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2022-11-07 11:57:02 MicroStrategy could have made 108% more profits by investing in Ethereum instead of Bitcoin

American business intelligence firm MicroStrategy is among the pioneer institutions to convert part of their balance sheet into Bitcoin (BTC), citing the asset’s strong store of value features. However, new data indicates that the company stood a bigger chance of more profits if it had opted for Ethereum (ETH).

MicroStrategy could have recorded about 108.72% or an additional $3 billion in profits as of November 6 by investing in Ethereum, data by Blockchain Center’s Rohmeo_de indicates. September 20, 2022, the company had a Bitcoin haul of 130,000 BTC with a market value of $ 2.76 billion by the time of publishing. However, if the amount was invested in Ethereum, it could control about 3,542,000 ETH valued at $ 5.77 billion.

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2022-11-06 06:49:02 DeFi Lender MakerDAO Goes TradFi and Doubles Revenue

MakerDAO now generates half of its revenue from real-world assets, like short-term bond ETFs, and staking rewards on its holdings of Gemini's USD-pegged stablecoin. Currently, MakerDAO estimates it will see $20.2 million in. MakerDAO is made up of MKR token holders, who vote to determine interest rates and updates to the protocol.

MakerDAO is the largest decentralized finance (DeFi) protocol, with $8.3 billion worth of assets on its lending platform, according to DeFi Llama. As of Friday morning, that represents almost 15% of the $56 billion worth of assets in all of DeFi—a catch-all term for automated, permissionless financial tools accessible on blockchain networks. The Maker protocol is run by a DAO, or decentralized autonomous organization.

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2022-11-05 07:27:02 Block reports $14.7 million net loss in Q3, $1.76 billion in bitcoin sales

Block Inc. reported a $14.7 million net loss in the third quarter and bitcoin sales volume of $1.76 billion in the third quarter. The net loss accounts for a $2 million impairment loss related to bitcoin and a $56 million amortization charge. Excluding those charges, Block's net income totaled $43 million.

Block's bitcoin gross profit totaled nearly $37 million in the third quarter, compared with $41 million in the second quarter. The company reported total net revenue of $4.52 billion in the third quarter, up 17% year-over-year. Excluding bitcoin revenue, net revenues were $2.75 billion. Gross profit was up 38% year-over-year to $1.57 billion. Third-quarter gross profit for Square was up 29% to $783 million, and gross profit was $774 million for the Cash App, up 51% year-over-year.

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2022-11-04 10:56:02 Cathie Wood loads up on over $7 million worth of Block and Robinhood shares

Cathie Wood's Ark Invest bought shares in Block and Robinhood this week as the two crypto-adjacent companies prepared to release earnings. Ark purchased 69,756 Block shares and 343,623 Robinhood shares on Wednesday across two funds, according to its latest trade filing. Block shares closed down at $54.64 yesterday ahead of earnings today.

Jack Dorsey's firm delivers earnings this evening, with gross payments volume — number of payments less refunds of merchants using the companies payment software — one of the key metrics to watch. In the third quarter of 2021, this figure came in at over $45 billion, and analysts estimate it rose to $54.3 billion in the past quarter, according to data via Visible Alpha. Based on this price, the Ark Innovation ETF's purchase cost around $3.8 million.

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2022-11-03 07:56:02 Paxos granted Singapore license, plans to hire at least 130: Bloomberg

Paxos has plans to hire at least 130 people for its Singapore office following the news it has received a license to offer digital-payment token services in the city-state. Paxos is the first U.S.-based blockchain infrastructure platform to secure a license as a Major Payments Institution from the Monetary Authority of Singapore.

Only 18 companies have been granted virtual asset licenses out of around 200 applicants. The company currently has 20 Singapore-based employees out of 350 globally — serving a host of enterprise clients including Paypal, Mastercard, Bank of America and Credit Suisse. Singapore has witnessed the departure of several crypto firms over the last few months as it seeks to bring in greater regulation of the sector — particularly in retail trading.

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2022-11-02 14:59:16 Breaking: Circle Receives Major Crypto Payments Institution License In Singapore
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2022-11-02 06:34:02 Stasis integrates euro-backed stablecoin with XRP Ledger

XRP Ledger is an open-source blockchain developed by a community and cross-border payment company Ripple. Stasis aims to make cross-border payments cheaper and faster by integrating the blockchain with EURS, as well as improve scalability.

Another brick has just been added into the foundation of EURS, and it will solidify our asset for the next cycle of stablecoin market adoption," Stasis CEO Gregory Klumov said in a statement. "Our ongoing partnership will focus on exploring the newly-emerged opportunities of XRP to enable a better financial inclusion as well as stablecoin infrastructure and services that truly align with the values of the Web3 realm," they continued.

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2022-11-01 10:35:06 Paraguay Warns About Growth of Illegal Bitcoin Mining Operations

The growth of illegal bitcoin mining operations could affect the stability of the power system in Paraguay, according to statements from the National Power Administration. The boom the country is experiencing is taking its toll on the power system, with many miners plugging in illegally and consuming high amounts of power without making payments.

Paraguay’s popularity as a country with cheap power tariffs for bitcoin mining is hurting the electric grid and might work against the stability of the power system in the country. ANDE, the National Power Administration, declared on Oct. 28 that the recent boom in bitcoin mining has caused power consumption for the department of Alto Parana to grow immensely, with many operations connecting illegally to the grid.

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2022-10-31 14:47:54 GM Pauses Advertising on Twitter, Others Plan to Boycott After Musk’s Takeover
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2022-10-31 11:48:02 Hong Kong to Start Allowing Retail Crypto Trading in March Next Year

Hong Kong is relaxing its crypto regulation to allow retail investors to trade digital assets directly. A licensing regime for crypto platforms that allows retail crypto trading is reportedly set to be enforced in March next year. Hong Kong is reportedly relaxing its strict cryptocurrency regulation with a plan to allow retail crypto trading, Bloomberg.

Hong Kong’s top financial regulator, the Securities and Futures Commission (SFC), introduced a voluntary licensing regime in 2018. It restricted crypto trading platforms to clients with portfolios of at least HK$8 million ($1 million). However, the tough regulation turned away many crypto businesses and only two firms — BC Technology Group and Hashkey — were approved. Michel Lee, executive president of digital asset financial services group Hashkey, explained that Hong Kong.

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