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Project Overview
Paper is a crypto payment processing company that enables users to create wallets with their email addresses and purchase NFTs with credit cards (or crypto wallets) across the Polygon, Ethereum, Solana, and Avalanche blockchains. This provides non-crypto consumers with a "frictionless" bridge to access the marketplace.
Cancore Raises $7.2 Million in Seed Funding at a $60 Million Valuation
Cancore raises $7.2 million in a seed round at a $60 million token valuation, led by Paper Ventures and DAO5.
Cancore Completes $7.2 Million Seed Round with Participation from Paper Ventures and Others
Cancore, a cross-chain trading platform built on the Canton network, has completed a $7.2 million seed round. The round was conducted through Simple Agreements for Future Tokens (SAFT), corresponding to a fully diluted valuation (FDV) of $60 million for its planned CNRX token.The round was participated in by Paper Ventures, dao5, ArkStream Capital, X Ventures, MH Ventures, and Proof of Talk, with Paper Ventures and dao5 receiving the largest allocations. Wasif Rashid, co-founder and CEO of Cancore, said the company began engaging with investors in June this year, officially launched fundraising in July, and closed the round in mid-September. (The Block)
Progress in Qian Zhimin’s 40-Billion-Yuan Illegal Fundraising Case: Prosecutors Apply to Confiscate Over 61,800 Bitcoins and Other Assets, Court Has Accepted the Application
According to The Paper, the case of Qian Zhimin, involving over 40 billion yuan in illegal fund-raising and more than 60,000 bitcoins, has seen new progress in China's judicial proceedings. On October 13, the Second Intermediate People's Court of Tianjin Municipality announced that it accepted the case on September 28 concerning an application by the Second Branch of the Tianjin Municipal People's Procuratorate to confiscate the illegal proceeds of criminal suspect Qian Zhimin. The assets targeted for confiscation include 61,896.41552945 bitcoins, 72,745.79502 Bitcoin Cash, 72,745.78555 Bitcoin Gold, 72,745.7845 Bitcoin SV, 3,605,989.9995 Ripple (XRP), 70,081,208.62553222 Dogecoin, as well as cash, jewelry, financial assets, and other items.
Ant International announced it has completed approximately $1.2 billion in Series A financing, with Ant Group, Alibaba, and others participating in the investment.
According to The Paper, Ant International announced that it has completed its Series A funding round. Ant Group, along with some existing shareholders including Alibaba and multiple well-known international investment institutions, participated in this round. It is reported that the funding amount is approximately $1.2 billion, which will be used to expand global business, accelerate investment in frontier technologies such as AI, broaden inclusive fintech services such as cross-border payments and global accounts, and help global merchants achieve growth.
Bitcoin Price Power Law Paper Published in Elsevier Journal After Peer Review
Odaily News: Bitcoin News posted on X platform, stating that the paper "A Mechanistic Derivation of the Bitcoin Price Power Law: Network Adoption Dynamics and Generalised Metcalfe Scaling" authored by @Giovann35084111 and @moneyordebt has been officially published in Elsevier’s *Nonlinear Science* journal after peer review. The paper argues that Bitcoin’s long-term price power law can be derived from network adoption dynamics and generalized Metcalfe scaling, providing a theoretical foundation for one of Bitcoin’s most debated valuation models.
Cambrian announced the completion of a $6 million seed funding round, co-led by Franklin Templeton and Polychain Capital.
According to The Block, Cambrian, a blockchain data infrastructure startup, has announced the completion of a $6 million seed funding round co-led by Franklin Templeton and Polychain Capital. Flow Traders, Selini Capital, Paper Ventures, and Nomad Capital also participated. Angel investors include Jason Mo, Avi Felman, and Alex Lee and Willy Chuang, co-founders of TrueNorth. This round was structured as a SAFE with token warrants, and Franklin Templeton and Polychain Capital have secured board observer seats. With this round, Cambrian’s total funding raised reaches $11.9 million, including its previously announced $5.9 million pre-seed round led by a16z CSX.
FCA Launches Consultation on DeFi Guidance, Focusing on Operational Resilience and Financial Crime Risks
According to Consultation Paper GC26/7 published by the UK Financial Conduct Authority (FCA), the FCA launched a consultation on 21 October regarding non-Handbook guidance for decentralized finance (DeFi). The comment period closes on 18 November, with the final version planned for release in the first quarter of 2027. This guidance does not establish new regulatory requirements. It aims to clarify how existing rules under SYSC 15A (Operational Resilience), SYSC 6 (Compliance and Financial Crime), and the Money Laundering Regulations (MLRs) apply to regulated firms that use or access DeFi. The FCA stresses that regardless of whether an entity describes itself as "decentralized," authorization or exemption is required if it carries out regulated activities in the UK. The document reveals that from January to August 2026, decentralized exchanges accounted for approximately 14% to 19% of global crypto spot trading volume. In 2025, approximately 8% of UK crypto users acquired crypto assets through decentralized exchanges. According to industry data, cumulative losses from DeFi and cross-chain bridge hacks since 2016 have exceeded $12 billion.
BIS Working Paper: Rising Bank Deposit Rates Slow Stablecoin Growth
A working paper from the Bank for International Settlements (BIS), based on weekly U.S. data from January 2019 to June 2025, found that when bank deposit rates rise, the growth rate of the stablecoin market slows. The paper's authors include BIS economist Iñaki Aldasoro and Rashad Ahmed of the Andersen Institute for Finance and Economics.In the sample, stablecoin market capitalization grew by about 15% over a typical 10-week period. Baseline estimates show that after a one-basis-point increase in deposit rates, that growth rate falls to about 12%; an alternative method used to identify causality shows the growth rate falling to about 6%, though the stablecoin market still continued to grow.The correlation is stronger for Circle-issued USDC than for Tether-issued USDT, which the authors attribute to USDC's closer ties to U.S. users. The paper notes that banks can influence the pace of stablecoin adoption through deposit pricing, and recommends that regulators assess whether stablecoin issuers should be allowed to pay yield to holders and whether issuers should be required to hold a portion of their reserves in bank deposits.The working paper represents only the views of the authors and does not necessarily reflect the position of the BIS; the sample covers a single high-interest-rate cycle, during which stablecoins paid no interest to holders. The U.S. Treasury, the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC) are drafting implementation rules for the GENIUS Act, which takes effect next January and sets out rules for the issuance, use, and custody of stablecoins. (Decrypt)
Forward Industries Releases White Paper on Crypto Vault Regulatory Framework, Responding to SEC Commissioner Peirce's Statement
According to a public letter issued by Forward Industries (NASDAQ: $FWDI), General Counsel Georgia Quinn formally responded to SEC Commissioner Hester Peirce's July 22, 2026, statement "Headstands and Summervaults," proposing a three-tier vault regulatory framework centered on the core variable of "manager discretion": • Type I - Use: Developers provide only off-the-shelf software, with users configuring parameters independently, requiring no registration; • Type II - Follow: Drawing on the SEC's 2013 AngelList no-action letter, Angels set strategies for others to follow, subject to conditions such as co-investment and disclosure, and do not need to register as investment advisers; • Type III - Advised: Involves active management, requires registration or an applicable exemption, and recommends joint oversight by the SEC and CFTC to avoid dual compliance conflicts. The article also outlines five baseline requirements applicable to all vaults, including conflict of interest disclosure, public code audits, exclusion of disqualified persons, application of anti-fraud rules, and state law preemption. The article specifically notes that Peirce's statement did not mention the CFTC, and cross-agency regulatory issues regarding mixed-asset vaults urgently require the SEC and CFTC
AI Wealth Wave Continues: Global Billionaire Count Reaches Record High of 3,795
Odaily News According to the latest report released by wealth intelligence firm Altrata, the number of billionaires worldwide surged to a record high in 2025, reaching 3,795—an increase of 8.2%, the strongest growth in five years. Rising stock markets, monetary stimulus policies, and the artificial intelligence (AI) investment boom have driven rapid wealth accumulation among the ultra-rich.The total wealth of billionaires grew by 12.8% in 2025, hitting a record $15.1 trillion—equivalent to nearly a quarter of the total market capitalization of the S&P 500. This marks the third consecutive year of accelerated wealth growth among billionaires, with the average billionaire now holding $4 billion in assets. In reality, however, the median net worth of billionaires stands at nearly $2 billion, reflecting the highly concentrated distribution of wealth among a small group of "super-billionaires."By region, North America saw the fastest growth in billionaire population at 11.6%, outpacing all other regions and reaching 1,337 individuals (35% of the global total). Europe recorded its second consecutive year of growth, with the number of billionaires rising nearly 8% to 1,081 (28% of the global total). Asia ranked as the third-largest region for billionaires, with an increase of 6.5% to 881 individuals.The report noted that since 2023, the AI investment boom has been one of the most significant drivers of global billionaire wealth creation, with its impact becoming even more pronounced in 2025 and the first half of 2026. Investor enthusiasm for generative AI, large language models, cloud computing, and AI software has attracted unprecedented capital, driving substantial market value revaluations across many tech companies. Since billionaire wealth is typically concentrated in corporate equity, founders and major shareholders of the world's leading tech companies have emerged as the biggest beneficiaries of the AI-driven tech stock rally, which has directly translated into significant growth in personal net worth. (The Paper)
2.95 Billion Yuan Online Gambling Case Exposed, Multiple Individuals Sentenced for Settling USDT and Other Virtual Currencies via Four-Party Payment Platform
TechFlow news, July 25, according to The Paper, the Inner Mongolia Autonomous Region Xilin Gol League Intermediate People's Court issued a second-instance judgment maintaining the original verdict in the case involving Ma suspected of the crime of illegal business operations. This is one of a series of cases where four-party payment platforms provided fund payment and settlement services for gambling platforms. In this case, some defendants were accused of receiving commissions or rebates in the form of virtual currencies such as USDT. Upon investigation, between May 24, 2022 and October 18, 2023, Ma and four others used third-party payment accounts to collect and pay illegal funds on behalf of others, and utilized settlement methods such as receiving USDT virtual currency via virtual wallets and bank card collections. Through 105 merchants across 10 third-party payment companies, the settlement amount exceeded 2.95 billion yuan. The court ultimately determined that Ma committed the crime of illegal business operations, sentencing him to four years and six months in prison and imposing a fine of 3 million yuan. The 5 individuals who were subsequently brought to justice were sentenced by the court to prison terms ranging from 3 to 6 years for the crime of illegal business operations.
Hong Kong Securities and Futures Commission Discusses Removing the 10% Minimum Exemption for Virtual Asset Management
the Hong Kong Securities and Futures Professional Association stated that representatives from regulatory bodies, including Executive Director of the SFC's Intermediaries Division Keith Yee and Deputy Secretary for Financial Services and the Treasury Joseph Chan, discussed several specific policy changes. These include: canceling the previous 10% minimum exemption for virtual asset management, and implementing new regulations effective immediately without a transitional period.Furthermore, the SFC indicated that it has communicated with the Hong Kong Securities and Investment Institute (HKSI). In the future, the examination for virtual asset platform practitioners will be separated from the existing courses, and examination fees will be lowered, aligning with the costs of current papers such as Paper 2 and Paper 3. The Hong Kong Securities and Futures Professional Association also called for a clear delineation between technology services and regulated activities, suggesting that the SFC establish a more transparent approval timeline and phased reference framework. (Sing Tao Daily)
FCA Launches Consultation on DeFi Guidance, Focusing on Operational Resilience and Financial Crime Risks
According to Consultation Paper GC26/7 published by the UK Financial Conduct Authority (FCA), the FCA launched a consultation on 21 October regarding non-Handbook guidance for decentralized finance (DeFi). The comment period closes on 18 November, with the final version planned for release in the first quarter of 2027. This guidance does not establish new regulatory requirements. It aims to clarify how existing rules under SYSC 15A (Operational Resilience), SYSC 6 (Compliance and Financial Crime), and the Money Laundering Regulations (MLRs) apply to regulated firms that use or access DeFi. The FCA stresses that regardless of whether an entity describes itself as "decentralized," authorization or exemption is required if it carries out regulated activities in the UK. The document reveals that from January to August 2026, decentralized exchanges accounted for approximately 14% to 19% of global crypto spot trading volume. In 2025, approximately 8% of UK crypto users acquired crypto assets through decentralized exchanges. According to industry data, cumulative losses from DeFi and cross-chain bridge hacks since 2016 have exceeded $12 billion.
BIS Research: Rising Deposit Interest Rates Will Drag on Stablecoin Growth, with USDC More Impacted Than USDT
According to Bank for International Settlements (BIS) Working Paper No. 1382, BIS economists Iñaki Aldasoro and Rashad Ahmed of the Andersen Centre for Financial and Economic Studies published a study examining whether stablecoins and bank deposits act as substitutes. Using U.S. weekly data from January 2019 through June 2025, the study applies the local projection method to estimate how stablecoin market capitalization responds to changes in deposit interest rates. The results indicate that rising deposit interest rates forecast a deceleration in stablecoin growth. In the context of an average ten-week stablecoin growth of 15%, OLS estimates indicate that each 1-basis-point increase in deposit rates reduces the growth rate by approximately 3 percentage points, bringing it down to around 12%. By leveraging the nonlinear dynamic where bank deposit pricing becomes more responsive once the federal funds rate surpasses approximately 3% as an instrumental variable, the estimated effect expands to roughly 9 percentage points, pushing the growth rate down to about 6%. Placebo tests on non-stablecoin cryptocurrency assets reveal no comparable effects.
Progress in Qian Zhimin’s 40-Billion-Yuan Illegal Fundraising Case: Prosecutors Apply to Confiscate Over 61,800 Bitcoins and Other Assets, Court Has Accepted the Application
According to The Paper, the case of Qian Zhimin, involving over 40 billion yuan in illegal fund-raising and more than 60,000 bitcoins, has seen new progress in China's judicial proceedings. On October 13, the Second Intermediate People's Court of Tianjin Municipality announced that it accepted the case on September 28 concerning an application by the Second Branch of the Tianjin Municipal People's Procuratorate to confiscate the illegal proceeds of criminal suspect Qian Zhimin. The assets targeted for confiscation include 61,896.41552945 bitcoins, 72,745.79502 Bitcoin Cash, 72,745.78555 Bitcoin Gold, 72,745.7845 Bitcoin SV, 3,605,989.9995 Ripple (XRP), 70,081,208.62553222 Dogecoin, as well as cash, jewelry, financial assets, and other items.
Forward Industries Releases White Paper on Crypto Vault Regulatory Framework, Responding to SEC Commissioner Peirce's Statement
According to a public letter issued by Forward Industries (NASDAQ: $FWDI), General Counsel Georgia Quinn formally responded to SEC Commissioner Hester Peirce's July 22, 2026, statement "Headstands and Summervaults," proposing a three-tier vault regulatory framework centered on the core variable of "manager discretion": • Type I - Use: Developers provide only off-the-shelf software, with users configuring parameters independently, requiring no registration; • Type II - Follow: Drawing on the SEC's 2013 AngelList no-action letter, Angels set strategies for others to follow, subject to conditions such as co-investment and disclosure, and do not need to register as investment advisers; • Type III - Advised: Involves active management, requires registration or an applicable exemption, and recommends joint oversight by the SEC and CFTC to avoid dual compliance conflicts. The article also outlines five baseline requirements applicable to all vaults, including conflict of interest disclosure, public code audits, exclusion of disqualified persons, application of anti-fraud rules, and state law preemption. The article specifically notes that Peirce's statement did not mention the CFTC, and cross-agency regulatory issues regarding mixed-asset vaults urgently require the SEC and CFTC
BIS Publishes Working Paper: Exploring Blockchain-Based Verification Solutions for Official Statistical Data
According to BIS Working Paper 1374 released by the Bank for International Settlements (BIS), the BIS, together with several researchers, has proposed a verifiable framework that binds official statistical data to the blockchain. The solution computes cryptographic fingerprints for SDMX datasets and anchors the digest values to the XRP Ledger, enabling independent verification of data provenance and integrity while leaving existing data publication workflows unaffected. Prototype tests show a data publication latency of approximately 3–5 seconds and a verification latency of approximately 1–2 seconds, meeting the requirements for real-time interactions and automated systems. Since only fingerprints, rather than raw data, are stored on-chain, data confidentiality is preserved. Cost modeling indicates that on-chain fees become negligible after batch processing, with a single ledger record capable of covering thousands of datasets. The study also provides an open-source reference implementation and reserves capacity for future integration of zero-knowledge proofs and AI-driven automated verification.
AI Wealth Wave Continues: Global Billionaire Count Reaches Record High of 3,795
Odaily News According to the latest report released by wealth intelligence firm Altrata, the number of billionaires worldwide surged to a record high in 2025, reaching 3,795—an increase of 8.2%, the strongest growth in five years. Rising stock markets, monetary stimulus policies, and the artificial intelligence (AI) investment boom have driven rapid wealth accumulation among the ultra-rich.The total wealth of billionaires grew by 12.8% in 2025, hitting a record $15.1 trillion—equivalent to nearly a quarter of the total market capitalization of the S&P 500. This marks the third consecutive year of accelerated wealth growth among billionaires, with the average billionaire now holding $4 billion in assets. In reality, however, the median net worth of billionaires stands at nearly $2 billion, reflecting the highly concentrated distribution of wealth among a small group of "super-billionaires."By region, North America saw the fastest growth in billionaire population at 11.6%, outpacing all other regions and reaching 1,337 individuals (35% of the global total). Europe recorded its second consecutive year of growth, with the number of billionaires rising nearly 8% to 1,081 (28% of the global total). Asia ranked as the third-largest region for billionaires, with an increase of 6.5% to 881 individuals.The report noted that since 2023, the AI investment boom has been one of the most significant drivers of global billionaire wealth creation, with its impact becoming even more pronounced in 2025 and the first half of 2026. Investor enthusiasm for generative AI, large language models, cloud computing, and AI software has attracted unprecedented capital, driving substantial market value revaluations across many tech companies. Since billionaire wealth is typically concentrated in corporate equity, founders and major shareholders of the world's leading tech companies have emerged as the biggest beneficiaries of the AI-driven tech stock rally, which has directly translated into significant growth in personal net worth. (The Paper)
Related news
Paper profit of about $4 billion, Strategy holds 848,500 bitcoins
Odaily reports: Bitcoin News posted on X platform that, according to Strategy's October 26 filing, the company holds 848,500 bitcoins at an average purchase price of $75,446. Bitcoin is near $80,300, about 6% above its average purchase price, corresponding to a paper profit of about $4 billion; Strategy spent a total of $64 billion on this.As of the week ended October 25, Strategy did not buy any bitcoins, but instead spent $204.9 million to repurchase STRC preferred stock. The company's October 5 filing estimated third-quarter bitcoin-related gains of $20.91 billion, with the bitcoin price at about $83,500 on September 30. Strategy will report earnings after the U.S. stock market closes today and hold a webcast at 5 p.m. ET; Coinbase will also report earnings after the close.
Cancore Raises $7.2 Million in Seed Funding at a $60 Million Valuation
Cancore raises $7.2 million in a seed round at a $60 million token valuation, led by Paper Ventures and DAO5.
Cancore Completes $7.2 Million Seed Round with Participation from Paper Ventures and Others
Cancore, a cross-chain trading platform built on the Canton network, has completed a $7.2 million seed round. The round was conducted through Simple Agreements for Future Tokens (SAFT), corresponding to a fully diluted valuation (FDV) of $60 million for its planned CNRX token.The round was participated in by Paper Ventures, dao5, ArkStream Capital, X Ventures, MH Ventures, and Proof of Talk, with Paper Ventures and dao5 receiving the largest allocations. Wasif Rashid, co-founder and CEO of Cancore, said the company began engaging with investors in June this year, officially launched fundraising in July, and closed the round in mid-September. (The Block)
FCA Launches Consultation on DeFi Guidance, Focusing on Operational Resilience and Financial Crime Risks
According to Consultation Paper GC26/7 published by the UK Financial Conduct Authority (FCA), the FCA launched a consultation on 21 October regarding non-Handbook guidance for decentralized finance (DeFi). The comment period closes on 18 November, with the final version planned for release in the first quarter of 2027. This guidance does not establish new regulatory requirements. It aims to clarify how existing rules under SYSC 15A (Operational Resilience), SYSC 6 (Compliance and Financial Crime), and the Money Laundering Regulations (MLRs) apply to regulated firms that use or access DeFi. The FCA stresses that regardless of whether an entity describes itself as "decentralized," authorization or exemption is required if it carries out regulated activities in the UK. The document reveals that from January to August 2026, decentralized exchanges accounted for approximately 14% to 19% of global crypto spot trading volume. In 2025, approximately 8% of UK crypto users acquired crypto assets through decentralized exchanges. According to industry data, cumulative losses from DeFi and cross-chain bridge hacks since 2016 have exceeded $12 billion.
BIS Working Paper: Rising Bank Deposit Rates Slow Stablecoin Growth
A working paper from the Bank for International Settlements (BIS), based on weekly U.S. data from January 2019 to June 2025, found that when bank deposit rates rise, the growth rate of the stablecoin market slows. The paper's authors include BIS economist Iñaki Aldasoro and Rashad Ahmed of the Andersen Institute for Finance and Economics.In the sample, stablecoin market capitalization grew by about 15% over a typical 10-week period. Baseline estimates show that after a one-basis-point increase in deposit rates, that growth rate falls to about 12%; an alternative method used to identify causality shows the growth rate falling to about 6%, though the stablecoin market still continued to grow.The correlation is stronger for Circle-issued USDC than for Tether-issued USDT, which the authors attribute to USDC's closer ties to U.S. users. The paper notes that banks can influence the pace of stablecoin adoption through deposit pricing, and recommends that regulators assess whether stablecoin issuers should be allowed to pay yield to holders and whether issuers should be required to hold a portion of their reserves in bank deposits.The working paper represents only the views of the authors and does not necessarily reflect the position of the BIS; the sample covers a single high-interest-rate cycle, during which stablecoins paid no interest to holders. The U.S. Treasury, the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC) are drafting implementation rules for the GENIUS Act, which takes effect next January and sets out rules for the issuance, use, and custody of stablecoins. (Decrypt)
BIS Research: Rising Deposit Interest Rates Will Drag on Stablecoin Growth, with USDC More Impacted Than USDT
According to Bank for International Settlements (BIS) Working Paper No. 1382, BIS economists Iñaki Aldasoro and Rashad Ahmed of the Andersen Centre for Financial and Economic Studies published a study examining whether stablecoins and bank deposits act as substitutes. Using U.S. weekly data from January 2019 through June 2025, the study applies the local projection method to estimate how stablecoin market capitalization responds to changes in deposit interest rates. The results indicate that rising deposit interest rates forecast a deceleration in stablecoin growth. In the context of an average ten-week stablecoin growth of 15%, OLS estimates indicate that each 1-basis-point increase in deposit rates reduces the growth rate by approximately 3 percentage points, bringing it down to around 12%. By leveraging the nonlinear dynamic where bank deposit pricing becomes more responsive once the federal funds rate surpasses approximately 3% as an instrumental variable, the estimated effect expands to roughly 9 percentage points, pushing the growth rate down to about 6%. Placebo tests on non-stablecoin cryptocurrency assets reveal no comparable effects.