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Ethereum Foundation to set aside 50K ETH to support DeFi apps

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The Ethereum Foundation has announced a significant commitment to decentralized finance (DeFi), allocating 50,000 ETH—equivalent to approximately $80 million—to support innovation and adoption within the sector. The initiative aims to fund projects that enhance DeFi infrastructure, improve security, and promote user accessibility across the Ethereum ecosystem.

This substantial allocation reflects the Foundation’s focus on fostering growth in DeFi, a cornerstone of Ethereum’s use cases. According to the announcement, the funds will be distributed to developers, researchers, and organizations working on projects ranging from decentralized lending platforms to on-chain analytics tools. Grants will also target solutions addressing scalability and regulatory compliance, ensuring DeFi remains both efficient and sustainable as adoption accelerates.

Ethereum Foundation representatives emphasized the sector’s transformative potential, noting that DeFi continues to disrupt traditional financial systems by enabling trustless, borderless, and permissionless transactions. However, challenges such as smart contract vulnerabilities and regulatory uncertainty persist, necessitating the Foundation’s proactive approach. The newly allocated funds are intended to empower the community to tackle these issues head-on, ensuring the longevity and resilience of Ethereum-based DeFi applications.

The announcement arrives as Ethereum maintains its dominance in the DeFi space, with over 60% of total value locked (TVL) on its network. By injecting additional resources into the ecosystem, the Ethereum Foundation aims to solidify its position as the leading blockchain for DeFi while addressing critical pain points that could hinder its growth in the rapidly evolving crypto landscape.

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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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