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Weiss Ratings Considers Cardano An Effective And Profitable Blockchain Platform

by firstcryptonews
May 22, 2019
in Industry
Weiss Ratings Considers Cardano An Effective And Profitable Blockchain Platform

The independent rating agency Weiss Ratings seems to be bullish about Cardano (ADA), one of the largest digital currencies in the market. The blockchain project has been discussed for a long time and investors are very excited about it. In a recently uploaded Tweet, Weiss Ratings said that Cardano is one of the best projects in the market.

Cardano Is One Of The Best Projects

Weiss Ratings is an independent rating agency that is currently evaluating digital assets for their performance in the market and their fundamentals. The main intention behind this ranking that the company releases is to provide clear and unbiased information regarding the most popular digital assets in the market.

On May 20, Weiss Ratings wrote on Twitter that Cardano is currently one of the cheapest coins in the market and one of the best projects in the space.

Cardano is a project that is being developed and guided by Charles Hoskinson. At the same time, developers are working in order to create a bug-free digital asset. The team behind Cardano has a very positive reputation and has experience in the blockchain market. Indeed, the digital currency tends to have a very low profile and focuses on producing real-world solutions rather than base their strategy on marketing and promotional content.

At the time of writing this article, Cardano is the 10th larges digital currency with a market capitalization of $2.21 billion. The virtual currency has a price of $0.0854 and in the last 24 hours, it lost 0.09% of its value, according to CoinMarketCap.

Charles Hoskinson has been working day after day in order to sign new partnerships and promote the project in Africa and other places. One of the latest developments is related to its involvement with the Ethiopian government. Mr. Hoskinson launched an enterprise blockchain framework that aims at providing better financial services to people in African countries, as reported by Forbes. The network is known as Atala and they will be offering services to developers, companies and governments as well.

“Atala is an enterprise framework similar to Hyperledger Fabric,” explained Hoskinson. “However, the point is to be a solutions provider for governments in need of a municipal currency or a supply chain management system.”

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NYDIG, a leading bitcoin financial services firm, has announced that it will welcome the CFO of Bridgewater Associates John Dalby to its team. Dalby joins NYDIG as the new Chief Financial Officer (CFO) in what represents one of the biggest personnel shifts from the mainstream financial industry to the crypto world. Contributing to the Greater Good The new CFO held a similar position at Bridgewater Associates, the world’s largest hedge fund, before his appointment to NYDIG. Dalby said that he is delighted to join the team and was committed to helping NYDIG deliver innovative Bitcoin solutions to individuals and institutions. The former CFO of Bridgewater Associates joins NYDIG during a period of rapid growth. The leading provider of investment solutions for BTC recently raised over $200M in additional capital from a group of strategic partners. The funds came from top institutions such as Morgan Stanley, MassMutual, New York Life, Liberty Mutual, Stone Ridge Holdings Group, and more. NYDIG also launched a global Insurance Solutions practice that will spearhead the development of bitcoin-powered products and services for the global insurance sector. According to Robert Gutmann, Co-founder of NYDIG, Mr. Dalby brings deep financial services experience to help the crypto custody firm build institutional solutions that deliver BTC safely to everyone. NYDIG to Help US Banks Offer Bitcoin In what has been viewed by many crypto enthusiasts as another step toward crypto’s mainstream adoption, NYDIG has unveiled an industry-first bitcoin solution for banks. Rolled out in partnership with fintech giant Fidelity National Information Services, the new product will enable clients of some U.S. banks to buy, hold and sell BTC via their existing accounts. According to Patrick Sells, head of bank solutions at NYDIG, hundreds of smaller US banks have already agreed to participate in the program. The firm is now engaging some of the leading U.S. banks to join in and enable ordinary Americans to get access to BTC through their existing bank relationships. Until now, many BTC adopters have been forced to go outside of their traditional banking relationships to acquire the benchmark cryptocurrency. The vast majority of traditional banks have steered clear of offering bitcoin to their retail customers. Therefore investors often rely on crypto-centric companies like Coinbase or payment giants such as Square and PayPal to purchase bitcoin. The revolutionary solution from NYDIG will facilitate banks to offer crypto assets to their retail banking clients via a seamless, easy-to-use digital experience. More Banks Are Asking For Bitcoin Top Wall Street banks only recently warmed up to crypto and unveiled plans to allow their wealth management clients bet on bitcoin. However, they have so far refrained from offering the service to retail customers. Nevertheless, more traditional banks are now asking for bitcoin as demand for the asset mounts from retail banking customers. According to Yan Zhao, president of NYDIG, these banks are under increasing pressure to offer BTC to their clients as its reputation as a store of value continues to grow. “This is not just the banks thinking that their clients want bitcoin, they’re saying `We need to do this, because we see the data.’ They’re seeing deposits going to the Coinbases and Galaxies and Krakens of the world,” Zhao noted. The NYDIG head predicts that giant banking institutions could soon face pressure to offer bitcoin to more clients as smaller banks roll out their own crypto services.

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