Family Offices Continue to Avoid Crypto Despite Market Hype, JPMorgan Finds
Family offices remain largely on the sidelines when it comes to crypto investing, with 89% holding no digital assets, according to JPMorgan Private Bank. Despite ongoing geopolitical uncertainty and persistent industry hype, most wealthy families continue to favor traditional asset classes. Concerns around volatility, regulation, custody, and valuation remain key barriers to adoption. The findings challenge the narrative that institutional money is broadly embracing crypto. They also highlight a widening gap between retail speculation and long-term capital allocation. For crypto firms seeking institutional legitimacy, the data underscores the need for stronger risk frameworks and clearer regulation. Ultimately, the report suggests that mainstream adoption among the ultra-wealthy is still a long way off.
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๐๐จ๐ฐ ๐ญ๐จ ๐๐๐ฌ๐ข๐ ๐ง ๐๐ง๐ญ๐๐ซ๐จ๐ฉ๐๐ซ๐๐๐ฅ๐ ๐๐ข๐ ๐ข๐ญ๐๐ฅ ๐๐๐ฒ๐ฆ๐๐ง๐ญ ๐๐ง๐๐ซ๐๐ฌ๐ญ๐ซ๐ฎ๐๐ญ๐ฎ๐ซ๐
Iโve been studying how institutional stablecoin infrastructure is actually being built, not marketed.
GFTโs work on the Universal Digital Payments Network (UDPN) is a clear signal of where the real problem sits: interoperability, not token issuance.
The stablecoin market is fragmented by design. Different chains. Different regulatory regimes. Different compliance requirements. UDPN does not try to force convergence at the asset layer. It tries to standardize coordination instead.
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Key observations.
UDPN treats interoperability as a messaging problem, not a bridging problem. Assets stay on their native rails. A standardized messaging backbone coordinates settlement, compliance signals, and transaction intent across stablecoins, CBDCs, and tokenized deposits. This removes cross-chain security risk and operational complexity.
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Compliance is embedded, not bolted on. On-chain AML, jurisdiction-specific rules engines, and lifecycle management are part of the stablecoin management stack. A single stablecoin adapts to multiple regulatory regimes without being reissued or re-engineered.
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Institutional adoption assumes legacy persistence. UDPN integrates into existing bank cores and enterprise systems. No greenfield fantasy. No core replacement rhetoric. This is how regulated institutions actually move.
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Longer term, the direction is unavoidable: token-based core banking. A unified ledger where fiat deposits, stablecoins, and tokenized assets are native objects. Reconciliation collapses. End-of-day closing disappears. Programmability becomes a first-order property.
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The hard problems are not ignored. Fiat representation. Regulatory accounting. Capital treatment. Operational resilience. These are unresolved at scale, and pretending otherwise is irresponsible. Token-based systems force a rewrite of accounting logic, not just infrastructure diagrams.
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The takeaway is structural. The future of digital payments is heterogeneous by default. Multiple currencies, multiple networks, multiple jurisdictions. The winning layer is the one that lets them interoperate without pretending they are the same system.
Infrastructure over issuance. Coordination over dominance.
Curated News
๐ณ Payments
Intuit Turns to Affirm to Power BNPL Expansion
Intuit is partnering with Affirm to expand buy now, pay later capabilities across its ecosystem. The move signals growing demand for embedded credit options within business and consumer financial tools.
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๐ฆ Banking
NatWest Confirms 32 More UK Branch Closures
NatWest has revealed plans to close an additional 32 branches across the UK. The move reflects accelerating customer migration to digital banking channels.
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Santander Pushes Ahead With Branch Network Transformation
Santander has announced further changes to its branch network as part of its long-term transformation strategy. The bank continues to rebalance physical presence with digital services.
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Varo Bank Secures Growth Investment
Varo Bank has raised new growth capital led by Coliseum Capital Management. The funding supports continued expansion and product development.
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Lunar Raises Capital to Fuel Nordic Expansion
Nordic challenger bank Lunar has secured fresh capital to support regional growth. The funding strengthens its position across key European markets.
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๐ช Crypto
Bitcoin Hits 10-Month Low as Hong Kong Investors Turn Cautious
Bitcoin has fallen to a 10-month low, dampening sentiment among Hong Kong-based crypto investors. The downturn reflects broader market uncertainty and risk aversion.
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Crypto Funds See $1.7B in ETF Outflows to Start 2026
Bitcoin and Ethereum ETFs have flipped negative for 2026 after $1.7 billion in outflows. The shift highlights weakening institutional sentiment toward crypto assets.
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Bitcoin Enters โExtreme Fearโ Territory
Market indicators suggest Bitcoin has entered a phase of extreme fear. Analysts remain divided on how much further prices could fall.
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Chinese Crypto Networks Moved $16.1B in Illicit Funds in 2025
A new report estimates that Chinese crypto networks facilitated $16.1 billion in illicit transactions last year. The findings renew concerns around enforcement and compliance gaps.
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Strategy Adds $75M in Bitcoin to Balance Sheet
Strategy has purchased 855 bitcoins for $75.3 million, reinforcing its long-term crypto accumulation strategy. The move comes amid broader market weakness.
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Founder of Russiaโs Largest Bitcoin Miner Arrested
The founder of Russiaโs biggest bitcoin mining firm has been arrested for tax evasion. The company is also reportedly facing bankruptcy proceedings.
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๐ WealthTech
Mine Raises $14M to Launch AI Money Agent for Young Adults
Mine has secured $14 million to launch an AI-powered money agent aimed at younger consumers. The product focuses on improving financial confidence and decision-making.
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๐ง Fintech
Novum Secures UK Pension Fund Backing
UK fintech startup Novum has secured backing from a UK pension fund. The investment signals growing institutional interest in domestic fintech innovation.
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Apax Spins Out Finastra Treasury Business as Teciem
Apax has spun out Finastraโs treasury and capital markets unit into a new firm called Teciem. The move sharpens strategic focus on treasury technology.
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Incard Raises ยฃ10M Series A
Incard has raised ยฃ10 million in Series A funding to expand its financial platform for high-growth digital companies. The capital will support product development and scaling.
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Bleap Raises $6M Seed Round
Bleap has closed a $6 million seed round to support platform growth. The startup is focused on modern financial services infrastructure.
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โ๏ธ Regulation
APP Reimbursement Now Covers 88% of Claims
Reimbursement rates for authorised push payment fraud now cover 88% of claims. The increase reflects stronger consumer protection standards.
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TSB Warns of Rising Romance Scams
TSB has reported a spike in romance scams targeting customers. The bank is urging greater awareness and preventative measures.
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๐ Other
Equifax Launches ML Tool to Detect First-Party Fraud
Equifax has introduced a machine-learning product designed to detect first-party fraud. The solution aims to reduce losses for lenders.
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Equifax Rolls Out Credit Abuse Risk Model
Equifax has launched a new credit abuse risk model to help lenders manage rising fraud exposure. The tool targets early identification of risky borrower behavior.
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Gr4vy Launches Silent Mode for Risk Management
Gr4vy has introduced โSilent Modeโ to enhance risk management without disrupting customer experiences. The feature allows behind-the-scenes fraud controls.
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Spot on. Messaging over bridging is genius. How is coordination standardized?