Altcoins update: Polkadot launches institutional arm, Robinhood lists SUI – Crypto News – Crypto News
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Altcoins update: Polkadot launches institutional arm, Robinhood lists SUI – Crypto News

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  • The Polkadot Capital Group aims to bridge Web3 and TradFi.
  • Robinhood has listed Sui, enriching its exposure to retailers.
  • On-chain activity supports LINK’s momentum.

Digital assets displayed stability on Tuesday as the crypto market cap soared 1% in the past day to $3.91 trillion.

With most tokens hovering at key price levels, let’s check altcoins dominating trends with optimistic developments.

Polkadot unveils institutional arm

Polkadot has taken another step toward institutional adoption, rolling out the Polkadot Capital Group.

According to today’s press release, the new initiative will bridge the gap between Web3 and traditional finance (TradFi).

The launch is part of an ongoing trend in the blockchain sector, where leading ecosystems pursue institutional capital.

The Polkadot Capital Group introduces a platform that enables institutions to participate in blockchain advancements, ranging from infrastructure development to staking.

The group will offer comprehensive educational resources and support engagements with crucial initiatives and participants in the Polkadot ecosystem.

The initiative will back asset management, OTC trading, VC communities, exchange, banking, and allocators.

Commenting on the latest initiative, Polkadot Capital Group Lead David Sedecca said:

Our goal is to lead through data-driven education, driving adoption through knowledge transfer, and adapting in real-time to the dynamic priorities of institutional market participants. We envision a future where institutions clearly understand the unique value of our network and can engage confidently.

The move will likely bolster Polkadot’s appeal, especially if the group succeeds in inking strategic partnerships with leading fintech companies.

DOT trades at $3.86 after losing 2% in the past 24 hours, mirroring prevailing broad market weakness.

Robinhood adds SUI

The trading platform has added Sui to its product suite.

The addition opens SUI to millions of Robinhood users, bolstering its visibility and driving liquidity into the SUI ecosystem.

Sui is an L1 designed to support blockchain adoption through a powerful, scalable, and secure development platform.

It boasts over $12.5 billion in market capitalisation.

Now, Robinhood’s listing increases SUI’s visibility.

That’s crucial for adoption and blockchain’s long-term stability.

Moreover, the listing reflects Robinhood’s dedication to enriching its digital asset offerings.

The commission-free exchange houses multiple cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin.

SUI displays stability amidst the listing news. It dropped 0.30% over the past 24 hours to $3.57.

Chainlink’s bullish momentum

LINK has defied broader trends today.

It rallied to multi-month highs above $26, fueled by elevated on-chain activity.

The Chainlink Reserve, which launched early this month, has contributed to LINK’s stability in the past few sessions.

Also, the steady demand for decentralised oracle services has kept the altcoin afloat.

Chainlink positions itself as the backbone of DeFi, offering off-chain data to smart contracts.

LINK has retraced from its 24-hour peak to $24, with a 20% decline in trading volume threatening today’s gains.

However, analysts believe it’s among the top cryptocurrencies to watch this cycle.

Michael van de Poppe expects massive rallies from LINK after overcoming its prolonged downward trend, citing the Chainlink Treasury.

Meanwhile, the cryptocurrencies exhibit significant volatility as markets brace for tomorrow’s FOMC minutes and Powell’s Jackson Hole commentary on Friday.

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