Zodia Custody to Commence Yield Offering on Stablecoins

Global crypto exchange platform OKX has announced that it has relaunched its exchange services and Web3 wallet within the U.S. market. In a press release published on April 15, the company said that customers can now access the platform in the United States, “with existing customers migrating seamlessly and new customers gradually gaining access ahead of a full nationwide launch.”Photo by Danny Burke on UnsplashOnboarding OKCoin usersIn terms of existing customers, the company is referring to users of OKCoin, the former name of OKX, who will now be onboarded onto the newly launched OKX exchange service. The Seychelles-based company, which was originally founded and operated in China, has established its U.S. headquarters in San Jose, California. The company has appointed Roshan Robert, formerly an executive at Morgan Stanley and Barclays, as its U.S. CEO. Commenting on the U.S. market relaunch, Robert stated: "With the US advancing crypto regulatory clarity, we see tremendous opportunities to build trust and deliver secure, compliant digital asset solutions.” Inflection pointIn a blog post published to the firm’s website, Robert said that he had been watching the development of the industry since its earliest days, but that he thinks that the crypto sector has now reached “a critical inflection point.” He added that more so than ever before, the crypto sector is currently interacting more directly with traditional finance and capital markets.  Referring directly to what platform users can expect from the relaunched service in the U.S., the OKX U.S. CEO said that the firm plans on rolling out new features throughout the year as part of its vision to build a crypto super app. Rollout of the platform’s services in the U.S. will be carried out on a phased basis. The firm also intends to offer integrations with local banks, together with full support for major assets such as Bitcoin, Ethereum, USDC and USDT.The OKX Wallet will be made available to U.S. users, supporting a range of digital assets across 130 blockchain networks. The wallet will enable users to access a number of Web3 dApps, facilitate the movement of digital assets between blockchain networks and include a number of tools to assist platform users with their trading activities. Entering a ‘new era’It’s likely that a change towards a more positive outlook where the crypto sector is concerned at government and regulatory levels in the U.S., together with a settlement reached with the U.S. Department of Justice (DOJ), has influenced OKX in relaunching its service stateside.  The DOJ had opened an investigation into the company on the basis of allegations that it was operating a money-transmitting business on an unlicensed basis. In its settlement, the company paid fines and penalties totaling $500 million. With that settlement behind it and a more enlightened climate for digital assets having emerged in the U.S., OKX described the service relaunch as “a new era for OKX in the U.S.”Yves La Rose, CEO of Web3 banking project, the Vaulta Foundation, said that OKX’s U.S. expansion is a signal, indicating that “a new era of compliant, wallet-led Web3 innovation is underway.” Diana Pires, an executive at crypto payments firm Beam, expressed a similar take, stating on X that OKX was relaunching “because the world’s largest economy is finally ready for crypto,” adding that “the floodgates are now open for international crypto companies.”

South Korea’s cryptocurrency industry is entering a politically sensitive stretch as investors, exchanges, and regulators confront a mix of tax uncertainty, shrinking trading volumes, and growing scrutiny over crypto-linked money laundering. At the center of the debate is the government’s plan to begin taxing crypto gains in January 2027 after three previous delays. Under the current plan, annual crypto profits exceeding 2.5 million won ($1,650) would be taxed at 22%. The framework was first formalized in 2020, but implementation was postponed several times amid concerns over investor protection, market readiness, and political resistance. According to the Hankyoreh newspaper, opposition has intensified after lawmakers scrapped the country’s financial investment income tax, which would have applied to gains from stocks and funds. Critics argue that taxing crypto while most retail stock investors remain exempt from capital gains tax creates an uneven playing field.Photo by Tara Winstead on PexelsCrypto tax petition advancesA public petition calling for the abolition of crypto taxation has already gathered more than 54,000 signatures, clearing the threshold for review by a National Assembly committee. The petitioner argued that the issue needs a full reconsideration, including the possibility of scrapping the tax altogether. The opposition People Power Party has also proposed legislation to abolish the crypto tax, saying it would be inconsistent to impose a separate income tax on crypto assets after eliminating the broader financial investment tax. The ruling Democratic Party, meanwhile, is expected to take up the issue more seriously after the June 3 local elections. The government says there has been no change to its position and that crypto taxation is still scheduled to begin next January. But it has ruled out, at least for now, any renewed discussion on the financial investment income tax, fueling claims that the tax system is treating crypto investors unfairly. The tax dispute comes as Korean crypto exchanges are already grappling with a steep drop in trading activity. Retail investors have been shifting money into equities, drawn by a strong KOSPI rally and momentum in chip and AI stocks, draining activity from the crypto market. According to CoinMarketCap data cited by ETNews, Upbit’s average daily trading volume in the first quarter stood at about $1.55 billion, down 38.8% from the second half of last year. Bithumb’s first-quarter daily average was roughly $647 million, a 44.4% drop over the same period. The decline continued after the first quarter. From Jan. 1 to May 20, Upbit’s average daily volume fell to about $1.38 billion, down 45.5% from the second half of 2025. Bithumb’s average dropped to about $600 million, widening its decline to 48.5%.That slowdown has hit earnings. Dunamu, the operator of Upbit, reported first-quarter operating revenue of 234.6 billion won and operating profit of 88 billion won ($58 million), down 55% and 78% year-on-year, respectively. Bithumb posted revenue of 82.5 billion won ($55 million) and operating profit of just 2.9 billion won ($2 million), down 57.6% and 95.8%, while swinging to a net loss of 86.9 billion won ($58 million). The structural problem is that Korean exchanges still rely heavily on retail spot-trading fees. Unlike major global exchanges, domestic platforms have limited room to expand into derivatives, institutional custody, stablecoin payments, and other higher-margin businesses. Rising compliance costs, including customer verification and anti-money-laundering (AML) upgrades, are adding to the burden. USDT dominates $77M laundering caseSeparately, Korean police said they apprehended 149 suspects accused of laundering about 117 billion won ($77.5 million) through a network linked to a China-based laundering group in Shenzhen, according to the Seoul Economic Daily. Seven suspects were formally arrested, and police said all suspects identified so far are Korean nationals. USDT accounted for 72% of the funds moved, while bogus gift-card operations made up 19% and ordinary bank transfers 9%. Authorities said the scheme used accounts opened under other people’s names and overseas crypto exchanges to make the funds harder to trace. Meanwhile, sentiment among Korean crypto investors remains mixed but not entirely bearish. A weekly survey by CoinNess and Kratos found that 34.1% of respondents expected Bitcoin to rise or surge this week, while 36.3% expected sideways movement and 29.6% expected a decline. Asked whether the crypto market could recover this year, 38.5% said the current downturn looked like a healthy correction with room for a rebound, while 29.7% said the market would not only recover but also set new highs. Combined, 68.2% of respondents expected some form of recovery this year. Still, pessimism remains. Another 17.7% said the crypto market had peaked and was unlikely to rebound, while 14.1% said they had already left the market and no longer had expectations. At the time of publication, Bitcoin (BTC) was trading at $76,677.43, up 0.1% over the past week, reflecting a largely range-bound market. 

Piggycell, a blockchain decentralized physical infrastructure network (DePIN) startup, recently announced that it has successfully closed its seed investment round for $10 million. Piggycell will mainly use the funds raised from the investment round to expand its charging infrastructure and ecosystem further.Piggycell is improving the ownership and management of charging infrastructures through DePINs and real-world assets (RWAs). By integrating blockchain technology with physical assets, Piggycell aims to empower users through decentralized ownership, transparent profit-sharing models and enhanced community engagement. Since its establishment in 2020, Piggycell has made advancements in developing its infrastructure. It currently has over 13,000 charging hubs with over 100,000 batteries across all cities in South Korea. As a key player in the country's portable battery rental industry, Piggycell boasts nearly four million users and commands over 90% of the market share. One of the notable investors in the round is Animoca Brands, a Web3 company that uses blockchain technology to provide digital property rights to consumers worldwide, supporting the development of the open metaverse. Animoca Brands is one of the most active investors in Web3, with a portfolio of over 540 investments. Another key investor in this round is Internet Computer (ICP), a third-generation blockchain developed by the DFINITY Foundation that enables full end-to-end decentralization without the use of cloud computing. With its cryptographic methods, ICP supports fully on-chain applications, including complex web services.The investment from Animoca Brands, ICP and other investors further endorses Piggycell as a DePIN platform that bridges traditional Web2 services with the Web3 ecosystem. Having received backing from Web3 investors, Piggycell is now working to accelerate its decentralized infrastructure network with next-generation blockchain capabilities. Piggycell plans to launch its DePIN platform in the first half of 2025.  About PiggycellPiggycell is an RWA and DeFIN project that merges blockchain with real-world utility, offering a Charge-to-Earn experience. Its power bank-sharing infrastructure rewards users for charging their devices, bridging digital incentives with real-world convenience. By combining hub-based charging stations with blockchain technology, the project seeks to enhance transparency and efficiency through a digital twin strategy. Beyond charging, Piggycell integrates a social app-tech gaming platform, fostering interaction, gamification and community-driven growth.