Morning Report | Kraken freezes IPO plans due to difficult market conditions; Polymarket acquires DeFi infrastructure Brahma; World launches AgentKit integrated with Coinbase

整理：ChainCatcher

Important News:

• World launches AgentKit integrated with Coinbase to support AI agents with human verification
• Stablecoin cross-border payment platform TransFi completes $19.2 million financing, led by Turing Financial Group
• Hong Kong stablecoin payment company RedotPay is raising new funds, targeting a valuation of over $4 billion for a U.S. IPO
• U.S. SEC and CFTC release new cryptocurrency guidelines, clarifying that most digital assets are not securities
• Kraken freezes IPO plans due to difficult market conditions
• Polymarket acquires DeFi infrastructure startup Brahma
• Ethereum team is testing fast confirmation rules, aiming to reduce cross-chain bridge wait times to about 13 seconds

What important events occurred in the past 24 hours?

Polymarket acquires DeFi infrastructure startup Brahma

According to ChainCatcher, Polymarket, a prediction market platform, announced the acquisition of Brahma, a startup focused on cryptocurrency and decentralized finance (DeFi) infrastructure, as reported by Fortune. The specific transaction amount has not been disclosed.

Brahma was co-founded in 2021 by Alessandro Tenconi, Akanshu Jain, and Bapi Reddy Karri, primarily providing DeFi infrastructure services to businesses and individuals, processing over $1 billion in transaction volume. After joining Polymarket, Brahma will terminate its existing projects with other partners.

The acquisition aims to optimize user experience, including streamlining wallet creation, asset deposits and conversions, and result token exchanges, while leveraging Brahma's experience in the DeFi space to introduce more liquidity to niche contract markets.

Polymarket CEO Shayne Coplan stated that the Brahma team has the capability to design, operate, and scale complex products. Currently, Polymarket is reportedly valued at $20 billion, operating on a blockchain architecture since its inception, unlike its main competitor Kalshi, which primarily relies on fiat systems.

Kraken freezes IPO plans due to difficult market conditions

According to ChainCatcher, Kraken, a cryptocurrency exchange, has frozen its IPO plans due to difficult market conditions, with a potential restart considered once conditions improve, as reported by CoinDesk.

Insiders revealed that Kraken's parent company Payward secretly submitted an S-1 registration draft to the U.S. Securities and Exchange Commission (SEC) on November 19 last year. The pause is mainly due to the ongoing decline in the crypto market since Bitcoin reached its all-time high last October, leading to reduced trading volumes and cautious investor sentiment.

Ethereum team is testing fast confirmation rules, aiming to reduce cross-chain bridge wait times to about 13 seconds

According to ChainCatcher, the Ethereum client team is testing a mechanism called Fast Confirmation Rules (FCR), aiming to compress the deposit confirmation time from L1 to L2 networks and exchanges to about 13 seconds, reducing the current wait time by up to 98%. This mechanism was proposed by Ethereum researcher Julian Ma.

FCR determines whether a block can be considered confirmed by evaluating the attestations of validators, rather than relying on traditional block depth counting methods. Its operation is based on two premises: that network message propagation is fast enough and that no single entity holds more than 25% of the staked ETH. Currently, most users rely on canonical bridges to complete asset transfers, which typically require about 13 minutes; some exchanges and L2s use "k-depth" confirmation rules to shorten wait times, but this method lacks formal security guarantees.

FCR can be deployed without a hard fork, allowing nodes to activate independently without full network coordination. Ethereum co-founder Vitalik Buterin expressed support for this, believing that the mechanism could provide "hard guarantees" for transactions within a single time slot (about 12 seconds) under specific network conditions. However, there are still voices of skepticism in the community, with some users concerned about whether its trust assumptions can hold under network stress. Currently, client and API integration work is still ongoing.

World launches AgentKit integrated with Coinbase to support AI agents with human verification

According to ChainCatcher, World, an identity network co-founded by OpenAI CEO Sam Altman, has launched AgentKit, a developer toolkit that allows AI agents to prove their association with verified unique humans through World ID when interacting with websites and online services.

The system combines World ID's human verification with the x402 micropayment protocol initiated by Coinbase and Cloudflare, allowing agents to pay for access to online resources while providing cryptographic proof of their association with verified human credentials.

The x402 protocol allows agents to pay small fees to access websites, APIs, and other services. According to the announcement, since its launch in 2025, the ecosystem has processed over 100 million payment transactions, covering applications, APIs, and AI agents.

Japan's SBI VC Trade to launch retail USDC lending business as an alternative to traditional dollar deposits

According to ChainCatcher, SBI VC Trade, a digital asset division of SBI Holdings, announced that it will launch USDC lending services in Japan on Thursday, allowing retail users to lend stablecoins to the platform under fixed-term agreements in exchange for returns.

SBI stated that the product aims to replace traditional dollar deposits in Japan, but unlike bank deposits, its isolation protection measures do not cover user assets and may not allow full recovery in the event of bankruptcy.

Additionally, users will not be able to withdraw or transfer funds during the fixed loan term, limiting their ability to respond to market changes.

ZKsync collaborates with five U.S. regional banks to develop tokenized deposit network Cari Network

According to ChainCatcher, ZKsync announced a collaboration with five U.S. regional banks to develop the tokenized deposit network Cari Network. The network is built on Matter Labs' Prividium platform, using privacy-preserving permissioned blockchain infrastructure, with partner banks including Huntington Bank, First Horizon, M&T Bank, KeyBank, and Old National.

Cari Network is positioned as a secure, private, and regulatory-compliant infrastructure, with tokenized deposits existing directly as bank liabilities and qualifying for FDIC insurance, aiming to connect the $8.3 trillion in assets held by regional banks to on-chain services, providing programmable digital currency services around the clock.

Bitrefill discloses suspected North Korean hacker attack leading to customer data breach, has shut down related systems for isolation

According to ChainCatcher, Bitcoin payment service provider Bitrefill disclosed on the X platform that it suffered a cyberattack on March 1, 2026, leading to a customer data breach, with the attack originating from an employee's compromised laptop, allowing attackers access to certain databases and cryptocurrency wallets.

Investigations revealed that the attack method closely resembles past attacks by the North Korean DPRK Lazarus/Bluenoroff hacker group targeting crypto companies, with approximately 18,500 purchase records involving limited customer information (email, crypto payment addresses, and IP metadata), of which about 1,000 records had customer name information stored in encrypted form but may have been accessed. Bitrefill stated that customers do not need to take special actions but are advised to be vigilant for unusual information.

Bitrefill added that it has shut down related systems for isolation and is working with security experts, on-chain analysts, and law enforcement, and has nearly restored normal operations. The company emphasized that it is long-term profitable and well-capitalized to absorb this loss and will continue to strengthen cybersecurity measures, including internal access controls, monitoring, and emergency response mechanisms.

Stablecoin cross-border payment platform TransFi completes $19.2 million financing, led by Turing Financial Group

According to ChainCatcher, the stablecoin cross-border payment platform TransFi has completed $19.2 million in financing, including $14.2 million in Series A equity financing and $5 million in committed liquidity financing. This round was led by strategic investor Turing Financial Group, specializing in digital payments and financial infrastructure.

TransFi utilizes stablecoins as a settlement rail, providing an alternative to traditional correspondent banking and the SWIFT system for emerging markets. The new funds will be used to expand into Southeast Asia, South Asia, the Middle East, Latin America, and Africa, deepen regulatory licensing layouts, and expand liquidity networks.

Hong Kong stablecoin payment company RedotPay is raising new funds, targeting a valuation of over $4 billion for a U.S. IPO

According to ChainCatcher, Hong Kong stablecoin payment company RedotPay is negotiating a new round of financing of up to $150 million with several institutions. Previously, the company completed over $150 million in financing last year, with investors including the venture capital arms of Coinbase and Circle. RedotPay is currently valued at over $1 billion, aiming for a U.S. listing this year with a valuation exceeding $4 billion.

While advancing its IPO, the company faces frequent executive changes, with at least five senior employees having served for less than 12 months in the past year, and the compliance officer position has changed twice, currently proceeding with the listing plan without a chief financial officer. Additionally, some of RedotPay's connections with mainland China have raised concerns. Co-founder Dawei Yuan is a former co-founder of the crypto exchange Huobi, and COO Troy Yao previously managed an engineering team in China that relocated to Hong Kong in 2025 due to concerns from U.S. investors. The participation of Beijing venture capital firm Gaorong Capital has not been disclosed due to China's regulatory stance on cryptocurrencies.

U.S. SEC and CFTC release new cryptocurrency guidelines, clarifying that most digital assets are not securities

According to ChainCatcher, the U.S. SEC and CFTC jointly released a 68-page new guideline, clarifying that most cryptocurrencies are not securities, as reported by The Block.

SEC Chairman Paul Atkins stated at the Washington Blockchain Summit that this move will provide market participants with clear guidance on how federal securities laws apply to crypto assets. The guidelines detail the classification of stablecoins, digital commodities, and "digital tools," all identified as non-securities, and explain how "non-security crypto assets" can transition into securities, as well as how federal securities laws apply to mining, protocol staking, and airdrops.

Digital commodities are defined as assets "intrinsically linked to the programmatic operation and supply-demand dynamics of functional crypto systems," and digital collectibles are also not considered securities. Atkins stated, "We are no longer the 'Securities and Everything Commission'," contrasting sharply with the previous SEC Chairman Gary Gensler's stance of viewing most cryptocurrencies as securities. CFTC Chairman Michael Selig also attended the summit.

U.S. SEC Chairman proposes crypto regulatory safe harbor proposal, covering three exemption paths for startups and financing

According to ChainCatcher, U.S. SEC Chairman Paul Atkins proposed the concept of a crypto asset regulatory safe harbor at the DC Blockchain Summit, including three exemption paths:

1. Startup exemption: Up to four years, allowing projects to obtain a regulatory buffer period before reaching maturity, with a maximum fundraising limit of $5 million within four years, requiring submission of principle disclosure information.

2. Financing exemption: Allowing a maximum fundraising of $75 million within 12 months, requiring disclosure documents to be submitted to the SEC, including principle disclosures, financial status, and financial statements.

3. Investment contract safe harbor: When the issuer completes or permanently ceases core management efforts under the investment contract, the related crypto assets may be exempt from the definition of securities.

Atkins stated that this framework draws on Congress's recent work, particularly the CLARITY Act, and proposed rules are expected to be released for public comment in the coming weeks.

Former Bybit co-CEO Helen Liu announces the launch of one-stop digital finance compliance platform ABFinance

According to ChainCatcher, former Bybit co-CEO Helen Liu announced on social media that "we will launch ABFinance, a one-stop platform designed to integrate deposits, yields, trading, and consumption, becoming a bridge between fiat and crypto assets. From day one, ABFinance is built under a compliant and robust U.S. licensing system to establish trust. Welcome to join ABFinance and become a pioneer in digital finance."

Earlier reports indicated that Bybit announced co-CEO Helen Liu would step down on April 30, 2026, to start her own venture.

Meta reduces metaverse investment, Horizon Worlds project on Quest platform terminated

According to ChainCatcher, Meta announced that starting June 15, users will no longer be able to build, publish, or update virtual reality worlds on Meta Quest headsets, nor access Meta Horizon Worlds through Quest headsets. This virtual world feature will continue to be available on the Meta Horizon mobile app.

A Meta spokesperson cited a blog post from February this year, mentioning that the company is shifting the focus of Worlds to "almost entirely mobile-centric." Earlier in January, Meta had already cut about 1,000 jobs from the Reality Labs division and closed some virtual reality game and content studios. Andrew Bosworth, head of Reality Labs and CTO, stated in a memo to employees that Meta will primarily focus on mobile experiences rather than immersive virtual worlds accessed through headsets.

This move marks Meta's further retreat from the metaverse strategy previously promoted by Mark Zuckerberg. Resources from Reality Labs have shifted from VR gaming to advancing wearable products aimed at AI goals, including Ray-Ban Meta smart glasses.

OpenAI preparing for IPO, possibly completing by the end of the year

According to ChainCatcher, OpenAI is preparing for an IPO, which could be completed by the end of this year, as reported by CNBC. According to an insider, OpenAI's IPO could be completed as early as the fourth quarter of this year.

The insider stated that the specific timing may still be adjusted and requested anonymity due to confidentiality of details. To support IPO preparations, the company has hired former DocuSign CFO Cynthia Gaylor to handle investor relations and is expanding its finance team.

Analysis: Strategy last week first used preferred stock as a primary financing tool to increase Bitcoin holdings

According to ChainCatcher, Strategy last week first used perpetual preferred stock as the primary tool for increasing Bitcoin holdings, marking a potential shift in its financing model. The company announced on Monday the purchase of 22,337 Bitcoins, making it the fifth-largest acquisition in history. Of this, $1.18 billion was financed through STRC perpetual preferred stock, equivalent to about 16,800 Bitcoins (at an average price of $70,000), far exceeding the $396 million raised through the common stock ATM program.

The common stock ATM program had previously been the main tool for accumulating Bitcoin holdings, with a total holding of 761,068 BTC. Based on STRC's current 11.5% dividend yield, the $1.18 billion issuance brings about $135 million in annual dividend obligations, making the company's total annual dividend burden exceed $1 billion. The company has reserved about $2.25 billion to cover these obligations, providing a buffer amid rising financing costs.

Due to a more than 70% drop in common stock, the company prefers to support stock prices without further diluting equity, thus will be more selective in using common stock in the future, primarily using it when the net asset value multiple is significantly above 1 or when establishing dollar reserves, relying more on STRC financing to avoid issuing new common stock. STRC has fallen below the par value of $100 for three consecutive days since the ex-dividend date on March 15, and if the volume-weighted average price remains below par for a month, the company may consider raising the dividend by another 25 basis points to support the price.

Meme Popularity Rankings

According to the meme token tracking and analysis platform GMGN, as of March 19, 09:00,

The top five popular tokens in the past 24 hours for ETH are: SHIB, LINK, PEPE, UNI, ONDO

The top five popular tokens in the past 24 hours for Solana are: BARRON, Punch, UGOR, eliza, neet

The top five popular tokens in the past 24 hours for Base are: PEPE, BASED, B3, SKYA, TOSHI

What are some interesting articles worth reading in the past 24 hours?

The U.S. establishes "five categories of law" for crypto assets, a concise understanding of the new regulatory framework

On March 17, 2026, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) jointly released explanatory document number 33-11412, officially announcing a 68-page regulatory framework: the U.S. crypto regulation bids farewell to a decade-long era of "enforcement as regulation" and enters a new era driven by "Project Crypto" characterized by clarity and harmonization.

From OKX to Bybit, exchanges are changing tires on the fast lane

Earlier, ChainCatcher cited Wu's report, stating that Coinbase is in talks with Bybit regarding investment and cooperation agreements, with the market expecting Bybit's valuation to be close to that of OKX.

Previously, ICE officially invested in OKX with a valuation of about $25 billion, and within a month, two Chinese exchanges have sat down with U.S. regulatory agencies for negotiations.

Currently, Binance, OKX, and Bybit are the dominant players in global crypto trading volume, having rapidly risen from an era when regulation was not yet formed, establishing the world's largest crypto derivatives market from scratch.

Now, these names are gradually appearing in another context, being invested in, being integrated, and being included in a larger system.

A brief history and future of perpetual contracts

Over the past 17 years, a few blockchain innovations have broken out of their information cocoons, bringing leapfrog improvements to the traditional financial system. Whether it is digital gold, stablecoins, or prediction markets, each product was initially designed as a niche use case for crypto-native users, later proving to have broad practical value for society as a whole.

We believe the next such output will be perpetual contracts, and more importantly, decentralized exchanges built for trading perpetual contracts.

Although the industry has begun to view decentralized perpetual contract exchanges as an exciting growth story, there remains widespread misunderstanding about their importance and the scale of their potential opportunities. We believe that in the coming years, perpetual contracts will begin to absorb many new asset classes, from stocks to commodities, with decentralized exchanges emerging as the biggest winners in this transformation.

Overnight, crypto tycoons were caught in a trap by Vanity Fair
A group of tycoons who reached the pinnacle through the crypto industry attempted to seek more recognition and support from the outside world through Vanity Fair magazine, only to realize that it was a huge "trap," and instead appeared in the public eye in a clownish manner.

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