Blockchain Bites: Buterin's Deployment, Google's Bitcoin Search, Sq. & # 39; s Busy BTC Enterprise

The Cash app generated over $ 1 billion in bitcoin revenue for Square in the third quarter. Vitalik Buterin sent 3,200 ETH to the deposit agreement of Ethereum 2.0. The Google search data shows little "FOMO" in the middle of the current bull run.

Top shelf

Monster district
Cash App, Square's mobile payment service (led by Jack Dorsey, CEO of Twitter), had Bitcoin sales of $ 1.63 billion and gross profit of $ 32 million for Square in the third quarter of 2020. This is 11 times more Bitcoin revenue than in the second quarter ($ 875 million), when Square benefited from $ 17 million in Bitcoin sales. Still, Square's bitcoin business has relatively small profits for a money services business with profit margins of just under 2%. In a call for earnings, Dorsey said, "We believe (Bitcoin) will be the internet's native currency, helping people thrive around the world and in business."

Buterin's use
Ethereum founder Vitalik Buterin has sent 3,200 ethers worth around $ 1.4 million to Ethereum 2.0's newly introduced deposit agreement. Ethereum 2.0 is making progress in transitioning to proof-of-stake, which will move into the next phase of readiness once 524,288 ethers have been added to the contract. The deposit agreement now includes 38,693 ethers valued at approximately $ 17 million. Industry publication TrustedNodes reports that Buterin's "VB2" address sent a total of 100 transactions.

VASP
The South Korean Financial Services Commission (FSC) is seeking legislative changes that will make it mandatory for Virtual Asset Services (VASP) providers – generally custodians, wallet providers, or brokers – in the country to report their clients' names. The change is part of a larger move affecting most monetary services (from gift cards to electronically registered stocks) to protect themselves from money laundering. If approved, VASPs will be required to use real accounts and other data security measures in their financial transactions with clients. The rules correspond to the recommendations of the FATF on "travel rules".

identity
Several Spanish companies, including Banco Santander, have come together to develop a “self-managed” digital identity system using blockchain technology. The Dalion organization said the "secure and reliable" ID platform could be used for rental cars, insurance and loan applications, and utility logins. Designed to give users control over personal information, it also streamlines the "tedious" process of filling out forms by automatically providing the validated data required by the requesting entity. Using the quorum blockchain ensures that the data has not been changed. The system could be introduced in May 2021.

Fast bites

  • Buggy code in a compound finance fork frozen $ 1 million in Ethereum tokens. (CoinDesk)
  • The U.S. Department of Justice (DOJ) is pursuing antitrust measures against Visa’s proposed acquisition of fintech and crypto-friendly Plaid for $ 5.3 billion. (CoinDesk)
  • "According to researchers at the BDCenter, crypto Twitter is not as influential as it likes to think." (Decrypt)
  • Grayscale's Ethereum Trust has $ 1 billion under management. (The block)
  • Andy Edstrom: Financial Advisor, Bitcoin is the next Amazon. (CoinDesk)

Market information

No FOMO
Despite the rise to the level last recorded in the Bitcoin bubble in 2017, web search data indicate little crypto "FOMO" among the masses. After hitting nearly $ 16,000 yesterday, Bitcoin is still trading in the mid-range of $ 15,000, up nearly 120% year over year. Google Trends, a barometer for measuring general interest in trending topics, is currently returning a value of 10 for the global search query "Bitcoin price" – significantly lower than the value of 93 that occurred in early December 2017 after Bitcoin broke above 15,000 US dollars Dollar was observed.

On the game

Gradually then suddenly
Noelle Acheson, research director at CoinDesk, believes crypto is still in the "gradual" phase of "gradually, then suddenly". Reading the tea leaves from headlines – from PayPal's crypto game to Microstrategy buying bitcoin – in October can create the picture that mass adoption is just around the corner. The truth is, crypto is still maturing.

In CoinDesk's latest monthly review (available for download here), the team looks back at some key performance metrics for Bitcoin and Ethereum from last month. It has been found that the dynamics are increasing and the feel for real use cases is becoming increasingly evident, albeit gradually.

In particular, the volatility, the number of transactions and the fees of Ethereum have cooled – after a summer in which the second largest blockchain Bitcoin “freaked” in many of these key measures.

In September, the 30-day volatility of ETH (annualized) rose by approx. 110%. While the volatility of Bitcoin flattened in the course of October, that of Ether declined – a signal that “the ETH market is even more immature than that of BTC,” write Christine Kim, research analyst at Acheson and CoinDesk.

Additionally, the average transaction fees for Ethereum fell over 80% in October, due to the sharp rise in September. A similar drop in mining revenues was also seen as Dapp activity cooled.

"This is a positive sign for the network that has reached its limits in the past few months with the zippy debuts of new DeFi assets such as COMP, SUSHI and more," they write.

It is likely that there will be many more ups and downs ahead of Ethereum "suddenly" making its way into the world.

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