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Bed Bath & Beyond (BBBY) jumps 7% on deal to tokenize real estate with Tokens.com buy

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Bed Bath & Beyond (BBBY) jumps 7% on deal to tokenize real estate with Tokens.com buy

Bed Bath & Beyond (BBBY) shares rose 7% Monday after the relaunched retailer announced it intends to acquire Tokens.com and launch a platform focused on asset tokenization, starting with real estate.

The plan is to build a platform where people can tap into the value of their home or other assets, like turning home equity into cash or tradable digital tokens, the company said on Monday. Instead of applying for a loan through a bank, users could use the new platform to see what they own, what it’s worth and how to access financing, all in one place.

Tokens.com will use tools from tZERO to handle regulated trading and storage of these assets. It will also plug into Figure (FIGR), the blockchain company of former SoFi CEO Mike Cagney, to offer financial services like mortgages, renovation loans home equity lines of credit.

The platform is expected to launch by July, the firm said.

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The move is part of the company’s push into blockchain tech and tokenization following its restructuring. The retailer filed for bankruptcy in 2023, closed its stores and ultimately sold its brand and IP to Overstock.com in a bankruptcy auction.

TZERO was originally a subsidiary of Overstock, and was spun out in 2021. Overstock continued investing in tZERO following this spin-out.

Now, Bed Bath & Beyond runs a group of retail brands, while it has also invested in financial tech and blockchain under CEO Marcus Lemonis. It is the largest shareholder of tZERO, known for its regulated digital asset platform and brokerage services.

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Crypto World

South Korea Tightens Crypto Rules with 5-minute Asset Verification Mandate

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South Korea Tightens Crypto Rules with 5-minute Asset Verification Mandate

South Korea has ordered all crypto exchanges to reconcile their internal ledgers with actual asset holdings every five minutes after an inspection uncovered weaknesses in internal controls.

The directive was announced on Monday by the Financial Services Commission (FSC) after a meeting with top crypto exchanges and the Digital Asset Exchange Alliance (DAXA), during which they discussed the findings of an emergency inspection triggered by the Bithumb payout incident.

The inspection found that three of the country’s five major exchanges were reconciling balances only once every 24 hours, limiting their ability to respond quickly to discrepancies. Systems designed to halt trading during major mismatches were also found to be insufficient, raising concerns about how exchanges would handle large-scale errors.

In February, Bithumb mistakenly distributed 620,000 Bitcoin (BTC) to 249 users during a promotional event. The exchange later announced that it recovered 99.7% of the funds the same day. The remaining 0.3%, 1,788 BTC that had already been sold, was covered using company reserves.

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Related: Bithumb seeks to reappoint CEO despite recent controversies: Report

South Korea mandates five-minute asset checks

Under the new measures, exchanges must implement automated ledger-to-wallet reconciliation systems operating on a five-minute cycle. They will also be required to introduce defined criteria for triggering automatic transaction halts in the event of significant discrepancies.

Beyond reconciliation, regulators are pushing for sweeping changes to internal operations. High-risk processes like promotional payouts will require stronger oversight, including third-party cross-checks and multi-level approval systems. Exchanges will also need to separate high-risk accounts and implement automated verification tools for payments.

Top Korean crypto exchanges. Source: CoinGecko

Furthermore, external audits will shift from quarterly to monthly, while disclosures will expand to include detailed asset balances by wallet and ledger.

“The financial authorities and the DAXA plan to complete the rule changes needed to implement the improvement measures within April this year,” the FSC wrote.

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Related: South Korean brokerage Korea Investment & Securities eyes Coinone stake: Report

Bithumb delays IPO to post-2028

Last week, Bithumb announced it is now targeting an IPO after 2028, marking another delay from its earlier 2025 plans as it works through restructuring and regulatory pressure. The exchange said it will focus on strengthening accounting policies and internal controls through 2027, following an advisory agreement with Samjong KPMG.

Meanwhile, Naver Financial has also delayed its planned share swap with Dunamu by about three months, now targeting a shareholder vote on Aug. 18 and completion by Sept. 30.

Magazine: South Korea gets rich from crypto… North Korea gets weapons

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