Zodia Custody to Commence Yield Offering on Stablecoins

Ripple, the blockchain company behind the XRP token, announced in a May 19 press release that it has added two new customers in the United Arab Emirates (UAE)—Zand Bank and Mamo. Both institutions will use Ripple Payments, the company’s blockchain-based platform for cross-border transactions. Photo by Dmytro Demidko on UnsplashExpanding under Dubai license obtained in MarchThis partnership comes after Ripple’s obtainment of a license from the Dubai Financial Services Authority (DFSA) in March to offer regulated crypto payments and services in the Dubai International Finance Centre (DIFC). Ripple Payments facilitates end-to-end payment management for its customers. The platform enables funds to be transferred globally around the clock, with payments settled within minutes. Ripple’s latest move follows growing demand for blockchain-powered payment solutions in the Middle East. Ripple’s 2025 New Value Report shows 64% of Middle East and Africa (MEA) finance leaders see faster payments as the main reason to adopt blockchain for cross-border transactions. “Our new partnerships with Zand Bank and Mamo are testament to the momentum that the license has created for our business,” said Reece Merrick, Managing Director for the Middle East and Africa at Ripple. Zand Bank, the UAE’s first fully licensed all-digital bank, will leverage Ripple’s technology to enhance its payment solutions. “Our collaboration with Ripple highlights our commitment to empowering global payment solutions through blockchain technology. Moreover, we are excited to soon launch an AED-backed stablecoin,” said Chirag Sampat, Head of Treasury and Markets at Zand Bank. Meanwhile, Mamo, a company that helps businesses consolidate payment collection, corporate cards and expense management, sees the partnership as an opportunity to support the UAE’s growth. “The UAE is on an incredible growth path, with over a million businesses expected to call it home by 2030. At Mamo, we're proud to be at the forefront of this journey making global payments simpler and more accessible for everyone,” said Imad Gharazeddine, CEO and co-founder of Mamo. Ripple faces legal setback in U.S.While Ripple continues to expand its business globally, it is facing ongoing legal challenges in the U.S. On May 15, U.S. District Judge Analisa Torres rejected a joint request by Ripple and the U.S. Securities and Exchange Commission (SEC) to approve a proposed $50 million settlement. The settlement would have reduced Ripple's fine from $125 million to $50 million, effectively concluding a four-year legal dispute. The case began in December 2020, when the SEC accused Ripple of raising $1.3 billion through unregistered XRP sales. In July 2023, Judge Torres ruled that Ripple’s institutional XRP sales violated securities laws, while sales on exchanges to retail investors did not. Despite the SEC easing its crypto enforcement activities under the Trump administration, Judge Torres rejected the proposed settlement, calling it “procedurally improper.” Ripple’s bid to acquire USDC issuerIn a related development, Ripple made an offer to acquire Circle, the issuer of the USDC stablecoin. Circle, which is preparing for an initial public offering (IPO), is also exploring a potential sale and has reportedly engaged in informal discussions with both Coinbase and Ripple, seeking a valuation of $5 billion. However, Ripple’s offer was reportedly turned down. Meanwhile, XRP is trading at $2.39, up 2.57% over the past 24 hours, according to CoinMarketCap data at the time of publication.

Bithumb’s No-Trading-Fee Policy Proves Effective in Boosting User EngagementSince the recent introduction of a no-trading-fee policy for select cryptocurrencies, Bithumb, one of the leading cryptocurrency exchanges in South Korea, has experienced extended customer engagement on its platform.Increased user engagement and installationsOver the past week, the Bithumb app has witnessed growth in user engagement and installations. Both the average total time spent on the app and the average time spent per individual user have risen by nearly 20%. Additionally, there has been a 10% rise in the number of new app installs compared to the previous week.Photo by Mike Hindle on UnsplashTen new fee-free tokensIn this positive announcement today, the crypto exchange also revealed the addition of ten new virtual assets to its list of fee-free trading options. These newly added assets are SAND, AXS, BSV, QTUM, TFUEL, ANKR, T, KNC, STPT, and ONG. This brings the total number of fee-free trading assets on the exchange to 20.Customer engagement and trading volumeBithumb has demonstrated its commitment to making customers stay longer on its platform through various initiatives. Notably, the exchange, in late June, introduced Insight, a service that provides crypto investors with metrics to help them make informed decisions. The company believes that bolstering customer engagement will drive growth in the exchange’s trading volume.Bithumb, recognizing the positive impact of its zero trading fee policy on customer retention, internally saw this achievement as a successful step towards delivering tangible benefits to its users through an optimized trading environment.Since the beginning of the month, the exchange has been unveiling a weekly lineup of fee-free tokens, accompanied by a no-fee BTC market. These fee-free tokens are easily identifiable with a blue badge and can be conveniently sorted by clicking the “fee-free” tab at the top of the chart.Moon Sun-il, the Head of Services at Bithumb, emphasized the company’s commitment to noticeable user experience enhancement. Moon highlighted the recent implementation of the no-trading fee policy and the introduction of the trading data service, Insight, as key initiatives driving towards this goal.

Blockchain-powered donation platform collaborates with NPO Yana to hold charitable bazaarCherry, a blockchain-powered donation platform, is set to hold a bazaar with non-profit organization (NPO) Yana at POSCO CHANGeUP GROUND in Seoul from Friday to Saturday. The objective of this event is to support children’s homes and care leavers.Photo by Markus Winkler on UnsplashMedical expense support for children’s homesThe bazaar is being organized by ongoing sponsors of Cherry and Yana. This event will feature sales of corporate-sponsored items, with the proceeds dedicated to assisting with medical and various other expenses at children’s homes and for those who have left care. Visitors can look forward to an array of products from companies like Solideo Systems, Jungsaemmool Beauty, Esther Formula, and Rebuy For You. Moreover, the bazaar will showcase a collection of dresses and cherished items from celebrated personalities, including actresses Shin Ae-ra and Park Jin-hee, comedian Park Na-rae and Kpop singer Sandara Park.In addition to sponsored items, the bazaar will offer a wide range of items, including clothing, shoes, cosmetics, eyewear, and food. A representative from Cherry mentioned that all the vendors have committed to donating a part of their sales proceeds. This arrangement allows visitors to enjoy their shopping experience while also contributing to socially responsible consumption, as their purchases will lead to donations.Attendance at the bazaar is priced at KRW 10,000 (approximately $7.7), and registration for the event is available through the Cherry app. For those unable to attend in person, there’s still an opportunity to contribute by purchasing a ticket, allowing for donations from anywhere around the world.Blockchain transparencyCherry is Korea’s first blockchain-based donation platform, designed to foster a culture of transparent donations by recording all donation flows on the blockchain. Since its inception in 2019, the platform has attracted over 380 donor organizations running more than 1,900 campaigns. The cumulative donations have surpassed KRW 11 billion.Yana allocates 100% of its donations to support projects for children’s homes and individuals transitioning out of care. This commitment to transparency in their donation processes is facilitated through the use of the Cherry platform.