INST Intelligence Hub
Real-time accumulated intelligence, primary research, and executive digests for INST.
HashKey receives JPMorgan approval for client money account
Hong Kong-licensed HashKey Exchange received approval from JPMorgan Chase to open a client money account, following the recent launch of a customer funds account with Singapore’s DBS Bank for fiat deposits, withdrawals and settlements. The new JPMorgan account will support client fund segregation and settlement via the U.S. bank’s infrastructure. HashKey’s parent, HashKey Holdings, announced the move shortly after consolidating its HashKey Exchange and HashKey Global applications into a single portal. The development deepens HashKey’s relationships with major global banks, potentially improving liquidity, fiat on- and off-ramps, and institutional confidence. HashKey Holdings, which listed in Hong Kong last December, continues expanding regulated crypto trading services.
Read Original Source ↗Samsung adds stablecoin support to Samsung Wallet
Samsung announced at its Galaxy Unpacked event that Samsung Wallet will gain native stablecoin support, letting users store dollar-pegged tokens alongside cards and passes, while also launching the Samsung Galaxy Card in the United States. The company showed a mockup featuring Circle’s USDC but withheld specific token partners, launch dates, supported blockchains, eligible countries, and crucial details on whether the wallet will be custodial or non-custodial, leaving major questions unresolved. If implemented broadly, the feature could introduce stablecoins to hundreds of millions of users and gradually expand the crypto adoption funnel, though concrete market impact likely depends on execution details Samsung has not yet provided.
Read Original Source ↗Bithumb targets 2028 IPO after restructuring
South Korea’s second-largest crypto exchange, Bithumb, has formally set a 2028 target for its initial public offering, detailing a multi-year roadmap focused on corporate restructuring and regulatory preparation. The company plans to upgrade internal controls, shift from K-GAAP to K-IFRS, implement a risk management framework comparable to global listed firms, and coordinate with domestic and international securities, law, and accounting advisors. The IPO timeline was extended from an earlier 2025 goal after a massive mistaken bitcoin distribution triggered regulatory scrutiny, while rival Upbit’s operator Dunamu pursues separate listing plans through collaboration with Naver Financial.
Read Original Source ↗Coinbase posts $359M Q2 loss
Coinbase reported a $359.5 million net loss for the second quarter, its third straight quarterly loss, as revenue fell 14% to $1.22 billion and missed analyst expectations across transaction and services lines. The downturn followed a more than 20% drop in total crypto spot trading volume, sliding prices, and low volatility. Subscription and services revenue, including $292 million from stablecoins, came in below both company guidance and Wall Street forecasts. Despite headline weakness, Coinbase’s crypto trading market share reached a record 10.3%, prediction markets more than doubled, and USDC balances hit $20 billion. The firm trimmed expense guidance after restructuring costs from cutting 700 jobs.
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