#CryptoCorner: Altcoins Outperform BTC, Bithumb Acquisition Plans May Fall Through, SIX Digital Exchange Organizes Backers for Initial Digital Offering
Point Roberts, WA, Delta BC September 30, 2019 - Investorideas.com, a leader in crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on what’s driving the cryptocurrency market .
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Volatility in the crypto market has abated somewhat over the weekend with Monday morning trading prices largely in the green, according to data from CoinMarketCap. Bitcoin (BTC), though still comfortably the market dominator and accounting for more than 67 percent of the market share, has grown noticeably less than several altcoins. While Bitcoin has seen 1.5 percent growth in the last 24 hours, leading altcoins Ether (ETH), XRP and Bitcoin Cash (BCH) have seen growth of 4.2 percent, 7.9 percent and 5.6 percent, respectively. Meanwhile, despite dipping below its current $8K support level earlier this morning, Bitcoin is currently trading for about $8,175.
The Korea Herald reports that a deal that would see Singapore-based fintech company BK Global Consortium buy a stake in South Korea’s biggest crypto exchange Bithumb for $333 million USD, could fall through. BK made a downpayment of $100 million last year to Bithumb majority owner BTC Holdings, but has since extended the payment deadline twice. The latest deadline expires today, but BK investor Cho Yoon-hyeong of electronics manufacturer Cornerstone, said today:
“The deal is proceeding smoothly, and we’re working on details with BTC Holdings.”
Swiss stock exchange SIX Group’s blockchain-based unit SIX Digital Exchange (SDX) has put together a global consortium of financial institutions to back its initial digital offering (IDO). The head of SDX, Thomas Kindler, told CoinDesk:
“We are not just looking to Abu Dhabi sovereign wealth fund to give us money. We are looking at our clients to invest, but at the same time commit business and help us validate what we built and get it off the ground. The key focus is not money; it’s money linked to business and validation of the business model.”
The IDO is expected to launch in the middle of 2020, and will resemble a traditional IPO with SDX security tokens taking the place of shares.
According to a blog post published today, Ripple has expanded its European operations into Iceland. This move was facilitated by Ripple’s acquisition of Icelandic crypto trading firm Algrim. Algrim CEO Dadi Armannsson commented:
“The decision to join the Ripple team was a natural fit — both companies share a vision to enable widespread adoption of digital assets and blockchain technology, which aligns directly with what we’ve been working towards for the past several years. We are big believers in XRP and the XRP Ledger, and eager to help build the future of payments at Ripple.”
Sam Mowers, Investorideas
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