Deel will enable its customers to pay workers in the United Kingdom and European Union, with a US expansion planned later.

The product will let institutions use custodied Bitcoin as onchain collateral without moving assets or transferring control, with Morpho set as the initial liquidity partner.

The integration allows Ledger users to execute multichain token swaps directly from the wallet app while retaining hardware-based custody.

The six-month central bank pilot brings together market infrastructure providers, banks and Web3 companies to assess how core UK markets could move onchain.

The new integrations enable banks and custodians to deploy custody and staking services without operating their own validator or key-management infrastructure.

The research analysts pointed to tight liquidity and macro pressure as drivers of the decline, while noting that spot Bitcoin ETFs have seen relatively modest outflows.