As we enter August 2025, it’s clearer than ever that traditional finance and digital assets are coming closer together.

In our last edition, we explored stablecoins and the recently enacted GENIUS Act, which officially recognizes their legal status in the US. This regulatory clarity is opening the door for innovations in global payments, with major companies like PayPal and Circle leading the charge.

This edition highlights several standout developments — including the last policy announcements from the US, the strategic partnership between Coinbase and JPMorgan, PayPal’s adoption of crypto payments, and eToro’s launch of tokenized US stocks for European investors — all signalling real progress in mainstream crypto and blockchain adoption.

Inside, you’ll find concise updates on how global leaders are breaking down barriers between fiat, crypto, and tokenized assets. From seamless bank-to-crypto onramps to the rise of regulated tokenized equities, the pace of innovation is accelerating.

We’re also shining a light on how Nordic companies are exploring new ways to bridge traditional finance and crypto.

We hope you enjoy these stories and insights. As always, we welcome your feedback on topics you’d like to see covered in future editions. Thank you for being part of our engaged and curious community.

And, especially for you, if you are thinking of going to the BTCHEL Conference in Helsinki, 16-17 of August 2025, we have a special discount code for you!

Buy Tickets

Use the discount code “KAUPR” for a 10% reduction in your price!
You can also scroll down to the end of this newsletter to read more about the BTCHEL Conference.

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Morten

White House Sets Out Digital Asset Roadmap for Wall Street 

The White House has released a landmark 2025 digital asset report aimed at blending traditional finance (tradfi) and the fast-growing worlds of crypto and DeFi.

Notably, despite recent speculation, the report does not mention any government-held Strategic Bitcoin Reserve or Digital Asset Stockpile—focusing instead on regulatory clarity, innovation, and market integrity.

Crafted by the President’s Working Group, the strategy recommends bipartisan laws to close regulatory gaps and urges agencies like the SEC and CFTC to clarify rules for trading, custody, and token registration.

The report calls for modernized bank regulations so Wall Street can safely engage with digital assets and for regulatory “safe harbors” to let DeFi projects innovate. It also supports the development of secure dollar-backed stablecoins, aiming to preserve U.S. monetary leadership as global adoption accelerates. The administration’s goal: establish the U.S. as the world’s leader in transparent, innovation-driven finance.

SEC Push for Digital Asset Leadership with "Project Crypto”

The U.S. Securities and Exchange Commission (SEC) has launched Project Crypto, a sweeping initiative that directly targets the convergence of traditional finance (tradfi) and the emergent world of crypto and DeFi.

Announced by SEC Chair Paul Atkins, the project promises to modernize securities rules and establish clear guidelines for classifying digital assets, smooth licensing, and self-custody protections—removing barriers between legacy financial institutions and blockchain-powered markets.

Project Crypto aims to allow established banks and brokerages to offer comprehensive financial services, from traditional stocks to digital assets and DeFi products, all on a unified platform. The SEC’s focus is on integrating DeFi and blockchain innovation into the regulatory mainstream, paving a regulated path for on-chain operations while inviting collaboration from the Commodity Futures Trading Commission (CFTC).

This marks a decisive shift from the enforcement-driven stance of the past to a policy framework that actively embraces the blending of tradfi and crypto. As U.S. regulators commit to onshoring crypto activity, financial institutions and DeFi projects alike now have a potential blueprint for working together in an evolving, tokenized market structure

JPMorgan and Coinbase team up to simplify bank-to-crypto access

JPMorgan Chase and Coinbase announced a strategic partnership to make buying and holding cryptocurrencies easier for millions of Chase customers.

Starting fall 2025, Chase credit card holders can fund their Coinbase accounts directly, providing a familiar, faster payment method to access crypto markets.

This marks a shift in JPMorgan CEO Jamie Dimon’s stance, who has softened his earlier skepticism around digital assets—though observers see this as a tactical response to customer demand.

In 2026, the partnership will expand to allow direct linking of Chase bank accounts to Coinbase wallets and enable conversion of Chase Ultimate Rewards points into USD Coin (USDC) on Coinbase’s Base blockchain, bridging traditional banking and crypto ecosystems.

The deal aims to lower barriers, improve compliance controls, and integrate tokenized banking with decentralized finance, potentially accelerating mainstream crypto adoption among millions of Americans.

PayPal pushes crypto payments toward mainstream adoption

PayPal has launched Pay with Crypto, a new service enabling U.S. merchants to accept payments in over 100 cryptocurrencies, including Bitcoin and Ethereum, with near-instant settlement and automatic conversion to stablecoins or fiat currency.

This innovation aims to reduce cross-border transaction costs by up to 90%, charging a flat 0.99% fee compared to traditional credit card rates that often exceed 2%.

By connecting merchants to a global base of more than 650 million crypto users and integrating wallets like Coinbase, MetaMask, Binance, and Kraken, PayPal expands access to digital asset payments. Merchants also gain the opportunity to earn yield by holding proceeds as PayPal’s stablecoin, PYUSD, which currently offers a 4% annual return.

PayPal’s move reflects a broader industry shift toward integrating cryptocurrencies into mainstream commerce, addressing pain points in traditional payment systems like slow settlements and high fees. The platform will roll out in the U.S. soon, with plans for global expansion.

While regulatory and adoption challenges remain, PayPal’s Pay with Crypto service marks a significant step in normalizing crypto payments for businesses of all sizes.

eToro to Launch Tokenized US Stocks for European Investors on Ethereum

eToro have announced plans to launch tokenized versions of US stocks and ETFs on the Ethereum blockchain, starting with European customers in August 2025.

This move follows earlier initiatives by Robinhood, Kraken, and Ondo Finance, which introduced tokenized stocks offering 24/5 trading and integration with decentralized exchanges.

By issuing ERC-20 tokens representing actual shares held in custody, eToro aims to enable 24/5 trading, fractional ownership, and seamless access to decentralized finance (DeFi) applications. This initiative leverages growing regulatory clarity, including Europe’s MiCA framework, to provide a compliant pathway for traditional equities on blockchain.

Tokenized stocks offer investors extended trading hours, lower entry barriers, and new liquidity options by bridging conventional financial markets with blockchain technology. eToro’s entry marks a significant step toward greater mainstream adoption of tokenized assets.

Goobit seeks real-time local payments

Goobit Group AB has announced a major step in its European expansion strategy. The company has applied to onboard with a leading account-to-account (A2A) payment service provider offering the broadest coverage across Europe.

Marking a fundamental milestone in Goobit’s plan to introduce local payment methods in EU countries, enhancing accessibility and user experience. Once approved, the new infrastructure will enable real-time bank transfers and other localized payment rails in major European markets.

“This is about preparing our operations for scale,” says Christian Ander, CEO of Goobit Group AB. “By aligning with a pan-European A2A provider, we’re future-proofing BTCX’s infrastructure in line with MiCA and opening the door to new markets and new users.”

Source: Goobit

Kvarn receives Payment Institution Licence

Kvarn Capital Oy, Finland, has officially obtained a Payment Institution Licence under the PSD2 framework, granted by Finanssivalvonta, the Finnish Financial Supervisory Authority.

This licence marks a critical step in Kvarn’s mission to deliver innovative and comprehensive financial solutions. It positions Kvarn X to offer advanced fiat and electronic money-based payment services, including electronic money tokens (fiat-backed stablecoins).

By aligning with the recent guidance from the European Banking Authority (EBA/Op/2025/08), Kvarn X stands at the forefront of payment service innovation across Europe.

With electronic money token transactions requiring dual licensing—a CASP licence under MiCA regulation alongside a Payment Institution Licence under PSD2—from March 2, 2026, securing this licence now ensures proactive preparation for upcoming regulatory requirements. This guarantees seamless service continuity and builds confidence for clients.

“This licence is a major milestone in Kvarn’s strategy to build a comprehensive and reliable service platform for the new era of payments. It enables meeting regulatory requirements and developing genuinely useful new services for clients—in both fiat and crypto,” said Martin Wichmann, CEO of Kvarn X.

Source: Martin Wichmann, Kvarn

Safello Integrates Banking on the Way to Its Goal of Becoming a Crypto Bank

Swedish crypto exchange Safello has signed a strategic framework agreement with Marginalen Bank that will enable Safello's customers to access banking services and products provided by Marginalen Bank via Safello's platform.

- For a long time there has been little significant innovation in Nordic fintech, but that is changing. The partnership with Marginalen is a huge leap towards our goal of becoming a full-fledged crypto bank,” says Safello CEO Emelie Moritz, and continues:

By integrating banking services into our platform, we are addressing a broader market and are pioneers at the intersection of decentralized and traditional finance, using the economics surrounding digital assets to create new innovative financial services for Safello's clients.

The deal does not in itself make Safello a bank, but builds on what is referred to in Fintech as embedded finance, where financial and banking services are embedded into other platforms and applications outside traditional banks. However, the agreement between Safello and Marginalen is the first time in the Nordic region that a crypto exchange integrates banking services on such a large scale.

The framework agreement includes integrated banking infrastructure, Banking-as-a-Service (BaaS). Via Marginalen's BaaS model, Safello gains API-based access to core banking functions, while Safello maintains its focus on digital assets.

Source: Kaupr - 16 July 2025

GreenMerc grows by 84 percent in the second quarter
Source: Kaupr - 1 August 2025

Swedish crypto exchange Trijo hacked for 7.8 MSEK
Source: Kaupr - 1 August 2025

Crypto broker Kvarn X expanding from Finland to Norway, Sweden, and Denmark
Source: Kaupr - 31 July 2025

Swedish digital commerce-company focuses on Digital Assets and Bitcoin purchases
Source: Kaupr - 28 July 2025

Baltic Honeybadger, - 9-10 August 2025, Riga

The The most OG Bitcoin conference in the world. Baltic HoneyBadger. Cryptopunk movement for passionate Bitcoiners. Bitcoin-only.

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BTCHEL Conference - August 15-16, Helsinki

The First Large Scale Bitcoin Conference in the Nordics Nestled in the heart of the Nordics, Finland is a beacon of innovation, sustainability, and digital transformation, making it the perfect host for a bitcoin centered conference.

Renowned for its stable economy, forward-thinking policies, and vibrant tech ecosystem, Finland has embraced the future like few other nations. As a country where trust, transparency, and technological excellence thrive, Finland reflects the very principles that Bitcoin stands for.

From its dynamic capital, Helsinki, to its breathtaking natural landscapes, Finland offers an inspiring backdrop for thought leaders, innovators, and enthusiasts to shape the next chapter of Bitcoin’s journey.​

Buy Tickets

Use the discount code “KAUPR” for a 10% reduction in your price!

Arendalsuka 2025 - 11.-15. august 2025

Arendalsuka is the largests political gathering in Norway held annually since 2012. More than 1,000 events and stands fill the city of Arendal for five days in August each year.

For our community, we especially recommend these two events (in Norwegian):

Bank + Krypto = Sant? - Mandag 11. august 17:00

Bitcoin-mining i Norge. - Tirsdag 12. august august 18:00

Thanks again for reading the Future of Finance Premium newsletter! We’d love to hear your feedback and any suggestions for topics you’d like us to cover next. And don’t forget to subscribe so you never miss an update!

Best regards,
Morten