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first_img Tom Wan: Robinhood Chain first quarter transaction fees 51.1 million USD

Tom Wan, the data director at Entropy Advisors, stated that the transaction fees for Robinhood Chain will be included in the third quarter financial report to be released tomorrow. He mentioned that the transaction fees for the first quarter of this chain amounted to 51.1 million USD, which is about half of Robinhood's second quarter cryptocurrency trading revenue, and he is paying attention to whether the company will describe this chain as infrastructure for other businesses or as an independent source of income.Tom Wan noted that the average daily transaction fees in October have dropped to about 52,000 USD, with the decline primarily due to pricing. The increase in fees in late August was attributed to gas congestion, with the average transaction fee rising from 0.002 USD to 0.298 USD, and weekly trading volume increasing by 7.5%. On September 1 and September 3, Robinhood raised the gas target from 18 million per second to 40 million, and gas prices have returned to the lower limit of 0.02 gwei.He also mentioned that by the end of the third quarter, USDG on Robinhood Chain was 693 million USD, compared to 101 million USD on July 1; estimating based on a roughly 3.5% share and an average scale of 427 million USD for the third quarter, the quarter's revenue was about 3.8 million USD, which annualizes to about 24 million USD based on the current scale of 674 million USD. There are 195,000 stock token holders, and last week the DEX trading volume was about 700 million USD. In the second quarter, the cryptocurrency trading volumes for Bitstamp and the Robinhood App were 22.1 billion USD and 18.3 billion USD, respectively, and he stated that there is currently no public data indicating how much of that is related to this chain.

first_img Blink Wallet charges a monthly fee of 1 USD for idle custodial accounts, encouraging users to switch to self-custody

Blink Wallet, a Bitcoin wallet, announced a monthly idle fee of $1 for custodial accounts that have not logged into the app for 12 consecutive months. This adjustment was initiated at the beginning of September through a change in the terms of service and push notifications were sent to inactive users, with the first deduction completed in mid-October. According to a blog post released by the company, users who log back in within 12 months will have the deducted fees refunded.This fee applies only to custodial accounts and aims to alleviate the burden that inactive accounts place on the startup. The announcement stated that these accounts incur ongoing costs related to ledger and infrastructure maintenance, record verification retention, compliance monitoring and reporting, as well as support for claims, which were previously shared by active users through regular in-app transaction fees. Sources told Bitcoin Magazine that approximately 100,000 accounts met the criteria for inactivity at the time of the first deduction, with a total balance exceeding $800,000. The first deduction collected about $45,000, primarily from accounts that had been idle for over a year with small Bitcoin balances. Blink Wallet originated from the Bitcoin adoption wave in El Salvador, initially named Bitcoin Beach Wallet, and was an early custodial Lightning Network wallet that introduced the Stable Sats feature to hedge value against the US dollar. The wallet was spun off from the founding company Galoy in October 2024, operated by Lukas Duczko and a new board, with Duczko holding a controlling stake, while Galoy continues as a service provider and minority shareholder, also establishing the Bitcoin Beach Fund.In recent years, custodial wallets have faced overall pressure, with Wallet of Satoshi, Alby, and Blue Wallet successively halting custodial wallet services and shifting to self-custody infrastructures like Spark. The EU MiCA regulations regarding licensing and KYC compliance requirements are an important backdrop. Blink launched a self-custody wallet supported by Spark in June 2026, and its user base is still adapting to this transition. On September 19, hackers withdrew 6.61 Bitcoins from custodial wallet users through compromised management tools, and the company's investors subsequently announced that they would fully compensate affected users.

first_img Electrum Bitcoin wallet fixes the theft vulnerability with a fee increase

On October 24, the Bitcoin lightweight wallet Electrum disclosed a malicious server attack targeting transaction fee increases and fixed it in version 4.8.3, corresponding to GitHub security advisory GHSA-6jp4-8v48-cc5v. Users may inadvertently sign funds over to the attacker when performing regular fee increases on transactions. Developers stated that the issue arose after users reported losing funds after signing fee increases.The results of two reports differed: one person discovered that transactions in the wallet history were replaced after broadcasting a payment and claimed that the original payment did not enter the Bitcoin peer-to-peer network and was withheld by the server; another person, Raju-K12, reported losing funds due to the fee increase on the replaced transaction. In the attack, the malicious server withheld new transactions broadcasted by the client and inserted a conflicting transaction into the history, replacing the original output with the attacker's address. The replacement transaction was signed invalidly at that time, but the lightweight client did not verify these signatures before displaying unconfirmed transactions; after the user manually increased the fee and signed through RBF, the attacker received the funds. Both individuals claimed that the last four digits of the attacker's address were the same as those of the legitimate receiving address. The announcement did not disclose the amount stolen, transaction identifiers, or the attacker's address.The patch corresponds to commit 90fe308, which checks the signatures of the wallet's own inputs before writing memory pool transactions to local history, but does not overwrite inputs from external addresses of the wallet and does not perform complete consensus verification. The announcement suggests that users who have not upgraded should verify the output address and amount each time they sign; clients connected to their own or trusted servers are not affected by this attack. On the timeline, the issue was first privately disclosed on October 11, received reports of fee loss on October 18, the fixed version was tagged on October 23, and the binary and public disclosure occurred on October 24.

Gate founder and CEO Dr. Han: Gate Money makes buying coffee with stocks a reality, aiming to double the user base within one to two years

According to the latest episode of the Gatecast podcast, Gate founder and CEO Dr. Han shared the product philosophy and future plans of Gate Money. He stated that Gate is extending years of accumulated experience into the fields of asset management and daily payments, reaching a broader user base, with the goal of doubling the user scale of Gate Money in the next one to two years.Leveraging the technical systems, institutional clients, and market-making liquidity accumulated from years of trading operations, Gate supports the exchange between various types of assets; relying on a global licensing layout and partnerships with banks and payment networks, Gate Money creates conditions for users' fund collection, payment, and consumption applications. These capabilities collectively form the operational foundation of Gate Money, enabling the platform to reduce exchange and fund circulation costs in different usage scenarios.Through various capabilities such as holding, exchanging, appreciating, and paying, Gate Money connects multiple types of assets with life needs. Dr. Han illustrated the consumption use of assets beyond investment by using the example of "buying coffee with stocks." In eligible regions, users can open bank accounts in their own names, using familiar payment methods, with transfers processed by underlying blockchain technology; idle funds can also participate in appreciation through yield products.Looking ahead, Dr. Han also shared the application prospects of AI Agent providing round-the-clock assistance in asset allocation and fund management. With the integration of investment, wealth management, and daily payments, Gate Money will continue to expand the application boundaries of various assets, promoting Gate's services deeper into more everyday life scenarios.

first_img Australia Savings Bank: Starting from October 1, the additional fee for designated card network transactions will be canceled

The Reserve Bank of Australia (RBA) stated in the frequently asked questions document regarding retail payment regulation conclusions that the removal of surcharges for the designated card networks eftpos, Mastercard, and Visa starting from October 1, 2026, is in the public interest. The RBA will lift the ban on the "no surcharge" rule for the aforementioned networks from that date, with the changes based on Standard No. 3 of 2016 and the revisions to the merchant card payment costs and surcharge standards in 2026. eftpos, Mastercard, and Visa have all decided to implement the no surcharge rule from that date, generally applicable to their credit, debit, and prepaid cards, including cards issued overseas.American Express, UnionPay, and PayPal have also decided to eliminate surcharges, but are currently not formally regulated by the RBA. American Express and UnionPay will withdraw from their existing commitments with the RBA on October 1, 2026, while PayPal's no surcharge rule will take effect on October 5, 2026. This scope is limited to fees charged due to customer card payments and does not include surcharges for weekends, public holidays, booking fees, or service fees. Merchants must comply with the new card organization rules unless exceptions apply; businesses, non-profit organizations, and inter-business card payments do not receive a general exemption.The reforms will be implemented in phases. Starting from October 1, 2026, a lower interchange fee cap will apply to domestic card transactions; from October 30, designated card networks and large acquirers must publish the specified card payment fee information on their websites. From January 30, 2027, large acquirers must disclose how the decrease in interchange fees is passed on to merchant service fees; starting April 1, the interchange fee cap will apply to transactions involving overseas-issued cards acquired in Australia, and acquirers must also provide merchants with more detailed statements. The RBA stated that businesses can still factor the costs of accepting card payments into their overall pricing and may offer discounts for specific payment methods.

first_img Coinbase Wallet launches a loyalty program, offering up to 50% cashback on exchange fees

Coinbase self-custody wallet Coinbase Wallet has announced the launch of a loyalty program aimed at users who continuously engage in exchange transactions. Users can receive up to 50% of eligible exchange fees back in USDC each week. Trader levels are divided based on the eligible trading volume over the past 30 days: Explorer for under $5,000; Trencher for $5,000 and above, with a 15% rebate; Pro for $25,000 and above, with a 30% rebate; Legend for $100,000 and above, with a 40% rebate; VIP for $500,000 and above, with a 50% rebate.Rebates are calculated based on the actual exchange fees retained by Coinbase Wallet after discounts, excluding network fees and gas fees. Levels are updated daily, and higher rebate rates apply immediately upon reaching a higher tier; if trading volume decreases, levels can drop by one tier at most per week. Each wallet's trading volume is calculated separately and is not combined across wallets. Eligible rebates accumulate automatically and are paid weekly in USDC, without the need to enter codes or manually claim.New users who register through a friend referral link can receive a first exchange reward of up to $35 USDC on eligible exchanges and enjoy a 10% discount on eligible exchange fees, with related transactions counting towards level progress. Loyalty rebates are calculated after fee discounts. Users who share referral links can earn 25% of the net fees collected by Coinbase Wallet from their friends' eligible exchanges, paid in USDC. VIP users can also directly contact the product team, get early insights into upcoming features, and receive invitations to exclusive events. The program has regional and eligibility restrictions, and terms may be adjusted or terminated.
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