Cardano ADA Partners with New Balance to Stop Counterfeit Kicks!!!
First and foremost, the South Korean cryptocurrency exchange Bithumb’s $333 million acquisition deal may be in jeopardy. Second up, Binance has just become the highest-ranked ‘Super Representative’ in the TRX ecosystem. Next up, Ripple announces a new acquisition of a crypto trading firm in Iceland, which will contribute to its On-Demand Liquidity (ODL) program. And finally, for the last piece of news for the day, we have an incredible partnership between Cardano and New Balance to stop counterfeit sneakers.
The Market Today
It’s great to see there are greens all over the map. Bitcoin is currently gaining well with 4.01%, recovering and hitting the $8,294 mark. On a larger scale, ETH and XRP are both surging more than 8%.
Bithumb’s $333 million deal is delayed again
According to an article published by Coindesk, the $333 million dollar deal to acquire Korea-based cryptocurrency exchange Bithumb has been in choppy waters since a fintech firm BK Global Consortium’s deal to buy a majority stake in the major South Korean exchange has not been fully paid for. For those who don’t know too much about this deal, in October last year, BTC Holdings Company, which owns 76 percent of Bithumb’s equity, has agreed to sell 50 percent + 1 share of that 76 percent ownership to BK Group, a blockchain investment firm formed by BK Global BK Global reportedly make a down payment of 100 million. However, news broke that BK Global postponed the April deadline for completing the purchase on the condition that it would increase its stake in Bithumb from 51 percent to 70 percent. Although the deadline was rescheduled to Sept. 30, so yesterday, BK Global has once again missed the deadline for the final payment. The Herald noted that BK Global has been seeking various partnerships or buyouts to secure the remaining capital for the acquisition. One investor, Cho Yoon-hyeong, from the electronic equipment manufacturer Cornerstone, is rumored to be buying $125 million worth of shares from BK Global’s exchange purchase. He revealed:
“The deal is proceeding smoothly, and we’re working on details with BTC Holdings.”
Furthermore, a representative from Bithumb reassured:
“Bithumb has stable management, so there won’t be any impact should the deal collapse.”
Binance becomes top ‘Super Representative’
According to an article on Cointelegraph, Binance is now the highest-ranked super representative in the TRON’s ecosystem. For those who are curious, at the second and third place, we have Blockchain community Sesameseed.org, and the Tron-based BeatzCoin. Binance’s ascent as TRON’s top super representative sparked a lot of controversy and debate amongst a group of Crypto tweeters. BeatzCoin chief operating officer Misha Lederman also pointed out that the first Super Representative has essentially frozen 12 billion TRX, taking a sixth of the coin’s supply out of circulation. Although Lederman appears to view Binance’s prominent position in the ecosystem and token lock up a potential bullish development for TRX’s price, others expressed concern regarding the implications of a leading industry player buying out the top spot.
Ripple bought Algrim to penetrate Europe
Ripple has bought a crypto trading firm Algrim, announcing an expansion into Iceland. Now, the acquisition earns Ripple six engineers to its team. According to the announcement, the team will play an important part in xRapid, its on-demand liquidity (ODL) solution. After the purchase, the Algrim team will serve as one of the company’s engineering hubs, joining London as another European base. Ripple’s vice president of products Amir Sarhangi commented:
“This team hits the ground running as opposed to building out a team that has to gain this knowledge.”
Algrim CEO, Dadi Armannsson, believes that Ripple and they have a natural fit to merge:
“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.”
New Balance to use blockchain against counterfeits
During the Cardano Summit in Bulgaria on Saturday last week, Cardano and New balance, a footwear manufacturer, have announced their partnership, which is designed to stop counterfeit products. IOHK CEO Charles Hoskinson, stated that their Cardano blockchain technology can help ensure that New Balance shoes are authentic. So, how does this system work? IOHK’s Tim Harrison explained: “IOHK is collaborating with New Balance on an authentication pilot project. This is a consumer-level verification solution which will allow purchasers to confirm the authenticity of footwear on the distributed ledger,” At the moment, we don’t know very much about the partnership details. If you’re keen to hear more, you’ll have to wait for New Balance’s announcement on Oct. 14. Hoskinson referred to the New Balance partnership as an interesting example of possible mass adoption. He also expects to see more additions to the Cardano platform in 2020.
And there you have it guys! What are your thoughts regarding all these news pieces?
Do you think the acquisition of Bithumb will go through?
Are you surprised that Binance is TRON’s top super representative?
Do you think the Algrim team will add a lot of value to Ripple?
Will Cardano technology help New Balance solve the selling of counterfeit products?
Just pop your comment right below to share with us what you guys are thinking.
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Disclaimer: Cryptopig content is written by a team of blockchain passionate people. We are not registered as investment advisors. Don’t take the information in this post as investment advice and make sure you do your own research before investing. Cryptocurrencies are a very risky investment, never invest more money than you can afford to lose.