November 13 brought significant announcements across cryptocurrency exchanges, institutional projects, and regulatory initiatives.
Exchange Performance and Strategic Moves
Payward, the parent company of Kraken, reported third-quarter adjusted EBITDA of $60 million, recovering from $23 million in the previous quarter but remaining approximately 66% below year-earlier results. Total platform margin reached $487 million, up 12% from the second quarter but down 12% annually. The company plans to introduce AI agent apps early next year, with actions governed by customer-defined limits.
Hyperliquid's derivatives protocol showed stronger activity in the third quarter, with open positions reaching $16.8 billion at September's close, nearly 80% above the previous quarter. Protocol revenue totaled $190.9 million, rising 21.7% quarter over quarter but remaining 36.5% below year-earlier levels.
Central Bank Blockchain Trial Results
The central banks of the UK, Singapore, and Thailand released findings from Project Meridian FX APAC, which tested coordination between conventional payment systems and distributed ledger systems. A prototype developed by Partior synchronized currency exchanges and tested payment netting to reduce funding requirements. The results support further development, though questions about legal arrangements, oversight, and operational responsibilities remain before broader deployment.
Investment Strategy and Partnerships
Twenty One Capital CEO Rapha Zagury stated in a shareholder letter that the company was evaluating opportunities in mining, lending, treasury services, and energy. Third-quarter net income of $1.087 billion largely reflected changes in Bitcoin's valuation, while the company's longer-term objective is generating cash through operating businesses.
ADI Foundation and The Vault announced a partnership for institutional custody and quantum-computing security research. The integration would add support for ADI Chain assets, including the ADI token and the dirham-backed DDSC stablecoin.
AlfaR Group and Asseto announced a joint platform for blockchain-based fund registration, subscriptions, transfers, and redemptions. Whether blockchain records can serve as authoritative ownership registers will depend on each fund's documents and applicable legal requirements.
Exchange Actions and New Markets
Bithumb announced that trading in MANTRA and RECALL is scheduled to end December 14, followed by withdrawal support ending January 13, 2027. The exchange cited concerns about MANTRA's response to security incidents and unresolved questions surrounding RECALL's operations and token functionality.
Upbit announced a temporary pause in Osmosis deposits and withdrawals following a network disruption that stopped block production. Trading of OSMO within the exchange continued unaffected.
KuCoin announced five new stock-linked perpetual markets tracking DJT, EBAY, FLEX, RUM, and TWST, with trading beginning November 13 at 09:00 UTC in supported jurisdictions. These contracts settle in USDT and offer up to 20 times leverage.
PDAX outlined plans to accept subscriptions for the Philippine government's third Retail Dollar Bond offering, with investments starting at $200.
