Cash App generated over $1 billion in bitcoin revenues for Square in Q3. Vitalik Buterin sent 3,200 ETH to Ethereum 2.0’s deposit contract. Google search data shows little “FOMO” amid the current market bull run.
Cash App, the mobile payment service of Square (helmed by Twitter CEO Jack Dorsey), generated $1.63 billion in bitcoin revenue and $32 million in bitcoin gross profit for Square during the third quarter of 2020, according to the company’s Q3 investor letter. This is 11 times more in bitcoin revenue than Q2’s $875 million, when Square profited $17 million from selling bitcoin. Still, Square’s bitcoin business has relatively tame profits for a money services business, with profit margins shy of 2%. In an earnings call, Dorsey said, “We believe [bitcoin] will be the native currency of the internet, and help people thrive around the world and the economy.”
Ethereum founder Vitalik Buterin has sent 3,200 ether, worth around $1.4 million, to Ethereum 2.0’s newly launched deposit contract. Ethereum 2.0 is making progress on its transition to proof-of-stake, which will progress to the next phase of readiness once 524,288 ether are staked in the contract. The deposit contract now holds 38,693 ether, worth some $17 million. Industry publication TrustedNodes reports that Buterin’s “VB2” address sent 100 transactions in total.
South Korea’s Financial Services Commission (FSC) is seeking legal amendments that would make it mandatory for virtual asset service providers (VASPs) – generally meaning custodians, wallet providers or brokerages – within the country to report the names of their customers. The change is part of a larger sweep affecting most money services (from gift cards to electronically registered stocks) to help guard against money laundering. If approved, VASPs will be required to use real-name accounts in their financial transactions with customers and implement other data security…