In a recent report drafted by Ripple, the company revealed that it sold $65.27 million worth of XRP in the third quarter of 2018. The report also commented on the cryptocurrency market of this year, wherein it emphasized three trends that stood out in 2018, namely, Wall Street adoption, geographic trends, and ICOs and regulation.
Firstly, the report stated the decline of the market capitalization of the digital assets, which dropped by 12% in the third quarter. However, XRP took a hike by the end of the quarter, despite acting in correlation with the other coins previously.
XRP versus other coins | Source: Ripple
Furthermore, the Ripple blog mentioned the success of crypto-micropayments service Coil as one of the major reasons that propelled the growth of the industry
Discussing the adoption by the Wall Street, the report conveyed that the cryptocurrency space is making an impression on big institutional companies increasingly gaining support. However, the industry still needs to release offerings into the market to substantiate the scenario.
Some of the examples cited by Ripple were Goldman Sachs Group and Nomura Holdings. Here, the report stated that Goldman Sachs attempted to offer custody solutions for digital assets. Furthermore, it also mentioned big institutions such as Northern Trust, JPMorgan Chase and Bank of New York Mellon, who are reportedly attempting to set foot in this industry.
Concluding the stance, Ripple, in its report, added:
“Announcements of this sort continued in Q3, but the efforts have yet to yield widespread institutional trading. This has allowed emerging companies to build a handful of large businesses trading digital assets — traditional Wall Street firms are waiting in the wings.”
Under geographic trends, the company mentioned that South Korean exchanges dominated cryptocurrency scene by the end of the quarter. Malta was the second mention that is believed to have become a hit during the third quarter.
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Source: AMBcrypto
Original Post: Ripple Q3 report discusses Wall Street crypto-adoption as the trend of the quarter
