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Crypto

XRP seen as possible BIS Tier-1 asset, raising talk of a move to $22

Discussion about a sharp rise in XRP has intensified amid expectations that the Bank for International Settlements (BIS) could in the future classify XRP as a Tier-1 asset. Digital Ascension Group CEO Jake Claver said XRP could secure global reserve-currency status over the long term and might be recognised by the BIS as Tier-1. Basel rules treat Tier-1 assets as top safe assets such as cash reserves, high-grade sovereign bonds and physical gold. Google’s Gemini projected XRP could trade at $15 to $22 if such a shift occurs by 2026, though there is no official route under current BIS rules.

Finance

NongHyup head Kang Ho-dong scrutinised over overseas trip lodging costs, double pay

A special audit by South Korea’s Ministry of Agriculture, Food and Rural Affairs said NongHyup Chairman Kang Ho-dong repeatedly exceeded a daily lodging cap on five overseas trips, spending an additional 40 million won, including stays in five-star suite rooms costing more than 2 million won a night. The ministry is reviewing ways to recover the funds. It also cited possible legal issues over undisclosed expense spending and is examining the appropriateness of Kang’s dual roles and pay.

Finance

KOSPI sets another record high, closes slightly higher at 4,550s after swings

South Korea's KOSPI extended its winning streak to five sessions on Wednesday, closing up 0.03 percent at 4,552.37 and setting another record high close. The benchmark swung between losses and gains and briefly rose to an intraday record 4,622.32, topping 4,620 for the first time. Retail investors were net buyers, while foreigners and institutions sold. The Kosdaq fell 0.35 percent to 944.06.