Daily Edition · Page 8

THE DAILY INDEX

Technology, AI, software, security, crypto and business

MARKETS & BUSINESS

TLDR Crypto

NASDAQ INVESTS $100M IN KRAKEN PARENT PAYWARD AT $21B VALUATION

Nasdaq Ventures invested $100 million in Payward, Kraken's parent company, at a $21 billion valuation on September 10, expanding a partnership the two firms first announced in March. The deal includes the Equity Token (NET) framework, targeting a Q2 2027 launch, under which Kraken will distribute Nasdaq-tokenized stocks carrying voting rights equivalent to ordinary exchange-listed shares. The arrangement positions Nasdaq simultaneously as equity exchange operator, tokenization issuer, and strategic investor in a crypto venue, a structural alignment that prior tokenized equity products from Binance and FTX lacked, and that may resolve the regulatory friction those programs encountered.

COINBASE WALLET REBRANDS FROM BASE APP

Coinbase renamed its Base App to Coinbase Wallet, reserving the Base name for the L2 chain and its ecosystem as part of a stated decentralization effort. Base posted an all-time high DeFi TVL of $5.7B, holds the top position for stablecoin transfers, and leads onchain spot trading volumes for BTC and ETH. Jesse Pollak will concentrate on building Base as open financial infrastructure, while Cobie takes ownership of Coinbase Wallet as a dedicated trading product. The naming split positions Base as chain-neutral infrastructure rather than a Coinbase consumer brand, a distinction that may accelerate adoption by third-party protocols and enterprises.

MONEYGRAM LAUNCHES STABLECOIN-BACKED MONEYGRAM CARD

The MoneyGram Card is a stablecoin-backed card that lets customers hold a stable-dollar balance, access cash, and spend anywhere Visa is accepted online, in stores, and across borders. The card is built directly into the MoneyGram app, where customers sign up in a few taps and can add it to Apple Wallet or Google Wallet for tap-to-pay, with cash pickup available at MoneyGram's roughly 500,000 retail locations. It was developed with Rain for the card infrastructure, Crossmint for wallet capabilities, and the Stellar network for settlement. The card launches today in Colombia, with a physical card option planned for late 2026 ahead of further global expansion. MoneyGram serves over 60 million active customers across more than 200 countries and territories.

HOW AI IS BREAKING THE INTERNET ECONOMY

By mid-2026, AI bots account for roughly 60% of HTTP requests on Cloudflare's network, undermining the web's ad-supported model where publishers offered free content in exchange for search traffic that advertisers monetized per visit. AI agents consume that content without generating ad impressions, leaving publishers without revenue while AI companies that trained on free web data face growing demands to pay for future access. Coinbase's x402 protocol, TollBit's per-request micropayments, and agent payment infrastructure from Visa and Cloudflare represent the machine-readable settlement layer being built to route stablecoin payments from AI agents directly to content owners at the per-request level. Enterprise licensing deals, like those between OpenAI and major publishers, cover the high-value content tier while micropayment rails target the long tail of web content at internet scale.

THE RISE OF COMPUTE MARKETS

GPU compute is entering the same financialization arc as electricity markets pre-1990s deregulation, with a four-layer market structure forming: physical brokerage, price indices, cash-settled futures exchanges, and lending and synthetic instruments. NVIDIA functions as the sector's de facto central bank, controlling supply depreciation analogous to inflation management, targeting full GPU utilization as an employment-style mandate, and backstopping hardware values with 25% residual support as lender of last resort. Of every $100 spent on tokens, roughly $50 flows to neoclouds and GPU infrastructure, while $45 goes to on-tap inference platforms like Fireworks and Baseten. The market winner will be a full-stack player spanning all four layers, with three forces driving volatility: NVIDIA's depreciation cycle control, frontier lab model launches spiking token demand, and open-source models compressing inference margins downward.

CAROLINE ELLISON JOINS EFFECTIVE ALTRUISM PLATFORM MANIFUND

Caroline Ellison, former Alameda Research CEO who served prison time following the FTX collapse, has taken a full-time position at Manifund, an open-source effective altruism funding platform covering AI safety, poverty, and disease research. She spent roughly two months working under the pseudonym "Carol" before the public announcement, contributing to technical infrastructure, operations, and customer support. Her first contribution was a reconciliation tool that flagged misregistered transactions totaling five to six figures in Manifund's database. CEO Austin Chen framed the hire around redemption, noting Ellison has admitted fault, worked to make FTX creditors whole, and completed her prison sentence.

ETHERFI CASH PREPS MAJOR SECURITY AND PERMISSIONS OVERHAUL

EtherFi is restructuring Cash's admin controls into three tiers. Routine parameter changes stay fast, sensitive fund-security settings require an 8-hour delay, and smart contract code upgrades move from the current 8-hour timelock to a 2-day delay. The changes also let EtherFi immediately revoke a compromised operational key instead of waiting on the existing governance timelock, closing a gap where one role previously controlled everything at once. The new contracts and 8-hour timelock are already partially deployed on Optimism, though the full upgrade isn't live yet as EtherFi migrates the current Cash contracts to the new system.

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