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Crypto wallet Phantom confirms it won’t launch a token amid airdrop rumors

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Phantom, a prominent non-custodial cryptocurrency wallet, has officially denied rumors of an impending token launch or airdrop. Speculation arose following the announcement of their new social discovery feature, leading some community members to anticipate a token reward system. Addressing these rumors, Phantom stated on January 3 via X (formerly Twitter): “We do not have any plans to launch a token.”

The social discovery feature, introduced on December 19, enables users to create profiles, add friends, and select privacy settings ranging from public to invisible. Despite some users suggesting that gaining followers might lead to token rewards, Phantom has clarified that no such plans exist. They emphasized their commitment to enhancing user experience, stating they are “actively working on ways to make it something everyone loves.”

In addition to the social feature, Phantom announced plans to integrate the layer 1 blockchain Sui, marking the fourth blockchain supported by the wallet, alongside Bitcoin, Ethereum, and Solana. This integration is scheduled for early 2025, reflecting Phantom’s ongoing efforts to expand its platform capabilities and provide users with a broader range of blockchain interactions.

Since its inception in 2021, Phantom has experienced significant growth, reporting 7 million monthly active users as of April 2024. Despite facing challenges, such as a recent issue requiring an emergency update for iPhone users, the company continues to innovate and expand its services, reinforcing its position in the competitive crypto wallet market.

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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