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Ripple partners with BDACS for XRP, RLUSD custody in South Korea

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Ripple Labs has partnered with BDACS, a South Korean digital asset custodian, to enhance institutional-grade custody services for XRP, RLUSD, and other cryptocurrencies. The collaboration will integrate Ripple Custody into BDACS’s offerings, providing financial institutions in South Korea with secure storage solutions. The initiative aligns with the increasing adoption of crypto assets by enterprises and aims to support the broader institutional ecosystem in the country.

The partnership aligns with South Korea’s Financial Services Commission’s regulatory roadmap, ensuring compliance with local requirements. Ripple stated that the initiative will help expand the usability of RLUSD, Ripple’s stablecoin, while fostering growth in the XRP Ledger (XRPL) ecosystem. BDACS CEO Harry Ryoo emphasized the company’s commitment to providing a secure infrastructure for institutional investors, highlighting the potential impact of this collaboration on the digital asset industry.

As part of its broader strategy, Ripple also announced a new roadmap for institutional decentralized finance (DeFi) on the XRPL network. This roadmap includes plans for a permissioned decentralized exchange (DEX), a credit-based DeFi lending protocol, and a new multi-purpose token (MPT) standard. These developments aim to enhance XRPL’s capabilities and further solidify Ripple’s position in the digital finance space.

Ripple estimates that the total value of custodied cryptocurrencies could reach $16 trillion by 2030. With this vision in mind, the partnership with BDACS represents a significant step in strengthening institutional access to crypto assets. The move also reflects the increasing demand for regulated custody solutions, particularly in regions like South Korea, where institutional participation in digital assets is on the rise.

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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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