Coinbase, Amex Launch Bitcoin Card

CRYPTO
Coinbase, Amex Launch Bitcoin Card

Coinbase is launching a new credit card in partnership with American Express that will offer users 4% cashback in Bitcoin. Called the Coinbase One Card, it’s expected to roll out this fall. In addition to Bitcoin rewards, users may receive enhanced benefits like boosted returns on USDC holdings, higher staking rewards, and transaction credits on Base—Coinbase’s Ethereum layer-2 network.

This move follows a broader trend of crypto firms offering payment cards to let users spend their digital assets in everyday life. Similar products have already emerged from MetaMask, OKX, and Kraken in partnership with Mastercard. American Express itself previously partnered with Abra on a crypto rewards card in 2022. Coinbase also hinted at plans to expand perpetual futures trading to U.S. users, an offering currently limited to international accounts. The company is reportedly working with the CFTC to bring these futures contracts to the American market in the near future.

ECONOMY
Oil and Gold Prices Surge

Global markets were rattled Friday after Israel launched airstrikes on Iran, targeting its nuclear facilities. This unexpected escalation drove investors toward safer financial assets, a common move during geopolitical crises. Gold surged over 1%, hitting $3,420 per ounce, as traders sought protection from volatility.

U.S. Treasury bond prices rose, pushing yields lower across the board—another sign that investors were avoiding risk. Oil saw the sharpest reaction: Brent crude and West Texas Intermediate jumped up to 13% at one point, driven by fears of supply disruptions if tensions spread across the Middle East. Stocks fell globally, with European indexes set to open sharply lower and U.S. futures also down.

Currencies considered “safe havens”—like the U.S. dollar, Swiss franc, and Japanese yen—all strengthened. In short, financial markets quickly priced in fear and uncertainty. If tensions continue, we could see more volatility in oil, bonds, and global equities in the days ahead.

TECH
Meta Invests Billions in Scale AI

Scale AI has secured a major investment from Meta Platforms, pushing its valuation above $29 billion—more than double its $14 billion valuation from last year. While the exact size of the deal wasn’t disclosed, reports suggest Meta may have invested up to $14 billion for a 49% stake, making it one of Meta’s largest external investments.

The funding will be used to return capital to shareholders, boost innovation, and expand customer partnerships. As part of the deal, Scale AI founder Alexandr Wang will join Meta to support its advanced AI initiatives, including work on superintelligence. He will remain on Scale AI’s board, while Jason Droege—former Uber Eats founder and Benchmark partner—will serve as interim CEO.

Scale AI specializes in data labeling, with over 100,000 global contractors supporting AI training. Its clients include OpenAI, Google, and Meta. The move signals Meta’s renewed focus on AI development after delays in releasing key AI models.

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.