Daily Cryptocurrency News – 29th October 2018

Here are the latest most important cryptocurrency news of October 29, 2018:

Dedicated Podcast for Cardano (ADA) to Launch in November

Cardano is already planning to launch its own educational podcast by November 2018.  Charles Hoskinson, the CEO of IOHK and Cardano (ADA) invited ADA community to pick the best name for this podcast. The voting just ended and the winner was “The Cardano Effect”. Including this name, these were the three options for voting:

  1. The Cardano Effect.
  2. Ada Talk.
  3. The Analytical Engine.

Cryptocurrency platforms try out different ways to stay at the top of the competition trying to partner up with big companies, or Fortune 500 corporations. On the other hand, Cardano is taking a different path trying to empower countries that need the innovation.

In May, Cardano just signed a memorandum of understanding, or MOU, with the Ethiopian government. It would involve training local blockchain developers to start using an agritech platform based on Cardano by the end of 2018. And recently, ADA founder began to consider possibilities in Mongolia. He even had a cup of coffee with Mongolian Minster Damdin Tsogtbaatar.

There is no doubt Cardano is expanding more than ever before. Cardano’s latest progress will undoubtedly attract more investors which will increase the popularity of the cryptocurrency.

Ripple Releases Q3 Report, Says That Institutional Investment Is Growing

A new Q3 Report by Ripple has indicated positive for their cross-border payments project.

Many interesting details have been revealed about the project’s activity in this 3rd quarter.

Ripple has already sold $163 million worth of XRP tokens. Out of that number, $98 million was sold to institutional investors by subsidiaries of Ripple, XRP II, and LLC. Three billion tokens were released within the three months. Out of that number, 400 million was set aside for promoting the XRP ecosystem while 2.6 billion was placed in a new account.

Moreover, Ripple CEO Brad Garlinghouse, who has previously talked about how 2019 should see many partners join RippleNet, highlighted the growing institutional interest in the XRP ecosystem:

One of the things I will tease for a future announcement – we’ll do the Q3 XRP markets report, which we always share, where we’re seeing institutional participation in buying XRP. Q3 will definitely be a record of institutional participation in buying and interest in holding XRP.

Also, the report also talked about regulation and geographic trends.

As ICORating concluded, 55% of ICOs in Q2 2018 failed to hit their target. XRP’s report notes how regulators have been targeting ICOs in particular. This had broken fundraising records in 2018 in just a few months.

However, Ripple has been positively received by regulators, with a former SEC member also saying that Ripple was a currency and not a security.

Ripple’s Price

Ripple is trading at a price of $0.44 USD at this moment, with a market capitalization of $17 billion. Furthermore, XRP’s price has been $0.45 on average during the week, but today it decreased to $0.44.

Crypto Exchange Bitstamp Acquired by Belgian Investment Firm in ‘All Cash Deal’

According to reports, new cryptocurrency exchange Bitstamp has been acquired by Belgium-based investment firm NXMH in an “all cash deal.”

Bitstamp is the largest digital currency exchange in the European Union by volume, with a turnover of $100 million per day.

Nejc Kodri, CEO of the Luxembourg-registered exchange, has reportedly revealed that this deal had been closed Oct. 25. However, he declined to share the full terms. The CEO told Reuters that in 2016 Bitstamp is worth $60 million, up from $39 million in 2014.

NXMH is a family investment holding firm. It is operating as a subsidiary of Barclays which has over 2 billion euros in assets under management and makes European consumer and tech investments.

The holding firm has now an 80 percent stake in Bitstamp, with Kodri retaining his 10 percent ownership interest and staying on as CEO. NXMH has also reportedly obtained “part” of crypto hedge fund Pantera Capital’s $10 million stake in the exchange, which was acquired in 2014.

Moreover, the CEO noted that while trading volumes have declined 60-70 percent this year, the platform has remained profitable. This is because cryptocurrencies are on average higher than they were for most of 2017.

If you missed news yesterday, you can check them out here: Daily Cryptocurrency News – 28th October 2018

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