Category: Cash app
Twitter is set to add BTC lightning payments, as well as a non-fungible token (NFT) authenticator feature.
The post Twitter Implementing Bitcoin (BTC) Payments & NFT Feature appeared first on BeInCrypto.
Twitter product lead Kayvon Beykpour today appeared to confirm rumors circulating this week that the company would soon launch a Bitcoin Lightning tipping service.Read More
As NewsBTC informed, Square will develop a Bitcoin-only Decentralized Exchange. However, will they work in conjunction with Bisq, the “peer-to-peer trading network”? Jack Dorsey seemed to confirm that both organizations are going to start talking at the very least. Why does this matter? What makes Bisq special? Keep reading to find out. Related Reading | Why Square Will Create New Bitcoin-Focused Company, According To CEO Jack Dorsey The Tweets That Point To Bisq Def! Cc:@brockm — jack⚡️ (@jack) August 27, 2021 Bisq answered that tweet with which Dorsey announced that his company’s TBD project would be to “build an open platform to create a decentralized exchange for Bitcoin.” The Bisq people claimed that they’ve been building their product “to be the go-to peer-to-peer DEX for bitcoin power-users.”Then, they offered collaboration, “Our heads together could result in something better than any of us could imagine.” Dorsey answered “Def!” and copied Mike Brock, leader of the TBD project. That exchange doesn’t guarantee anything, sure. But the organizations will meet, and they seem to share a lot philosophically speaking. The Bitcoin community, for its part, reacted under Jack’s tweet with a lot of “This is the way,” exciting .gifs, and Bisq praise. BTC price chart for 08/29/2021 on Coinbase | Source: BTC/USD on TradingView.com Why Will Dorsey’s DEX Be Bitcoin-Only? In NewsBTC’s announcement of Square’s Decentralized Exchange project, we quoted: Jack Dorsey’s tweet quoted an extensive thread by Square executive Mike Brock, TBD project head, who outlined the potential development paths for the open-source DEX. “We believe Bitcoin will be the native currency of the internet. While there are many projects that will help make the internet more decentralized, our focus is solely on a sound global monetary system for all. But including all requires a few pieces we think we are missing.” Brock said in one of his tweets. This is in tune with ideas expressed by Dorsey himself. The reason I have so much passion for #Bitcoin is largely because of the model it demonstrates: a foundational internet technology that is not controlled or influenced by any single individual or entity. This is what the internet wants to be, and over time, more of it will be. — jack⚡️ (@jack) January 14, 2021 After all, Square created the Bitcoin-focused TBD “with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services.” Square is creating a new business (joining Seller, Cash App, & Tidal) focused on building an open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services. Our primary focus is #Bitcoin. Its name is TBD. — jack⚡️ (@jack) July 15, 2021 Everything That Makes Bisq Special A couple of years ago, Manfred Karrer, Bisq co-founder, spoke to CoinDesk.”The goal is to become as decentralized and censorship-resistant as bitcoin. That’s a very high goal and it took bitcoin a very long time to get there,” he said. On Bisq’s site, they claim that “Bisq is code, not a company.” And said software is “open-source and community-driven.” What else makes Bisq special? Well… Related Reading | Running Bitcoin: Passing The Torch From Hal Finney To Jack Dorsey First of all, “It’s software you run on your own hardware, which connects to other people running the Bisq software to facilitate trades.” Sort of like how torrents work. Bisq does not hold Bitcoin or any national currency. All the deals are between “the trading peers themselves.” And Bisq only has minimal information about either of them. Also, “no data is stored on who trades with whom.” And speaking about privacy. “All Bisq data is transferred over its own secure peer-to-peer network, which is built on top of the Tor network—no central servers.” The service doesn’t require registration. To grease the wheels, “Both traders are required to pay security deposits, which are refunded after trades are completed.” Bisq doesn’t accept Paypal or credit cards because chargebacks are too easy. Bisq eliminates “the need for trusted third party exchange services.” The Bisq network “is fully peer-to-peer in that it requires no centrally-controlled servers and has no single points of failure.” However, you should also know that someone hacked Bisq that one time, stealing $250K. Featured Image by Jeremy Zero on Unsplash – Charts by TradingViewRead More
Jack Dorsey’s popular payments platform Square has announced that it will be acquiring Australian fintech firm Afterpay.
The post Square to Enhance Cash App With Afterpay Acquisition Deal Worth $29B appeared first on BeInCrypto.
Square has had a busy weekend. The company made headlines for it’s purchase of Australia-based fintech firm, Afterpay, in an all-stock deal. Square then went on to release it’s Q2 2021 Shareholder Letter, filled to the brim with company insights – including some strong growth numbers in crypto transactions on Square’s mobile product, Cash App. Breaking Down The Numbers Square’s gross profit in Q2 was a healthy $546M, reflecting a 91% increase year-over-year. Bitcoin gross profit on Cash App specifically accounted for roughly 10% that, coming in at around $55M; this reflected a substantial increase from the $17M in bitcoin gross revenues that the company saw in Q2 last year. Bitcoin yearly revenue saw exceptional jumps as well, rising over 200% to ring in $2.72B. This time last year that number was at $875M. While some may call out the relatively thin margin of gross profit relative to revenues, Square maintains that driving company profits from bitcoin transactions are clearly low-priority. Bitcoin gross profits reflected only roughly 2% of bitcoin revenues for Cash App in Q2. In fact, the company explicitly calls out net revenues exclusive of bitcoin transactions. According to the shareholder report, Square deducts bitcoin revenue because their “role is to facilitate customers’ access to bitcoin.” The company is seemingly playing the “long game” with crypto, encouraging accessibility and minimizing fees. Square has seen substantial growth and with new acquisitions, looks primed for future fintech disruption. | Source: NYSE: SQ on TradingView.com Related Reading | TA: Bitcoin Corrects Gains, Why BTC Must Could Extend Losses It’s Not All Green Days Despite substantial growth from the reported numbers year-over-year, bitcoin’s price has seen declines relative to the first quarter of the year. As such, both bitcoin revenue and gross profit from bitcoin for Cash App saw declines relative to Q1 2021 – as Cash App only charges a small margin on the market cost of bitcoin. Accordingly, the letter notes that bitcoin price volatility in the quarters ahead, along with changes in customer demand, will likely continue to impact Cash App profits and revenues from crypto. Additionally, Square has purchased $220M worth of bitcoin between Q4 2020 and Q1 2021. Because bitcoin is considered an “indefinite-lived intangible asset”, the company recognized a $45M impairment loss on the quarter on the firm’s bitcoin investment. In all, Cash App’s continued success beyond bitcoin will likely bode well for the company’s crypto engagement, too. Cash App revenue excluding bitcoin in Q2 came in at around $600M – an increase of 87% year-over-year. Square’s broader Q2 numbers showed strong growth as well, with the quarter being the second-best in the past 5 quarters with regards to net income. There is clearly more growth on the horizon when it comes to Jack Dorsey-led Square. Related Reading | Bear Market Over? Why Bitcoin Could Soar TO $45K As Strong Holders Grow Featured image from Pixabay, Charts from TradingView.comRead More
The payment tech company Marqueta has filed its Initial Public Offering (IPO) amid a 123% annualized revenue growth in Q1.
The post Payment Tech Company Powering Cash App Payments Files IPO appeared first on BeInCrypto.
Per an earnings report, Bitcoin-focused payments company Square has purchased 3,318 more BTC and earned $3.51 billion in bitcoin revenue.Read More
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