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Crypto

Crypto firms face wave of closures as bear market cuts trading and investment

A prolonged downturn in the crypto market is driving restructurings and business closures, with at least five firms this week announcing service shutdowns or bankruptcy steps. FantasyTop, Everclear and Zero Network outlined plans to halt operations, while Syndicate Labs said it would close and Bitcoin Depot entered U.S. bankruptcy proceedings. The moves have highlighted worsening liquidity and profitability pressures, even as investor interest concentrates in a few areas.

Crypto

Bitcoin Depot halts ATM business after losing fee edge and facing regulatory burden

Bitcoin Depot, North America\'s largest bitcoin ATM operator, has halted its cryptocurrency ATM network after seeking bankruptcy protection in the United States. It filed for Chapter 11 in a Texas bankruptcy court and plans to pursue asset sales under court supervision. The company said financial performance deteriorated sharply, pressured by cheaper regulated apps, high costs to maintain more than 9,000 machines and stricter state-by-state rules. Fraud-related allegations and enforcement actions in Massachusetts and Connecticut also added to the strain.

Finance

Danal partners World K-Pop Center to build K-pop payment ecosystem for foreigners

Danal will expand payment infrastructure linking K-pop experiences, auditions, lodging and wider cultural activities based on its foreigners-only prepaid card K.ONDA. The company said on May 19 it signed a strategic partnership with World K-Pop Center to build an integrated payment ecosystem covering K-pop experiences, training, auditions and cultural life. Danal plans to supply K.ONDA to foreign tourists visiting the center and related lodging, overseas broadcasters and education institutions.