All research
Long-form analysis, field tests from the accounts we open, weekly APY tracking, and review updates when a platform's regulatory status or product mechanics change materially.
- Correction
Bitvavo MiCA timeline correction — AFM, June 2025, not DNB 2024
A widely-repeated claim that Bitvavo received MiCA CASP authorisation in 2024 via DNB is wrong. The actual licence was issued by AFM in June 2025. We document the correction and what changes for the EU competitive landscape.
Correction · 5 May - Correction
Bitstamp's Robinhood acquisition closed June 2025, not 2024 — correction
Robinhood's $200M Bitstamp acquisition was announced in June 2024 and closed on 2 June 2025 after 12 months of regulatory review across UK FCA, EU CSSF, US NYDFS, and Singapore MAS. We document the corrected timeline.
Correction · 5 May - Correction
Robinhood Crypto's NY licensing — a clarification (BitLicense vs MTL, 2019 launch)
Two related claims circulate widely: that Robinhood Crypto holds an NYDFS BitLicense, and that the product launched around 2022. Both are wrong. We document what is actually the case.
Correction · 5 May - APY tracker
Weekly yields restart — current rates across 14 platforms, with framing
Weekly APY tracker resumes after a 3-Monday pause. Current published rates across crypto banks and exchanges, with the structural framing for why headlines and effective rates diverge.
APY tracker · 4 May - Analysis
Mercury's post-Synapse pivot: lessons for crypto-startup banking
Mercury moved customers off Evolve in March 2025 onto Choice, Column, and Patriot. The path tells you what crypto-banking infrastructure now looks like after the largest fintech-banking failure since SVB.
Analysis · 4 May - Analysis
Hayvn's ADGM enforcement and what it tells us about MENA crypto-banking supervision
ADGM cancelled Hayvn's Financial Services Permission in April 2025, fined the firm and its CEO $12.45M, and permanently banned the founder. We unpack what the case reveals.
Analysis · 1 May - Analysis
Ziglu's collapse: how a Robinhood-acquisition-that-wasn't ended in special administration
Robinhood announced acquiring Ziglu for $170M in April 2022. The deal collapsed during 2023. Two years later, in July 2025, Ziglu entered special administration.
Analysis · 1 May - Analysis
Mara to Jara: how a $23M tier-1-VC-backed pan-African crypto bank collapsed
Mara raised $23M from Coinbase Ventures, FTX Ventures and other tier-1 VCs in 2022 to build a pan-African crypto bank. By April 2024 the entity was defunct.
Analysis · 1 May - Correction
Strike did not power El Salvador's Chivo Wallet — a correction widely needed
The persistent claim that Strike provided the underlying technology for Chivo Wallet is false. Chivo is built by AlphaPoint. Mallers stated it explicitly.
Correction · 1 May - APY tracker
Weekly APY tracker — BTC, ETH, USDC across every platform we review
Live rates for Bitcoin, Ethereum, and USDC at every platform we track, with spread to US Treasuries. Updated every Monday.
Weekly data · 21 Apr - Analysis
Safer alternatives after Juno’s September closure
Juno folded in September 2025. Three of its "alternatives" use the same sweep-to-partner-bank structure. We read the fine print and ranked what we’d actually open instead.
Stephan Kulik · 18 Apr - Review update
Nexo review — 16% peak APY, MiCA submission, not for US
Review · 15 Apr - Field test
Revolut review — full EU banking licence, 200+ coins
Review · 10 Apr