theft of users’ digital assets.

The cryptography underlying Bitcoin could prove to be flawed or ineffective, or developments in mathematics and/or technology, including advances in digital computing, algebraic geometry and quantum computing, could result in such cryptography becoming ineffective. In any of these circumstances, a malicious actor may be able to compromise the security of the Bitcoin network or take the Trust’s Bitcoin, which would adversely affect the value of the Shares. Moreover, the functionality of the Bitcoin network may be negatively affected such that it is no longer attractive to users,
thereby dampening demand for Bitcoin.

Even if another digital asset other than bitcoin were affected by similar circumstances, any reduction in confidence in the source code or cryptography underlying digital assets generally could negatively affect the demand for digital assets and therefore adversely affect the value of the Shares.

Moreover, because digital assets, including bitcoin, have been in existence for a short period of time and are continuing to develop, there may be additional risks in the future that are impossible to predict as of the date of this prospectus.’

BlackRock has been a leader among ‘traditional’ institutions supporting Bitcoin, but here, they seem to be issuing cautious words, and appearing to take a step back.

JP Morgan, on the other hand, seems to be looking for a way to pivot from its long standing criticism and dismissal of Bitcoin.

CEO, Jamie Dimon over the years has made many curious statements :

‘We shouldn’t be stockpiling bitcoin. We should be stockpiling guns, bullets, tanks, planes, drones—you know, rare earths.’

Bitcoin is a ‘public decentralized Ponzi scheme.’

The use cases for Bitcoin are “AML, fraud, sex trafficking and tax avoidance,”

Galaxy Digital head and billionaire Mike Novogratz in response to JPMorgan Dimons’ anti-crypto comments in 2023, said BTC outperformed JP Morgan stock for over any 10 year time frame.

Recently, Dimon said he’s going to reflect Bitcoin as a ‘value instrument’ on clients’ balance sheets. This is the first time he came out making positive noises about Bitcoin. To ‘explain it away’, he said his clients could do what they wished with their money. ‘I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin. Go at it.’ This is like a U turn pretending the ‘U’ is another letter.

Rumours are circulating that the nuanced climb down will lead to a nudge to go for the CEO of 19 years. Mary Erdoes, who is CEO of JPMorgan’s Asset and Wealth Management division, has been tipped as a successor.

SO HOW DO WE RECONCILE THE COOLING OF BITCOINS BIGGEST INSTITUTIONAL ADVOCATE WITH THE SOFTENING OF ITS BIGGEST INSTITUTIONAL CRITIC?

Well, have you ever heard the phrase, not your key, not your coins?

It expresses the belief that investors cannot be certain of their crypto holdings unless they are stored in a wallet for which they personally have the keys. In the FTX fiasco with Sam Bankman-Fried, they held onto users’ wallets and keys for them. Access to funds ran into problems as FTX developed a liquidity crisis.

Seasoned crypto investors are very familiar with the distinction. It is unlikely they will invest in Bitcoin related financial products, such as ‘tracker’ products, spread betting on the fortunes of Bitcoin, secondary business owned products such as $MSTR from Michael Saylors Microstrategy, ETFs, Managed Pools, or anything else.

Why should anybody contribute to any of these which have corporate entities as a point of failure, when they can just hold the Bitcoin directly? Sure, the Bitcoin itself has its own ‘properties’, but corporate products just mimic those ‘properties’ with an added layer of risk, probably a management fee, and no upside.

Institutional, and other BTC product vendors therefore have a huge challenge in hailing the strengths of Bitcoin on the one hand, and explaining why their product is superior to self custody of BTC on the other.

So like a miracle for institutions, enter the ‘Quantum Computing Ruse’.

Blackrock introduced it, other product vendors are replicating it, and some (irresponsible) content creators are scaling the dissemination for online platform traction from clickbait.

On LinkedIn, for Aventix, Wendy Feliu said:

‘At Avestix, we’re not waiting around.
We’re building infrastructure designed to withstand a post-quantum world.
Systems that eliminate the centralized failure points legacy networks still depend on.
Security that moves beyond outdated encryption altogether.
We’re not waiting for the fix. We’re building the solution.’

Veronica Bridgewater, LinkedIn presence for 9ja Cosmos countered:

‘Yeah, repeating again (probably lost count). People like Blackrock will always issue some kind of disclaimer. They are like insurance companies and anything can be made an ‘act of god’
BIP (Bitcoin Improvement Protcol) 360 is on the way.

Before BIP 360 , you will need a few quantum computers to break Bitcoin.

Post BIP 360 you will need a line of quantum computers long enough to stretch around the circumference of the sun.

That was my response on this a week or two ago to both Viktoria Soltesz and Blossom Denwigwe. It’s still my response today!’

People romanticize hacking as someone floating around, untraceable, with a laptop, at a table in an off-beat coffee shop, momentarily making use of the barely capable WiFi…

But compared to a quantum computing farm, a massive Bitcoin mining farm is like the chip on a credit card. The internet pipe needed to feed it is like all of Microsoft, Meta, Google, X and Amazon … and then some!

You want to criminally operate that and hide it in plain sight? Good luck!

The bottom line is Bitcoin is already built, no improvements are needed from external asset managers trying to wrap vapour product around it. Bitcoin already has its own organically evolving core dev community.

Those devs are hard at work on BIP 360.

Invest in BTC… or don’t. No need to be adding extra risk, and paying some fund managers wages in the bargain!

Sources:

https://www.coindesk.com/business/2024/01/17/jamie-dimon-bashes-bitcoin-again-a-pet-rock Alex Richardson – The Daily HODL Time Magazine – The Significance of Jamie Dimon’s Reluctant Bitcoin Surrender. CoinTribune – Why Jamie Dimon’s Capitulation To Bitcoin Changes Everything? JPMorgan Chase CEO Jamie Dimon makes stunning reversal on Bitcoin James Franey – New York Post

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