Bitcoin Daily: Crypto Industry Stocks Jump With Bitcoin’s Rise; Cashaa Teams To Build Crypto-Friendly FI

Blockchain industry stocks are on the rise as bitcoin reaches new heights, Seeking Alpha reported.

HIVE Blockchain Technologies, Riot Blockchain and Marathon Patent Group are on the uptick, according to the report, which was published early Tuesday (Oct. 27) afternoon Eastern Time. Bitcoin reached higher than the $13,600 level intraday. The price of bitcoin was $13,750.90 as of 7:19 p.m. Eastern Time, according to CoinDesk.

In other news, next-generation banking platform Cashaa has teamed with the United Multistate Credit Cooperative Society as part of its plan for growth in India, according to a post.

UNICAS, as the joint venture is known, will create the first “crypto-friendly financial institution” with brick-and-mortar buildings and operations. UNICAS will let individuals use typical banking services in addition to digital asset banking services through the web and via brick-and-mortar branches. UNICAS will begin operations this December, according to the post.

On another note, Southeast Asia-based bank and financial services firm DBS is at work on developing a digital trading venue, CoinDesk reported.

The outlet cited a web page that was inadvertently posted and then removed, which noted that DBS Digital Exchange will provide access to “an integrated ecosystem of solutions to tap the vast potential of private markets and digital currencies.” The Monetary Authority of Singapore will reportedly regulate the platform.

“DBS’ plans for a digital exchange are still work in process and have not received regulatory approvals,” a representative for DBS told CoinDesk following the publication of its article.

And, approximately $24 million of cryptocurrency was reportedly removed from Harvest Finance’s pools on Monday (Oct. 26), following an arbitrage trade that took advantage of vulnerabilities in the protocol, CoinDesk reported, citing CoinGecko.

Through an arbitrage trade, an asset is purchased in one market and sold in another market at the same time for a gain. An attacker reportedly harnessed a flash loan to exploit decentralized finance (DeFi) prices for a gain. The maneuverer led the platform’s native FARM token to plunge 65 percent in under 60 minutes, which preceded a fall in the project’s total value locked (TVL) to $430 million from more than $1 billion.