Actualités financières en direct

Standard Chartered (STAN) plans to offer custody in Singapore for selected cryptocurrencies, stablecoins and tokenized real-world assets, expanding a digital asset business that already reaches financial hubs including the United Arab Emirates (UAE), Luxembourg …

Standard Chartered (STAN) plans to offer custody in Singapore for selected cryptocurrencies, stablecoins and tokenized real-world assets, expanding a digital asset business that already reaches financial hubs including the United Arab Emirates (UAE), Luxembourg and Hong Kong. The service, which remains subject to applicable regulatory requirements, would be available to institutional clients and accredited investor corporate clients, the bank said Thursday. It would sit within Standard Chartered’s financing and securities-services business rather than operate as a retail crypto product. “As adoption grows, we are seeing institutional use cases and client interest emerge around tokenised funds, ETFs and precious metals, as clients look for more efficient ways to hold, transfer and mobilise assets,” Ying Ying Tan, global head of digital assets and securities services at Standard Chartered told CoinDesk via email. “Our Singapore launch further strengthens our ability to help clients bridge traditional and digital markets through secure, regulated and bank-grade infrastructure,” she added. The move is not a first for a global bank. BNY, for example, expanded its digital-asset custody platform to include USDC custody and minting, and later added staking.

A pledge of at least €13 billion for AI infrastructure is pulling new data center projects into Finland, though regulators have already halted work at two sites Google has picked Finland for the biggest …

A pledge of at least €13 billion for AI infrastructure is pulling new data center projects into Finland, though regulators have already halted work at two sites Google has picked Finland for the biggest single bet it has ever made in Europe. The company announced on September 9, 2026, that it will invest at least €13 billion ($15.1 billion) in AI infrastructure and data centers across the country. There is one complication. A month after the announcement, Finnish regulators told Google to stop work at two of its new sites. Where the €13 billion is going The spending is scheduled to land over roughly two years, covering 2027 to 2028. It will fund three entirely new data centers in Kajaani, Muhos, and Vaala. Google will also expand its existing campus in Hamina, which has been running since 2009. For scale, Google had already put €4.5 billion into Hamina before this announcement. The new pledge is nearly three times that figure, and it is described as a floor rather than a ceiling. The jobs projections are hefty. The investment is expected to support more than 37,000 jobs during the construction phase, with approximately 16,000 of those directly in construction work. Advertisement Once the facilities are operational, the project is expected to sustain around 7,000 ongoing jobs. Those positions are projected to pay wages approximately 24% above the Finnish median. The investment is forecast to add an average of €3.6 billion a year to Finland’s GDP. AI, tech, and the markets they move—in one daily briefing. Daily. Free. Join 34,000+ readers across crypto, finance, and policy. Email address Subscribe free We respect your privacy. Unsubscribe anytime. Powering the machines Google signed a 22-year power purchase agreement with utility Fortum that lets it buy up to 50% of the output from the Loviisa nuclear plant. The arrangement is also expected to support grid stability. Google has also lined up contracts for wind energy and a 94 MW battery system, which can store power and release it when demand spikes or the wind drops off. Why Finland keeps winning these deals Finland’s pitch to data center operators comes down to two things: the cold and the grid. Low temperatures sharply cut the cost of keeping servers from overheating, which is one of the largest ongoing expenses in running a facility. The country also offers access to cleaner energy, including nuclear and hydroelectric power. The regulators hit pause The rollout hit a snag on October 6, 2026. Finland’s Licensing and Supervisory Agency (LVV) ordered work to stop at the Muhos and Kajaani sites. The issue was timing. Forest had been cleared at the sites before environmental impact assessments were finished. Google acknowledged it had fallen short of compliance. The company pledged to follow the rules going forward and has outlined biodiversity measures, including planting 130 hectares of trees at the Muhos site where work was halted. What this means For Finland, the stakes are mostly economic, and they are large. A projected €3.6 billion annual GDP contribution and thousands of above-median-wage jobs would reshape regions like Kajaani, Muhos, and Vaala. Energy is the other pressure point. Committing up to half of Loviisa’s output to one customer for 22 years is a major structural shift for Finland’s power market.

This article examines how recent events may relate to prediction market pricing. It reflects interpretive analysis of publicly available information and is provided for informational purposes only. Observers will be monitoring upcoming economic indicators, …

This article examines how recent events may relate to prediction market pricing. It reflects interpretive analysis of publicly available information and is provided for informational purposes only. Observers will be monitoring upcoming economic indicators, such as inflation and wage growth data, ahead of the MPC’s November meeting. Indications from other MPC members, including Governor Andrew Bailey, could provide further insights into the Bank’s policy direction. Any shifts in energy prices or geopolitical developments may also influence market expectations and the Bank’s approach to interest rates. Bank of England Chief Economist Huw Pill has emphasized the need for monetary policy to prioritize controlling inflation. Pill’s remarks come as UK inflation remains above the target at 3.1%, with the Bank Rate at 3.75%. His comments suggest a cautious approach to monetary policy amid concerns about persistent inflationary pressures from rising energy costs and geopolitical tensions. While Pill’s statement does not confirm an imminent decision by the Monetary Policy Committee (MPC) to raise rates, it indicates a continued focus on inflation management. Disclaimer This article contains analysis of publicly available information and market data and is for informational purposes only. It does not constitute investment advice or a recommendation to buy, sell, or hold any asset or contract. Content may include AI-assisted interpretation and may be incomplete or subject to change. Market conditions may evolve rapidly, and the timing of information may affect how it is interpreted. Market participants may act on similar information at or around the time it becomes available. You are solely responsible for any decisions made based on this content. For additional details, please review our full Disclaimer & Risk Disclosure.

Italian companies expect further increases in inflation over the next 12 months, following the spikes linked to the Iran war, due to hikes in raw material costs, according to a survey of industrial and …

Italian companies expect further increases in inflation over the next 12 months, following the spikes linked to the Iran war, due to hikes in raw material costs, according to a survey of industrial and service firms released on Thursday by the Bank of Italy. … Se hai scelto di non accettare i cookie di profilazione e tracciamento, puoi aderire all’abbonamento "Consentless" a un costo molto accessibile, oppure scegliere un altro abbonamento per accedere ad …

State Bank of India Chairman C S Setty on Thursday said he does not see deposit rate hike for up to three months because of the excess liquidity in the system. Speaking a day …

State Bank of India Chairman C S Setty on Thursday said he does not see deposit rate hike for up to three months because of the excess liquidity in the system. Speaking a day after the RBI's policy announcement, Setty said the shift to tightening of rates by the central bank will help banks expand their net interest margins (NIMs) for up to three quarters. "I believe that next two-three months, there may not be any rate action on the deposits because we have sufficient liquidity in the system," Setty told reporters here. He, however, added that if the credit growth continues at the ongoing elevated levels, some banks may have to look at raising deposit rates to fund the advances. Setty also acknowledged that depositors need to be compensated with some level of positive real interest rate in a scenario where inflation is inching up. On the credit growth, he said the country's largest lender will be able to sustain its loan book expansion at a rate of 14-15 per cent. "While there is no ideal credit growth rate, at least in SBI, we believe that you have to be 2-3 per cent more than the nominal GDP. If you are looking at a nominal GDP of 12 per cent, 14-15 per cent growth rate (in credit) is something that will sustain the momentum of the growth," he explained. Setty, who also chairs the industry grouping Indian Banks Association, dismissed fears of an imprudence in lending by the banks because of the nearly USD 133 billion deposit raise from the diaspora. He said the FCNR(B)-related liquidity will get consumed in the next 2-3 quarters. "And in the interim, when you have spike in the liquidity, the RBI is also taking measures to absorb the liquidity. I think this combination of absorption activity of RBI and the requirement of credit growth would enable us that there is no exuberance or imprudence on lending," he added. Asked if the RBI's rate hike of Wednesday, and SBI's house view of a 0.50 per cent more will help net interest margins, he replied in the positive but refrained from giving any levels citing silent period before the earnings announcement. "...in the next 2-3 quarters, it (RBI rate hikes) is positive on the NIMS. People are expecting that the 75 bps will happen in 2 or 3 hikes. But whatever happens, I think this benefit (on NIMs) is available for 2-3 quarters," he said. Setty added that over 50 per cent of the loans in the banking system are tied to the external benchmark-based lending rate, which get repriced as per RBI's actions on the repo rate. On the five-day work week demand over which bank unions had also threatened to go on strike recently, Setty said bank managements are engaged with all stakeholders on the issue through a committee formed under IBA, and it is premature to comment on the subject. Meanwhile, Setty said making banking simpler, relevant, personalised and more safe will be the key focus areas in the next stage of financial inclusion efforts. Stating that India is among the few countries where over 95 per cent of the population has a bank account, he said we also need to devote more attention to making these accounts more operational going forward. He also urged foreign investors to look beyond the current size of the Indian economy and factor in the transformation path it is on while making their decisions.

Ethereum enters Q4 2026 with a major protocol catalyst, stronger market momentum, and a significant recovery in the first half. These factors combined could help Ethereum to finally close some of its distance to …

Ethereum enters Q4 2026 with a major protocol catalyst, stronger market momentum, and a significant recovery in the first half. These factors combined could help Ethereum to finally close some of its distance to Bitcoin. Read More: He Says His Binary Options Strategy Brings In $2,000 a Week—Watch Him Trade Live What Is Ethereum’s Glamsterdam Upgrade? The Ethereum Glamsterdam upgrade is the network’s next major hard fork after Fusaka. It combines execution and consensus layer changes to scale layer 1, as well as improve the practicality of validation for independent node operators. Related: Top 10 Undervalued Cryptocurrencies That Could Outperform Bitcoin in Q4 2026 When Will Glamsterdam Launch on Ethereum Mainnet? The Ethereum Glamsterdam launch date remains unconfirmed, but developers expect it in Q4 2026. Sepolia testing has begun in early October. As with all major upgrades, the Ethereum Glamsterdam activation date depends on testnet stability, client readiness, and security reviews. Why Glamsterdam Matters for Ethereum’s Next Growth Phase Ethereum has been relying on layer-2 and cheaper data availability solutions to scale for years. Glamsterdam brings more attention back to layer-1 execution and capacity, while layer-2 adoption will continue to grow alongside it. How Glamsterdam Builds on the Fusaka Upgrade The Ethereum Fusaka upgrade was primarily focused on data availability and supporting Ethereum’s layer-2 infrastructure. Glamsterdam picks up where Fusaka left off and focuses more on execution and validation changes, creating a clearer path to higher throughput. LATEST: ⚡️ Ethereum's Glamsterdam upgrade has gone live on the Sepolia testnet. pic.twitter.com/cbHzLnlHUp — CoinMarketCap (@CoinMarketCap) October 6, 2026 What Will the Glamsterdam Upgrade Change? The Ethereum Glamsterdam changes block production, transaction processing, gas accounting, and node synchronization. They are all focused on increasing throughput, without compromising the practicality of Ethereum validation. Enshrined Proposer-Builder Separation (ePBS) Enshrined proposer-builder separation moves an important part of block production directly into Ethereum’s protocol. It reduces some of the trust assumptions and allows for larger payloads to be propagated with enough time for processing. Block-Level Access Lists and Parallel Processing Block-level access lists (BALs) indicate which accounts and storage locations will be accessed and modified by a block. It allows validators to process some operations in parallel and prepare disk reads. BALs can allow Ethereum to utilize parallel processing capabilities and remove an important bottleneck in execution. Higher Ethereum Network Capacity Glamsterdam creates the necessary infrastructure for higher capacity in the future, without immediately increasing throughput. Using longer propagation windows and faster state access, Ethereum can eventually increase the gas limit and utilize more of the bandwidth for data. Validators receive more information and time to process individual blocks, opening up capacity for more transactions. Lower Transaction Costs One of the Ethereum upgrade 2026 changes is related to transaction gas costs. Intrinsic gas costs will be changed in a way that makes basic transactions cheaper. Increased capacity can also reduce some of the congestion, while the general Ethereum gas price in 2026 will still depend on demand. Related: Best Memecoins to Buy in October 2026: 10 Tokens Ready for the Next Rally More Efficient Data Handling and Node Syncing Block-level access lists contain information about data access and final state modifications. It allows nodes to utilize the information for validation, instead of processing each operation from scratch. It reduces the amount of processing required for synchronization and can greatly improve the efficiency of the Ethereum infrastructure at scale. Area Glamsterdam Change Why It Matters for Ethereum Potential Impact on ETH ▲ $2,518.27 Block Production Enshrined Proposer-Builder Separation (ePBS) Moves more block-building logic into Ethereum’s protocol and reduces reliance on external middleware Could improve network efficiency and strengthen Ethereum’s infrastructure narrative Transaction Processing Block-Level Access Lists Helps validators identify accessed accounts and storage before full execution Supports parallel processing and higher future throughput Network Capacity Higher Layer-1 Capacity Creates room for larger gas limits and more activity on Ethereum mainnet More usage could strengthen demand for ETH Transaction Costs Lower Intrinsic Gas Costs Makes basic transactions cheaper and reduces some user friction Lower fees could attract more activity, but may reduce ETH burn Node Infrastructure More Efficient Syncing Reduces unnecessary processing and improves state synchronization Helps Ethereum scale without excessive hardware requirements Layer-2 Support Better Base-Layer Efficiency Gives rollups stronger settlement and data infrastructure Could reinforce Ethereum’s position as the dominant Layer-2 settlement layer DeFi Greater Capacity and Lower Costs Makes trading, lending, and other DeFi activity more efficient Higher DeFi usage could support ETH demand Tokenization Improved Institutional Infrastructure Strengthens Ethereum’s ability to support tokenized assets and financial products Could attract more institutional activity ETFs Renewed Ethereum ETF Inflows Adds a regulated source of demand outside crypto-native markets Strong inflows could help ETH recover against Bitcoin ETH vs Bitcoin Potential Relative Revaluation ETH still trades well below earlier ETH/ BTC ▲ $77,666.00 cycle levels A successful upgrade and stronger inflows could support ETH outperformance Main Risk Upgrade Delays Complex protocol changes may require additional testing Delays could weaken short-term Q4 momentum Competitive Risk Solana and Other Layer-1s Rival networks continue competing on speed, costs, and user growth Ethereum must convert technical improvements into real activity Лучшее место — после H2 “What Will the Glamsterdam Upgrade Change?” и перед H3 “Enshrined Proposer-Builder Separation (ePBS)”. Why Glamsterdam Could Be a Major Catalyst for ETH Glamsterdam directly addresses many of the scalability and infrastructure-related concerns affecting Ethereum’s long-term competitiveness. Faster and More Scalable Ethereum Infrastructure Higher throughput can make Ethereum infrastructure more attractive for applications requiring higher settlement capacity. Developers have more breathing room and are less reliant on external scaling solutions. End-users also benefit from the increased capacity during peak seasons. Rising utilization alongside increased capacity would strengthen Ethereum’s price case for 2026. Lower Fees Could Drive More Network Activity High fees act as a disincentive for many users and channel transactions into cheaper chains. Ethereum’s move towards lower fees could recapture some of the value and drive more network activity across different applications. Simplified transactions open the door to a broader audience of consumers and institutions. Ethereum gas fees in 2026 will still be driven by demand, but cheaper base layer transactions are a significant advantage. Better Support for Ethereum Layer-2 Networks Glamsterdam supports Ethereum’s layer-2 strategy by creating the infrastructure necessary for higher capacity. More efficient block production also allows for larger effective payload sizes and continued data scaling. Layer-2 networks rely on Ethereum for settlement, security, and data availability. Stronger Position in DeFi and Tokenization Ethereum plays a critical role in the DeFi, stablecoin, and tokenization ecosystems. Better scalability can reinforce Ethereum’s position as the preferred platform for yield generation and institutional treasury management. Tokenization requires reliable infrastructure, deep liquidity, and predictable settlement windows – all of which Ethereum already possesses, but can further improve upon with higher capacity. Related: Best Crypto to Buy Before the Next Crash: Top 5 Coins to Watch Through the End of 2026 Ethereum vs. Bitcoin: Can ETH Finally Catch Up? The ETH vs. Bitcoin debate has become more interesting following Ethereum’s strong Q3 performance. ETH caught up with Bitcoin, but is still far from overtaking it over a longer period of time. How ETH Has Performed Against BTC in 2026 Ethereum struggled to keep up with Bitcoin for much of the cycle. It made less sense to allocate capital to ETH, due to its inferior liquidity profile, institutional adoption, and simpler investment narrative. This dynamic has changed in Q3, as ETH has been recovering faster than BTC. Even in the wake of the rally, the ETH/BTC ratio remains far from the previous cycle highs. Ethereum’s Q3 Rally vs. Bitcoin’s Performance Ethereum’s large-cap rally peaked in Q3 with a multi-year rise of over 70%. Bitcoin was also bullish, but it was a smaller gain of over 40%. ETH managed to recover much of its relative losses against BTC and demonstrate that the ETH vs Bitcoin 2026 debate can be quickly turned around during large-scale crypto-spring. Why ETH Still Trades at a Significant Discount to Its Potential Ethereum supports the largest DeFi, stablecoin, tokenization, and layer-2 ecosystems, but it still trades at a large discount to its previous dollar highs. ETH bears argue that competition, fragmented layer-2 activity, and insufficient fee capture hurt Ethereum’s value capture ability. They will be proven wrong if the usage growth outpaces these concerns. What Could Trigger an ETH/BTC Reversal? A reversal of the ETH BTC ratio would most likely be driven by multiple different catalysts. The Glamsterdam upgrade is one of them, but strong ETF inflows and DeFi usage growth can accelerate the process. The rise of tokenization could provide another powerful tailwind for Ethereum, while reduced Bitcoin dominance would facilitate the transition. Ethereum ETF Inflows Add Another Bullish Catalyst Ethereum ETF inflows create an important demand channel for ETH, separate from the protocol activity and network utility. They represent renewed institutional participation and can complement the technical improvements from Glamsterdam. Ethereum ETF Demand Is Returning There was a clear increase in demand for spot Ethereum ETFs, following a period of weakness early in the cycle. The change in Ethereum ETF inflows indicates that institutional investors are re-evaluating their positions in ETH. Spot Ethereum ETFs provide easier access to ETH, diversification benefits, and regulatory convenience. Strong and consistent Ethereum ETF inflows would have a bigger impact than individual strong days for the price. Institutional Interest in ETH vs. Bitcoin Bitcoin dominates the institutional crypto space, due to its superior size, liquidity, and ETF availability. Ethereum represents a different type of institutional exposure to crypto, focused on programmable money and finance. ETH gives institutional investors exposure to DeFi, tokenization, and settlement infrastructure. Could ETF Flows Accelerate the ETH/BTC Recovery? Strong Ethereum ETF inflows can accelerate the ETH/BTC ratio recovery, simply by creating sustained demand for the asset. Relative inflows matter more than the absolute size of Ethereum ETF inflows. Rapid growth of Ethereum products can drive the institutional positioning in favor of Ethereum. Weak ETF inflows would limit the potential for Q4 outperformance. What Could Glamsterdam Mean for ETH Price? Any ETH price prediction for 2026 should reflect the fundamental improvements, without overstating their impact on the price. While Glamsterdam creates a strong technical foundation for ETH’s growth, increased liquidity and market sentiment will remain critical. The Bull Case for Ethereum in Q4 2026 The bullish scenario for Ethereum in Q4 incorporates the successful execution of the Glamstand upgrade, strong ETF inflows, and increased network activity. A strong macro environment would complement these factors and set the conditions for a large-cap bull run. Ethereum has the potential to benefit from a rotation into large-cap altcoins, following Bitcoin’s recent strength. A smooth upgrade would reduce technical uncertainty at the end of the year. Related: Best Altcoins to Buy in October 2026 Before the Next Crypto Rally The Key ETH Price Levels to Watch ETH enters October around the $2,700 area before renewed market weakness. That makes the $2,600 to $2,700 region important for near-term momentum. A move above $3,000 would strengthen the bulls’ case. Failure to hold the mid-$2,000 area would derail the Q4 setup for Ethereum. Could ETH Outperform Bitcoin Before the End of 2026? ETH can outperform Bitcoin during Q4, without necessarily reaching new highs. The relative performance of ETH and BTC is determined by their respective returns, rather than absolute price levels. Ethereum has already demonstrated stronger momentum in Q3 and could extend its lead if the inflows and upgrades continue to contribute to the bullish narrative. The Biggest Risks to the Ethereum Glamsterdam Narrative Ethereum’s Glamsterdam upgrade creates a strong technical narrative, but there are multiple different catalysts that could hurt its reception. Investors should not mistake roadmap progress for price appreciation potential. The Upgrade Could Face Delays Protocol upgrades require extensive testing and coordination between different clients. Ethereum Glamsterdam makes some significant protocol changes that could see unexpected issues during testing. ePBS has already required substantial engineering work before its Ethereum deployment. Similar delays could occur during the testnet phase and offset some of the upgrade’s benefits. Ethereum Still Faces Competition From Solana and Other Layer-1s Solana continues to compete directly with Ethereum for trading volume, payments, consumer applications, and tokenization use cases. Other layer-1 networks also target many of Ethereum’s potential users. Ethereum has clear advantages in security and liquidity, but end-users frequently choose faster and cheaper alternatives. Lower Fees Could Reduce ETH Burn and Fee Revenue The lower transaction fees will directly offset some of the revenue and activity from Ethereum’s network. While cheaper transactions are beneficial for users, they reduce the value capture for ETH holders. The network will need to see increased activity to offset the reduced value capture per transaction. Macro Conditions Could Override Ethereum-Specific Catalysts Crypto remains highly sensitive to interest rates, liquidity, geopolitical risk, and other external factors. Strong fundamentals cannot fully offset a broad market downturn. Rising yields could hurt the value of both ETH and Bitcoin. The best Ethereum upgrade Q4 2026 scenario does not incorporate a market crash. What Comes After Glamsterdam for Ethereum? Glamsterdam represents one step in Ethereum’s long roadmap to much higher throughput and better transaction inclusion. Developers continue working on multiple approaches to increase capacity and improve the user experience at scale. Ethereum’s Long-Term Scaling Roadmap Ethereum’s long-term strategy incorporates both layer-1 and layer-2 approaches to scaling. Ethereum developers continue to work on execution improvements, as well as data availability and validator efficiency. The Ethereum tokenomics upgrades roadmap also emphasizes better inclusion guarantees, execution-focused account abstraction, and improved settlement finality. Glamsterdam lays the groundwork for these future upgrades. The Path Toward Higher L1 Throughput Ethereum will eventually need to significantly increase its layer-1 capacity to accommodate growing demand. Increasing throughput requires faster validation and state handling, which ePBS and BALs can facilitate. Longer propagation windows, better state management, and parallel processing capabilities can allow Ethereum to eventually increase its gas limit. Ethereum’s Role in the Future of DeFi and Tokenization Ethereum’s settlement layer role is critical for many DeFi protocols. Tokenization of real-world assets will also rely on Ethereum settlement and security. A stronger Layer-1 can support the needs of these expanding ecosystems and make Ethereum more attractive for institutional settlement and custody.

Gate has announced a collaboration with Visa to launch a crypto-linked card, further expanding the use of digital assets in everyday spending and global commerce. The product is expected to launch across 40+ markets …

Gate has announced a collaboration with Visa to launch a crypto-linked card, further expanding the use of digital assets in everyday spending and global commerce. The product is expected to launch across 40+ markets globally, allowing users to make payments with digital assets online and in-store wherever Visa is accepted and more conveniently connect their Gate accounts with real-world spending. When users make payments with the crypto-linked Visa card launched by Gate, the relevant crypto assets will be automatically converted into fiat currency at the point of sale, allowing digital assets held in their Gate accounts to be used for everyday shopping, dining, travel, and other expenses. Users can also apply for and manage the card through the Gate app and access related payment services within a familiar platform environment. Details regarding supported markets, eligibility requirements, supported assets, and service availability can be found on the product page. Visa has an extensive global digital payments acceptance network spanning more than 175 million merchant locations across more than 200 countries and territories. Through this partnership, Gate is connecting its digital asset capabilities with Visa’s payments infrastructure, enabling users to use digital assets across a broader range of commercial scenarios and further expanding their application in everyday payments. More than 160 stablecoin-linked Visa card programmes are now live globally, with payment volume up nearly 200% year-over-year, demonstrating the rapid expansion of crypto card adoption. This partnership builds on Gate’s existing global user base and multi-asset service capabilities. Founded in 2013, Gate now serves more than 61 million users, supports trading across 5,300+ crypto assets and 12,800+ stock assets, and provides access to TradFi products spanning metals, stocks, indices, forex, and commodities. The platform was among the first to implement 100% Proof of Reserves and has built a diversified product and ecosystem portfolio. Its broad user base, multi-asset product offering, and platform capabilities provide the foundation for Gate to extend the use of digital assets into everyday payment scenarios. Gate has officially launched Gate Money, a globally integrated financial services application. Gate Money brings digital assets, fiat currencies, stocks, ETFs, gold, bank accounts, and payments together in the Gate app. Eligible users can also apply online for a global bank account held in their own name and manage fund receipts, transfers, asset conversions, and payments in one place. Gate’s crypto-linked Visa card further connects assets held in Gate accounts with global payment scenarios, extending Gate Money’s financial services into more everyday spending use cases and giving users greater flexibility in how they use their assets. Currently, users can update the Gate App to v8.39.0 to enable Gate Money. Gate Founder and CEO, Dr. Han, said: “Digital assets are gradually becoming part of everyday financial life. This partnership with Visa connects the digital asset accounts Gate users already know with a broad range of commercial scenarios, making digital asset payments more intuitive and better aligned with everyday needs. As the service launches across more than 40 countries and territories, we aim to give users greater flexibility in how they use their assets and further expand the practical use of digital assets in global commerce.” Nischint Sanghavi, Head of Digital Currencies, APAC, said: “Consumers want payment methods that are flexible, convenient, and widely accepted. Visa is committed to working with partners to expand payment choices and connect new forms of value to established digital payments infrastructure. Through our partnership with Gate, we look forward to enabling more users to use digital assets wherever Visa is accepted, further enriching their everyday payment experience.” In recent years, digital assets have increasingly expanded into practical use cases such as payments, consumption, and cross-border commerce. By connecting digital asset accounts with Visa’s payments network, crypto cards offer users a more intuitive way to use digital assets and serve as an important gateway to integrating them into everyday economic activity. Learn more: https://www.gate.com/announcements/article/102107 About Gate Gate, founded in 2013 by Dr. Han, is one of the world’s leading cryptocurrency and integrated financial services platforms, spanning financial and everyday use cases including asset management, trading and payments. Serving over 61 million users globally, it supports trading across 5,300+ digital assets and 12,800+ stock assets, while providing access to a comprehensive range of TradFi assets, including metals, stocks, indices, forex, and commodities to meet users’ end-to-end needs across asset holding, trading and spending, trading and spending. As an industry benchmark, Gate was among the first platforms to implement 100% Proof of Reserves. Its ecosystem includes Gate Money, Gate Wallet, Gate Ventures, Gate for AI Agent, and a wide range of products and services. For more information, please visit: Website | X | Telegram | LinkedIn| Instagram | YouTube Disclaimer: This content does not constitute an offer, solicitation, or recommendation. You should always seek independent professional advice before making investment decisions. Note that Gate may restrict or prohibit certain services in specific jurisdictions. Card services are not intended for, and should not be accessed by, those in any jurisdictions where such services are prohibited by law. For more information, please read the User Agreement.

Introduction Defence budgets across Europe are rising. Russia’s war on Ukraine, combined with doubts over the future of US security guarantees, have prompted European governments to invest more in defence. According to EUISS calculations …

Introduction Defence budgets across Europe are rising. Russia’s war on Ukraine, combined with doubts over the future of US security guarantees, have prompted European governments to invest more in defence. According to EUISS calculations based on EDA and NATO data, spending by EU Member States was 56% higher in 2025 than it was in 2022, after accounting for inflation. One challenge is sustaining and increasing this spending. Rebuilding Europe’s military capacity will require investment over many years. Yet many national budgets are under pressure from fiscal constraints, higher borrowing costs and competing domestic priorities. Europeans also need to spend more cooperatively to reduce costs and secure economies of scale. The feasibility of cooperation is influenced by many factors, including national threat perceptions, operational cultures, defence planning cycles and national industrial interests, but well-designed financial incentives can make cooperation more attractive. A second challenge is mobilising the investment needed for Europe’s broader defence ramp-up, in terms of expanding industrial capacity, investing in R&D and making European infrastructure more resilient and fit to withstand possible sabotage or attack. Europe’s defence financing instruments can all play a role in meeting these challenges. This landscape has grown increasingly more complex. National budgets remain the main pillar of defence expenditure, but they are increasingly part of a wider ecosystem of EU instruments, public financial institutions like the European Investment Bank (EIB) and increasingly also private capital. This piece maps the landscape of European defence financing and assesses the growing number of proposals to expand and solidify this ecosystem, such as a repeat of SAFE or multilateral borrowing mechanisms outside the EU framework. Ultimately, there is no silver bullet for Europe’s defence financing challenge. There is no alternative to sustained national spending, but it can and should be supplemented by additional sources of funding. While this will not remove the need for difficult fiscal choices, it will make higher defence spending easier to reach and help drive Europe’s broader defence ramp-up. Europe’s Defence Financing Ecosystem The Core: National Spending EU Member States have significantly increased defence expenditure since Russia’s annexation of Crimea in 2014. In nominal terms, spending rose by approximately €89 bn between 2014 and 2022, reaching €239.75 bn. Since then, spending has risen to €417.62 bn in 2025, an increase of 74%. Even after adjusting for inflation, spending increased by approximately 56% over this timespan. The current average level of spending represents 2.2% of the EU’s €18.8tn GDP. According to the EDA, spending will hit €454 billion in 2026, representing 2.4% of EU GDP. Spending is set to grow even further, with Member States that are also NATO allies pledging to increase spending to 3.5% of GDP by 2035, plus 1.5% for defence related expenditure. Raising ‘core’ defence spending to 3.5% of GDP would mean increasing annual spending to around €658bn. That means Europeans will need to find an additional €204bn EUR a year (in today’s money) by 2035. This will put public finances across Europe under strain. Beyond National Budgets: Four priorities to sustain Europe’s defence surge As defence expenditures have grown, so has the range of funding streams that is complementing national budgets. EU instruments, funding from public banks and private finance can all contribute to giving momentum and coherence to Europe’s defence ramp up. The rest of the piece sets out four priorities to sustain Europe’s defence surge: Fully exploiting the EU’s potential; Leveraging public financial institutions; Exploring joint borrowing beyond the EU; Mobilising private capital. Fully exploiting the EU’s potential The EU is the most important layer of defence financing beyond national budgets, and it already has a range of instruments to support defence. These are mapped below. In essence the EU can add value in three ways: by mobilising additional resources, by embedding defence priorities across the wider EU budget, and by using financial incentives to make cooperation more attractive for companies and Member States. The EU is already adding significant resources to European defence expenditure, both in terms of strengthening European defences and supporting Ukraine. The SAFE loan mechanism provides €150bn in low interest long-term loans to Member States. In essence it allows those with higher borrowing costs than the EU itself to invest more in defence at a lower cost than through national borrowing. The €90bn Ukraine Support loan , covering 2026 and 2027 is a major element of European defence spending. Around two thirds of the loan, which is financed via EU borrowing, is meant to support Ukraine’s defence, mainly through purchases of military equipment. The European Defence Fund ( EDF ) has a budget of €7.3bn for 2021-27 to finance co-operative R&D. In 2024, the EDF was worth an additional 9% on top of national defence R&D budgets. The Act in Support of Ammunition Production ( ASAP ) was a short-term €500mn programme to ramp-up ammunition production capacity in Europe between 2023 and 2025. It leveraged limited EU funding to support 31 projects in 15 Member States through targeted funding. It resulted in an investment of €1.5 bln in the supply chain and contributed to the six-fold increase in production capacity of 155mm shells since 2022. The European Defence Industry Reinforcement through Common Procurement Act ( EDIRPA ) provided €310 million to foster joint procurement between 2023 and 2025. It funded five cross-border procurement projects covering air and missile defence systems, ammunition, and armoured vehicles. The European Defence Industry Programme ( EDIP ) has a budget of €1.5bn for 2026 and 2027. It is taking forward the ASAP and EDIRPA funding logics, while also providing dedicated funding to support Ukraine and promote its integration with Europe’s defence-industrial base and for projects of common European interest. The European Peace Facility ( EPF ) is an off-budget EU instrument worth €17bn between 2021 and 2027. It aims to support EU military operations and/or assistance to partner countries, including lethal equipment and training. Beyond these defence specific instruments, other EU instruments are also indirectly contributing to providing additional resources. The Connecting Europe Facility ( CEF ) with a budget of €1.7bn in EU grants (2021-27) has been used to strengthen dual-use transport infrastructure and facilitate cross-border military mobility, supporting 95 dual-use transport infrastructure projects across 21 Member States. The European Innovation Council ( EIC ) is also involved in supporting defence. The EIC Accelerator, worth €634mn in 2026, supports start-ups, SMEs and small mid-caps developing disruptive technologies, including dual-use technologies. Meanwhile, in June 2026 the EIC’s Strategic Technologies for Europe Platform (STEP) Scale Up Scheme announced €100 million in funding for defence technologies including air and missile defence, artillery, and drones and counter drones. Finally, Cohesion funds can be used to support defence. In March 2026, the Commission reported that Member States had agreed to reprogram €11.9bn in 2021-2027 cohesion funds towards defence and dual-use investments. Aside from providing additional resources for defence, EU instruments can also make cooperation more attractive, helping make European defence spending more efficient. For example, the EDF has contributed to the creation of partnerships between European defence companies that would probably not have otherwise worked together. On the demand side, EDIRPA, EDIP and SAFE have the same purpose. EDIRPA showed the potential of targeted EU incentives on cooperation: the original budget leveraged €11 billion (36 times its envelope) in joint procurement orders, with each project involving an average of six Member States. While this volume reflected pre-existing national requirements, EDIRPA helped governments aggregate their national requirements into joint orders. SAFE is also meant to encourage joint procurement, although the degree to which it will do so remains to be seen, as it allows carve-outs for some national projects and cooperation will also depend on whether Member States’ capability needs and procurement timelines align. Meanwhile, EDIP is meant to carry forward the logic of EDIRPA, with €240 million to foster collaborative procurement carried out by at least 3 Member States across 5 capability areas (counter UAS, ammunition, missile, air and missile defence, ground and naval platforms, C5ISR and space); and €325 million for European Defence Projects of Common Interest, such as drones, protection of critical undersea infrastructure and air and missile defence. There is a strong case for expanding EU defence funding, and to use it more strategically by targeting funding at key capability priorities and at joint projects. First, the EU can provide cheap financing to Member States with limited fiscal space. This is valuable in itself as it takes some pressure off national budgets and will allow Member States to increase and sustain defence spending. Additional EU financing could take the form of loans or grants. An extension of the Ukraine loan past 2027 should be a priority. In terms of funding Europe's own defences, loan-based instruments are politically more practicable as individual governments are responsible for repayment. The 2028–2034 EU budget could be a sizeable source of defence funding. The Commission has proposed allocating €131 billion to defence, security and space, though this figure could be reduced. Much will also depend on how much of this envelope would go to defence specifically, and what funding logic it would follow. Looking beyond the MFF, the idea of EU defence bonds remains a harder sell. Repayments fall on all Member States, and for many it is cheaper to raise and spend money nationally. Nevertheless, these concerns could potentially be overcome through mechanisms to tightly target spending at agreed priorities with clear added value for all Member States. Second, EU funding can increase the efficiency of European defence spending by driving cooperation, reducing fragmentation and enabling projects that may otherwise not have been possible. A repeat of SAFE, if linked exclusively to joint rather than national procurement, could help drive cooperation more strongly. Other inducements aside from tightening eligibility criteria could include selecting fewer projects but with a higher financing rate and focusing funding on emerging areas where there are fewer established national industrial players. The key will be striking a balance between the criteria, the funding and the design of any future funding instrument. Forcing cooperation in large groups is likely to backfire, as modest financing cannot substitute for political alignment, shared threat perceptions and common capability priorities. Conversely, financing aimed at fostering the emergence of groupings with a shared vision is more likely to lead to concrete results. Third, looking beyond the EU’s defence instruments to the Union’s broader toolkit and budget, the priority should be embedding defence considerations horizontally across EU instruments as much as possible. For example, any defence elements of a proposal should be taken into account as fully as possible when evaluating projects in areas such as innovation, regional policy, energy, digital connectivity or transport. Leveraging the role of public financial institutions Harnessing the role of public financial institutions should be a second priority. In recent years these have taken a growing role in funding defence, above all the European Investment Bank, but also other national promotional banks. Historically, the EIB’s lending policy was limited to a “dual-use” framework. This began to change in 2022, when the EIB launched its Strategic European Security Initiative, and accelerated significantly from 2024, when the Bank broadened its eligibility criteria for security and defence investments. The EIB’s annual defence lending has rapidly grown, from €1.2 bn in 2024 to over €4 billion in 2025. The EIB is involved in defence investment in four ways. First, the EIB supports defence R&D, providing loans to defence companies. Second, the EIB finances defence-related and dual-use infrastructure, including projects such a military base in Lithuania. Third, it strengthens the defence industrial base by supporting supply-chain finance and providing capital for companies operating in the security and defence ecosystem. Fourth, the EIB invests in venture-capital and private-equity funds supporting defence start-ups and SMEs through its €175 million Defence Equity Facility. However, the EIB is not designed to finance ordinary defence procurement. Its shareholders also remain sensitive to maintaining the Bank’s AAA rating. While the EIB can help lower financing costs, it cannot replace national defence budgets or procure military equipment directly. National public institutions National public institutions could become a key source of support for Europe’s defence build-up. A key focus is R&D. For example, of the top-10 active investors in defence, security, and resilience in Europe in 2025 at (pre-)seed level, 6 were public entities. Beyond R&D, national public banks have also supported industrial production and military procurement. For example, Germany’s KFW has partnered with the EIB and other banks to support drone manufacturer Quantum Systems in scaling production. Poland’s BGK, which operates the Armed Forces Support Fund, has raised capital to support the purchase of Korean K2 tanks. Public banks also support dual-use infrastructure projects. For instance, in June 2025, the EIB agreed with France’s Caisse des Dépôts, Germany’s KfW, Italy’s CDP, Poland’s BGK and Spain’s ICO to explore potential joint financing for security and defence, including in infrastructure. Fully harnessing the EIB’s potential should be a priority. There are obstacles to greater involvement of the Bank in pure defence, not least in terms of the level of risk in some defence investments which could put at risk the EIB’s AAA rating. Nevertheless, there is a strong case for the Bank to further expand defence lending. For example the EIB could help derisk investments in joint production by Ukrainian and European companies in the EU. More broadly, the EIB could take on a larger role in financing upgrades to critical infrastructure, including to support military mobility. Explore joint borrowing mechanisms beyond existing frameworks There is growing discussion of borrowing mechanisms beyond the EU framework. One reason is that finding agreement between a small group of countries could be easier than at 27, and it would also be easier to include non-EU partners such as the UK or Norway. Some options are already being explored. In March 2026, Finland, the Netherlands and the UK have announced that they are exploring a new defence financing and procurement mechanism aimed at driving joint procurement. By July 2026, Poland had joined the initiative, now termed Multilateral Defence Mechanism (MDM) . However, borrowing outside of the EU would mean that using the Union’s tested borrowing infrastructure would not be possible, which would complicate the debt issuance. Countries that can borrow more cheaply nationally may continue to question the value of such collective borrowing. Another idea is the proposal to set up a Defence Security and Resilience Bank (DSRB) . Such a bank would have defence as part of its core mandate and would therefore be freer than the EIB. However, governments would have to pay in the initial capital, adding to overall debt levels. Moreover, the added value of a new Bank may not be evident when compared to existing defence lending mechanisms such as the EIB. Still, the DSRB should be taken seriously. Indeed, the idea is gaining ground: in July 2026, Canada, Albania, Belgium, Greece, Latvia, Luxembourg, Romania, Türkiye and Ukraine announced their shared intention to establish the DSRB, with the aim of allowing it to begin operations as early as 2027. The DSRB could mobilise capital that may not otherwise be available, support projects outside the EIB’s comfort zone, and help bring together financing for defence-relevant infrastructure. The MDM and the DSRB pursue the same broad objective as EU instruments: mobilising additional resources for European defence and making cooperative projects easier to finance. EU institutions could be associated with both mechanisms, helping align projects with EU priorities. The EU could also be a co-investor when this aligns with its own priorities. For example, EU grants could provide targeted top-ups, and Member States participating in MDM projects could combine these with SAFE-style loans, if projects meet EU eligibility criteria. Mobilise private funding The private sector is playing a growing role in supporting Europe’s defence ramp-up. Venture capital is a particularly important source of financing for emerging defence players. European defence start-ups are set to raise over €9 billion in 2026, a fourfold increase over 2025. Data also suggests that the EU is attracting a larger share of defence venture capital funding, with the EU share across NATO, Canada, Australia and New Zealand rising from 13% in 2024 to 21% in 2026. Aside from venture capital, the traditional banking sector also contributes to expanding Europe’s defence production capacity. A number of European banks, such as ING, Deutsche Bank and Danske Bank, have expanded their defence financing activities by expanding lending or setting up dedicated offices. Banks are often working alongside public financial institutions to fund defence. For example, in 2026 Commerzbank and Deutsche Bank joined the EIB and KfW in providing a €150 million financing package for German drone manufacturer Quantum Systems, supporting investment in technology, industrial capacity and organisational growth. Demand for defence-focused ETFs has also increased sharply. Assets in European-listed defence ETFs more than quadrupled to $13.57 billion during the first half of 2025. Flows into defence ETFs support valuations of listed companies, allowing them to raise capital more easily. However, they do not benefit unlisted companies. NATO instruments are also helping to mobilise private investment. The NATO Innovation Fund is a standalone venture capital fund, backed by 24 countries in NATO. It has around €1 billion in committed capital, which it aims to invest over 15 years. The fund operates independently of NATO and its founding countries. It invests in cutting-edge science and engineering startups developing emerging and disruptive technologies (EDTs) in fields such as energy, materials science, AI, quantum computing, biotechnology, and space. In parallel, NATO’s Defence Innovation Accelerator for the North Atlantic ( DIANA ) provides defence start-ups with limited funding (€11 million in 2025), as well as highly valuable access to test centres and military users. The key challenge is mobilising private capital beyond venture funds with a high-risk appetite, looking for example to institutional investors such as pension funds, as well as private savers. Completing the Capital Markets Union would be an important step, as it would allow private savings across Europe to be more easily and smoothly mobilised for defence investment. Another priority is ensuring that the Commission’s December 2025 clarification of the EU sustainable-finance framework is consistently reflected in national practice, to ensure that there are no EU or national regulatory obstacles to large institutional investors such as pensions funds investing in defence. There are limits to what private capital can do. Private capital can provide additional resources and momentum for Europe's defence ramp up. It can help promising defence investments get off the ground by allowing promising companies that struggle to access financing to secure funding, building prototypes and paying contractors down their supply chains. Private capital may also have a role in defence-relevant infrastructure, especially where projects generate long-term revenues. However, these companies will still struggle to sustain and expand their operations unless they secure contracts from governments. Ultimately the most useful thing that governments can do to better harness private capital is focusing on creating demand through long-term demand signals. Conclusions Europeans face a major fiscal challenge in sustaining and increasing defence spending. In reality the challenge is dual: on one hand governments need to sustain and expand defence spending; on the other Europe needs to mobilise the investment to strengthen its defence and secure its critical infrastructure. When it comes to the first challenge, national budgets remain the core. However, they can be complemented by additional sources of finance. Additional EU level grants can provide genuinely new resources for defence. There is a strategic choice to be made in terms of how much grant style funding from the next EU budget goes to defence, and how much priority defence is given relative to other objectives. At the same time, new SAFE style loans can allow Member States to spend more by leveraging the EU’s collective credit rating to borrow more cheaply. Lending from the EIB and national promotional banks can finance specific projects and take some pressure off government budgets. Novel mechanisms such as the Multilateral Defence Mechanism and the Defence, Security and Resilience Bank could allow for cheaper government borrowing by harnessing the credibility of a broad group of governments and facilitate joint procurement. However, all loans taken out by governments will still add to government debt levels. Meeting the industrial and resilience challenge is different. If governments provide credible long-term demand, this can crowd in investment by public and private banks and private investors, allowing defence companies to invest in R&D, industrial expansion and so on. The surge in VC capitals shows that investors crowd in where they see a growing market. In the same way, government policy and public funding can also crowd in private investment to help make Europe’s infrastructure more resilient and fit to deter an adversary. All this is helpful to Europe’s broader defence ramp up, and takes some of the burden of defence investment off governments. However, private finance does not itself help governments maintain larger budgets or avoid difficult choices. Ultimately, Europe's defence surge will be sustained by national budgets. But Europeans should not shy away from drawing on the full range of defence financing tools at their disposal to reinforce national spending and amplify its impact.

The European Central Bank may have to keep raising interest rates given an abundance of upside inflation risks but the timing and size of any move remain far too uncertain to predict, ECB policymaker …

The European Central Bank may have to keep raising interest rates given an abundance of upside inflation risks but the timing and size of any move remain far too uncertain to predict, ECB policymaker Primoz Dolenc said. The European Central Bank may have to keep raising interest rates given an abundance of upside inflation risks but the timing and size of any move remain far too uncertain to predict, ECB policymaker…

Coinbase is set to broaden its services to traditional financial institutions, aiming to capture the burgeoning institutional adoption of cryptocurrencies. This expansion will see Coinbase developing its infrastructure to support banks and other financial …

Coinbase is set to broaden its services to traditional financial institutions, aiming to capture the burgeoning institutional adoption of cryptocurrencies. This expansion will see Coinbase developing its infrastructure to support banks and other financial firms, integrating crypto custody and financing into their operations. The company currently manages over $15.2 billion in institutional assets through its Coinbase Prime platform, which includes custody, financing, staking, and liquidity access services. This move is seen as an effort to position Coinbase as a central player in providing cryptocurrency-related services to established financial entities. Key Takeaways Coinbase’s strategic expansion appears to align with increasing institutional demand for cryptocurrency services. Market pricing suggests this development may indicate a potential increase in cryptocurrency adoption, particularly for Ethereum. The move is consistent with Coinbase’s efforts to integrate crypto services into traditional financial institutions’ operations. What to Watch Watch for Coinbase’s next steps in expanding its institutional services, as these could influence Ethereum’s price trajectory. Key indicators include additional partnerships with financial firms and any regulatory developments that could impact the integration of crypto services. Additionally, the response from other major players like BlackRock and Fidelity in the ETF market could further shape market dynamics.