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Solana becomes ecosystem partner of Dubai free zone

The Solana Foundation has become an ecosystem partner for the Dubai Multi Commodities Centre, one of the free economic zones in the United Arab Emirates.

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The Solana Foundation has become an ecosystem partner for the Dubai Multi Commodities Centre, one of the free economic zones in the United Arab Emirates.

According to the announcement from Oct. 15, with its blockchain platform, Solana will provide technical and business development support to any DMCC Crypto Centre member. The company will also deliver webinars and educational courses on various Web3 topics and extend its already-operating grant program at DMCC.

Solana’s existing partners will, in turn, get privileged treatment in the DMCC, according to the centre’s CEO, Ahmed Bin Sulayem.

The list of DMCC’s ecosystem partners also includes the crypto exchange Bybit, digital asset market maker DWF Labs, Web3 incubator TDeFi, venture capital fund Brinc, and several other entities, while the total number of the centre’s members officially accounts for 23,000 companies.

Along with the Abu Dhabi Global Market and Dubai Silicon Oasis Authority, the DMCC is one of the three initial economic free zones established in the UAE to boost its investment climate. This trio will soon be joined by the Ras Al Khaimah Digital Assets Oasis, unveiled during Blockchain Life 2023.

By September 2023, the Solana network had occupied the global 10th spot in terms of the total value locked, with an equivalent of roughly $359 million.

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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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