Why do some blockchains treat confirmed transactions as irreversible, while others allow changes under certain conditions? The answer lies in how different networks define and enforce finality. Some rely on strict protocol rules backed by cryptography, while others depend on economic incentives that make reversing transactions irrational. This distinction plays a critical role in how blockchains balance security, speed, and trust across Web3. In this article, you will learn what cryptographic and economic approaches mean in blockchain systems, how they differ in practice, which model offers stronger guarantees today, and why this distinction is important for Web3 users and developers. Key Takeaways • Blockchain transactions are confirmed using different models. • Some networks rely on mathematical guarantees and protocol rules to lock transactions permanently. • Other networks depend on incentives and penalties that discourage participants from changing history. • Each model involves trade-offs that influence security and transaction speed. • Many modern blockchain networks now combine both approaches to achieve better performance and reliability. Understanding Transaction Finality in Blockchain Systems Before comparing the two models, it helps to understand why blockchains need finality in the first place. A decentralized network has no central authority to declare a transaction complete. Nodes must agree collectively, even when parts of the network attempt to disrupt consensus or become unavailable. Without a clear point of irreversibility, double spending and chain reorganizations become possible. Different blockchains address this problem using varying assumptions about incentives, coordination, and system behavior. These choices influence how quickly transactions settle and how likely it is that confirmed history can be changed. What Is Cryptographic Finality? Cryptographic finality refers to a state where a transaction cannot be reversed due to mathematical guarantees enforced by the protocol. Once a block is confirmed under this model, changing it would require breaking cryptographic assumptions or violating the consensus rules that all nodes follow. This approach is common in blockchains that use Byzantine fault tolerant consensus mechanisms. Validators agree on blocks through rounds of voting, and once consensus is reached, the protocol does not allow competing histories to emerge. The strength of cryptographic finality comes from certainty. A confirmed block is final by design, not by probability. However, the trade-off is that reaching this state can require more coordination and communication among validators. This may affect scalability or decentralization depending on the network design. What Is Economic Finality? Economic finality relies on incentives rather than absolute guarantees. Under this model, transactions are considered settled because reversing them would be prohibitively expensive for attackers. Proof of Work and many Proof of Stake systems rely on this idea. Blocks can technically be reorganized, but doing so requires controlling significant resources such as hash power or staked capital. The deeper a transaction sits in the chain, the more costly it becomes to reverse. Economic finality works because participants acting in their own interest are discouraged from attacking the network when the cost outweighs the reward. This approach allows for easier consensus and clearer rules, yet settlement is gradual, and the likelihood of a transaction being irreversible increases with each additional block. Economic vs Cryptographic Approaches Compared Cryptographic finality provides strong protocol-level guarantees. Once consensus is reached, transactions are permanently locked, making it ideal for applications that need immediate settlement, such as high-value financial systems. Economic finality focuses on flexibility, accepting temporary uncertainty while using incentives to maintain ledger integrity. It has proven resilient in large public networks. Neither model is universally better. Cryptographic finality ensures irreversible transactions, while economic finality allows broader participation with simpler security assumptions. Many modern networks combine both, using cryptographic mechanisms for fast confirmation and economic incentives to secure the network over time. Understanding these approaches helps explain why some transactions require multiple confirmations while others settle quickly. As Web3 grows into finance, gaming, and real-world assets, clear settlement guarantees become crucial for usability, security, and smooth operation. Final Thoughts Economic and cryptographic approaches reflect two different ways decentralized systems ensure transactions are settled. One depends on incentives and participants acting in their own interest, while the other relies on strict protocol rules and mathematical guarantees. Today, most blockchains use elements of both to balance security, speed, and participation. Understanding how finality works under each approach helps Web3 users and developers make informed decisions about security, performance, and risk as the ecosystem grows.

360T, part of Deutsche Börse Group, has struck a partnership with Bitpanda to expand institutional access to crypto trading and wider digital asset services across Europe. The deal connects 360T’s 3DX trading platform with Bitpanda’s digital asset infrastructure, aiming to give banks and other financial institutions a ready-made route into client-facing crypto products.Announced in Frankfurt and Vienna on Tuesday, the collaboration combines Bitpanda’s digital asset services with 3DX, 360T’s crypto-asset trading venue. Deal Structure and ScopeAccording tothe company, institutional clients will be able to offer comprehensive digital asset services to their end-users while they keep liquidity management inside the existing 360T environment.Under the model, 3DX continues to operate as the regulated trading venue built on 360T’s established technology stack, which many institutional clients already use for FX and other products.“Together with Deutsche Börse Group, we are building the infrastructure that will enable the next generation of institutional digital asset adoption. Partnering with 3DX is an important step as we continue to scale our partner solutions,” Lukas Enzersdorfer-Konrad, the CEO of Bitpanda, said.“We are proud to bring together one of the leading global exchange groups, with one of Europe’s leading digital asset platforms, a testament to the role Europe can and must play globally in digital assets.”Bitpanda provides the infrastructure and capabilities needed for retail-oriented crypto services, including access to a broad universe of digital assets and operational support.Read more: Bitpanda Secures Full Dubai License in Major Regulatory Win Outside Europe360T and Bitpanda position the integration as a way to reduce operational overhead and accelerate time-to-market for firms expanding their digital asset capabilities. A Bid to Shape Europe’s Digital Asset RailsBitpanda presents the agreement as a step forward in its institutional strategy, adding a Deutsche Börse-backed channel to its existing retail and B2B partnerships.The Vienna-headquartered firm offers more than 650 crypto-assets and works with several institutional partners, underpinned by regulatory permissions that allow it to provide services across the EEA.360T serves as Deutsche Börse Group’s FX and digital assets arm and runs a multi-bank trading platform that covers FX, crypto-assets, cash and money market instruments for more than 3,000 buy-side clients and over 200 liquidity providers in around 80 countries.Meanwhile Bitpanda is moving closer to the public markets as it lines up a potential blockbuster listing in Germany’s financial capital. The exchange is preparing for a potential stock market listing in Frankfurt in the first half of the year, targeting a valuation in the range of 4 billion to 5 billion euros, according to a Bloomberg report. The Austrian firm has reportedly mandated Goldman Sachs, Citigroup and Deutsche Bank to arrange the offering. This article was written by Jared Kirui at www.financemagnates.com.

Andrey Koks joined Admiral Markets AS in April 2020, when he started working as CIO. The post Admirals CIO/CTO Andrey Koks steps down appeared first on FX News Group.

Transaction Network Services (TNS) has completed its acquisition of BT’s Radianz business, bringing together two long-standing providers of financial markets connectivity as institutions continue to prioritise network resilience, venue access and infrastructure diversification. The deal adds Radianz — a secure global connectivity network that has served the financial community for more than two decades — into TNS’s Financial Markets offering, expanding TNS’s access, reach and service capability for clients worldwide. The acquisition is positioned as a strategic consolidation move in financial market infrastructure, where connectivity providers increasingly compete on breadth of access, low-latency performance, and the ability to deliver secure, mission-critical communications across multiple venues and counterparties. Radianz Joins TNS Financial Markets Offering After 20+ Years of Venue Connectivity Radianz has connected the global financial community for more than 20 years, providing secure access to trading venues, market data, applications and counterparties. Under the acquisition, the business will now form part of TNS’s global Financial Markets portfolio. TNS said the combination will expand client access while maintaining the diversity institutions rely on to manage operational risk. Tom Lazenga, General Manager of TNS Financial Markets, described the completion as a milestone for both firms and their clients. “Today marks an important milestone for TNS and our clients as we combine the strengths of two established leaders in financial connectivity,” Lazenga said. “We look forward to delivering expanded access to markets, counterparties and applications, while maintaining the network and platform diversity that institutions rely on for resilience and choice.” The emphasis on “network and platform diversity” is particularly relevant as market participants face increasing operational resilience requirements and regulatory scrutiny around concentration risk. Connectivity has become a critical layer of market infrastructure, and firms are increasingly seeking redundant routes, multi-provider access and scalable service models. Takeaway TNS’s acquisition of Radianz strengthens its connectivity footprint and deepens its role as an infrastructure provider for global trading. The deal is positioned around expanded access while preserving the network diversity institutions demand for resilience and operational choice. Combined Capabilities Link Secure Network Reach With Ultra-Low-Latency Trading Infrastructure Radianz is known for operating a secure network that links thousands of market participants and financial applications, supporting mission-critical communications and access to trading and market data services. TNS said Radianz complements its own ultra-low-latency trading, market data and hosting capabilities, effectively pairing secure connectivity reach with performance-driven infrastructure. From a client perspective, the combined offering aims to improve how institutions connect to venues and counterparties across regions while benefiting from TNS’s low-latency and hosting capabilities, which are increasingly important as electronic markets demand faster market data processing, execution performance and colocated infrastructure options. Phil Swindle, Managing Director of Radianz, said the move ensures continued investment for customers. “Radianz has a long track record of supporting mission-critical financial communications,” Swindle said. “Joining TNS brings complementary strengths and continued investment for customers.” As market structure becomes more fragmented — with more venues, more data sources and more workflow applications — network providers that can offer secure access plus performance optimisation are increasingly central to institutional trading operations. Takeaway The strategic logic is clear: Radianz adds secure global connectivity and participant reach, while TNS brings ultra-low-latency trading infrastructure and hosting. Together, the combined platform aims to meet institutional demands for both security and speed. TNS Welcomes Radianz Clients and Highlights Investment in Combined Network Ecosystem TNS said it is looking forward to welcoming Radianz clients, employees and partners into its global ecosystem, highlighting service continuity and investment as key priorities after completion of the deal. Lazenga said TNS is committed to building on the combined strengths of the two businesses. “We are dedicated to providing best in class services through our combined businesses and investing in our joint future together,” he said. The acquisition also included a set of adviser disclosures. Evercore served as financial adviser to TNS and Jones Day acted as legal adviser. Citi served as financial adviser to BT, with Bryan Cave Leighton Paisner as legal adviser. TNS described itself as a global provider of Infrastructure-as-a-Service (IaaS) solutions across financial, communications and payments markets. Founded in 1990, with headquarters in the United States and offices across Europe and Asia, TNS said it supports thousands of organisations across more than 60 countries. The firm also noted that in 2021 it became a wholly owned subsidiary of Koch Equity Development LLC (KED), the investment and acquisition arm of Koch, Inc. For the broader market, the acquisition underscores the growing strategic value of connectivity infrastructure. As institutions adapt to multi-asset electronic trading, regulatory resilience requirements and increasingly complex market data workflows, the connectivity layer is no longer a commodity—it is a competitive and risk-management differentiator. Takeaway TNS is framing the acquisition as a client-first expansion with continued investment. In a market where connectivity is mission-critical, the combined TNS-Radianz ecosystem is positioned to offer broader access with stronger resilience and service depth.

Brings industry-standard clearing model to Treasury markets Prepares for launch of repo clearing later this year Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of technology and data, today announced that the U.S. Securities and Exchange Commission (SEC) has approved its application and rulebook for ICE Clear Credit to expand its current registered Covered Clearing Agency (CCA) designation to add U.S. Treasury clearing. ICE Clear Credit’s U.S. Treasury clearing service is now fully operationally live, providing market participants with welcome competition and the first ever alternative venue for clearing U.S. Treasury securities. “Since we first announced plans to launch a U.S. Treasury securities clearing service, we have heard a resounding message that U.S. Treasury market participants want innovation, change and progress,” said Paul Hamill, Chief Commercial Officer of ICE Clear Credit. “To meet that challenge, our service harmonizes access models, operational workflows, risk management and protection models, across cash, repos, futures and swaps, providing a modernized scalable solution for one of the largest and most important markets in the world.” ICE’s Treasury clearing solution delivers both ‘Done-Away’ and ‘Done-With’ implementations, allowing market participants to choose their preferred clearing method. This is the same process that is used daily to clear financial products through ICE’s global clearing houses. ICE leveraged its extensive expertise and proprietary technologies for clearing credit instruments to offer clearing for U.S. Treasury securities, and soon repurchase agreements (repos). Established as a distinct offering from ICE’s existing Credit Default Swap (CDS) clearing service, the new Treasury clearing solution has its own rulebook, membership, risk management framework, financial and liquidity resources, and governance structure. “With our Treasury clearing service now operationally live and ready to clear cash transactions, we’re thrilled to put the final touches on our approach to clearing repos, which we expect to be ready for testing and integration in the second half of the year, and is planned to go live in the fourth quarter,” said Stan Ivanov, President of ICE Clear Credit. “By extending our CDS solution to U.S. Treasury securities, we have begun the process of bringing our industry-leading risk management services to the U.S. Treasury market, and we will continue to expand with the launch of repo clearing.” ICE Clear Credit was founded during the financial crisis in 2009 to bring confidence and stability to the CDS market. It enables clearing of more than 685 Single Name reference entities, Index and Index Option CDS instruments on corporate and sovereign debt. ICE Clear Credit clearing has reduced counterparty risk exposure for parties to trades whose combined notional amount exceeds $400 trillion, with current open interest at ICE Clear Credit of over $2 trillion. ICE Clear Credit has been designated a systemically important financial market utility (SIFMU) by the Financial Stability Oversight Council, and is a qualified central counterparty under U.S. bank capital rules. For more information about ICE’s U.S. Treasury clearing service, please visit: https://www.ice.com/clear-credit/us-treasury-clearing.

A breakthrough in the Dream Finance investigation reveals a global retreat. Following the MiCA-triggered blackout in Lithuania, new insider intel and local reports confirm the liquidation of the group’s entities in El Salvador and Poland. From mysterious loans from AlphaPo to UBO links with SoftSwiss, the veil of transparency is finally being lifted on the Dream Finance empire. Analysis: The Fragmentation of a High-Risk Payment Empire Following our recent report on the “MiCA Guillotine” falling on Dream Finance UAB in Lithuania, FinTelegram has received critical insider intelligence that paints a picture of a global corporate “clean-up.” This information, corroborated by external investigative reports from FOCOS and El Salvador Now, suggests that the Dream Finance Group (operating as CoinsPaid and CryptoProcessing) is systematically dissolving secondary entities to bury toxic financial trails. 1. The El Salvador Exit: Shadow Loans and Offshore Havens The liquidation of Dream Finance (El Salvador), which reportedly began in March 2024, is more than a routine closure. According to investigations by FOCOS, the entity was utilized to “safeguard” over $2.1 million from offshore casinos located in tax havens. Most alarming for compliance officers is the revelation of a “weird loan” taken from AlphaPo. AlphaPo (website), a crypto processor notorious for its involvement in high-risk gambling and for being the target of a massive $60M hack (linked to the Lazarus Group), has long been rumored to be part of the same ecosystem as CoinsPaid. A direct financial link—in the form of a loan—suggests a level of commingling and mutual dependency that exceeds a standard business relationship. 2. The Polish Liquidation: Proving the SoftSwiss UBO Link The dissolution of Dream Finance (Poland) provides the “smoking gun” regarding the group’s beneficial ownership. The naming of Pavel Kashuba and Dmitry Yatzkau, aka Dmitry Yaikau aka Dzmitry Yaikau, close partners of SoftSwiss and CoinsPaid founder Ivan Montik, as the UBOs of the Polish entity confirms what FinTelegram has asserted for years: CoinsPaid and SoftSwiss are two sides of the same coin. Pavel Kashuba is a well-known figure in the SoftSwiss executive structure (often cited as CFO). This connection validates the hypothesis that CoinsPaid serves primarily as a “captive” payment rail for the SoftSwiss iGaming empire, designed to process gambling funds under the guise of an independent crypto service provider. 3. Contextualizing the Pattern: Why the Retreat? This news provides vital context to the RatEx42 “Black” listing of Dream Finance. The pattern is clear: Lithuania: Suspended due to MiCA’s inability to tolerate high-risk gambling flows. El Salvador: Liquidated after being exposed for shielding casino funds. Poland: Liquidated after UBO links became too visible. For compliance analysts, this looks like a “Controlled Demolition.” By liquidating these entities, the group likely seeks to terminate legal trails, making it harder for regulators to map the historical flow of funds between offshore casinos, AlphaPo, and the SoftSwiss core. Go to the Dream Finance listing on RatEx42 here. The Compliance Verdict: Transparency via Whistleblowers The information provided by our community is proving more effective than official registries. The collapse of the El Salvador and Polish entities, combined with the Lithuanian shutdown, indicates that the “Shadow Rail” model is under existential threat. The RatEx42 Critical (Black) Rating for Dream Finance is hereby reinforced. Any financial institution still interacting with the remaining Estonian or North American entities of this group must account for the high probability of hidden liabilities and toxic history involving AlphaPo. Read our AlphaPo reports here. Whistle42: A Call to the Inner Circle We thank the whistleblowers who are helping to bring transparency to the Dream Finance/SoftSwiss web. Your information is vital for protecting the integrity of the European financial market. Do you have documents related to the AlphaPo loan? Are you aware of where the $2.1 million in El Salvador was moved after liquidation? Do you have internal emails regarding the MiCA transition strategy for the Estonian entity? Share Information via Whistle42 Submit your evidence anonymously via Whistle42.com. Help us map the truth.

Etrading Software’s dedicated consolidated tape (CT) subsidiary – ETS Connect UK – has published its draft user contract and fee schedule, to enable the delivery of the UK bond CT.  As part of the pricing, fintechs and small firms with annual revenues below £50 million will be able to use CT data at no cost, while bigger firms will fall into tiered revenue bands, spanning £6 a month at the lower end of the scale, to £300 for the firms with the largest annual revenues.  Moreover, the licensing publication is expected to ensure market participants have early visibility of the legal and commercial framework related to UK bond CT data, and support ETS Connect UK in meeting policy objectives of bolstering UK competitiveness on a global stage, encouraging innovation and supporting the fintech landscape.  Speaking to The TRADE, Sassan Danesh, chief executive of Etrading Software, explains: “By providing the bond data for free to smaller firms, we are supporting the government’s objective to create a strong and diverse UK-based fintech ecosystem.” In addition to providing low or no cost for smaller firms, ETS Connect UK has also committed to meeting specific requirements to deliver the tape, including operating on a 24/5 basis, providing users with continuous support during UK market hours and offering optional out of hours support for global institutions.  Read more – Etrading Software confirms intention to bid for OTC derivatives consolidated tape Currently, the UK bond CT is scheduled to go-live on 22 June 2026, in line with Etrading Software’s delivery roadmap for the tape.  The publication of the licensing comes a week after Etrading Software signed a concession agreement with the Financial Conduct Authority (FCA), formally triggering the CT’s implementation phase.  Specifically, the agreement allows the tape delivery to advance in line with the published timeline, which also includes the publication of technical specifications, a series of industry engagement activities and the establishment of a CT consultative committee, set to be announced on 16 February 2026.  The post Etrading Software announces pricing and draft user contract for UK bond consolidated tape appeared first on The TRADE.