This week has been lively with several things happening around the crypto space. XRP was amongst one of the top trending cryptos with different developments occurring around Ripple. Tron was also in the news with some shaky moments. Moreover, some general announcements were made. Let’s have a glance at them.
Cash App Powered by Square, Inc. Doubles Bitcoin Revenue
Cash App powered by the payment company Square, Inc. announced that their revenue for the Q2 2019 was doubled with an amount of $125 million in BTC’s. Before, the company’s revenue for Q1 was around $65.5 million in Bitcoin.
Square is a company which is highly bullish on Bitcoin and the project manager at Square Crypto; Steve Lee mentioned that the payment company is very, very pro-Bitcoin.
Walmart Patenting a Stablecoin
The interest of retail giant Walmart seems to increase in the cryptocurrency market. Walmart insists that they should have crypto just like Facebook’s Libra that would be a much secure platform to store government bonds and fiat currency.
Walmart has presented an application for a digital currency patent that should be similar to Libra. The filing proposes that the coin would provide financial services for those with limited ingress to the banking services.
Grayscale to Use Coinbase Custody
Grayscale was looking to make one of the most significant single-day crypto transfers. Coinbase already holds $1 billion in assets of the company, claimed CEO Coinbase. The crypto exchange has been acting as the custodian for Grayscale’s digital asset holdings and is set to hold further assets worth almost $3 billion soon.
Grayscale holds several cryptocurrencies including Bitcoin, Ethereum, Stellar, XRP, several other altcoins. According to the company, it holds crypto assets worth $2.7 billion, which is double of those holdings of Q1 that were around $1.2 billion.
South Korea Begins Regulation Free Zone
The government of South Korea announced Busan as a “regulation-free zone” for the development of blockchain. This was being discussed for a long time, and finally, it has been formalized.
Busan is set to organize a copious blockchain libation that will include finance, tourism, and public safety. Though the government hasn’t allowed ICOs and they are still a bit conscious regarding cryptocurrencies. Still, it is a good incentive that will open gates for blockchain technology and hopefully cryptocurrencies as well.
It is expected that by the end of 2021, investors would have made an investment of around 25 million dollars across different blockchain projects.
Kraken Acquires Interchange
One of the biggest crypto exchanges, Kraken attained Interchange as per an announcement made on 31st July. This is one of the latest efforts made by Kraken to gain the institutional advantage in the industry.
Interchange is basically a reporting and accounting service for companies, and it also has functions in the crypto market. So, acquiring an Interchange is a good development for Kraken. It will help users to manage their portfolios in a better way. The access to the market would become accessible, and investors would be better able to monitor and report regarding their crypto holdings.
Litecoin (LTC) ‘Halving’ Soon
One of the top cryptos in the market, Litecoin (LTC) is going to be halved once again. The LTC halving with take place on 5th August, and this would decrease the reward for cryptocurrency users by 50%.
At the moment, Litecoin miners are offered with 50 coins for each block, and after the halving, it would automatically be reduced to 25 coins per block.
This news is very much for the investors to keep an eye on. Litecoin is expected to follow an upward trend, as the constant decrease in mining rewards results in profitability though halving could turn out to be unstable for a market that is already volatile.
Ripple on the Charge
Ripple has had a successful week, as far as its adoption is concerned. Several financial institutions have adopted Ripple’s XRP for their payment services.
Recently, the second-largest payment provider in the world, Moneygram has made a deal with Ripple to use its services for cross-border transactions using the digital asset. The focal point of this collaboration will be Ripple’s xRapid. It leverages XRP, the native digital asset of the XRP Ledger, as a real-time bridge between the sending and receiving currencies.
Moreover, Ripple has been adopted by the payment provider companies, including EquensWorldline. Also, Ripple, in partnership with SBI, launched a virtual currency spot trading service called ‘VCTRADE Pro.’
Tron (TRX)’s Tremulous Moments
In the latest crypto ranking published by China, Tron makes the third spot among other 27 digital assets. This was the most triumphant moment for TRX in this week.
However, it was more than good stories that revolved around TRX radar. Several Tron holders have reportedly switched to Ripple (XRP) as they thing Justin Sun doesn’t mean business.
It was a see-saw week for Tron, let’s see what’s new for the TRX community in the upcoming week.
Overall, the progress of the crypto industry seems to have moved with some positive developments this week. As the crypto market is leaving its impression on the world, day-in, and day-out, there is much more to follow from the crypto world.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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