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Payment Platform Square’s Q1 2019 Bitcoin Revenue High, Crypto Profits Low

In Q1 2019, payment platform Square saw a new revenue high from BTC sales through the Cash app, with the overall profit from bitcoin sales remaining low. Payment platform Square saw a new revenue high from bitcoin (BTC) sales through its Cash app, while profits from Bitcoin sales remained low, according to a letter to shareholders outlining first quarter (Q1) 2019 financial figures. In its recently published letter on earnings — which is unaudited — Square revealed that in the Q1 2019 the company’s total net revenue grew 43% year over year, amounting to $959 million, wherein bitcoin revenue was $65.5 million. Bitcoin costs for the same period reportedly amounted to $64.7 million, meaning that overall bitcoin profits amounted to roughly $830,000. In the fourth quarter of 2018, the company registered total net revenue of $933 million, with $52 million attributed to bitcoin revenue. At the same time, bitcoin costs equalled $51.9 million. Square made bitcoin trading available to users in ..

Payment Processor Wirex Partners With Stellar, Plans to Launch 26 Stablecoins

United Kingdom-based cryptocurrency payment processor Wirex partnered with Stellar and will launch 26 stablecoin on its chain. United Kingdom-based cryptocurrency payment processor Wirex partnered with Stellar (XLM), the company announced in a press release on their website on April 24. Wirex is a company licensed by the U.K. Financial Conduct Authority (FCA) that allows crypto users to spend their cryptocurrencies with a dedicated Visa card, with a new total of nine digital token offerings. Per the announcement, users will now be able to also deposit and spend their XLM tokens through the service. Wirex has also announced plans to launch 26 stablecoins pegged to fiat currencies, including USD, EUR, GBP, HKD and SGD. Wirex points out that currently most stablecoins are pegged to the U.S. dollar, and notes that the company hopes more variety will allow “for swift, international remittance without the need for local liquidity providers.” Wirex claims in the announcement that those are t..

Young Africa Looks to Crypto for Payment

Lagos has an interest in crypto, but adoption is slow, with many only considering Bitcoin as an alternative means of receiving foreign payments. Data from Google Trends shows that Lagos, Nigeria ranks as the number one city based on the volume of online searches for Bitcoin (BTC). While this data may indicate a high level of interest among the city's approximately 21 million people, it has yet to equate to tangible adoption of the emerging trend of technology. But that is changing, as a growing movement among young people frustrated with existing payment systems looks for alternatives. Bitcoin as a dollar substituteFor the most part, “Lagosians” who are aware of the existence of Bitcoin see the top-ranked cryptocurrency as a substitute for the United States dollar. BTC exists for them on a spectrum that lends itself as a viable substitute for foreign currency. Payment companies like PayPal do not allow Nigerians to receive money transfers from abroad, thanks to the notoriety of i..

Japan: Resona Bank Ends Partnership With Ripple-Based Payment App MoneyTap

Major Japanese bank Resona withdrew from Ripple-powered blockchain payment project MoneyTap without specifying the reasons. Major Japanese bank Resona will withdraw from Ripple-powered blockchain payment project MoneyTap on May 13, the bank announced on April 11. A subsidiary of Resona Group, the fifth largest banking group in Japan as of 2012, Resona Bank joined the project in October 2018, along with SBI Sumishin Net Bank and Suruga Bank. Launched on Oct. 3, MoneyTap payment service uses Ripple’s blockchain solution xCurrent, which claims to offer instant domestic bank-to-bank transfers. The project was co-developed by Japanese financial services giant SBI Holdings and blockchain firm Ripple, the firm behind XRP, the third top cryptocurrency by market cap. In the recent announcement, Resona claimed that the bank will cancel its cooperation with MoneyTap, noting that the cooperation started on October 4. The bank did not provide any specific details to explain its decision to withdra..

Research: Bitcoin Can Beat Visa, MasterCard to Top World Payment System...

A report from DataLight claims that if development continues, Bitcoin will pass all competition from extant payment networks. Bitcoin (BTC) should usurp current global payment systems within the decade, a new report from software startup DataLight concluded on April 2. In a report on transactions on the Bitcoin network versus those with Visa, MasterCard and PayPal, the company made the prediction that if Bitcoin’s current rate of network growth continues, it will beat out competition from market incumbents. “In just 10 years, Bitcoin has managed to compete with the leaders of the payment system industry. Bitcoin’s development is occurring exponentially,” the report’s conclusion reads. It continues: “If it maintains this pace, in another 10 years, it will surpass all competition.” The basis for that assumption lies in the already far greater number of nodes, lower fees and average transaction size, among other technical factors. Bitcoin, for example, has around 10,000 active nodes, com..

Celo Raises $30 Million for Stablecoin-Based Smartphone Payment Plans

Celo plans to use a dedicated USD-backed stablecoin to provide unbanked consumers with payment options. Blockchain payments startup Celo has raised $30 million from well-known crypto investors Polychain Capital and Andreessen Horowitz, the Wall Street Journal (WSJ) reported on April 2. Celo, which is the trading name of A Protocol Inc., plans to use an in-house digital token and stablecoin to facilitate cross-border payments, primarily focusing on the unbanked using smartphones. Having raised $6.4 million in previous cash injections, the company is now conducting pilot-phase tests in Argentina. “We see big potential in letting people — directly on their smartphone — access basic financial services,” Rene Reinsberg, cofounder of Celo, told the WSJ. He added: “We are based on blockchain technology but for the average end user we try to abstract that away, to make the experience as easy as any other mobile app.” The allure of borderless payments without the need for banking credentials h..

Ripple Vs. Stellar: Can Stellar And XLM May Kick Ripple And...

As a digital asset investor, it is your responsibility to survey the entire market and compare assets to know which would be perfect for your portfolio and which would be deadweight. Ripple and Stellar have their XRP and XLM tokens that perform almost the same functions. In our XRP news today and our Stellar Lumens news today, we are going to talk about the functions of both tokens and see which one is worth being in your portfolio. XRP News Today – Stellar Lumens News Today: Stellar Vs Ripple In The Payment Protocol War Ripple has a goal to become the ultimate cross border payment settlement protocol in the world. The Silicon Valley tech company has created several systems to this effect including xRapid, xCurrent, and XRP, among others. Stellar also has the goal of becoming the foremost payment settlement layer in the world. Both blockchains are similar but not the same. XRP (XRP) Price Today – XRP / USD Name Price24H (%)$0.309619 -0.75% The most significant difference between the..

Japan’s Largest Railway Company Considers New Crypto Payment System for Transport...

The president at Japanese cryptocurrency exchange DeCurret unveiled the new cryptocurrency payment system. Kazuhiro Tokita, representative director, board member and president at Japanese cryptocurrency exchange DeCurret, unveiled a new cryptocurrency payment system during a business presentation in Tokyo on March 27. Cointelegraph Japan reported on the presentation the same day. The new system would enable the SUICA payment card issued by the East Japan Railway Company (JR East), Japan’s biggest railway company, to be topped-up with cryptocurrency. Still, the report points out that there are no concrete plans as of press time, and that JR East is only considering the implementation. Data released by the company shows that as of the end of March last year, nearly 70 million SUICA cards were issued. According to the dedicated website, SUICA is a prepaid e-money card which allows its users to pay both for some goods and services, as well as transport. As Cointelegraph recently reported,..

Japan: 13 Banks Invest in SBI’s Ripple-Powered Blockchain Payment App

Several more Japanese banks join MoneyTap app from Ripple and SBI to provide interbanking transfers to their users. Blockchain payment app MoneyTap, co-developed by Ripple and Japanese financial services giant SBI Holdings, has received investments from 13 local banks, according to an SBI press release published on March 28. In the announcement, SBI Holdings informs that Kiraboshi Bank, Shinsei Bank and Hokuriku Bank, along with ten other local financial institutions, have joined their project as shareholders. MoneyTap, which was designed to quickly transfer money via a mobile app using Ripple’s blockchain solution xCurrent, will reportedly receive investments from other Japanese financial institutions later this year. According to SBI Holdings, the banks using the solution are going to cooperate to enable domestic bank-to-bank transfers. As per the press release, the goal of using MoneyTap is to create a remittance infrastructure that will operate 24 hours a day, allowing customers t..

Streaming Service Twitch Removes Crypto Payment Options, Reddit User Reports

Amazon-owned video streaming service Twitch has evidently removed Bitcoin and Bitcoin Cash as payment options. Amazon-owned streaming service Twitch has evidently removed Bitcoin (BTC) and Bitcoin Cash (BCH) as payment options for subscriptions. The change was reported by a Reddit user on March 23. The user noted that Twitch had offered an option to pay with BTC and BCH employing BitPay as a payment processor, but has since “removed it in the last couple of weeks as a payment method for all countries.” One user, seemingly outraged, noted that they canceled all of their Twitch subscriptions and sent an assistance ticket to the company. On March 20, another Reddit user claimed that Streamlabs — a popular streaming software widely used by Twitch users to receive tips — also removed support for cryptocurrency. According to the user, a new version of the software that has been recently released no longer contains support for crypto donations. Twitch has not responded to Cointelegraph’s req..
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