Here are the 5 biggest news stories in crypto today:
- Bakkt launches institutional custody platform. Having now received authorization from the New York Department of Financial Services (NYDFS) to offer bitcoin custody to all institutions, clients around the world have the ability to safeguard their assets using Bakkt’s enterprise-grade offering. Among the first to choose the Bakkt Warehouse as their preferred digital asset custodian are Pantera Capital, Galaxy Digital, and Tagomi.
- Bitmain rival Canaan Creative set for Nov. 20 IPO on Nasdaq. The biggest rival to Bitmain filed for a U.S. initial public offering (IPO) on Oct. 28 with Citi Group, Credit Suisse, Galaxy Digital, and four other firms as underwriters. The filing shows that Canaan is looking to raise $400 million from the IPO, although it is not clear in what price range the firm is considering listing its shares.
- CoinMarketCap now provides crypto investors with data on liquidity. Intending to filter out market manipulation, CoinMarketCap will reportedly base the new liquidity metric on adaptive data. Carylyne Chan, chief strategy officer at CoinMarketCap, elaborated on the firm’s aims with their methodology: “We believe our adaptive methodology will make our metric very difficult to ‘game’ as orders would need to be placed close to the mid-price, or risk being counter-productive to the Liquidity metric scoring.”
- UAE set for faster cryptocurrency adoption as institutional investment increases. As the nation’s authorities begin to draft regulations, the United Arab Emirates appears to be on the verge of expansion in cryptocurrency adoption. Speaking in The Khaleej Times, Nigel Green, the founder of the DeVere Group financial advisory firm said that the UAE is preparing for a rapid expansion in the demand for cryptocurrencies.
- Alibaba partners with Lolli to allow US shoppers earn ‘free bitcoin’. Chinese e-commerce giant Alibaba has partnered with Bitcoin (BTC) rewards shopping app Lolli, enabling its shoppers to earn 5% back in Bitcoin. Alibaba customers can now get Satoshis (sats), the smallest unit of Bitcoin currency, worth 0.00000001 BTC, when shopping “thousands of items online,” Lolli says.