Here’s what happened in crypto today
Today in crypto, MegaETH co-founder Shuyao Kong said the restructuring affected employees who helped build the project’s blockchain, wallet and ecosystem. OpenAI launched AI payments in ChatGPT, while Jane Street nearly eightfold its Fidelity Bitcoin ETF holdings while trimming its BlackRock stake.
MegaETH parent cuts 20% of staff amid restructuring, AI push
MEGA, the organization behind Ethereum layer-2 network MegaETH, has reduced its workforce by 20% following months of restructuring as it expands into artificial intelligence products.
On Friday, MegaETH co-founder Shuyao Kong said the organization had reorganized its teams, resulting in the departures of staff who worked on its blockchain, wallet, ecosystem support and communications. Kong did not disclose the number of employees affected or when the layoffs occurred. She said MEGA’s founders, early employees and core engineering team remain committed to the organization.
“We’ve brought together new capabilities and reorganized our teams, a process that has resulted in a 20% reduction in our staff,” Kong said. “These are people who helped build MEGA from its earliest days.”
The workforce reduction comes as MEGA shifts its focus toward developing products on the MegaETH network, including artificial intelligence services. The organization has committed $30 million to the initiative, although Kong did not directly link the layoffs to its new strategy.
In a whitepaper, MegaETH co-founders Yilong Li and Lei Yang outlined a proposed inference market aimed at giving users access to competing AI service providers. Their approach seeks to address concerns about whether providers use the advertised models and how they handle customer data.
Kong said MEGA plans to launch a public inference market in December.
OpenAI launches AI payments in ChatGPT with Visa, Mastercard and Amex
OpenAI on Friday introduced a new feature allowing AI agents to make purchases on behalf of users directly within ChatGPT through existing payment networks, in collaboration with American Express, Mastercard and Visa.
The wallet lets users authorize transactions using biometric verification, such as facial recognition or fingerprints. Payment networks generate tokenized card credentials for each approved purchase, keeping users’ actual card details from merchants and AI agents, the company said.
The service is being rolled out to ChatGPT Pro subscribers in the US with eligible cards issued in the country. OpenAI said it plans to eventually support purchases within preset spending limits and other restrictions without requiring approval for each transaction.
The launch comes as AI companies seek to move beyond product recommendations into executing transactions, potentially changing how consumers interact with online merchants. OpenAI said it is working with payment processors and fraud prevention firms to support AI purchases through existing checkout systems.
Jane Street boosts Fidelity Bitcoin ETF holdings nearly 8x, trims IBIT
Jane Street’s share count in Fidelity’s spot Bitcoin exchange-traded fund (ETF) rose nearly eightfold in the third quarter, while its holdings in BlackRock’s fund fell 19%.
The trading giant ended September with 7.01 million shares of Fidelity Wise Origin Bitcoin Fund (FBTC0, up from about 887,000 at the end of June. The position was worth $509 million on Sept. 30, according to its second-quarter and third-quarter filings.
Jane Street’s holdings in BlackRock’s iShares Bitcoin Trust ETF (IBIT) fell to 20.22 million shares from 24.88 million. A higher share price lifted the reported value of its stake to $957 million from $828 million.
Jane Street was the largest reported institutional holder of BlackRock’s Bitcoin ETF at the end of June after boosting its share count by 324% in Q2, according to 13F Pro. IBIT is the world’s largest spot Bitcoin ETF with $56 billion in net assets as of Thursday.
The firm also added nearly 9 million shares (about $249 million) of the ARK 21Shares Bitcoin ETF (ARKB), while more than doubling its holdings in BlackRock’s iShares Ethereum Trust ETF (ETHA) by 7.83 million shares (about $158 million).