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Ripple cryptocurrency is seen in this illustration photo taken in Krakow, Poland on June 4, 2021. (Photo Illustration by Jakub Porzycki/NurPhoto via Getty Images)

Jakub Porzycki | Nurphoto | Getty Images

Blockchain firm Ripple has launched a Japan and Korea fund, aimed at driving innovation on the XRP Ledger as it continues to expand its presence in Asia-Pacific.

XRP is Ripple’s native cryptocurrency which is powered by the XRP Ledger, an open-source, public blockchain built for corporations. Ripple uses blockchain and crypto to facilitate real-time, cross-border payments.

The funds will go toward supporting corporate partnerships, developer grants, startup investments and community growth, Ripple said Tuesday in a statement. The XRPL Japan and Korea Fund is part of Ripple’s commitment to 1 billion XRP aimed at providing financial, technical, and business support for developers, which was announced in March 2022.

“The launch of this fund is a testament to Ripple’s strong belief in the potential of Japan and Korea as pivotal regional hubs for blockchain innovation,” said Emi Yoshikawa, vice president of strategic initiatives at Ripple, according to the statement.

The expansion comes as the crypto industry faces a “hostile regulatory environment” in the U.S., Ripple CEO Brad Garlinghouse told CNBC earlier this month.

Ripple CEO: Crypto industry in the U.S. dealing with 'hostile regulatory environment'

Ripple said last year that Asia-Pacific is “one of its fastest growing regions” and that it will continue to “prioritize the region for adoption of its crypto payment services.”

In April, Ripple partnered with Tokyo-based HashKey DX to bring XRPL-powered supply chain finance solutions to the Japanese market. It also launched SBI Ripple Asia in 2016, a joint venture with Japanese financial services company SBI Holdings, to drive the adoption of Ripple payments solutions in the region.

Ripple said the XRP Ledger will be used for issuing official Expo NFTs for millions of attendees at the World Expo 2025 in Osaka, Japan. Non-fungible tokens are unique virtual world objects that come in the form of artwork, audio or videos, and are stored and verified using blockchain technology

Ripple obtained a full license to operate in Singapore in October since establishing the city-state as its Asia-Pacific headquarters in 2017.

In April, Ripple announced it was launching a U.S. dollar stablecoin, which its president Monica Long said would “likely” happen this year.

The U.S. Securities and Exchange Commission in October dropped claims against Garlinghouse and co-founder Chris Larsen in its December 2020 lawsuit alleging Ripple had violated laws by selling XRP without first registering the token with the SEC.

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Tesla faces U.S. auto safety probe over faulty crash reporting

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Tesla faces U.S. auto safety probe over faulty crash reporting

Elon Musk, CEO of SpaceX and Tesla, attends the Viva Technology conference at the Porte de Versailles exhibition center in Paris on June 16, 2023.

Gonzalo Fuentes | Reuters

Elon Musk‘s Tesla is facing a federal probe by the National Highway Traffic Safety Administration after the U.S. auto safety agency found that the company was not reporting crashes as required.

According to documents posted to NHTSA’s website on Thursday, the agency’s Office of Defects Investigation had “identified numerous incident reports” from Tesla concerning crashes that had “occurred several months or more before the dates of the reports” to the agency.

The delayed reports were likely “due to an issue with Tesla’s data collection, which, according to Tesla, has now been fixed,” according to NHTSA’s explanation for the probe.

Automakers must report on collisions that occurred on publicly accessible roads in the U.S. that involved the use of either partially or fully automated driving systems in their cars within five days of the companies becoming aware of any crash.

The agency will now conduct an “audit query” to figure out if Tesla is in compliance with its reporting requirements, and to “evaluate the cause of the potential delays in reporting, the scope of any such delays, and the mitigations that Tesla has developed to address them.”

NHTSA will also investigate whether Tesla neglected to report any prior relevant collisions, and whether its reports submitted to the safety regulator “include all of the required and available data.”

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Tesla stock was little changed Thursday.

The company sells electric vehicles equipped with a standard Autopilot system, or premium Full Self-Driving Supervised option, which is also known as FSD, in the U.S. Both require a driver at the wheel ready to steer or brake at any time.

A site that tracks Tesla-involved collisions drawing on news reports, police records and federal data, TeslaDeaths.com, has found at least 59 fatalities resulting from crashes where Tesla Autopilot or FSD were a factor.

The new NHTSA probe comes as Musk, Tesla’s CEO, is trying to persuade investors that the company can become a global leader in autonomous vehicles, and that its self-driving systems are safe enough to operate fleets of robotaxis on public roads in the U.S.

A manned Tesla Robotaxi service launched in Austin, Texas in June, and the company is running another manned car service in the San Francisco Bay Area in California. Riders can book trips via the company’s Tesla Robotaxi app.

Tesla has not begun driverless ride-hailing operations that would make it directly comparable to Alphabet-owned Waymo, or Baidu’s Apollo Go and other autonomous vehicle competitors yet.

The company is facing a sales and profit decline, due, in part, to a consumer backlash against Musk’s incendiary political rhetoric, his work to re-elect President Donald Trump, and his work leading the Department of Government Efficiency to slash federal spending and its workforce.

Still, many Wall Street analysts and shareholders remain optimistic about Musk’s vision.

“We think it is a positive that Tesla has begun robotaxi operations which puts it on the path to addressing a large market (we estimate that the US robotaxi market will be $7 bn in 2030 as discussed in our recent AV deep dive report),” Goldman Sachs autos industry analysts wrote in a note Wednesday.

Musk and Tesla have not given investors a sense of what they expect in terms of Robotaxi-related revenue or the technical performance of vehicles in its rideshare fleet, so a “debate on the pace of robotaxi growth will continue,” the research note said.

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Apple TV+ hikes subscription for third time in three years

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Apple TV+ hikes subscription for third time in three years

Thomas Fuller | SOPA Images | Lightrocket | Getty Images

Apple is taking a cue from some of its competitors.

The technology giant’s Apple TV+ monthly subscription is now $12.99, starting Thursday in the U.S. and other countries.

Apple said the new price will hit current subscribers 30 days after their next renewal date. The annual subscription price will not change.

For new subscribers, the $12.99 monthly price begins after a seven-day trial period.

The change marks Apple’s first price hike for its streaming service since 2023. At the time, Apple lifted its monthly price to about $9.99 from $6.99. The company raised the price in 2022 from $4.99.

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Apple TV+ is one of the company’s most popular services, but Apple does not release viewership numbers. A report from The Information earlier this year said the streaming service is losing more than $1 billion annually as subscriptions rocketed toward 45 million, citing people familiar with the matter.

Apple isn’t the only streaming company hiking prices this year to either fund new content or reap returns on their investments. Earlier this year, both Netflix and NBCUniversal’s Peacock boosted prices. Music streaming platform Spotify also raised prices in multiple markets.

Earlier this year, Apple introduced its streaming service to Android phones in a move that could open the company to more people worldwide.

The company is fresh off the release of its highest-grossing theatrical film, “F1: The Movie.”

Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.

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Trump’s Nvidia and Intel meddling is a ‘scattershot method of crony capitalism’: Walter Isaacson

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Trump's Nvidia and Intel meddling is a 'scattershot method of crony capitalism': Walter Isaacson

U.S. government's push for Intel stake is a scattershot method of crony capitalism: Walter Isaacson

President Donald Trump‘s dealings with Intel and Nvidia amount to a “scattershot method of crony capitalism,” Walter Isaacson said Thursday.

“That state capitalism often evolves into crony capitalism, where you have favored companies and industries that pay tribute to the leader, and that is a recipe for not only disaster, but just sort of a corrupt sense of messiness,” he told CNBC’s “Squawk Box.”

The Tulane University professor, widely known for his recent Elon Musk biography, argued that this method won’t succeed in reviving American manufacturing.

Isaacson’s comments come as the Trump administration wades further into influencing the way companies operate in the U.S.

The White House is pushing for a stake in embattled chipmaker Intel after Trump called CEO Lip-Bu Tan “highly CONFLICTED” and said he should resign.

Earlier this month, both Nvidia and Advanced Micro Devices agreed to pay 15% of their China revenues to the U.S. government for export licenses to sell certain chips there.

Isaacson said he’s always been “dubious” of public-private partnerships. He highlighted Trump’s push for Coca-Cola to use cane sugar in its namesake soda as another example of “crony capitalism.”

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