Digital identifiers to help crypto market go mainstream
Cardano predicted to become the third-largest digital currency
Digital token identifiers or DTIs to identify crypto assets will be launched in September in the latest sign of how the fast growing, unregulated market is adopting the hallmarks of mainstream investing.
The new digital token identifiers or DTIs will be registered at the DTI Foundation, a not-for-profit unit of Etrading Software, a fintech company that provides market infrastructure.
Individual stock and derivatives are already assigned a unique identification number to allow regulators and market participants to identify, track and quantify risks from trades.
As the crypto assets sector grows in size, regulators and the market will need identifiers to track it better, Sassan Danesh, managing partner at Etrading Software, told Reuters.
Bitcoin, the leading cryptocurrency, traded higher on Wednesday, rising by 0.04 percent to $48,385.90 at 6:37 p.m. Riyadh time.
Ether traded at $3,182.20, down 1.38 percent, according to data from Coindesk.
Meanwhile, Nigel Green, chief executive of DeVere Group, which has $12 billion on watch, expects Cardano’s price to rise to more than $3 next month.
He also predicts that Cardano will become the third-largest digital currency in the world after Bitcoin
and Ethereum. “Cardano is now just behind the major headline grabbers Bitcoin and Ethereum.”
Cardano’s price is up more than 36 percent in the past week, and the market capitalization is currently $90.6 billion. Since the beginning of the year it is up 1,300 percent. Cardano price reached an all-time high of $2.41 in May.
Adoption
Vast Bank, formerly Valley National Bank, based in Tulsa, Oklahoma, has been experimenting with customers’ purchases of cryptocurrency using their bank accounts in a mobile app throughout the first half.
While it is now ready to get customers to buy Bitcoin and seven other cryptocurrencies in the same place where they check account balances.
“You’ve probably seen the surveys that have said 60 percent of folks that haven’t engaged with crypto yet are saying they would like to, but they’d like to do it through their bank,” Vast CEO Brad Scrivner said. “I believe that crypto is going to essentially become this feature within banking,” CoinDesk reported.
Green mining
Crypto exchange KuCoin has launched a proof-of-work mining suite that it says will provide significantly lower mining fees and improve mining efficiency.
CEO Johnny Liu said that the pool will try to incentivize green mining by offering discounts to miners who use renewable energy.
Rising energy consumption in Proof of Work mining has angered regulators, particularly in China, and many companies are trying to find ways to make the industry sustainable.