New in Town: China's No. 1 charcoal BBQ opens 1st SEA outlet in Bugis
The Singapore outlet is located on Level 4 of Bugis+, and the brand is in the process of expanding into other SEA countries like Malaysia and Indonesia.
Originating as a pushcart in Xita, Shenyang 20 years ago, the brand was started by a Korean lady affectionately dubbed Xita Lao Tai Tai (Xita old lady) by the locals. It's most well-known for its flavourful meats made based on her recipes cooked over a special Korean-influenced Clay Stove Barbecue.
Using over 28 house-made marinades, the restaurant promises customers an incredible tasting experience with their tender seasoned meats. The charcoal also gives the meat a strong smoky aroma due its ability to produce a higher level of heat compared to normal stoves.
Xita Lao Tai Tai's signatures are the Pineapple Glazed Beef Rib Finger (S$34.90, Member S$29.90) and Xita Fatty Beef Short Plate (S$27.90, Member S$20.90). Join the brand's membership to enjoy exclusive discounts on these dishes and more.
Served (and marinated) with chopped pineapple, the Pineapple Beef is thick and tender with a hint of tang. Meanwhile, the Beef Short Plate is fattier and softer with a faint sweetness.
Mix and dip these in the Signature Sesame Dip which contains 10 ingredients that include coriander and onions. It provides each slice with a fragrant nuttiness to match the savoury.
The leaner Flagship Feather Blade Steak (S$36.90, Member S$33.90) was thick and best eaten medium rare. Meanwhile, we found the Marbled Beef Short Rib (S$44.90, Member S$38.90) melt-in-the-mouth rich; it had a more obvious marbling and more fat.
Other beef dishes served by Xita Lao Tai Tai include the Special Marinated Beef Rib Finger (S$33.90, Member S$29.90) and Xita Specialty Sliced Beef Chuck (S$30.90, Member S$23.90). These were thinly sliced, tender and on the sweet side.
We also tried non-beef dishes like Special Marinated Pork Collar (S$35.90, Member 30.90) and Thick Cut Pork Belly (S$28.90, Member S$24.90). The former's high-fat content made it firm yet tender and juicy. It wasn't seasoned heavily, which meant the natural flavours of the pork were able to shine through with each bite. The Pork Belly's alternating ribbons of fat and meat on the other hand made it meatier than the Pork Collar.
Don't skip out on Xita Lao Tai Tai's non-barbeque dishes. If you're peckish for noodles, go for the Cold Buckwheat Noodles (S$16.90, Member S$13.90). The naengmyeon is super chewy and bouncy and accompanied by a refreshingly tangy chilled broth. Grab a cold drink such as the Lychee Squash (S$6.50) or the Iced Korean Tea (S$5.80) to counter the fiery charcoal heat.
Signature sides or liangcai/banchan (depending on which language you prefer referring to them with) like kimchi, mashed potato and lettuce are free-flow. You can also purchase additional side dishes like the Lady Finger with Pickled Chilli (S$9.90, Member S$7.90) and Cold Dressed Chicken (S$12.90, Member S$12.90). The Spicy Chicken Wings (S$14.90, Member S$12.90) is also a nice side snack with a spicy kick to elevate your meal.
Would you like to try Xita Lao Tai Tai, China's best charcoal BBQ brand?
New in town: Free-flow banchan buffet at cinema-themed Korea Culture
The post New in Town: China's No. 1 charcoal BBQ opens 1st SEA outlet in Bugis appeared first on SETHLUI.com.
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Business Wire
11 hours ago
- Business Wire
International Seaways Reports Second Quarter 2025 Results
NEW YORK--(BUSINESS WIRE)--International Seaways, Inc. (NYSE: INSW) (the 'Company,' 'Seaways,' or 'INSW'), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products, today reported results for the second quarter 2025. HIGHLIGHTS & RECENT DEVELOPMENTS Quarterly Results: Net income for the second quarter of 2025 was $62 million, or $1.25 per diluted share. Adjusted net income (1), defined as net income excluding special items, for the second quarter of 2025 was $50 million, or $1.02 per diluted share, which excludes a gain on vessel sales in connection with the fleet optimization described below. Adjusted EBITDA (1) for the second quarter or 2025 was $102 million. Fleet Optimization Program: Sold or agreed to sell six vessels with an average age of 17.5 years. Two 2007-built MRs were sold at the end of the second quarter for proceeds of $28 million, net of fees and commissions. The remaining four vessels, three 2008-built MRs and one 2006-built LR1, are expected to deliver during the third quarter for proceeds of approximately $57 million. Agreed to purchase 2020-built scrubber-fitted VLCC for $119 million, delivering during the fourth quarter. Healthy Balance Sheet: Total liquidity was approximately $709 million as of June 30, 2025, including cash of $149 million and $560 million undrawn revolving credit capacity. Repaid $36 million in outstanding revolving credit facilities. Net loan-to-value remained low at approximately 14% as of June 30, 2025. Secured a $240 million financing commitment for our LR1 newbuildings through a Korean export agency-backed structure with DNB Bank and K-SURE. Closing is expected in August 2025, subject to finalization of documentation. Funds to be drawn at each vessel's delivery. The structure includes two tranches, combining for a 20-year amortization profile and a blended margin of 125 basis points over a 12-year stated maturity. Returns to Shareholders: Paid a combined $0.60 per share in regular and supplemental dividends in June 2025. Declared a combined dividend of $0.77 per share to be paid in September 2025, representing 75% of adjusted net income (1). 23 rd consecutive quarterly dividend and 4th consecutive quarter with a payout ratio of at least 75%. Lois K. Zabrocky, International Seaways President and CEO commented, 'We continue to make meaningful progress in executing our disciplined capital allocation strategy by selling six of our oldest vessels and purchasing modern tonnage, strengthening our balance sheet and returning cash to shareholders. Since instituting our supplemental dividends in the fourth quarter of 2022, Seaways dividends aggregate to $15.25 per share, including our June declared dividend, which equates to an annualized yield of nearly 14% on our market capitalization over that period. Our balance sheet has the strength to withstand the volatility of the tanker markets, and combined with our enhanced scale through pool employment, the Company is well positioned to continue executing on fleet renewal and delivering long-term value to shareholders.' Ms. Zabrocky continued, 'While the current geopolitical environment continues to create uncertainty for the global economy and tanker markets, we expect oil demand to continue to grow in the near term, supported by production growth from both the Americas and OPEC+. Oil inventories and strategic reserves remain well below their historical levels. We expect these factors to create regional imbalances, growing distances between production, processing and end-user consumption, that support demand for seaborne transportation. Tanker supply may decline as the vessels delivering into the fleet is only 30% of the vessels expected to be removed from the compliant trade.' Jeff Pribor, the Company's CFO stated, 'Seaways continues to deliver on its commitment to balanced capital allocation. During the quarter, we sold two older vessels, realizing annualized returns of nearly 50% since acquiring them in 2021. Over the past year, we have returned 75% or more of our adjusted net income to shareholders through dividends. We also secured attractive financing for our LR1 newbuildings that begin delivering in the third quarter. Importantly, we maintain our financial strength and flexibility, with over $560 million of undrawn revolving capacity, to support our growth platform and enable us to navigate through the tanker cycle. With over $700 million in total liquidity, we are positioned to capitalize on strategic opportunities that enhance our fleet while optimizing returns to shareholders.' SECOND QUARTER 2025 RESULTS Net income for the second quarter of 2025 was $62 million, or $1.25 per diluted share, compared to net income of $145 million, or $2.91 per diluted share, for the second quarter of 2024. The decrease in results was primarily driven by lower TCE revenues (1) from spot earnings of approximately $13,000 per day across the total fleet and lower gains on vessel sales. Shipping revenues for the second quarter were $196 million, compared to $257 million for the second quarter of 2024. Consolidated TCE revenues (1) for the second quarter were $189 million, compared to $252 million for the second quarter of 2024. Adjusted EBITDA (1) for the second quarter was $102 million, compared to $167 million for the second quarter of 2024. Crude Tankers Shipping revenues for the Crude Tankers segment were $104 million for the second quarter of 2025, compared to $125 million for the second quarter of 2024. TCE revenues (1) were $99 million for the second quarter, compared to $121 million for the second quarter of 2024. This decrease was attributable to average spot earnings of the VLCC, Suezmax and Aframax sectors of approximately $39,300, $36,800 and $30,700 per day, respectively, compared with approximately $46,400, $45,000 and $31,500 per day, respectively, during the second quarter of 2024. Product Carriers Shipping revenues for the Product Carriers segment were $92 million for the second quarter of 2025, compared to $132 million for the second quarter of 2024. TCE revenues (1) were $90 million for the second quarter of 2025, compared to $131 million for the second quarter of 2024. The decrease is primarily attributable average spot earnings in the LR1 and MR classes of approximately $32,800 and $18,900 per day, respectively, compared with approximately $53,000, and $35,000 per day, respectively in the second quarter of 2024. FLEET OPTIMIZATION PROGRAM During the second quarter of 2025, the Company sold two 2007-built vessels for net proceeds of approximately $28 million. In the third quarter, another four vessels are expected to be sold for aggregate gross proceeds of approximately $57 million. In August 2025, the Company agreed to purchase a 2020-built, scrubber-fitted VLCC for $119 million that is expected to deliver during the fourth quarter of 2025. The vessel purchase is expected to be funded by proceeds from vessel sales and available liquidity. In the first quarter of 2025, the Company concluded a vessel swap to exchange two of our oldest VLCCs and $3 million in cash for three 2015-built MRs through a series of individual vessel sales and purchase agreements with the same counterparty. Due to the timing of the transactions, the Company received net proceeds during the first quarter of 2025 of $50 million and paid $53 million in the fourth quarter of 2024. As of July 1, 2025, the Company has 14 vessels on time charter agreements with an average duration of 1.7 years and total future contracted revenues through expiry of approximately $261 million, excluding any applicable profit share. The Company has contracts to build six scrubber-fitted, dual-fuel (LNG) ready, LR1 vessels in Korea with K Shipbuilding Co, Ltd at a total price of approximately $359 million. As of June 30, 2025, the Company has approximately $300 million in remaining construction commitments, which are expected to be paid through a combination of long-term financing and available liquidity. The vessels are contracted to be delivered beginning in the third quarter of 2025 through the third quarter of 2026. These vessels are expected to deliver into our niche Panamax International Pool, which has consistently outperformed the market. BALANCE SHEET ENHANCEMENTS In the first half of 2025, the Company repaid $117 million on its revolving credit facilities, composed of $69 million, primarily borrowed for timing differences in connection with the vessel swap and $48 million to offset capacity reductions in our revolving credit facilities. During July 2025, the Company repaid $27 million outstanding on its revolving credit facilities. In April 2025, the Company tendered an irrevocable notice of its intention to exercise purchase options on its sale leaseback arrangements with Ocean Yield Lease Financing, secured by six VLCCs. The aggregate outstanding will be $258 million at the time of payment in November 2025. While the Company is exploring financing alternatives, it can draw on its $560 million in available revolving credit facilities to fully fund those purchase options. In accordance with applicable accounting guidelines, the Company is required to classify the outstanding balance of the Ocean Yield Lease Financing at June 30, 2025, net of unamortized deferred financing charges, aggregating $267 million, within the current portion of debt. RETURNING CASH TO SHAREHOLDERS In June 2025, the Company paid a combined dividend of $0.60 per share of common stock, composed of a regular quarterly dividend of $0.12 per share of common stock and a supplemental dividend of $0.48 per share. On August 5, 2025, the Company's Board of Directors declared a combined dividend of $0.77 per share of common stock, composed of a regular quarterly dividend of $0.12 per share of common stock and a supplemental dividend of $0.65 per share of common stock. Both dividends will be paid on September 24, 2025, to shareholders with a record date at the close of business on September 10, 2025. The Company currently has $50 million authorized under its share repurchase program, which expires at the end of 2025. (1) This is a non-GAAP financial measure used throughout this press release; please refer to the section 'Reconciliation to Non-GAAP Financial Information' for explanations of our non-GAAP financial measures and the reconciliations of reported GAAP to non-GAAP financial measures. CONFERENCE CALL The Company will host a conference call to discuss its second quarter 2025 results at 9:00 a.m. Eastern Time on Wednesday, August 6, 2025. To access the call, participants should dial (833) 470-1428 for domestic callers and (929) 526-1599 for international callers and entering 323370. Please dial in ten minutes prior to the start of the call. A live webcast of the conference call will be available from the Investor Relations section of the Company's website at An audio replay of the conference call will be available until August 13, 2025, by dialing (866) 813-9403 for domestic callers and +44 204 525 0658 for international callers, and entering Access Code 945806. ABOUT INTERNATIONAL SEAWAYS, INC. International Seaways, Inc. (NYSE: INSW) is one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets. International Seaways owns and operates a fleet of 79 vessels, including 11 VLCCs, 13 Suezmaxes, five Aframaxes/LR2s, 12 LR1s (including six newbuildings), and 38 MR tankers. International Seaways has an experienced team committed to the very best operating practices and the highest levels of customer service and operational efficiency. International Seaways is headquartered in New York City, NY. Additional information is available at Forward-Looking Statements This release contains forward-looking statements. In addition, the Company may make or approve certain statements in future filings with the U.S. Securities and Exchange Commission (the 'SEC'), in press releases, or in oral or written presentations by representatives of the Company. All statements other than statements of historical facts should be considered forward-looking statements. These matters or statements may relate to plans to issue dividends, the Company's prospects, including statements regarding vessel acquisitions, expected synergies, trends in the tanker markets, and possibilities of strategic alliances and investments. Forward-looking statements are based on the Company's current plans, estimates and projections, and are subject to change based on a number of factors. Investors should carefully consider the risk factors outlined in more detail in the Annual Report on Form 10-K for 2024 for the Company, the Form 10-Q for the first quarter and second quarters of 2025, and in similar sections of other filings made by the Company with the SEC from time to time. The Company assumes no obligation to update or revise any forward-looking statements. Forward-looking statements and written and oral forward-looking statements attributable to the Company or its representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by the Company with the SEC. Category: Earnings Consolidated Balance Sheets ($ in thousands) June 30, December 31, 2025 2024 (Unaudited) ASSETS Current Assets: Cash and cash equivalents $ 148,807 $ 157,506 Voyage receivables 150,210 185,521 Other receivables 19,734 13,771 Inventories 522 1,875 Prepaid expenses and other current assets 11,881 15,570 Current portion of derivative asset 1,240 2,080 Total Current Assets 332,394 376,323 Vessels and other property, less accumulated depreciation 1,961,517 2,050,211 Vessels construction in progress 62,734 37,020 Deferred drydock expenditures, net 101,554 90,209 Operating lease right-of-use assets 12,462 21,229 Pool working capital deposits 35,859 35,372 Long-term derivative asset 99 801 Other assets 16,596 25,232 Total Assets $ 2,523,215 $ 2,636,397 LIABILITIES AND EQUITY Current Liabilities: Accounts payable, accrued expenses and other current liabilities $ 55,008 $ 66,264 Current portion of operating lease liabilities 7,874 14,617 Current installments of long-term debt 287,451 50,054 Total Current Liabilities 350,333 130,935 Long-term operating lease liabilities 6,598 8,715 Long-term debt 259,804 638,353 Other liabilities 6,701 2,346 Total Liabilities 623,436 780,349 Equity: Total Equity 1,899,779 1,856,048 Total Liabilities and Equity $ 2,523,215 $ 2,636,397 Expand Consolidated Statements of Cash Flows ($ in thousands) Six Months Ended June 30, 2025 2024 (Unaudited) (Unaudited) Cash Flows from Operating Activities: Net income $ 111,211 $ 289,213 Items included in net income not affecting cash flows: Depreciation and amortization 81,054 70,670 Amortization of debt discount and other deferred financing costs 1,966 2,059 Stock compensation 3,790 3,633 Other – net 206 (433 ) Items included in net income related to investing and financing activities: Gain on disposal of vessels and other assets, net (21,250 ) (27,903 ) Payments for drydocking (43,451 ) (24,425 ) Insurance claims proceeds related to vessel operations 871 888 Changes in operating assets and liabilities 21,329 10,679 Net cash provided by operating activities 155,726 324,381 Cash Flows from Investing Activities: Expenditures for vessels, vessel improvements and vessels under construction (100,878 ) (202,875 ) Security deposits returned for vessel exchange transactions 5,000 — Proceeds from disposal of vessels and other property, net 143,167 48,043 Expenditures for other property (553 ) (801 ) Investments in short-term time deposits — (75,000 ) Proceeds from maturities of short-term time deposits — 135,000 Pool working capital deposits (250 ) (782 ) Net cash provided by/(used in) investing activities 46,486 (96,415 ) Cash Flows from Financing Activities: Borrowings on revolving credit facilities 20,000 50,000 Repayments on revolving credit facilities (137,200 ) — Repayments of debt — (39,851 ) Payments on sale and leaseback financing (24,639 ) (24,325 ) Payments of deferred financing costs (87 (5,759 ) Cash dividends paid (64,115 ) (151,595 ) Cash paid to tax authority upon vesting or exercise of stock-based compensation (4,870 ) (7,055 ) Net cash used in financing activities (210,911 ) (178,585 ) Net (decrease)/increase in cash, cash equivalents and restricted cash (8,699 ) 49,381 Cash and cash equivalents at beginning of year 157,506 126,760 Cash and cash equivalents at end of period $ 148,807 $ 176,141 Expand Spot and Fixed TCE Rates Achieved and Revenue Days The following tables provides a breakdown of TCE rates achieved for spot and fixed charters and the related revenue days for the three months ended June 30, 2025 and the comparable period of 2024. The information in these tables excludes commercial pool fees/commissions averaging approximately $847 and $858 per day for the three months ended June 30, 2025 and 2024, respectively. (a) In May 2025, the 2010-built Seaways Raffles delivered into the Tankers International 15-plus pool, which is excluded from the average spot TCE rate presented in the table above. If the 15-plus pool was included, the average VLCC TCE spot rate would be $38,403 per day on 704 revenue days. Revenue days in the above table exclude days related to full service lighterings and certain of the Company's vessels that were employed in transitional voyages. During the 2025 and 2024 periods, each of the Company's LR1s participated in the Panamax International Pool and transported crude oil cargoes exclusively. Fleet Information As of June 30, 2025, INSW's fleet totaled 81 vessels, of which 67 were owned and 14 were chartered in. (1) Includes bareboat charters, but excludes vessels chartered in where the duration of the charter was one year or less at inception. Reconciliation to Non-GAAP Financial Information The Company believes that, in addition to conventional measures prepared in accordance with GAAP, the following non-GAAP measures may provide certain investors with additional information that will better enable them to evaluate the Company's performance. Accordingly, these non-GAAP measures are intended to provide supplemental information, and should not be considered in isolation or as a substitute for measures of performance prepared with GAAP. Adjusted Net Income Adjusted net income consists of net income adjusted for the impact of certain items that we do not consider indicative of our ongoing operating performance. This measure does not represent or substitute net income or any other financial item that is determined in accordance with GAAP. While adjusted net income is frequently used as a measure of operating results and performance, it may not be necessarily comparable with other similarly titled captions of other companies due to differences in methods of calculation. The following table reconciles net income, as reflected in the condensed consolidated statement of operations, to adjusted net income: EBITDA and Adjusted EBITDA EBITDA represents net income before interest expense, income taxes, and depreciation and amortization expense. Adjusted EBITDA consists of EBITDA adjusted for the impact of certain items that we do not consider indicative of our ongoing operating performance. EBITDA and Adjusted EBITDA do not represent, and should not be a substitute for, net income or cash flows from operations as determined in accordance with GAAP. Some of the limitations are: (i) EBITDA and Adjusted EBITDA do not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments; (ii) EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs; and (iii) EBITDA and Adjusted EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our debt. While EBITDA and Adjusted EBITDA are frequently used as a measure of operating results and performance, neither of them is necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation. The following table reconciles net income as reflected in the condensed consolidated statements of operations, to EBITDA and Adjusted EBITDA: Time Charter Equivalent (TCE) Revenues Consistent with general practice in the shipping industry, the Company uses TCE revenues, which represents shipping revenues less voyage expenses, as a measure to compare revenue generated from a voyage charter to revenue generated from a time charter. Time charter equivalent revenues, a non-GAAP measure, provides additional meaningful information in conjunction with shipping revenues, the most directly comparable GAAP measure, because it assists Company management in making decisions regarding the deployment and use of its vessels and in evaluating their financial performance. Reconciliation of TCE revenues of the segments to shipping revenues as reported in the condensed consolidated statements of operations follow:
Skift
12 hours ago
- Skift
South Korea Offers Visa-Free Entry for Chinese Group Tours from September
By lifting visa requirements for Chinese tour groups, South Korea expects to attract more visitors, boosting arrivals and spending, and potentially surpassing pre-pandemic tourism figures. South Korea is ready to roll out the welcome mat for Chinese tour groups this fall. Starting September 29 and running through June 30, next year, Chinese visitors traveling in organized groups will no longer need a visa to enter the country, the prime minister's office announced on Wednesday. The move comes just under a year after China lifted its own visa rules for South Korean nationals. It marks the broadest easing of entry rules for Chinese travelers since the pandemic, and offers a clear sign that both capitals are looking to deepen ties through tourism. It's unclear the duration for which the tourists can stay visa free in the country as the government has yet to announce the maximum duration for group tourists under the new policy. In November 2024, China surprised many by adding South Korea to its visa-free list for stays up to 15 days. 'With Korea's inbound tourism market recovering rapidly, the new visa waiver policy is expected to generate additional demand from Chinese tourists and contribute to revitalizing regional economies and boosting domestic demand,' a government statement said. Earlier, Chinese group travelers could only visit Jeju Island visa-free, and only for up to 30 days. A brief window of exemptions for group tours during the 2018 Winter Olympics in Gangwon Province offered limited scope. But this new policy applies nationwide, no matter how visitors arrive. According to Skift Research's 2025 Travel Outlook Survey, travelers from India and China lead in plans to spend on travel. Tourism by the Numbers Tourism is staging a strong comeback for South Korea. Last year, the country welcomed 16.37 million international visitors, a 48% increase over 2023, though still 6.5% below its pre-pandemic peak. Chinese tourists led the way with 4.6 million arrivals. In the first half of 2025, 8.83 million overseas visitors came to Korea, almost 15% more than a year earlier and already above pre-pandemic levels. Of these, Chinese tourists made up the biggest share with 2.53 million arrivals. Seoul hopes to draw 5.36 million Chinese visitors this year, closing in on the 6.02 million recorded in 2019. A World Travel & Tourism Council report released last year said the tourism industry in South Korea was projected to account for 4.3% of the nation's economy. In 2024, foreign visitors spent more money than ever, pouring 9.26 trillion won ($6.9 billion) into the local economy in 2024, around 43% more compared to the year before. The Bank of Korea estimates that every additional million Chinese tourists could lift GDP by up to 0.08 percentage points. Incheon Airport data show that routes between Korea and China saw 4.68 million passengers in the first five months of 2025, a nearly 25% jump compared to last year. The top-visited destinations for Chinese travelers are Singapore, Japan, and South Korea, according to China Trading Desk's second quarter survey released in June. More than 100 countries enjoy visa-exemption privileges in South Korea, under pacts based on reciprocity or national interest. Depending on the country, stays range from 30 days to up to six months for countries like Canada. More Than Just Visas South Korea isn't stopping at visa waivers. It plans to speed up immigration for key visitors to conferences, trade shows, and exhibitions. Under the new plan, any international event with at least 300 foreign participants (down from 500) will qualify attendees for fast-track lanes at immigration. This should help Korea's push to be a top-tier destination for meetings, incentives, conferences and exhibitions. Medical tourism is getting a boost too. Agencies that refer 500 or more foreign patients will now be able to handle electronic visas. Korean carriers are boosting capacity across Asia, launcing new routes and adding flights to Japan, China and Southeast Asia. This month, Korean Air increased its weekly China service from 188 to 194 flights, this is about 90% of its pre-pandemic schedule. Since May, Asiana has added 26 weekly flights to China. Low-cost carrier Jeju Air now offers seven weekly services to China. South Korea's foreigners-only casinos have also been witnessing a significant rise in their sales revenue with the return of high rollers from China and Japan. Paradise Co, the largest such operator in Korea, saw its casino revenues climb by more than 50% in March 2025 compared to the year before, posting 81 billion won ($58 million) in casino revenue, according to the Korea Economic Daily.
Yahoo
17 hours ago
- Yahoo
Ripple's Partnership With BDACS Pays Off as XRP Support Goes Live at Korean Crypto Custodian
XRP is now live on BDACS, a regulated crypto custodian for South Korean institutions, marking the first concrete outcome of Ripple's custody partnership announced in February. BDACS talked about the launch in a post made Aug. 5 on X. The firm said it will offer custody support for XRP, which it described as one of the most popular digital assets in South Korea. This update follows a partnership announced Feb. 26 with Ripple, the U.S.-based blockchain company that developed the XRP Ledger and its native token. When the partnership was announced in February, BDACS said the deal aligned with South Korea's Financial Services Commission roadmap, which seeks to expand institutional participation in the country's digital asset market. At the time, the firm said it would support both XRP and RLUSD, Ripple's U.S. dollar–denominated stablecoin, using Ripple Custody, a software platform built for institutions to store and manage digital assets securely. The Aug. 5 launch puts that plan into effect, giving institutional clients regulated access to XRP in South Korea. In the Feb. 26 press release, BDACS said the partnership was intended to support developers building on the XRP Ledger and help expand use cases for tokenization and stablecoin adoption. The firm also cited research projecting that crypto custody could reach $16 trillion in assets by 2030 and that 10% of global GDP could be tokenized by then. At the time, Fiona Murray, Ripple's managing director for the Asia-Pacific region, said the collaboration came amid rising market activity and evolving regulatory conditions in South Korea. BDACS CEO Harry Ryoo said the firm aimed to provide secure and compliant custody services to support Ripple's blockchain initiatives. XRP is the native token of the XRP Ledger, a layer 1 blockchain designed for low-cost, scalable transfers of digital and tokenized assets. RLUSD is Ripple's stablecoin, backed by dollar reserves and targeted at enterprise and financial institutions. BDACS has also partnered with Avalanche, Polymesh and Woori Bank, and participates in projects within the blockchain regulation-free zone in Busan. In its February release, the firm said its collaboration with Ripple supported efforts to expand institutional custody services under Korea's regulatory framework. As of the time of writing, XRP was trading at $2.97, down 3.4% in the past 24 hours, according to CoinDesk Data.
