Bhutan has partnered with Binance Pay and local digital bank DK Bank to launch the world’s first national cryptocurrency-based tourism payment system. This new system lets travelers using Binance Pay pay for almost every part of their trip, from hotels to restaurants, using crypto. It’s a bold move that positions Bhutan as a leader in digital finance innovation, making travel more seamless for tech-savvy tourists while boosting the nation’s appeal as a forward-thinking destination.
During the 2025 edition of the Paris Blockchain Week, BeInCrypto sat down with Alexis Yellow, CEO of Yellow, a crypto project working on an entirely new paradigm based on Satoshi’s initial vision for Bitcoin.
He talks about the upcoming Yellow Tokens, a new smart contract mechanism, and making crypto projects more utility-driven.
Alexis, can you introduce yourself?
I’m Alexis, a software engineer by background. I worked at the European Space Center early in my career, but my crypto journey started quite unexpectedly.
Back in 2013, an old friend from school reached out—he was working at Goldman Sachs and told me about a project that needed help. He said, “There are 12 people in Silicon Valley printing fake money.” That project turned out to be Ripple.
Ripple ended up being our first client, and that experience really helped me grasp the potential of crypto.
Despite the skepticism surrounding the space, I saw real innovation. Ripple’s CTO was a Bitcoin Core contributor, and Vitalik Buterin was involved with the team before Ethereum.
Actually, Buterin was planning to join Ripple. He was especially excited about their consensus mechanism, which inspired me, too.
One thing that always stuck with me was Satoshi’s idea: We need systems where trust isn’t a prerequisite. That idea shaped a lot of my thinking.
Around 2018–2019, I decided to start Yellow. We later merged with a French exchange technology company called OpenWare. Combining my market experience with their tech, we launched Yellow Network.
So, it’s a trading infrastructure designed to let institutions, like Société Générale, trade directly with major players like Binance without needing to trust them.
Trading with exchanges like Binance without trusting them, do you mean trust as a counterparty?
Exactly that’s at the core of Satoshi’s vision. At Yellow, we’re working on a different model of trustlessness using state channels, which represent a new paradigm compared to traditional blockchain systems like Bitcoin or Ethereum.
In those systems, you have tens of thousands of nodes, say, around 30,000, validating each transaction. It’s a powerful model for security, each validator has a financial incentive to be honest, and there’s no way to roll back a confirmed transaction.
The same applies to staking networks. But that structure just doesn’t work for high-frequency trading. You can’t have 30,000 nodes verifying every microsecond trade. It’s simply too slow and inefficient.
For example, some networks try to solve this by reducing the number of validators to 21, but that compromises the level of trust and decentralization. Our approach is fundamentally different. The Lightning Network inspires it, but we’ve taken it in a new direction.
With the Lightning Network, you can move money instantly by opening a state channel. At Yellow Network, we use similar state channels but instead of transferring funds directly, we transfer profit and loss in real time.
For instance, if you buy a Bitcoin for $100,000 and it rises 5%, the $5,000 profit is immediately transferred to your wallet. The trade is settled instantly, peer-to-peer, with cryptographic proof.
To ensure security and fairness, we’ve built a smart contract called ClearSync. If a counterparty refuses to settle, as we saw with the HyperLiquid issue recently, ClearSync can step in and arbitrate the trade.
It verifies the claim and, if valid, ensures the rightful party receives what they’re owed. So, it’s a trustless system that still allows for the speed and flexibility traders need.
1/ $JELLYJELLY on @HyperliquidX and what happens when we rely on trust.
No, it’s peer-to-peer trading. Nothing is faster or more efficient than a direct state channel between two parties. Profit is transferred instantly. That’s the core of this new paradigm: trustless trading, where settlement happens in real time.
Let’s say we’re trading and the connection drops, no problem. If I made a profit, it’s already secured. I might not receive the asset, like Bitcoin, but my profit in dollars is locked in. There’s no need to trust the other party to settle correctly.
Is it effective profit or a claim to profit?
It’s effective profit, denominated in dollars or whatever currency is locked as collateral. Here’s how it works – two parties lock in $20,000 to trade Bitcoin. That amount represents the maximum they’re willing to risk.
If the trade results in a $5,000 profit for one side, that amount is instantly settled, even if the other party refuses to finalize the trade.
If both agree to settle, I send you $100,000, you send me one Bitcoin, and both our collaterals unlock.
Can you switch to stablecoin?
Absolutely. In fact, we’re working with stablecoin issuers to create partnerships and potential investments in Yellow.
Can you give us an idea of the size of the Yellow Group? How many people are there? How many transactions do you process ?
We haven’t officially launched. Before the war in Ukraine, we had a large team of over 100 people. Many have since relocated, mostly to Poland, but we still have staff in Ukraine. Right now, we’re about 50 people globally.
Meanwhile, you can track activity on our analytics site, BundleBear. On Polygon, we’re already the fourth most active app. On Linea, a new protocol by Consensys, we’re number one with over 229,000 users despite not being live yet.
We can see on your website that you are offering your technology so that you can list any token without going through a CEX or a DEX. Is that part of the project?
Exactly. The Yellow Wallet is like a Layer 3; it lets users interact with any chain seamlessly. It now supports cross-chain swaps, like moving tokens from Polygon to Binance Smart Chain, with zero fees. It’s designed to remove friction from cross-chain trading.
Seamless cross-chain swaps, all in your Yellow Wallet!
Swap between BNB, Base, Arbitrum, AVAX, Polygon, OP, Linea, and Scroll with ease.
No, not for the state channels themselves. We don’t monetize trades directly. The Yellow token plays a security role, a “necessary evil,” like ETH or BTC.
Your security deposit gets burned if you behave badly and refuse to settle. It ensures honesty in a peer-to-peer environment. Think of it like a miner losing their reward for trying to cheat.
How do you make money from the usage of your service?
The token economy is the foundation. Just like ETH or BTC derive value from usage and network participation, the Yellow token does too.
It’s needed to place security deposits in the network, and over time, its utility and adoption by industry players will drive its value.
If someone cheats, their token gets burned—creating deflationary pressure and reinforcing good behavior.
Is the token already traded?
Not yet, but we’re planning to launch in the next couple of months. We’ll mint 10 billion Yellow tokens; ideally, that number stays close to that.
If too many tokens get burned, it could indicate issues in the system. It’s a built-in signal to monitor the health and integrity of the network.
Are you going to start it with an airdrop or something of the sort?
No, we’re focused on utility-based distribution. Most tokens will be sold directly in the markets where they’re used. Ethereum didn’t launch with an airdrop. Neither did Bitcoin.
This is a B2B infrastructure project—just like Ethereum and Ripple. While the network is open to everyone, our core users are businesses and institutional players.
That said, the beauty of crypto is that the ecosystem is open. Anyone who believes in the project can get involved and benefit from the network effect, without needing to be a developer or an insider.
Anything important that we left out?
Yes, very few cryptocurrencies are used in the real world today. Bitcoin has proven its value as a store of wealth.
Ethereum demonstrated its utility during the ICO boom. USDT fills a vital gap in places where dollars are hard to access.
We believe Yellow can become the fourth pillar. It’s solving a real need in crypto markets: scalable, trustless, high-frequency trading. And we’re making it open source so the whole industry can benefit.
It’s obvious that Web3 applications will need infrastructure to reach the scale of platforms like Twitter or YouTube.
At Pragma today, @Yellow‘s Louis Bellet shared the secret weapon Ethereum already has to achieve this today.
I think this approach, state channels for speed and smart contracts for resolution, will redefine how trading infrastructure works. It’s ideal for gaming and other fast-paced applications where blockchains never truly fit.
Blockchain isn’t always the answer, especially if you’re using 30,000 nodes to validate a game move. That’s just not efficient.
With Yellow, the trading side is handled through cryptographic state channels not full decentralization. But if something goes wrong, we still fall back to a smart contract to arbitrate. That’s the balance we’re bringing.
Also, we’re working on a new ERC standard for this. In the next 3–4 years, I expect that 10–20% of new crypto projects will adopt this architecture.
Overall, We’re not just building a product, we’re introducing a new philosophy for how decentralized systems can operate more efficiently.
Nobel Prize-winning economist Joseph E. Stiglitz has issued a sharp warning: Donald Trump’s policies are pushing the United States toward becoming the world’s largest tax haven. And for the crypto community, the consequences could be enormous.
Trump’s Crypto Moves Raise Alarm Bells
Stiglitz argues that Trump’s administration weakened financial transparency by halting the collection of company ownership data, withdrawing from global tax cooperation, easing crypto regulations, and scaling back anti-money-laundering enforcement.
In particular, Trump’s executive order to create a strategic cryptocurrency reserve and the appointment of a crypto advocate to lead the SEChave raised major red flags. According to Stiglitz, these actions make the U.S. an attractive destination for hidden crypto transactions.
Crypto Secrecy: A Brewing Storm?
Stiglitz warns that the rise of underregulated crypto exchanges, online casinos, and anonymous platforms under Trump could fuel the global illicit economy, making money laundering and tax evasion easier than ever.
While crypto investors might see fewer regulations as an opportunity, Stiglitz stresses that unchecked crypto activity could seriously threaten long-term financial stability.
A Bigger Financial Shift Underway
Trump’s crypto policies are just part of a larger effort to dismantle financial safeguards, Stiglitz says. Cutting IRS staffing, reducing tax enforcement, and offering major corporate tax breaks could slash U.S. tax revenue by $2.4 trillion over the next decade.
Meanwhile, tariffs on imports have burdened ordinary Americans while benefiting a wealthy few, further widening the wealth gap — and crypto assets, Stiglitz warns, are increasingly becoming a tool for tax avoidance.
As the U.S. loosens its grip, over 50 countries are advancing a 15% global minimum corporate tax to promote fairness and accountability. Stiglitz suggests that America’s retreat could ironically strengthen global efforts for fairer taxation.
Bottom Line
Joseph Stiglitz’s message is clear: Trump’s crypto deregulation could transform the U.S. into a magnet for offshore wealth, but at the cost of financial stability and global trust.
For crypto investors, the short-term gain of less regulation could come with long-term risks that are impossible to ignore.
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The post Joseph Stiglitz Warns: Trump’s Crypto Policies Could Turn U.S. Into “Biggest Tax Haven in History” appeared first on Coinpedia Fintech News
Nobel Prize-winning economist Joseph E. Stiglitz has issued a sharp warning: Donald Trump’s policies are pushing the United States toward becoming the world’s largest tax haven. And for the crypto community, the consequences could be enormous. Trump’s Crypto Moves Raise Alarm Bells Stiglitz argues that Trump’s administration weakened financial transparency by halting the collection of …
The Supreme Court recently dismissed a petition filed by WazirX users following the platform’s major hack in July 2024. The hack, which resulted in the theft of Rs. 2,000 crore worth of crypto, left over 4.4 million users locked out of their accounts.
This incident, and the court’s rejection of the petition, has highlighted the glaring gaps in India’s crypto regulations, leaving users vulnerable and raising questions about the country’s ability to protect digital asset holders.
The WazirX Hack: A Blow to 4.4 Million Users
On July 18, 2024, WazirX, one of India’s largest crypto exchanges, was targeted in a massive hack that saw a significant portion of user funds stolen. Despite the exchange’s promise to restore 85% of users’ funds by May 2025, many affected users are dissatisfied with the compensation plan. This led 54 users to file a petition with the Supreme Court, seeking intervention in the ongoing restructuring process happening in Singapore, and requesting a thorough investigation into the exchange’s fund mismanagement.
Supreme Court’s Decision: A Setback for Users
The Supreme Court, led by Justice B R Gavai and Justice Augustine Masih, dismissed the petition, citing the absence of clear crypto regulations in India. The ruling underscored the limitations of the current legal framework, leaving victims of crypto hacks, such as the WazirX incident, with little recourse in the Indian legal system.
WazirX’s Restructuring Plan: Fund Recovery on the Horizon
In response to the hack, WazirX management proposed a restructuring plan to the Singapore Court, promising to restore 85% of affected user funds by May 2025. The remaining 15% will be returned over the following 2-3 years, depending on the exchange’s recovery and future profits. While the restructuring plan has received user support, the Singapore court’s approval is still pending.
WazirX Users Vote in Favor of the Recovery Plan
Despite the legal hurdles, WazirX claims that more than 93% of users support the exchange’s restructuring proposal, following a vote conducted in partnership with legal firm Kroll.
The Call for Crypto Regulation in India
The WazirX case serves as a wake-up call for India, highlighting the urgent need for a clear and robust cryptocurrency regulatory framework. While countries like the U.S. have embraced pro-crypto policies, India’s regulatory stance remains largely outdated. The WazirX hack exposes how India’s failure to adopt progressive crypto laws leaves users at risk, preventing the sector from reaching its full potential.
As the global crypto landscape continues to evolve, India risks falling behind if it does not address its regulatory shortcomings. The WazirX saga illustrates the challenges faced by users in a legal vacuum, emphasizing the need for stronger regulations to protect the growing crypto community in India.
FAQs
How does WazirX’s restructuring plan work for affected users?
WazirX’s restructuring plan aims to restore 85% of the crypto portfolios for affected WazirX users by May 2025. The remaining 15% of the funds will be returned over the next 2-3 years, depending on the exchange’s recovery and future profits. This plan is part of the ongoing restructuring process being presented in the Singapore court. While WazirX claims over 93% of users support this proposal, the plan still awaits court approval.
What steps are WazirX users required to take to benefit from the proposed 85% fund recovery in the restructuring plan?
WazirX users need to stay updated on the restructuring process, accept the plan, and possibly verify their accounts to claim their share of the 85% fund recovery.
Why is WazirX promising to restore only 85% of the users’ funds, and what happens to the remaining 15%?
WazirX is restoring 85% due to financial constraints after the hack. The remaining 15% will be returned over 2-3 years, depending on the exchange’s future profits and recovery.
How does WazirX plan to recover the remaining 15% of funds over the next 2-3 years for users affected by the hack?
WazirX plans to recover the remaining 15% through future profits and successful financial recovery, returning the funds once the exchange is in a better financial position.
The post WazirX News: 85% Fund Recovery Plan Explained for Affected Users appeared first on Coinpedia Fintech News
The Supreme Court recently dismissed a petition filed by WazirX users following the platform’s major hack in July 2024. The hack, which resulted in the theft of Rs. 2,000 crore worth of crypto, left over 4.4 million users locked out of their accounts. This incident, and the court’s rejection of the petition, has highlighted the …
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