This Week in Cryptos: Square Crypto increases crypto muscles as it continues ot hire while there is no place for privacy coins on Upbit

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This Week in Cryptos: Square Crypto increases crypto muscles as it continues ot hire while there is no place for privacy coins on Upbit

Key highlights

  • Square Crypto continues hiring
  • Upbit delist Privacy coins
  • Wells Fargo builds a digital currency
  • Abra adds cash-to-crypto at 7/11s
  • LINE launches crypto exchange

Square Crypto continues hiring

Talent continues to flow into crypto as more and more companies look to built a stronger future. Square Crypto happens to be one of them. The crypto division of the publicly traded financial services company square that focuses wholly on bitcoin, this week, announced the hiring of three new talents to work on open source projects. A prominent name in these hires is ex-Facebook and BitGo employee Arik Sosman. The other two names are Lightning Labs alum Valentine Wallace and Google alum Jeffrey Czyz. These hires are responsible for growing the FOSS [free and open software] developer base.

Upbit delist Privacy coins

Privacy coins are in controversy again as Upbit, the South Korean crypto exchange, announced this week that it would not be providing any trading support for six cryptocurrencies, including some privacy coins. According to the notice issued by the exchange, it will delist and cease trading of Monero (XMR), DASH, ZCash (ZEC), Haven (XHV), BitTube (TUBE) and PIVX by Sept. 30. The reason stated by the exchange to delist these coins is to remove any possibility of money laundering and the inflow from external networks.

Wells Fargo builds a digital currency

Another prominent Wall Street Name seems to be building its own cryptocurrency. And its Wells Fargo, th world’s fourth-largest bank. According to news coming out this week, the bank plans to pilot an internal settlement service using a homegrown cryptocurrency backed by fiat money, starting with the U.S. dollar. It is believed that the bank has already successfully tested the technology between U.S. and Canadian accounts using U.S. dollars. Additional currencies will be considered after the pilot, according to a certain media reports

Abra adds cash-to-crypto at 7/11s

This week Abra bought cryptocurrencies are closer to users. According to the official announcements this week, the crypto wallet app Abra said that it has started selling cryptocurrencies for cash. This service will be available across 6,000 retails stores including all 7-Eleven stores in the Philippines. This is has been possible due to the collaboration between Abra and ECPay, an electronic payments provider in the Philippines. The announcement also states that the platform will be charging a 2% fee for processing the transactions.

LINE launches crypto exchange

Japan has been a strong ground for cryptocurrencies and a lot of exchanges have flourished their way up in the land of the rising sun. And now we have another addition to this list. According to the latest media reports, the messaging app LINE has officially launched a cryptocurrency exchange service. This will be available to all the 80 million users who reside in Japan. According to the statement, the exchange services will be introduced in stages

Summary
This Week in Cryptos: Square Crypto increases crypto muscles as it continues ot hire while there is no place for privacy coins on Upbit
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This Week in Cryptos: Square Crypto increases crypto muscles as it continues ot hire while there is no place for privacy coins on Upbit
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Square Crypto continues hiring Upbit delist Privacy coins Wells Fargo builds a digital currency Abra adds cash-to-crypto at 7/11s LINE launches crypto exchange
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Author: Abhinav Agarwal

A blockchain enthusiast, my expertise extends to marketing and advertising through which I was able to help a few notable startups in generating initial traction. Follow me on Twitter at @abhinavagrwl94 and reach out to me at abhinav[at]coingape.com

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Abhinav Agarwal 107 Articles

A blockchain enthusiast, my expertise extends to marketing and advertising through which I was able to help a few notable startups in generating initial traction. Follow me on Twitter at @abhinavagrwl94 and reach out to me at abhinav[at]coingape.com

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