Interest rates could set the direction for crypto this week, with the Federal Reserve, Bank of England and Bank of Japan all expected to hold while markets look for signs that higher energy prices have brought further tightening closer.

CME’s FedWatch shows a 33% chance of a U.S. rate increase, while prediction markets odds are at 19%, up from next to nothing earlier in the month. Gregory Daco, the chief economist for EY-Parthenon, said September could be the first meaningful test of the Fed’s stance, CBS News reported.

More immediate tests come Thursday, with U.S. second-quarter GDP and June Personal Consumption Expenditure (PCE) due. Strong growth alongside persistent inflation would reinforce higher-for-longer interest-rate expectations and pressure crypto prices through higher yields and a stronger dollar, while softer readings could unwind that trade.

All 70 economists in a Reuters poll expected the BOE to hold at 3.75%, while the BOJ is forecast to remain at 1% before potentially raising rates again later this year.

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South Korea has moved to deepen venture capital ties with Silicon Valley as President Lee Jae-myung has urged six of the world’s largest venture capital firms to invest in Korean startups while the National Pension Service has signed long-term investment cooperation agreements with them.

According to South Korean newspaper Asiae, President Lee Jae-myung has asked six major Silicon Valley venture capital firms, including Sequoia Capital, Andreessen Horowitz (a16z), Khosla Ventures, Lightspeed Venture Partners, General Catalyst and New Enterprise Associates (NEA), to increase investments in South Korean startups as the country pushes to attract more global capital into its technology sector.

The report said the National Pension Service (NPS) also signed separate memorandums of understanding with the six venture capital firms to establish long-term investment cooperation, creating a framework to explore investment opportunities together, exchange market information and strengthen links between Korea’s startup ecosystem and global venture capital networks.

The latest agreements come as the South Korean government continues introducing policies designed to draw overseas investors into domestic technology companies while supporting local innovation through public funding initiatives.

Silicon Valley firms join Korea’s startup investment push

Asiae said the government is pairing the new venture capital partnerships with its planned National Growth Fund, a 200 trillion won investment vehicle expected to support future industries including artificial intelligence and semiconductors.

The publication said market participants expect policy funding, private investment and overseas capital to enter the Korean venture ecosystem at the same time if the initiatives move forward as planned. Technology sectors such as AI and semiconductors are expected to receive increased investor attention under that framework.

Rather than treating the agreements as a source of capital alone, the newspaper said Silicon Valley firms also bring decades of experience identifying early-stage technology companies, helping founders build growth strategies and connecting startups with international markets.

According to Asiae, firms such as Sequoia Capital and Andreessen Horowitz have previously backed companies that later developed into major global technology businesses, giving Korean startups access not only to funding but also to operational knowledge and international business networks.

The publication argued, however, that attracting overseas investment should not become the government’s only objective.

Asiae said policymakers now face a second challenge after securing investor interest by creating conditions that encourage successful startups to continue expanding from South Korea instead of relocating high-value operations overseas.

The editorial said the country should strengthen tax rules surrounding stock options so startups can compete more effectively for skilled employees while also improving visa policies and long-term residency conditions for foreign founders, engineers and technical specialists.

In addition, the newspaper said South Korea should develop stronger exit opportunities through mergers and acquisitions alongside public listings, arguing that a healthier acquisition market would provide investors with more ways to realize returns.

The publication also called for closer cooperation between universities, research institutions and startup companies so academic technologies can move into commercial businesses more efficiently. Improving English-language disclosures and simplifying investment-related administrative procedures would also make Korea more attractive to international investors, according to the report.

Asiae argued that business-friendly conditions, rather than restrictive regulations, will ultimately determine whether companies continue building products and creating jobs inside the country.

National Pension Service faces calls to preserve investment independence

Alongside the government’s efforts to attract foreign investors, the National Pension Service has become one of the key institutions participating in the cooperation agreements.

Asiae said the pension fund should continue making investment decisions independently despite its partnerships with globally recognized venture capital firms.

According to the newspaper, the retirement savings managed by the NPS should not become a policy instrument for industrial development, adding that investment decisions should continue following established return and risk principles.

The publication also cautioned that partnerships with internationally known venture capital firms do not eliminate investment risks simply because of their reputations.

Industry participants cited by Asiae also warned that excessive capital flowing into a small number of highly sought-after startups could inflate company valuations, creating pressure if those valuations later decline during initial public offerings or merger transactions. Such corrections could reduce investment returns for participating funds.

South Korea expands digital finance alongside startup investment

The latest venture capital initiative comes as South Korea continues expanding investment and financial infrastructure across its technology sector.

Earlier this month, Mirae Asset completed its acquisition of cryptocurrency exchange Korbit after receiving regulatory approval, becoming the first affiliate of a traditional Korean financial group to acquire a domestic crypto exchange. The company has said the acquisition is intended to support future business opportunities tied to digital assets.

Separate partnerships have also emerged across the country’s digital finance industry. Circle recently signed memorandums of understanding with Kakao Group and fintech operator Toss to study blockchain payments, stablecoin infrastructure and cross-border settlement, while stressing that the agreements focus on infrastructure rather than launching a Korean won stablecoin.

At the same time, South Korean authorities have continued developing blockchain-based payment systems through the Bank of Korea’s Project Hangang. Last week, government agencies launched a 9.6 billion won project to extend CBDC-backed deposit token payments into commercial use, with commercial banks, payment companies and merchants participating in the next stage of testing.

Brazil has launched a nationwide operation targeting an alleged transnational drug trafficking and money laundering network that investigators say used crypto brokers, shell companies and luxury assets to conceal up to R$1 billion in illicit proceeds.

According to Brazil’s Federal Police, officers on Thursday carried out Operation Commodity across four states, executing 13 preventive arrest warrants and 44 search and seizure warrants as part of an investigation into an alleged criminal organization involved in international cocaine trafficking and large-scale money laundering.

The operation forms part of the Redentor II Mission and received support from the Integrated Force to Combat Organized Crime (FICCO) in São Paulo and Minas Gerais. Authorities said nine people had been arrested during the action.

Brazilian courts also ordered the seizure of assets and the freezing of property worth up to R$1 billion belonging to individuals and companies under investigation. In addition to the arrests and searches, judges approved other precautionary measures against the suspects.

Crypto brokers allegedly helped conceal illicit proceeds

Federal Police investigators alleged that the criminal network built an international logistics chain with links across South America, Europe and Asia to export cocaine by sea to European destinations.

According to investigators, the organization shipped around 6.5 metric tons of cocaine to several European countries beginning in 2021. Authorities also said the network maintained operational ties with two criminal organizations active inside Brazil.

The investigation further alleged that the group relied on several methods to hide its financial activity after drug shipments generated proceeds. Alongside shell companies, luxury goods and real estate, investigators identified the use of crypto brokers as one of the mechanisms allegedly employed to disguise ownership and move illicit funds.

Brazilian authorities did not identify the cryptocurrencies involved or specify whether centralized exchanges or over-the-counter crypto brokers participated knowingly in the transactions.

Investigators also described how cocaine was concealed before export. According to the Federal Police, traffickers allegedly hid the drug inside bags of coffee, cement and mortar while also using chemical alterations to make detection during customs inspections more difficult.

The suspects are expected to face charges including participation in a transnational criminal organization, international drug trafficking and money laundering, alongside any additional offenses uncovered as the investigation continues.

Investigation adds to global scrutiny of crypto money laundering

Although authorities described cryptocurrencies as only one part of the alleged laundering operation, the case follows a series of recent investigations in which digital assets have appeared alongside conventional financial channels used to move criminal proceeds.

Earlier this month, Pakistan’s Federal Investigation Agency established a dedicated cryptocurrency investigation unit within its National Command and Control Centre to investigate suspected use of digital assets in money laundering, terrorism financing and other financial crimes. The unit operates separately from the Pakistan Virtual Assets Regulatory Authority, which supervises licensed crypto businesses, creating distinct roles for regulation and criminal enforcement.

Recent enforcement activity has also expanded elsewhere.

Earlier in July, Turkish prosecutors charged 504 people over an alleged illegal betting and money laundering network that investigators said moved nearly 40 billion Turkish liras through shell companies, jewelry businesses, payment providers and cryptocurrency transactions before transferring part of the proceeds overseas.

Chinese judicial officials have likewise called for changes to strengthen enforcement against virtual currency laundering. In an article published this month in the People’s Procuratorate Daily, prosecutors and legal researchers proposed new investigation guidelines, wider use of blockchain analytics, improved evidence rules and standardized procedures for recovering seized digital assets in criminal cases.

Several governments have also updated anti-money laundering policies as cryptocurrencies become more common in financial crime investigations.

In June, Ireland’s Department of Finance identified crypto assets as a “very significant” money laundering and terrorism financing risk in its latest National Risk Assessment. The government said it plans to introduce industry standards governing crypto-related sources of funds by the second half of 2027 while strengthening anti-money laundering controls across the financial sector.

Blockchain analytics companies have also reported rising compliance standards among regulated firms. Chainalysis said in a report released earlier this year that organizations entering the crypto market have adopted increasingly strict monitoring settings, although indirect exposure to illicit funds moving through intermediary wallets remains more difficult to detect than direct transfers.

Authorities across multiple jurisdictions have repeatedly emphasized that blockchain transactions often remain traceable, but investigators increasingly require specialized tools to follow funds moving through multiple wallets, bridges, exchanges and cross-chain networks.

One suspect dies after exchanging gunfire with police

During Thursday’s operation, the Federal Police said one suspect was killed after resisting arrest in the municipality of Igaratá in São Paulo state.

According to the agency, the individual opened fire on officers serving an arrest warrant. Police returned fire, and the suspect was wounded before receiving first aid. Authorities said he later died from his injuries.

The Federal Police added that no officers were injured during the incident.

The investigation remains ongoing as authorities continue examining the group’s alleged trafficking routes, financial structure and cross-border connections while pursuing additional evidence related to the suspected laundering network.

Introduction

For years, decentralized finance (DeFi) has been associated with crypto-native users navigating wallets, seed phrases, gas fees, and decentralized exchanges. While this ecosystem has unlocked billions of dollars in value, mainstream adoption has remained limited because the experience is often too technical for everyday users.

That is beginning to change.

The next evolution of DeFi isn’t about creating more standalone crypto apps—it’s about embedding decentralized financial services directly into the applications people already use. Whether it’s social media, e-commerce, gaming, ride-sharing, messaging platforms, or digital banking, embedded DeFi is transforming blockchain from a visible product into invisible infrastructure.

Just as most people use the internet without thinking about TCP/IP or DNS, future users may access DeFi every day without even realizing blockchain is powering the experience.

What Is Embedded DeFi?

Embedded DeFi refers to integrating decentralized financial services seamlessly into non-crypto applications.

Instead of requiring users to:

• Download a crypto wallet
• Purchase cryptocurrency separately
• Connect to decentralized applications
• Understand blockchain mechanics

Applications can provide financial services directly within familiar interfaces.

Examples include:

• Instant stablecoin payments inside shopping apps
• Tokenized rewards in food delivery platforms
• Yield-generating savings in digital banking apps
• Crypto-backed loans inside fintech applications
• Blockchain-powered loyalty programs
• Cross-border payments in messaging apps

The blockchain operates quietly behind the scenes while users simply enjoy better financial experiences.

One of crypto’s biggest challenges has never been technology—it has been usability.

Most consumers don’t want to learn:

• Gas optimization
• Private key management
• Wallet connections
• Token bridges
• Network switching

They simply want financial products that are:

Embedded DeFi removes complexity while preserving the advantages of decentralization.

This shift dramatically lowers the barrier to entry for millions of new users.

Everyday Applications Already Moving Toward Embedded Finance

Digital Banking

Many fintech companies are beginning to explore blockchain rails for:

• International transfers
• Stablecoin settlements
• Yield-bearing accounts
• Programmable payments

Users interact with familiar banking interfaces while blockchain improves efficiency underneath.

E-Commerce

Online stores can integrate DeFi-powered payment systems that offer:

• Near-instant settlements
• Lower transaction fees
• Global payment acceptance
• Automatic escrow
• Smart contract refunds

Customers enjoy faster checkout while merchants reduce payment costs.

Gaming

Modern blockchain games are moving away from speculative NFTs toward practical financial utilities.

Players can:

• Own in-game assets
• Trade items securely
• Borrow against digital collectibles
• Earn rewards automatically
• Receive revenue-sharing distributions

Financial services become part of gameplay rather than separate experiences.

Social Media

Creators can receive:

• Instant global tips
• Revenue sharing
• Tokenized memberships
• Subscription payments
• Community rewards

Instead of relying entirely on advertising revenue, creators gain direct monetization through decentralized payment rails.

Travel

Imagine booking hotels, flights, or transportation with stablecoins while receiving tokenized cashback automatically.

Smart contracts can also simplify:

• Insurance claims
• Refund processing
• Loyalty rewards
• Cross-border payments

Travel becomes faster and more transparent.

Stablecoins Make Embedded DeFi Possible

Stablecoins have become one of blockchain’s most practical innovations.

Unlike volatile cryptocurrencies, stablecoins maintain relatively stable values, making them suitable for everyday financial activity.

They enable:

• Payroll
• Merchant payments
• International remittances
• Subscription billing
• Treasury management
• Consumer savings

Because prices remain stable, businesses are increasingly comfortable integrating blockchain-based payment systems.

Stablecoins are becoming the financial foundation of embedded DeFi.

AI and Embedded Finance

Artificial intelligence makes embedded DeFi even more powerful.

Imagine AI assistants that automatically:

• Optimize savings
• Find better lending rates
• Rebalance investments
• Pay recurring bills
• Detect fraud
• Execute transactions securely

Rather than manually managing finances, users receive intelligent financial automation powered by decentralized infrastructure.

Challenges Ahead

While the future looks promising, embedded DeFi still faces important challenges.

Regulatory Compliance

Financial regulations differ across countries, requiring platforms to balance decentralization with legal requirements.

User Security

Wallet recovery, identity protection, and fraud prevention remain essential for mainstream adoption.

Scalability

Applications serving millions of users require blockchain infrastructure capable of handling massive transaction volumes with low fees.

Interoperability

Different blockchains must communicate efficiently to create seamless user experiences.

Cross-chain technologies continue to improve this capability.

The Road Ahead

The future of DeFi is likely to be defined less by standalone crypto platforms and more by invisible integration into the apps people use every day.

Instead of asking users to adapt to blockchain, developers are bringing blockchain to users in familiar, intuitive ways. This shift has the potential to accelerate global adoption by making decentralized finance accessible without requiring technical expertise.

As stablecoins, scalable blockchain networks, account abstraction, and AI continue to mature, embedded DeFi could become the standard financial layer beneath digital experiences—from shopping and gaming to social media and international payments.

The most successful blockchain products of the next decade may not be the ones with the most visible crypto features, but the ones where users never have to think about blockchain at all.

Conclusion

Embedded DeFi represents a major step toward mass adoption by hiding complexity while preserving the benefits of decentralized finance. Instead of asking users to navigate wallets, bridges, and gas fees, future applications will quietly deliver faster payments, smarter savings, global access, and programmable financial services within the apps people already trust.

The future of finance isn’t just decentralized—it’s seamlessly embedded into everyday digital life. When blockchain becomes invisible and financial experiences become effortless, DeFi will move beyond a niche technology and become an essential part of how the world interacts with money.

The company’s STORJ token fell 16% to about 6 cents. Almost $20 million worth of the token changed hands against a market value of about $27 million, meaning close to the entire supply turned over in a day. The token is down 79% over the past year and 98% from its March 2021 peak of $3.81.

The restructuring proposal contains a provision rarely seen in bankruptcy: Storj said it plans to share ownership of the reorganized company among management, token holders and investors.

Token holders normally have no legal claim on an issuer and receive nothing in a Chapter 11 process.

The filing extends an unusually heavy week. BitMEX, the exchange that invented the perpetual swap, said on July 23 it would shut down after 11 years, with daily volume down to roughly $400,000 and its BMEX token falling more than 90%.

Its parent, HDR Global Trading, said the platform was not insolvent and that assets exceeded liabilities, pointing instead to a strategic review that followed some $200 million in regulatory fines and a sale process that found no buyer.

BitMart announced its own wind-down on Sunday, halting new deposits and trading orders immediately, ending all trading on Aug. 26 and setting a January 2027 closure, with its BMX token down 58% on the news.

Japan has moved closer to easing its cryptocurrency leverage trading rules after a senior ruling party lawmaker said the current 2x cap is too restrictive for market liquidity and price discovery.

According to Nikkei, Seiji Kihara, who heads the Liberal Democratic Party’s Next Generation AI and On-Chain Finance Project Team, said during a financial conference in Tokyo on July 14 that Japan’s current leverage limit on crypto trading is limiting market activity and should be relaxed as part of the country’s ongoing digital asset reforms.

Speaking at the event, Kihara said the existing two-times leverage cap is “too strict” and argued that a healthy market requires enough liquidity and an effective price discovery mechanism. He said easing the restriction is a natural step if Japan wants to strengthen its cryptocurrency market.

His comments add another piece to Japan’s wider regulatory overhaul, which has gathered pace in recent months as lawmakers move crypto regulation closer to the country’s traditional financial markets.

Japan considers higher crypto leverage limits

Kihara’s project team is working on policy changes that would adjust existing regulations governing cryptocurrency trading. According to Nikkei, the proposal is intended to encourage more capital to return to Japan’s domestic crypto market by improving trading activity and liquidity.

Leverage trading allows investors to borrow funds against collateral deposited in their trading accounts, enabling them to control positions larger than the capital they initially commit. Japan currently limits leverage to two times the value of posted margin, one of the strictest caps among major crypto markets.

Kihara argued during the conference that active markets rely on sufficient liquidity and efficient price discovery, adding that relaxing leverage restrictions would help support those functions. While he outlined the project’s direction, Nikkei did not report a specific timetable for introducing revised rules.

The comments also come as policymakers continue discussing how digital assets should fit within Japan’s broader financial system instead of remaining under a framework originally designed for payment services.

Financial reforms continue to reshape Japan’s crypto market

The discussion over leverage follows major legislative changes approved earlier this month.

As previously reported by crypto.news, Japan enacted amendments to the Financial Instruments and Exchange Act that reclassify cryptocurrencies as financial products instead of treating them primarily as payment instruments under the Payment Services Act.

The legislation introduces insider trading rules for crypto transactions, requires annual disclosures from issuers of certain crypto assets and increases penalties for businesses operating without registration.

According to CoinPost, the maximum prison sentence for operating an unregistered crypto business will increase from three years to 10 years, while the maximum fine will rise from 3 million yen to 10 million yen.

The amended law also establishes the legal basis for separate taxation of crypto gains at an effective rate of about 20%, together with a three-year loss carry-forward deduction. Those tax changes are expected to take effect in January 2028 because enforcement is scheduled during the 2027 fiscal year, according to CoinPost.

Although cabinet ordinances and supervisory guidelines are still required before the new framework is fully implemented, the legislation has laid the legal foundation for several additional market reforms.

Bitcoin ETF plans continue to gather momentum

The same legislative changes have also advanced Japan’s plans for domestic cryptocurrency exchange-traded funds.

Earlier this month, crypto.news reported that the Financial Services Agency is preparing revisions to investment trust rules that would allow ETFs and investment trusts to hold crypto assets directly. According to Nikkei, the first domestic Bitcoin ETF could launch as early as 2028 once the regulatory framework is completed.

The legal amendments themselves do not authorize immediate ETF listings. Instead, regulators still need to finalize detailed investment trust rules before asset managers can introduce products that directly invest in cryptocurrencies.

Japan Exchange Group Chief Executive Hiroki Yamamichi previously said a crypto ETF could be introduced once the legal framework and tax treatment are completed.

Several large financial institutions have already begun preparing products ahead of the rule changes. Previous reporting has shown that SBI Securities, Rakuten Securities, Nomura, Daiwa, Asset Management One and firms affiliated with SMBC are studying crypto investment products that could enter the market after regulators complete the framework.

Beyond spot Bitcoin ETFs, SBI Global Asset Management has also explored funds focused on highly liquid cryptocurrencies, including Bitcoin and Ethereum, while Osaka Exchange has discussed launching Bitcoin futures if spot ETFs become legal.

Government continues expanding its Web3 strategy

The leverage discussion also fits within Japan’s broader effort to develop its digital asset sector alongside startup and technology policies.

Earlier this month, Prime Minister Sanae Takaichi told attendees at WebX 2026 that Web3 forms part of Japan’s national innovation strategy rather than serving as a standalone cryptocurrency initiative. Her remarks focused on encouraging collaboration between startups, investors and technology companies, although they did not include new funding commitments or immediate regulatory announcements.

Separately, Japan’s Comprehensive Startup Support Package and the government’s five-year startup plan continue supporting investment into emerging technology companies while lawmakers advance crypto-specific reforms covering taxation, market conduct and investment products.

If leverage limits are eventually revised, the change would add another regulatory adjustment alongside the country’s new financial product classification for crypto assets, proposed tax reforms and the ongoing work to establish a domestic Bitcoin ETF framework.

For now, however, Nikkei reported that Kihara’s project team remains focused on preparing policy changes designed to improve market liquidity and attract cryptocurrency trading activity back to Japan without announcing when those proposals could be implemented.

POSCO International is testing blockchain-based trade finance with LG CNS and Injective.

The South Korean trading company has placed receivables from real commercial transactions into a proof-of-concept system that can issue, transfer and settle the claims onchain.

The trial uses trade data from POSCO International’s overseas subsidiaries and their counterparties, rather than simulated invoices. The companies aim to create one shared record for buyers, sellers and financing partners while keeping compliance rules linked to each digital claim.

POSCO tests real commercial receivables on Injective

Trade receivables are amounts that customers owe after a company delivers goods or services. Businesses often record the same invoice across separate systems. Each party must check documents and payment status before settlement.

CoinDesk reported that the pilot covers live trade between POSCO units and outside counterparties. The partners are using Injective, a layer-1 blockchain built for financial applications, to test the issuance, transfer and settlement of the claims. A Korean business report said the project also tests AI-based trade-document processing.

POSCO International recorded 32.37 trillion won in 2025 sales, according to its. Its operations cover steel, energy and battery materials. However, the companies have not disclosed the total value or number of receivables entered into the system. 

A POSCO spokesperson said the proof of concept “validated the applicability of AI and blockchain technology based on real trade data and processes.” However, the companies have not published figures on processing speed, costs, error rates or settlement savings. POSCO plans to consider live production after the test phase later this year.

Shared ledger targets slow reconciliation work

The project aims to replace separate invoice records with a common ledger. Approved participants can view the same transaction status and ownership history. The system can also carry conditions that control who may receive or transfer a tokenized receivable.

This structure could reduce repeated checks when a shipment, invoice or payment moves between countries. It may also give banks and financing firms a clearer record when they assess a receivable for early payment. However, the pilot does not remove legal agreements, identity checks, accounting rules or local trade requirements.

Tokenization turns a financial or commercial claim into a digital record on a blockchain. In this case, the token represents money owed to POSCO International or one of its subsidiaries. It does not represent POSCO shares or give a holder ownership in the company.

The project has not announced an open market for the receivables or said whether outside investors will buy them. The current test focuses on business processes, transfers and settlement between approved parties rather than public trading.

LG CNS brings experience from Korean finance projects

LG CNS serves as the technology partner. The LG Group company has built blockchain systems for financial institutions. It also took part in the Bank of Korea’s central bank digital currency work and operates tokenization platforms for Koscom and Mirae Asset Securities. (

Injective supplies the blockchain layer used to record and move the receivables. The partners have not disclosed how they divide data between onchain records and private company systems. They also have not explained what access controls protect sensitive commercial information.

POSCO International has already tested blockchain in corporate funding. In April, it announced South Korea’s first foreign-currency digital bond issued by a non-financial company. The company said blockchain reduced the bond’s settlement period from five days to three. 

The receivables pilot moves that work into daily trade finance. Bonds raise funds from investors, while receivables arise from normal sales. Both projects use digital records to shorten processing and provide a shared view of ownership and settlement.

South Korean companies expand corporate blockchain tests

The POSCO project follows other corporate blockchain trials in South Korea. As crypto.news previously reported, Hyundai Motor’s U.S. and Mexican operations completed a $20,000 treasury payment using USDT on Avalanche. The companies said the transfer took about seven minutes. 

Meanwhile, Circle signed agreements with Kakao Group and Toss to study stablecoin payments, remittances and merchant settlement in South Korea. Separately, Mirae Asset placed tokenization, security tokens and stablecoins within the strategy for its newly renamed Digital X business.

POSCO’s pilot differs because it places a business claim onchain rather than sending a stablecoin payment. The receivable can carry ownership information and compliance conditions before payment occurs. A stablecoin may later serve as the settlement asset, but the companies have not announced that step.

The partners have not released technical documents, contract addresses or a production date. They also have not named participating banks or counterparties. POSCO is expected to decide whether to apply the system across more subsidiaries after completing the testing process.