fbpx

Crypto Flipsider News – Bitcoin Drives Square’s Q3 Profit, Sun Pours $1.1B into TRON Ecosystem, Digital Yuan Exploited in Money Laundering

Read in the Digest

  • Bitcoin’s Place in Square’s Q3 Profits, Stock Prices of NerdWallet Jump 57% on IPO
  • Justin Sun Pours $1.1 Billion to Grow the TRON Ecosystem
  • Enjin Allocates $100 Million for Metaverse, Nvidia at Historic $700 Billion Valuation Because of Metaverse Hype
  • The Chinese Police Make First Arrest for CBDC Money Laundering

Bitcoin’s Place in Square’s Q3 Profits, Stock Price of NerdWallet Jumps 57% on IPO

On Thursday, November 4, Jack Dorsey’s Square reported that it recorded a 60% rise in third-quarter gross profits. For the quarter that ended September 30, 2021, Square posted a gross profit of $1.13 billion.

Square has in the past invested in Bitcoin, and it seemed to pay out in Q3 2021. Cash App, Square’s merchant checkout system and digital wallet solution, generated $1.82 billion in Bitcoin revenue, up 11% from a year earlier.

Personal finance firm NerdWallet joins Square with a strong rise in its share prices. In its stock market debut (via IPO), NerdWallet’s shares grew by over 57%, pushing the valuation of the fintech company to almost $1.5 billion.

NerdWallet (NRDS) was one of three companies that went public on Thursday, November 4. However, the skyrocketing stock prices of NerdWallet set it apart from Cadre Holdings (CDRE) and Arhaus (ARHS).

Flipsider:

  • Despite a rise in its gross profits, Square’s quarterly revenue was lower-than-expected due to disappointing results in the cryptocurrency business.

Why You Should Care

Fintechs supported by cryptocurrencies are not only increasing in value but hold significant importance in the global economy.

Justin Sun Pours $1.1 Billion to Grow the TRON Ecosystem

Chinese American techpreneur and founder of the cryptocurrency platform TRON, Justin Sun, has pumped $1.1 billion into TRON to beef up the development of the ecosystem. Justin Sun Tweeted:

Since launching its mainnet in 2018, TRON has evolved into a full-fledged ecosystem. The TRON network now supports decentralized finance (DeFi), NFTs, stablecoins, and distributed storage technology.

According to Sun, the fund will be used to power the growth of the TRON ecosystem and provide developers with more efficient and affordable developing tools. 

Remember that about a week ago, it was reported that Sun withdrew billions of dollars worth of crypto from Aave’s lending pools. Perhaps the funds Justin Sun sent in for the development of TRON came from his withdrawal.

Flipsider:

  • Since evolving into an ecosystem, TRON has failed to impose itself in the crypto market, dropping from a top 10 project

Why You Should Care

The $1.1 billion funds pumped into Tron could attract developers and projects to the ecosystem, benefiting the entire network.  

Enjin Allocates $100 Million for Metaverse, Nvidia at Historic $700 Billion Valuation Because of Metaverse Hype

Since Facebook rebranded into Meta, we have seen a new surge of interest in the metaverse. Blockchain firm Enjin has unveiled a $100 million fund to support metaverse projects.

The Efinity Metaverse Fund will be used to support metaverse projects from Enjin and Polkadot, NFTs, dApps, and blockchain gaming. The fund aims to support the development of a decentralized metaverse.

The growing hype of the metaverse has helped Nvidia, the global GPU inventor, top the $700 billion valuation for the first time in its history. Nvidia’s new valuation means that it is now the 7th largest American company after displacing Warren Buffett’s Berkshire Hathaway.

Nvidia recorded its largest single-day gain in 19 months as news emerged that the company will be announcing plans to capitalize on opportunities in the metaverse. The announcement is set to be made at the annual GTC developer conference starting on November 8.

Flipsider:

  • While the concept of the metaverse began with games, experts believe that a successful metaverse will be built mostly for work

Why You Should Care

The metaverse is everywhere these days, with more megacorporations joining the trend of building tomorrow’s technology.

The Chinese Police Make First Arrest for CBDC Money Laundering

Central Bank Digital Currency (CBDC) has been one of the most talked-about subjects in 2021, with more than half of the world’s central banks investigating the field. However, China has pulled ahead with its digital currency, the e-CNY.

With the e-CNY already operational, China has pushed for more adoption across its borders. However, while China strives to increase the use of its digital currency, it has recorded what could be the first scam and money laundering case involving e-CNY.

The police force in Xinmi, a small city in central China’s Henan province, has arrested 11 suspects who were reportedly involved in scamming an individual of 200,000 yuan (about $32,000). 

The victim, Qu, received a phone call in September from the suspect, who claimed they would compensate three times for an item Qu ordered online with quality issues. Qu transferred over 200,000 yuan via multiple transactions to the accounts provided by the suspect.

Flipsider:

  • The managed anonymity of the e-CNY, which was misunderstood by the public, helped in tracking the culprits of the scam

Why You Should Care

With CBDCs, central banks are looking to build on the success of cryptos and solve the identified problems. China implemented digital signatures and encrypted storage for transactional security rather than blockchain.

EMAIL NEWSLETTER

Join to get the flipside of crypto

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

    You can always unsubscribe with just 1 click.

    This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

    Rate This Article
    In order to improve, we give you the opportunity to rate DailyCoin content
    Author

    DailyCoin is an online media outlet, with a focus to cover blockchain and crypto news, opinions, trends and helpful articles. We focus on delivering fast and objective news about cryptocurrencies and crypto markets with a swirl of passion. Our dedicated and motivated global team is here to deliver the highest quality content. If you want to collaborate with DailyCoin and become our contibutor, please contact us at [email protected]