Scenius Sync (Issue # 201)
Payward to acquire Bitnomial for up to $550M, Charles Schwab to rollout spot BTC & ETH trading, Kalshi to launch crypto trading with perps, DoorDash to offer stablecoin payments, & Base launches Azul
Scenius: The intelligence and the intuition of a whole cultural scene. The communal form of the concept of genius.
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Essential News 🗞
Kraken parent Payward agrees to acquire Bitnomial for up to $550 million
Payward, the parent company of crypto exchange Kraken, has agreed to acquire Bitnomial for up to $550 million in cash and stock, giving the firm a fully CFTC-licensed foothold in the U.S. derivatives market. The transaction values Payward’s equity at $20 billion and is expected to close in the first half of 2026, a Friday announcement disclosed. The deal is still subject to Commodity Futures Trading Commission approval. Bitnomial is a Chicago-based crypto-native exchange that holds the three CFTC-issued licenses needed to run a full-stack domestic digital asset derivatives business, including a designated contract market, a derivatives clearing organization, and a futures commission merchant.
Charles Schwab begins rollout of spot bitcoin, ethereum trading platform
Brokerage and banking stalwart Charles Schwab is modernizing its offerings, beginning a rollout of its planned crypto trading platform and giving retail clients access to bitcoin and ethereum for the first time. The new offering, simply called Schwab Crypto, will be introduced in phases over the coming weeks, confirming a previously stated timeline for a second-quarter launch following a waitlist phase earlier this month.
Polymarket seeks $400 million raise at $15 billion valuation: report
Decentralized prediction markets platform Polymarket is in talks to raise $400 million in new funding at a $15 billion valuation, The Information reported Sunday, citing sources familiar with the matter. The potential raise builds on reports in October that Polymarket was in early-stage talks with investors to secure additional funding at a valuation between $12 billion and $15 billion.
Arbitrum freezes $71 million worth of ETH stolen in Kelp DAO exploit
The Arbitrum Security Council has frozen 30,766 ETH, worth about $71.1 million, held in an address on Arbitrum One linked to the $292 million Kelp DAO exploit over the weekend. In a Tuesday post on X, Arbitrum said the security council has moved the funds to an intermediary frozen wallet, adding that the action did not affect other chain state and Arbitrum users. The funds will remain frozen unless further action is approved through Arbitrum governance, the team said.
Core Scientific plans $3.3 billion debt offering, with proceeds to help repay credit facility loans
Bitcoin miner Core Scientific disclosed plans for its wholly-owned subsidiary, Core Scientific Finance, to raise $3.3 billion through a private debt offering, with a portion of the proceeds earmarked to repay borrowings under a recently expanded credit line. The 2031 senior secured notes will be fully guaranteed by five of Core Scientific’s subsidiaries and secured by first-priority liens on substantially all subsidiary assets, the company said in a statement on Tuesday. The final terms and completion of the deal remain subject to market conditions, and there is no assurance as to when or if the offering will be finalized.
Innovation & Adoption 💡📈
Exclusive: Kalshi to Launch Crypto Trading With Perpetual Futures
Prediction market Kalshi plans to offer crypto trading in the U.S., according to people familiar with the matter, putting it in direct competition with crypto exchanges such as Coinbase. Kalshi will enter the crypto market by offering perpetual futures, the most popular type of trading products, on crypto tokens such as bitcoin, the people said. Crypto perpetuals, largely off-limits to U.S. traders so far, are a type of risky product popular on overseas exchanges like Binance and Hyperliquid. They are futures contracts that allow traders to make leveraged bets on crypto prices without an expiration date.
DoorDash to Offer Stablecoin Payments to Drivers Using Tempo
DoorDash said it plans to offer stablecoin payments for merchants and delivery workers globally using Tempo, a new blockchain started by Stripe and venture firm Paradigm. The feature will allow faster and cheaper payouts by DoorDash, which processes payments between consumers, merchants and delivery workers across more than 40 countries, the company said. Tempo, led by CEO Matt Huang, last year raised $500 million at a $5 billion valuation.
Coinbase-incubated Base launches Azul testnet upgrade with multiproofs to advance decentralization
Base has launched its Azul upgrade on testnet, introducing multiproofs and a new client stack in what the network called its first independent upgrade ahead of a planned May 13 mainnet activation. Azul revolves around a multiproof system that combines trusted execution environment, or TEE, proofs with zero-knowledge proofs. In a Tuesday announcement, Base’s team said either proof type can finalize a proposal on its own, while agreement between both can reduce withdrawal finality to as little as one day. It also said permissionless ZK proofs can override permissioned TEE proofs if the two conflict.
a16z crypto-backed Gensyn launches Delphi, an AI-settled information markets platform
Gensyn, a decentralized AI infrastructure network backed by a16z crypto and others, has launched its flagship product, Delphi, an AI-settled information markets platform aimed at opening a new category of niche, creator-owned markets. “These are not prediction markets, they are information markets,” Gensyn said Wednesday. “Once a market is live, no single centralized entity controls it — outcomes are settled by AI, with revenue distributed to the creator automatically via USDC.”
eToro bets on self-custody with $70 million acquisition of crypto wallet startup Zengo
eToro has agreed to acquire crypto wallet provider Zengo as the trading platform adds self-custody capabilities to its push into onchain finance.
The agreement brings Zengo’s non-custodial wallet technology into eToro, widening its digital asset stack and connecting its brokerage platform with onchain infrastructure, according to a company release. eToro did not disclose the terms of the deal, though Bloomberg reported it was valued at around $70 million, citing a person familiar with the terms who was not authorized to discuss the matter publicly.