Crypto Industry News: Rails Secures $14M, NBX Stock Surges, Tether Eyes LATAM

Rails Raises $14 Million to Launch Hybrid Crypto Exchange

Crypto exchange Rails has successfully raised $14 million in a token sale to investors in April, with major backers including Kraken, Slow Ventures, CMCC Global, Quantstamp, and Round13 Capital, according to CoinDesk. This funding follows a $6 million seed round that closed in January 2024, bringing the total raised to $20 million as reported by Decrypt.

Rails aims to address the core trade-off in crypto trading: speed versus security. The platform enables users to retain custody of their assets while accessing the high-speed performance typically associated with centralized exchanges. Rails leverages zero-knowledge proofs and Merkle trees to validate trades securely and will operate exclusively on Kraken’s layer-2 network, Ink, to enhance transaction speed and reduce costs.

“Our hybrid model delivers the best of both worlds. Users get the transparency of on-chain custody without giving up speed,” said Satraj Bambra, co-founder and CEO of Rails, as cited by CoinDesk.

Rails will initially support trading for major crypto assets and perpetual futures contracts collateralized with stablecoins. The platform’s centralized matching engine is designed for performance, while all transactions are settled on-chain to ensure transparency and verifiability. The company was founded in 2023 by the team behind BlockEQ, a crypto wallet acquired by Coinsquare in 2018.

$14 million raised in April 2025 token sale
$6 million seed round closed in January 2024
Backers include Kraken, Slow Ventures, CMCC Global, Quantstamp, and Round13 Capital
Hybrid model: centralized execution, on-chain custody
Exclusively on Kraken’s Ink layer-2 network

Info Box: Rails’ hybrid exchange model combines the speed of centralized platforms with the security and transparency of on-chain custody, supported by $20 million in total funding. (Sources: CoinDesk, Decrypt)

Norwegian Block Exchange Stock Surges 138% on Bitcoin Treasury Plan

Shares in Norwegian Block Exchange (NBX) soared over 138% on June 2 after the company announced it had purchased 6 Bitcoin, valued at $633,700 at current prices, and planned to increase its holdings to 10 BTC by the end of the month, according to Cointelegraph. The stock closed at 0.033 euros ($0.038) on the day, with its all-time high being 0.93 euros ($1.06) in January 2022.

NBX intends to use its Bitcoin holdings as collateral to issue USDM, a stablecoin on the Cardano blockchain, and to generate yield within the Cardano ecosystem. The company is also exploring the possibility of offering Bitcoin-backed loans as part of its strategy to become a digital asset bank. NBX is in discussions to raise further capital for additional Bitcoin purchases.

Other Norwegian companies are also increasing their Bitcoin exposure. Aker ASA, through its subsidiary Seetee, holds 1,170 Bitcoin, bought at an average cost of $50,200 and currently worth $123 million. Norwegian crypto brokerage K33 has raised 60 million Swedish krona ($6.2 million) to buy and hold Bitcoin. Norges Bank, Norway’s $1.7 trillion sovereign wealth fund, indirectly owned 3,821 BTC through stock market investments by the end of 2024.

Company	Bitcoin Holdings	Value/Cost
NBX	6 BTC (plan: 10 BTC)	$633,700 (current), $0.038/share
Aker ASA (Seetee)	1,170 BTC	$50,200 avg. cost, $123 million current value
K33	Planned	60 million SEK ($6.2 million) raised
Norges Bank	3,821 BTC (indirect)	—

Info Box: Norwegian Block Exchange’s Bitcoin treasury strategy triggered a 138% stock surge, reflecting a broader trend among Norwegian firms increasing their Bitcoin exposure. (Source: Cointelegraph)

DigiAsia and Indodax Partner to Enable Real-Time Crypto Trading for 7 Million Indonesians

DigiAsia Corp (NASDAQ: FAAS), a leading Fintech-as-a-Service provider, has entered a strategic partnership with Indodax, Indonesia’s largest cryptocurrency exchange, according to Stock Titan. This integration allows over 7 million Indodax users to deposit and withdraw Indonesian Rupiah (IDR) in real-time, leveraging DigiAsia’s licensed fiat fund transfer services under Bank Indonesia’s regulatory framework.

This partnership follows DigiAsia’s announcement of a $100 million strategic Bitcoin treasury initiative, signaling a significant commitment to digital asset diversification and infrastructure. DigiAsia’s compliant infrastructure strengthens Indonesia’s fiat-crypto bridge and enhances retail accessibility, positioning the company as a regulated fintech intermediary between traditional finance and Web3 ecosystems across Southeast Asia.

Real-time IDR fund transfers for 7 million Indodax users
Licensed by Bank Indonesia for regulatory compliance
$100 million Bitcoin treasury initiative
Strengthens DigiAsia’s role as a fintech bridge in Southeast Asia

Info Box: DigiAsia’s partnership with Indodax enables real-time fiat-crypto interoperability for millions of Indonesians and is backed by a $100 million Bitcoin treasury plan. (Source: Stock Titan)

Tether Invests in Chilean Crypto Exchange Orionx to Expand LATAM Presence

Tether, the issuer of the USDT stablecoin, has made a strategic investment in Chile-based crypto exchange Orionx as part of its series A funding round, according to Crypto News. Orionx operates across Latin America, including Chile, Peru, Mexico, and Colombia, offering crypto cross-border payment solutions. The investment will help Orionx consolidate its regional operations and scale its stablecoin-powered infrastructure for remittances, treasury services, and payment collection.

Orionx aims to target the region’s large unbanked population, with Latin American users receiving nearly $415 billion in crypto between July 2023 and June 2024. Tether’s investment in Orionx follows its previous backing of self-custodial wallet Zengo in February 2025 and fintech company Fizen Limited in April 2025, all part of Tether’s strategy to enhance global stablecoin adoption, especially in underserved regions.

Tether leads Orionx’s series A funding round
Orionx operates in Chile, Peru, Mexico, and Colombia
LATAM users received almost $415 billion in crypto (July 2023–June 2024)
Focus on remittances, treasury services, and unbanked populations

Info Box: Tether’s investment in Orionx supports stablecoin adoption and financial inclusion across Latin America, targeting the region’s significant unbanked population. (Source: Crypto News)

Coinbase Data Breach Linked to Customer Data Leak in India

According to Reuters, a breach at Coinbase has been partly linked to employees of TaskUs, a contractor in India. Sources report that a TaskUs employee was caught taking pictures of customer data on her phone, raising concerns about the security of sensitive information. The incident has prompted questions regarding when Coinbase first discovered the breach and the measures taken to address it.

This disclosure highlights ongoing challenges in securing customer data within the cryptocurrency industry, especially when third-party contractors are involved. The breach underscores the importance of robust cybersecurity protocols and vigilant oversight of external partners handling sensitive information.

Coinbase breach linked to TaskUs employees in India
Employee caught photographing customer data
Raises questions about breach discovery and response

Info Box: The Coinbase data breach, involving a contractor in India, has raised significant concerns about customer data security and the oversight of third-party service providers. (Source: Reuters)

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