Raon Whitehat Launches Cloud-Based NFT Wallet for OmniOne Marketplace

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.

South Korea’s southeastern port city of Busan signed a memorandum of understanding (MOU) on Wednesday with the BDX Consortium led by ITCEN GROUP, a Seoul-based tech company specializing in system integrations. This marks the beginning of the establishment of the Busan Digital Asset Exchange (BDX). Photo by Minku Kang on UnsplashPlans to establish BDX CorporationFollowing the MOU signing, Busan and the BDX Consortium plan to join forces to set up and operate BDX successfully. The two entities are also dedicated to swiftly establishing a private entity, “BDX Corporation,” within the blockchain regulation-free zone in Busan, as part of their ambitious plan to make Busan into a global blockchain hub.  ITCEN GROUP is known to have extensive experience in trading real-world assets (RWAs) such as gold, silver and copper. Other participants of the BDX Consortium include Hana Securities, Hana Bank, OCON and Barunson, who are set to provide RWAs and intellectual properties (IP) to BDX in cooperation with ITCEN GROUP. Following the founding of BDX Corporation, the BDX Consortium is required to provide investment capital to the city of Busan until April, in accordance with its business plan.  A blockchain exchange with its own mainnet based on decentralized governanceThe decentralized governance upon which BDX will operate is an independent framework capable of handling securities settlements, listing assessments and market monitoring. It also serves as an investor protection measure through its mutual check and balance system.  BDX plans to support 24/7 transactions of various assets including commodities, jewelry, IP and carbon credit, all of which will be tokenized into small units for convenient trade.  “This partnership lays the foundation for the BDX launch, which will serve as a cornerstone of the city’s plan to foster the blockchain industry. In close cooperation with local enterprises, Busan will do its best to build and operate the exchange and contribute to the city’s economic growth,” stated Park Hyeong-joon, the mayor of Busan. 

Milk Partners Achieves Integration with OK Cashbag, Elevating Reward Point UtilityMilk Partners, the operator behind a South Korean blockchain-powered platform delivering an integrated service for reward points, announced yesterday that its app, MiL.k, has achieved compatibility with OK Cashbag. This integration is notable as OK Cashbag enjoys a substantial presence in the nation, with a user base exceeding 20 million.Photo by Josh Sorenson on PexelsEnhanced utilization of reward pointsThrough this collaborative initiative, MiL.k aims to facilitate enhanced utilization of reward points for customers of both entities.MiL.k allows point collectors to swap their points across diverse domains like travel, leisure, and shopping, introducing a new approach to utilizing reward points. The company has been forging collaborations with notable companies, including conglomerate Lotte, convenience store chain CU, theater franchise Megabox, travel platform Yanolja, Malaysian budget airline AirAsia, and Indonesian loyalty platform GetPlus.Expanding Web3 servicesThe point exchange service is part of a strategic partnership agreement signed by Milk Partners and SK Planet, the operator of OK Cashbag, in June. Beyond loyalty programs, the two companies plan to maintain collaboration efforts to expand Web3 services. In particular, they will cooperate to enhance the ecosystem of the UPTN blockchain, jointly developed by SK Planet and Ava Labs, utilizing Avalanche Subnet technology.Cho Jung-min, CEO of Milk Partners, said that the utility of MiL.k has increased thanks to its partnership with OK Cashbag, whose points are accepted at numerous retailers both online and in-store. He added that the company will explore more partnerships to provide a wider range of tangible benefits to both corporate partners within the MiL.k alliance and app users.