BNY, the largest bank in the world for safeguarding assets, plans to use blockchain technology for the transfer agency record-keeping systems that service roughly $8.6 trillion in assets. Not a pilot, not a tokenized fund share class, and not a settlement experiment. The record of who owns what. Transfer agency is the least glamorous function in asset servicing and the one where the technology fits best. A transfer agent maintains the official shareholder register for a fund: subscriptions, redemptions, transfers, distributions, and the reconciliation between the fund’s records and every distributor, platform, and nominee holding positions on behalf of end investors.

Robinhood reported second-quarter revenue of $1.31 billion, up 32% year over year against a $1.29 billion consensus. Inside that number, event contracts revenue rose more than tenfold to $156 million while crypto revenue fell 38% to $100 million. The prediction market business is now larger than the crypto trading business, and it got there in roughly a year. That crossover is the print. Crypto trading was the growth engine that carried this company through two cycles and it is behaving exactly as a transactional crypto business always behaves, which is to say it tracks retail speculative appetite with no floor underneath it.