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Switzerland-based trading firm Laser Digital, which is part of the Nomura Group, has denied any involvement in the Mantra token flash crash that saw OM lose lose 90% of its value.

“Assertions circulating on social media that link Laser to ‘investor selling’ are factually incorrect and misleading,” the firm wrote on X.

Laser Digital went on to share its controlled Mantra wallet addresses, none of which show deposits to exchanges or selling activity.

Speculation remains rife over why OM collapsed so violently. The Mantra team insist it was due to wider market pressures and centralized exchanges forcibly closing positions, which led to a liquidation cascade.

OKX stated that the price volatility occurred due to a spike in trading volume coupled with an initial price decline across various exchanges out side of OKX, before spreading to the wider market.

Before the crash, 17 wallets deposited 43.6M OM ($227M) to exchanges, this led to a panicked response from holders as the Mantra team holds 90% of the token’s circulating supply, spurring the initial sell-off.

OM is currently trading at $0.57, down 90% from the day’s high of $6.14 as trading volume has increased by 3,425% to $2.6 billion, according to CoinMarketCap.

Vitalik Buterin, the original creator of the Ethereum blockchain, is one of the most recognizable figures of the cryptocurrency industry. He’s often admired in the ecosystem for being highly technical while also deeply philosophical about technology’s role in society. For those that do not follow crypto closely, Buterin starkly contrasts the stereotypical image of a flashy cryptocurrency billionaire with his minimalism in his personal style as well as his geeky and awkward mannerisms.

The documentary “Vitalik: An Ethereum Story,” which is set for global release April 15, tries to give us a peek into those aspects of Buterin, following his early life and childhood in Russia followed by immigrating with his family to Toronto, Canada, where his love for computers and technology began in his high school years. 

At the core of Buterin’s life was the creation of Ethereum, which came after his early involvement in Toronto’s Bitcoin community, where he saw the potential of the asset in giving people some financial freedom. While thinking how he could apply those concepts to other aspects of life, Buterin set out to write a whitepaper on creating the blockchain version of the internet.

Toronto has strong ties to Ethereum’s early days. It was home to some of the first Ethereum developer hackathons and meetups organized by Ethereum’s Canadian co-founders in the city.

This year, CoinDesk’s Consensus 2025 takes place in Toronto May 14-16, highlighting Canada’s vibrant crypto community.

The film walks through the various stages of Ethereum’s lifetime, including the start of the network and the struggles Buterin faced in his new leadership role, the boom of the blockchain during the NFT era, the importance of the Merge in reducing Ethereum’s energy consumption, and Buterin’s urge to help Ukraine in its war with Russia by deploying crypto for resources.

CoinDesk sat down with the producers of the documentary, Chris Temple and Zach Ingrasci, to hear about their perspectives on creating the film, ahead of its global release.

This interview has been edited for brevity and clarity.

CoinDesk: Why did you want to make a documentary about Ethereum?

Zach Ingrasci [ZI]: So Chris and I have been making documentaries together for 15 years now. We make character driven documentaries. So I really love those human stories that give us insight into the emotions and motivations of people in really interesting places.

We aren’t crypto experts. We both studied economics, so we have a bit of understanding of finance. But when we met Vitalik in 2021 I think he immediately clicked something in our brains like: “oh, here’s a story that kind of breaks the stereotypes that mainstream audiences have of this space.”

Quickly after meeting Vitalik, we did an NFT crowdfund for the film on mirror.xyz, peoplepleaser did the NFT. We raised basically the full budget of the film, and it allowed us to create this independent story and approach to follow Vitalik around the world, as, he lives out of a 40 liter backpack

How did you guys decide what parts of Ethereum’s history to include in Vitalik’s story? One noticeable moment I thought was interesting that you left out was not to include the 2016 DAO hack? Why exclude that key moment in Ethereum’s history but leave in other moments?

ZI: This is the challenge of making these films. We had a very broad mandate, following the community, not just focused on Vitalik. And then after two years of filming, we realized that the kind of narrative structure would only make sense if you were able to follow one person and then get to meet the community through his eyes.

The DAO hack is very confusing to explain, and so there’s an element of just what at its essence is important. And I think, you know, the moment for Vitalik to decide whether the Ethereum Foundation would be nonprofit versus for profit is a very understandable concept for a mainstream audience. They get it.

As you mentioned, there was the premiere a few months ago, and it was only accessible to people on-chain. If the movie is aimed for a mainstream audience, why first decide to release it on-chain, instead of a streaming platform where more of those folks can access it?

ZI: It’s a practical answer. The documentary industry is broken, so to have an independent film premiere on a mainstream platform doesn’t even mean anything, unless you have real marketing. And so actually, the on-chain release, the NFT, the trailer release on Zora, building sponsorship for this mainstream release is critical.

Chris Temple [CT]: People love the film, and have rallied behind it and been interested and been sharing it with their moms, being like: “Hey, this is what I do for a living.”

This isn’t just our film, this film belongs to the community. And I think empowering people with it at that first step, and using the technology that the film was all about felt very right to us.

How did you convince Vitalik to do the film? He’s not very rerceptive to the media so how did you get him to agree to do it?

ZI: I think we got really lucky in some ways. This was before he was on the front page of TIME magazine. I think he was motivated to speak up about what he believed the future of Ethereum should look like, and how to build it, and people should focus on building things that have real world value.

So I think we just happened to meet him at the perfect moment when he and the people around him were looking to have access to broader audiences.

I think ultimately, that’s what makes for us Vitalik the perfect participant of a film, because his reluctance to be in that spotlight, that genuine authenticity. You can tell on the film that he’s not trying to hog the spotlight. This is something that he’s uncomfortable with, and something that’s taken a long journey for him to even find where his voice is and how it should be.

CT: It was a very challenging production, more than any film we’ve ever made, because Vitalik is nomadic, he’s all over the world, and he says, “I’m going to be tomorrow in Montenegro…If you want to come.” We have to immediately try to scramble and get everybody there just to get those moments, even if it’s just a couple of hours with Vitalik.

Recently, there’s been a bunch of leadership changes at the EF, and Vitalik has been at the core of making the decision on those changes. The movie shows how uncomfortable Vitalik can be in stepping into that leadership role and having to make core decisions like whether the EF should be a non-profit vs for-profit organization and going against some co-founders.

Given all the key decisions he’s had to make over the past few months and a key leader in Ethereum, what do you think went through his mind, and has he become more comfortable in his leadership role?

ZI: I really can’t speak for Vitalik, but I do think that’s why this film has never been more relevant. Because if we are looking for insight into how Vitalik thinks and what he cares about, I think the thing he cares most about is that Ethereum will be useful in the world.

There’s an important quote in the film about “if Ethereum is only used for speculation, that’s a huge missed opportunity.” So it’s not surprising that Vitalik didn’t go to the White House [to meet with President Trump]. Vitalik cares about how this tool will be used in the long term for real, positive change in the world. He is uncomfortable with conflict, we know that, we see that in the film. So I can’t imagine this has been an easy process for him.

But you can definitely tell that he’s begun to understand how to use his voice in this ecosystem and use his kind of soft power.

Read more: Ethereum Foundation Picks New Co-Executive Directors, Following Leadership Reshuffle

What was filming in Ukraine during the start of the Russian invasion like? And why does Vitalik feel so connected to that cause?

ZI: We have some experience filming on the borders of war zones. Luckily, at that time Kiev was relatively safe.

It really was Vitalik’s idea, he always wanted to support the hackers there. Vitalik just felt like he could be there to support them, and it’s something he cares so deeply about for two reasons: 1) he actually has Ukrainian ancestry, and 2) coming from Russia, I think he regrets having met with Putin.

Then there’s also just really one of the first concrete examples of real positive impact in the world, of how crypto is being used when the banking system was in chaos, and so quickly got money to the front lines.

There’s a deleted scene where he’s playing chess with Fedorov, the Deputy Prime Minister of Ukraine. But you know, Fedorov was talking about how 1000s of their military were saved because of that $100 million Vitalik raised in crypto was quickly mobilized.

What are you hoping that your audience takes away from this film?

CT: Documentaries are bad at information, but they’re great at provoking questions and getting emotions. If we can inspire an audience to be more savvy and think more critically about technology, not just in these extremes of it’s all bad or it’s all good, but to understand a bit of that spectrum along the middle there, and look at both the positive and negative consequences of technology.

I think that kind of techno optimism is the core of what this film is really about. Helping anybody apply those lessons, whether it’s within crypto, within AI, because technology is just going to continue to shift and impact our lives.

The movie is about Vitalik as a person but also a bit about Ethereum’s history. So is Vitalik = Ethereum?

ZI: I don’t think he is, and I think that’s what he hoped for at this point. I hope that comes across in the film, and that’s why we called it an Ethereum story, because I think it’s one of many that gets told. I think that’s where Vitalik has been successful because he is not Ethereum.

Crypto exchange Kraken has begun offering commission-free trading for U.S.-listed stocks and exchange-traded funds (ETFs), opening access to traditional financial markets from within the same platform it uses for cryptocurrencies and positioning itself to compete more directly with platforms like Robinhood (HOOD).

The move expands Kraken’s business as a growing list of U.S. crypto companies aiming to go public on U.S. exchanges — joining the likes of Coinbase (COIN), Marathon Digital (MARA), and Bitdeer (BTDR), among others.

The Kraken stock trading rollout begins in 10 U.S. jurisdictions including New Jersey, Connecticut and Alabama, with plans to expand access across the country and to international markets such as the U.K., Europe and Australia. Clients in these states can now buy and sell equities directly through their Kraken account using the mobile app, Kraken Pro or web interface.

“Crypto isn’t just evolving, it’s becoming the backbone for trading across asset classes, such as equities, commodities and currencies,” said Kraken’s co-CEO Arjun Sethi in a statement. “As demand for 24/7 global access grows, clients want a seamless, all-in-one trading experience.”

“Expanding into equities is a natural step for us, and paves the way for the tokenization of assets,” he continued.

This move makes Kraken one of the few crypto-native companies to offer traditional asset trading alongside digital assets under a single account.

The new product is offered through Kraken Securities, a FINRA-regulated entity focused on equities. By consolidating crypto and traditional finance tools, Kraken is positioning itself to compete more directly with platforms like Robinhood and Public that already cater to multi-asset investors.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

Nvidia plans to manufacture its next generation of AI chips and supercomputers entirely in the U.S. for the first time, the company said in a statement on Monday.

The move reflects rising demand for AI infrastructure and a broader push to localize advanced tech manufacturing — one that could also benefit crypto miners repurposing their facilities for AI and high-performance computing (HPC).

Many of these operators already have access to the large-scale power and cooling systems needed for data center operations, making them potential players in the growing AI economy.

Crypto miners, once singularly focused on hashing power, are increasingly looking for ways to fit into the AI and HPC supply chain. Their existing access to power-dense infrastructure and logistical experience in running industrial-scale operations gives them a foothold as demand for AI computation surges.

Recent tariffs by U.S. President Donald Trump, however, is causing anxiety among miners as the policy changes are expected to raise costs on ASIC miners, electrical components, networking hardware and more.

Nvidia has secured over a million square feet of space across Arizona and Texas to build and test Blackwell chips and AI systems, NVIDIA said. Production has already begun at TSMC’s facility in Phoenix.

In Texas, supercomputer factories are being built with Foxconn in Houston and Wistron in Dallas, with full production expected within 12 to 15 months.

This marks a shift for NVIDIA, which has previously relied on overseas facilities. The company will also work with Amkor and SPIL to handle packaging and testing in Arizona.

NVIDIA expects these efforts will support up to half a trillion dollars’ worth of AI infrastructure in the next four years. CEO Jensen Huang called the shift “the first time the engines of the world’s AI infrastructure are being built in the United States.”

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

XRP, Cardano (ADA), and Solana (SOL) tokens are exhibiting technical strength in a signal of potential short-term price recoveries, data indicates.

Bullish patterns—XRP’s $2.00 breakout, ADA’s double bottom at $0.55, and SOL’s rally to above $130—suggest accumulation phases despite broader market volatility. However, a bitcoin drop below $80,000 or intensified macro pressures could limit gains.

Alex Kuptsikevich, the FxPro chief market analyst, said in a note to CoinDesk that traders must await confirmation of a bitcoin trend reversal before long-term dip buying on major tokens.

“Bitcoin has yet to confirm a growth reversal,” Kuptsikevich said. “The key area along the way is the $85,000 level, where the 50-day moving average passes. Its overcoming will be an important confirmation of the bullish sentiment, while fluctuations below it will remain market noise.”

“XRP found support last week on the decline to the 200-day moving averages. This small but encouraging signal suggests that market participants are still adhering to a ‘buy on dips’ strategy, believing in the continuation of the bullish trend,” he added.

Here are technical analysis highlights for XRP, ADA and SOL, based on CoinDesk data:

XRP: $2.00 support signals bullish momentum

XRP surged 11% from $1.87 to $2.07 in the past week, breaking a psychological $2.00 barrier earlier Monday. Recent price action shows a higher low at $2.065, recovering to $2.068, with decreasing volatility indicating accumulation.

Technical Outlook:

Support: $2.00-$2.065, reinforced by the 50-hour moving average at $2.03.

Resistance: $2.10, with $2.15-$2.20 possible on a break.

Indicators: Volume surges during breakouts, and a higher low structure confirms buying interest. RSI near 60 suggests room for upside without overbought risks.

Short-Term Target: If $2.00 holds, bulls may want to watch $2.10-$2.15, with a break below risking $1.99.

Solana: Ascending channel eyes $125.50

Solana rallied 3% from a low of $125 to nearly $134 in early European hours Monday, part of a 30% climb from $101.30 to $125.48 in the past week driven by ETF approval optimism (76% odds on Polymarket).

Support around the $120 mark remains firm, with recent consolidation between $124.50-$125.30 testing $125.50 resistance.

Technical Outlook:

Support: $120-$124, with $115 as a deeper base.

Resistance: $130-$135, with $145 in sight on a breakout.

Indicators: Increasing volume and tightening Bollinger Bands hint at an explosive move. MACD’s bullish divergence supports gains.

Short-Term Target: Clearing $135 could push SOL to $140 and above. A drop below $120 risks $105, but the channel favors bulls.

Cardano: Double bottom drives rebound

ADA rebounded 18.6% from $0.537 to $0.637 in the past week, forming a double bottom at $0.55 with strong volume on April 9th. Despite bitcoin’s 15% weekly decline and trade tensions (China’s 34% U.S. import tariffs), ADA’s consolidation above 60 cents (now support) signals strength. With the ascending channel with support at 63 cents, bulls can now target at least 70 cents.

Technical Outlook:

Support: $0.632-$0.636, backed by the 50-minute moving average at $0.636 as of Monday.

Resistance: $0.641, with Fibonacci extensions at $0.645-$0.658.

Indicators: Healthy volume and declining volatility suggest accumulation. Stochastic RSI shows building momentum.

Short-Term Target: A break below 63 cents risks 55-59 cents, but the double bottom supports the upside.

Read more: Bitcoin Faces ‘Cloud Resistance’ at $85K, Neutralizes Risk-Reward for Bulls: Godbole

Search giant Google will only allow cryptocurrency exchanges and software wallets to advertise in the European Union if they hold a license under the EU’s Markets in Crypto-Assets (MiCA) regulation, starting April 23, the company announced Monday.

Google said advertisers must now obtain a certification from the company and demonstrate they are registered as a Crypto-Asset Service Provider (CASP) under MiCA. The company also requires advertisers to comply with any additional country-specific legal obligations.

MiCA which covers all 27 EU member states, marks a shift away from the patchwork of national licensing regimes that currently govern crypto ads in some regions.

For crypto platforms already advertising in France, Germany and Finland under local rules, Google has carved out a temporary reprieve. Those national licenses will remain valid until mid-to-late 2025, aligning with each country’s MiCA transition period.

The tech giant said accounts will not be suspended immediately for non-compliance. Instead, it will issue a warning at least seven days before any enforcement action.

Currently several cryptocurrency exchanges have secured a MiCA license, including OKX, Crypto.com, Bitpanda, Boerse Stuttgart Digital, eToro and others.

XRP’s Bullish Momentum Shows No Signs of Slowing

XRP continues its impressive upward trajectory, demonstrating remarkable strength with consistently higher lows and higher highs. The recent price action shows resilience, with buyers stepping in at every dip, particularly during the April 12th surge when XRP broke above $2.07 resistance with 240M in trading volume.

Market experts are increasingly optimistic about XRP’s future, with some projecting targets between $10-$20 in the coming months. The technical setup appears particularly compelling, with XRP currently trading within an ascending triangle pattern that could trigger a move toward $2.40 if the $2.22 resistance is breached, according to CoinDesk Research’s technical analysis data. This comes as the XRP/BTC chart shows a bullish crossover that preceded a 958% rally in 2017.
With XRP now trading around $2.00 and showing signs of continued momentum, traders are closely watching key resistance levels. The broader market recovery provides additional tailwinds for potential further gains.

Technical analysis highlights

XRP has demonstrated remarkable strength, climbing from $1.93 to $2.24 (a 13.7% range) over the range of the analyzed period.

The price action formed a clear uptrend with higher lows and higher highs, establishing strong support at $2.08.

Volume significantly increased during key breakouts, particularly during the April 12th surge when XRP broke above $2.07 resistance with 240M volume.

The 48-hour Fibonacci extension suggests potential targets at $2.28 and $2.35.

The current consolidation between $2.13-$2.16 appears to be forming a bull flag pattern.

Recent price action shows resilience, with buyers consistently stepping in at dips, indicating sustained bullish sentiment.

In the last 100 minutes, XRP continued its bullish momentum with a notable 0.77% gain from $2.143 to $2.160.

A significant breakout occurred at 10:42 when the price surged through $2.153 resistance with elevated volume.

The price action has formed an ascending channel with support at $2.148 and resistance at $2.160.

Volume spikes during upward movements confirm buyer conviction, particularly during the 11:07 and 11:31 surges when volume exceeded 1.4M and 2.2M, respectively.

XRP surges 13.7% from $1.93 to $2.24, establishing strong support at $2.08 with significant volume backing key breakouts.

Technical analysis shows XRP forming a bull flag pattern with potential targets at $2.28 and $2.35 based on Fibonacci extensions.

Crypto analyst EGRAG CRYPTO identifies a rare bullish cross between the 55-week EMA and 155-week MA, suggesting potential for massive price growth similar to the 958% rally following the same signal in 2017.

Disclaimer: This article was generated with AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy. This article may include information from external sources, which are listed below when applicable.

External References:

Times Tabloid, “XRP Chart Signals Parabolic Surge Toward $70 This Timeline,” published April 12, 2025.

Times Tabloid, “XRP Price Prediction For April 11, 2025,” published April 11, 2025.

Times Tabloid, “XRP Price Prediction For April 13, 2025,” published April 13, 2025. ​

NewsBTC, “XRP Targets $19 Or $45 In Possible Blow-Off Top, Analyst Predicts,” published April 13, 2025. ​

Coinpedia, “XRP Price Next Targets, Elliot Wave Analysis and More,” published April 12, 2025. ​

Bitcoin (BTC) mining profitability fell 7.4% in March, investment bank Jefferies said in a research report Friday.

The drop was due to a 11.2% decline in the average bitcoin price and a 9.1% drop in transaction fees, the report said.

U.S.-listed miners mined 3,534 bitcoin in March versus 3,002 in February, Jefferies said, and these companies accounted for 24.8% of the total network last month, compared to 23.6% the month previous.

MARA Holdings (MARA) produced the most bitcoin in March, with 829 tokens, the report said, followed by CleanSpark (CLSK) with 706 BTC.

MARA also had the largest installed hashrate, at 54.3 exahashes per second, with CleanSpark the second-largest at 42.4 EH/s, the report added.

Looking at April, Jefferies noted bitcoin is broadly unchanged while the S&P 500 stock index is down 6%. U.S. dollar weakness may be responsible for some of that outperformance, said the bank.

Read more: U.S.-Listed Bitcoin Miners Shed 25% of Their Market Cap in March: JPMorgan

As Canada approaches a pivotal election on April 28, 2025, Lucas Matheson, CEO of Coinbase Canada, is positioning the cryptocurrency giant for influence in a market he believes is primed for blockchain innovation. I spoke with him about the cryptocurrency exchange’s expanding presence in Canada, the unique characteristics of the Canadian market, and his vision for the country’s crypto future. Our conversation revealed not only Coinbase’s strategic ambitions but also Matheson’s personal passion for advancing blockchain adoption in his home country.

As a Canadian entrepreneur with experience in both traditional finance and tech startups who joined Coinbase after nearly six years at Shopify, Matheson urges the Canadian government to move quickly to integrate crypto into their economy.

This interview has been condensed and lightly edited for clarity.

CoinDesk: Your career has taken you from traditional finance to Shopify to crypto. Was there a specific moment when you realized digital assets would reshape finance, or was it a gradual conviction?

Lucas: I’m a Canadian entrepreneur and I’ve been working in finance and business most of my career. I spent the first part of my career in finance, mostly in M&A, and I founded a tech company after grad school with my best friend in Silicon Valley, which is where I started my journey with Coinbase. I’ve been a Coinbase customer for over 10 years now.

After selling that company, I joined Shopify and I worked there for almost six years, helping build their business, their operational and finance functions. At Coinbase, I help lead a team who are building a platform for Canadians to diversify their assets into the digital economy.

CoinDesk: How long has Coinbase been operating in Canada, and what regulatory milestones have you achieved?

Lucas: Coinbase has been in Canada for almost four years now. We’ve been officially pursuing our registration here in Canada for a number of years as well. Canada is registered as a restricted dealer under CSA. We’re the first international exchange to be registered in Canada.

We’re lucky to have a regulatory regime here where we operate under a compliant regime in Canada to grow our business. We are now pursuing our IIROC registration with IIROC as a full dealer registration, that’ll expand the types of products and services that we can offer Canadians.

CoinDesk: Ethereum was born in Canada, yet most of its ecosystem developed elsewhere. Is there a certain irony in having to convince Canadian institutions to embrace a technology with Canadian roots?

Lucas: Coinbase seeks regulatory clarity all over the world, and we look for markets that provide stability and clear rules for us to operate under a regime. Canada is one of those markets that is identified as being open to providing clear rules and regulating cryptocurrency exchanges like Coinbase.

When we look across the world, Canada’s also a very crypto-literate country. It’s the third most crypto-aware country of all the international locations that we operate in, so we have quite a strong awareness about the technology here.

The opportunity for it to help our financial system — as you probably know, Ethereum was founded here in Canada. We have very strong roots here in Canada around cryptocurrency and around technology. We have a lot of really great universities in computing science that are focused on blockchain technology and helping our students in Canada understand the opportunity.

CoinDesk: That’s fascinating about Canada being the third most crypto-aware country. How does that translate to adoption rates?

Lucas: When we survey countries around the world, we survey how aware citizens are to specific types of cryptocurrencies, uses of cryptocurrencies and technology. Canadians are the third most crypto-aware country of all the international markets that we survey.

We see some surveys in Canada suggesting that upwards of 30% of Canadians by the end of this year will own digital assets. So we see very strong adoption in Canada and healthy diversification into the asset class. Of course, Canada was the first to introduce crypto-related ETFs, so we have quite a broad awareness about the opportunity for Canadians to diversify into crypto through traditional ETFs as well.

CoinDesk: Who are the Canadians using Coinbase? Is there a particular demographic profile?

Lucas: We have a very broad distribution of demographics in Canada. We have a very diverse user group in Canada—people who are diversifying from young students, immigrants who are looking to remit money.

We see a significant number of people building and diversifying portfolios, accumulating digital assets for long-term diversification and wealth preservation. Then we have a significant amount of institutional investors in Canada starting to diversify assets into the crypto economy as well.

So we see very strong adoption across retail, and in Canada specifically now we’re seeing a healthier adoption from institutional investors and more interest from institutional investors, pension funds, asset managers who are exploring diversifying their clients’ assets into crypto as well.

CoinDesk: With Canada’s election approaching on April 28th, what policy changes would you like to see from the next government?

Lucas: We proposed a number of changes for our new government to really think deeply about over the next term. We’ve recommended that they:

Launch a government task force and create a national crypto strategy

Consider a Bitcoin strategic reserve

Regulate stablecoins federally from a prudential regulator as a payment instrument

Introduce a market structure bill like we’re seeing in the US where we can clearly define crypto assets so that it’s clear for the public, institutions, and builders exactly how crypto assets are defined

Make it easier for banks to bank crypto trading platforms in Canada

Currently, our large banks—we have big banks with 80-90% of the money in Canada—do not bank crypto trading platforms, so we are very keen to help our government encourage our financial institutions to participate in the digital economy. (You can read Lucas’s writing on what Canada should do to be a global crypto leader here.)

CoinDesk: You’ve mentioned ‘Stand with Crypto’ as an advocacy initiative. How are you organizing the industry to influence policy in Canada?

Lucas: ‘Stand with Crypto’ is an organization that has advocated for clear rules all around the world for crypto, and we’ve recently launched Stand with Crypto here in Canada with a number of partners. We have a number of crypto trading partners joining Stand with Crypto to help us advocate for change.

Stand with Crypto is really an opportunity for our elected officials to understand this opportunity so that we can prioritize it clearly. Canada has a lot of priorities and challenges within our economy, and crypto technology can help us rebuild our economy and our economic freedom. That’s one of the ways that we organize.

Canada also has two strong industry associations, the Canadian Blockchain Consortium and the Canadian Web3 Council, and these organizations help unify views and help us align on opportunities that we can engage with our regulators to drive more regulatory clarity in the market.

CoinDesk: Decentralized exchanges (DEXs) are challenging centralized platforms like Coinbase in the US. How do you view this trend affecting your business in Canada?

Lucas: I think decentralized finance will form a very healthy and significant part of our financial economy. I think that’s the foundation of the technology and the ecosystem—to decentralize financial interactions in a trusted, safe, compliant manner.

I think the decentralization of finance will be a healthy part of how some investors will choose to participate. But centralized exchanges provide a very valuable tool to on-ramp and off-ramp from the digital economy in a compliant way that helps governments and institutions around the world get comfort that platforms like Coinbase are managing risks appropriately, managing anti-money laundering, terrorist financing, ensuring that people on their platform are acting in good faith.

CoinDesk: If you could say a few things to the upcoming administration, what would they be?

Lucas: I would say the rest of the world is moving quickly to adopt crypto and integrate it into their economy. It’s time for Canada to do the same—to integrate crypto into our economy, build a national strategy, and educate Canadians about why the world is going digital.

CoinDesk: There seems to be a patriotic element to your advocacy. Do you see Canada becoming a global leader in crypto?

Lucas: I think Canada can be a leader in crypto. Canada has the opportunity to embrace this technology in a meaningful way to help this country rebuild ourselves and grow our economy.

I think we’re entering a time where we need to rethink how we organize our government, how we tax our government, how we generate revenues, and how we spend money. I think we’re entering a cycle where governments are expected to do more with less. That’s what entrepreneurs do with technology every day, and that’s what governments around the world are starting to embrace is the opportunity to do more with less, to be more efficient, to provide better government services through technology, to be more entrepreneurial.

CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.

The CoinDesk 20 is currently trading at 2520.12, up 4.4% (+106.71) since 4 p.m. ET on Friday.

Nineteen of 20 assets are trading higher.

Leaders: SOL (+10.8%) and BCH (+8.0%).

Laggards: ICP (-0.7%) and POL (+0.5%).

The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.