From tanking bitcoin and crypto prices to crypto pioneers making it to the top Rich List, this week had some interesting insights into the market that made for a great segway as the world stocks continue to dip amidst the coronavirus epidemic.
Last week, it was revealed that Square’s Cash App derived half of its fourth-quarter revenue from Bitcoin (BTC) services. According to a shareholder letter, bitcoin revenue amounted to $178 million during the fourth quarter of 2019, while combined non-Bitcoin revenue totaled $183 million. The Cash app also currently happens to be the second most-used finance app on Google Play.
In a blog post, Coinbase last week announced that it had updated its wallet with a function that lets its users send cryptocurrency through usernames, instead of the usual lengthy addresses. Users can now send cryptocurrency to dedicated usernames or ones created on the Ethereum Name Service (ENS). Coinbase’s proprietary usernames look like @username while ENS names resemble URLs like coinbase.eth.
Likely the hottest story of the week in the space, last week it was revealed that Binance CEO Changpeng Zhao has overtaken a co-founder of cryptocurrency mining giant Bitmain in the latest Hurun Global Rich List, an annual ranking of the world’s biggest billionaires published Chinese media Hurun Report. Binance CEO’s rank notably surged from $1.3 billion in 2019 to $2.6 billion in 2020, according to the publicly available lists.
A new report last week revealed that countries in Latin America (LATAM) are increasingly suffering from money laundering through cryptocurrencies. According to the study, threat finance has been on the rise in LATAM countries as criminals in the region turn to cryptocurrency to launder large amounts of money. As part of the increased crypto-based money laundering in LATAM, criminals purportedly take advantage of insufficient KYC and AML regulation of local crypto services as well as global peer-to-peer (P2P) crypto exchange services like LocalBitcoins, the report notes.
Litecoin is expected to see massive usage as tje Litecoin Foundation last week announced a partnership with MeconCash to roll-out Litecoin (LTC) to Korean won withdrawals and remittances from 13,000 ATMs in South Korea. An increasing number of cryptocurrencies are seeking to capture the Asian remittance market, with Ripple launching several partnerships in the region during February, and this is a huge upside in that direction.
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