The Daily: Lighter raises $68 million, Coinbase launches savings accounts, fraudster jailed after record UK bitcoin seizure, and more
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.Happy Tuesday! Bitcoin has slipped back to around $103,000 as the market settles into a broad $100,000 to $108,000 range, with analysts noting steadier liquidity and cleaner positioning, but no breakout momentum yet.In today's newsletter, perp DEX Lighter raises $68 million at a $1.5 billion valuation, Coinbase launches savings accounts in the UK, Brazil extends financial sector regulations to crypto service providers, and more.Meanwhile, as lawmakers near a deal to end the U.S. government shutdown, here's what that means for crypto when agencies reopen.Let's get started!P.S. Don't forget to check out The Funding, a biweekly rundown of crypto VC trends. It's a great read — and just like The Daily, it's free to subscribe!Lighter raises $68 million at a $1.5 billion valuation as VC bets flood back into perp DEXsLighter has raised $68 million in a funding round led by Founders Fund and Ribbit Capital, with participation from Haun Ventures and Robinhood, Fortune reported.The funding values the firm at around $1.5 billion, a source with direct knowledge of the matter told The Block, as top VCs double down on perp DEX infrastructure.Lighter operates both its own Ethereum Layer 2 and a decentralized exchange, targeting CEX-level performance for perpetual futures contracts with onchain verification and instant settlement.Perpetuals now dominate crypto trading on CEXs and DEXs by trading volume, with onchain activity reaching a record $1.2 trillion in October.Lighter also plans to expand into spot trading, while token warrants in the round signal an eventual token launch, with details yet to be announced.Coinbase launches savings accounts in the UK, offering 3.75% interestCoinbase is rolling out savings accounts in the UK, offering 3.75% AER interest and marking the first regulated savings product from a crypto-native exchange.The Clearbank-powered accounts offer instant access with no minimum balance or lockup, positioning Coinbase closer to traditional fintech competitors.Coinbase's savings accounts also offer protection via the Financial Services Compensation Scheme, ensuring that customers' GBP deposits are covered up to £85,000 ($112,000) if the provider fails — the same safeguard they receive with a traditional UK bank.Coinbase plans to expand access to all UK users in the coming weeks as it integrates savings, payments, and crypto trading into a single financial platform.Record UK bitcoin haul nets 11-year sentence for Chinese nationalA London court sentenced Chinese national Zhimin Qian to 11 years and eight months in prison on Tuesday after UK authorities seized more than 60,000 BTC linked to her investment fraud scheme.Prosecutors said Qian, who also went by the name Yadi Zhang, defrauded roughly 128,000 people in China between 2014 and 2017, converting about £20 million of the £600 million haul into bitcoin before fleeing to the UK — a sum now worth around $6.2 billion.Qian and associates attempted to launder the crypto through luxury property purchases but struggled to cash out due to KYC controls, according to prosecutors.Authorities described the case as the largest crypto seizure and largest money-laundering case by value in UK history, with Qian evading police for years before arrest.Brazil extends financial sector regulations to crypto service providersBrazil's central bank extended core financial-sector rules to crypto firms, requiring VASPs to obtain authorization and meet governance, security, and AML standards.The framework brings centralized intermediaries, custodians, and brokers under tighter supervision, including foreign-exchange rules for stablecoin trades and cross-border transfers.Transactions involving "unauthorized counterparties" will face a $100,000 cap, as regulators target fraud, scams, and money-laundering risks.The rules take effect in February 2026 with a nine-month transition window, reinforcing Brazil's position as Latin America's most regulated crypto market.US spot Solana ETFs report 10th consecutive day of net inflowsU.S. spot Solana ETFs notched a 10-day inflow streak on Monday, adding $6.8 million and pushing total net inflows since launch to $342.5 million.Bitwise's BSOL dominated activity with $5.9 million, while Grayscale's GSOL added around $850,000, extending a run that has outperformed early expectations, but marking the lowest daily haul so far.Analysts say investors are treating Solana ETFs as a high-beta complement to BTC and ETH products, with sustained inflows expected to tighten supply dynamics and support SOL's price.In the next 24 hoursU.S. mortgage data are due at 7 a.m. ET on Wednesday.U.S. FOMC members John Williams and Raphael Bostic will speak at 9:20 a.m. and 12:15 p.m., respectively.IOTA is set for a token unlock.Mining Disrupt Conference & Expo continues in Texas.Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.Disclaimer: This article was produced with the assistance of OpenAI’s ChatGPT 3.5/4 and reviewed and edited by our editorial team.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.