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Nigerian state plans to tokenize real estate, boost revenue

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In a pioneering move, Nigeria’s Ogun State has unveiled plans to tokenize real estate assets as part of a broader strategy to enhance revenue generation and promote transparency in property transactions. Governor Dapo Abiodun, leading the initiative, emphasized that this approach would leverage blockchain technology to create digital representations of physical assets, allowing for fractional ownership and easier property transfers.

The state’s decision to embrace tokenization marks a significant step in modernizing its real estate sector. By converting properties into digital tokens, Ogun aims to streamline property management, reduce fraud, and make real estate investment more accessible to a broader range of investors, both locally and internationally.

This initiative aligns with the growing global trend of utilizing blockchain technology in real estate, providing a more secure, transparent, and efficient system for property transactions. The governor’s administration believes that this move will not only boost revenue but also attract more investment into the state, positioning Ogun as a leader in technological innovation within Nigeria.

The plan to tokenize real estate is part of Ogun State’s broader economic development strategy, which includes improving infrastructure, enhancing public services, and creating a more business-friendly environment. As this initiative unfolds, it is expected to set a precedent for other states in Nigeria and potentially across Africa, as governments look for innovative ways to leverage technology for economic growth.

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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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