Square paid $50 million for Credit Karma’s tax filing service to integrate it into Cash App, its crypto-enabled mobile payments service.
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Chainalysis: A worsening shortage is behind bitcoin’s skyrocketing price
Big and smart money investors are buying up and holding onto BTC far faster than miners can produce it as the first cryptocurrency comes into its own as an inflation hedge
The amount of liquid bitcoin—that held by wallets that trade as oppose to hold—"is similar to what it was during the 2017 bull run,” the blog said. “ But the amount held in illiquid wallets is much higher, currently representing 77% of the 14.8 million Bitcoin mined that isn’t categorized as lost... That leaves a pool of just 3.4 million Bitcoin readily available to buyers as demand increases.”
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Square’s Cash App made $1.6B on Bitcoin transactions this quarter
The Q3 revenue of Square’s mobile finance application was up 11 times and is growing rapidly
In a shareholder letter Square released on Nov. 5, the company noted that “Cash App generated $1.63 Billion of bitcoin revenue and $32 million of” gross profit in Q3 2020. The company also highlighted that year-over-year the Bitcoin revenue increased 11 times while the revenue was up 15 times.
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SEC Commissioner Hester Peirce hopes better crypto regulation is coming post-election (Photo: Leo Jakobson)SEC’s Hester Peirce: Post-election crypto regulation needed
From stablecoins to decentralized exchanges, regulators are struggling to regulate a moving target said the SEC Commissioner known as “Crypto-Mom”
One concern that the agency has with the regulation of cryptocurrency assets is that while promoters stress the advantages they bring by eliminating intermediaries, securities regulators have long worked with intermediaries in functions such as anti-money-laundering and are comfortable with them.
