The South Korean financial group plans to build a $109 billion digital asset business spanning crypto, stablecoins and tokenized assets, according to The Korea Times. South Korean financial group Mirae Asset plans to build a 150 trillion won ($109 billion) digital asset business around Digital X, the crypto exchange formerly known as Korbit, according to The Korea Times. The report said Digital X will focus on crypto, stablecoins, real-world assets and security token offerings, with plans to tokenize physical assets including gold, silver and electricity. The expansion plans follow Mirae Asset Consulting’s acquisition of a 97.15% stake in Korbit in July for a cumulative 141.4 billion won. The exchange was subsequently rebranded as Digital X, marking the first time an affiliate of a South Korean financial group acquired control of a domestic crypto exchange. Read more
ZEC has climbed roughly 19-fold in a year, yet Grayscale says its sub-1% share of Bitcoin’s market cap leaves room for further upside. Zcash could emerge as a meaningful challenger to Bitcoin’s dominance among digital assets as the rapid adoption of artificial intelligence puts a premium on financial privacy and fuels concerns over AI-powered surveillance, according to Grayscale. In a new research report, Grayscale head of research Zach Pandl said Zcash (ZEC) has “second mover advantages” that could help it challenge Bitcoin’s (BTC) entrenched network effects, something previous alternatives such as Litecoin (LTC) have failed to achieve. Central to Pandl’s argument is financial privacy. Zcash can shield transaction information, which Grayscale argues could become increasingly valuable as AI systems become better at analyzing financial activity at scale. Read more
Bitcoin and crypto joined US stock markets in fresh gains after Nvidia Q2 earnings beat expectations by around $4 billion. Bitcoin (BTC) rebounded toward $81,000 around Thursday’s Wall Street open as Nvidia earnings boosted US stocks. Key points: Read more
The financial services giant plans to expand Schwab Crypto beyond Bitcoin and Ether just months after rolling out direct crypto trading to retail clients. US financial services giant Charles Schwab plans to add Solana (SOL), Avalanche (AVAX) and Chainlink (LINK) to its crypto trading platform in the coming months, expanding its direct cryptocurrency offering beyond Bitcoin (BTC) and Ether (ETH). Schwab Crypto began rolling out to retail clients in May, initially offering direct Bitcoin and Ether trading alongside traditional investments through Schwab’s website, mobile app and thinkorswim platform. The brokerage said it planned to add more cryptocurrencies and digital assets over time, though it did not specify which assets it is considering or provide a timeline beyond the three newly announced tokens. Read more
Canaan, American Bitcoin and Cango jumped as much as 67% as renewed crypto demand showed BTC exposure can still drive mining equities despite the industry’s AI push. Bitcoin’s August rally has revived some of the mining sector’s most beaten-down stocks, reversing a trend that has favored miners pivoting toward artificial intelligence and high-performance computing and suggesting investors may once again be rewarding direct exposure to Bitcoin. In its latest Miner Weekly newsletter, BlocksBridge Consulting reported that Bitcoin’s (BTC) roughly 23% rally over the past week outpaced most AI-linked infrastructure stocks. Three beaten-down Bitcoin mining companies — Canaan, American Bitcoin and Cango — gained between 41% and 67%. By comparison, CoreWeave rose about 21%, Nebius gained 17% and IREN advanced 15%, while some miners with heavier exposure to AI and HPC were flat or declined. Read more