This Week in Cryptos: Square ups Bitcoin Sale While Walmart zeros down on stablecoin

By Abhinav Agarwal
Published August 4, 2019 Updated August 4, 2019
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This Week in Cryptos: Square ups Bitcoin Sale While Walmart zeros down on stablecoin

By Abhinav Agarwal
Published August 4, 2019 Updated August 4, 2019

Key highlights

  • Reddit Bitcoin discussion is positive
  • Square sold $125M BTC in Q2
  • SEC may outsource crypto nodes
  • Walmart patenting a stable coin
  • Grayscale using Coinbase Custody
  • S Korea starts regulation-free zone

Reddit Bitcoin discussion is positive

The interest in Bitcoin is definitely rising and by far is positive. And here comes another number that supports it. Tech researchers at Comparitech analyzed over 48,000 Reddit posts and 7,500 articles from various outlets to find which cryptocurrencies are viewed with the most favorable terms. The study concluded that 85.5% of cryptocurrency-related topics were positive. The research also bought that it’s not just Bitcoin but even altcoins like Cardano, Ether, Litecoin, and Tron had 85% to 90% favorable sentiments.

Square sold $125M BTC in Q2

The positive sentiment on Bitcoin now is clearly visible in the financial results of companies working with it. According to the latest announcement Payments company Square has generated $125 million in Bitcoin (BTC) revenue in the second quarter of 2019 through its mobile payments service Cash App. According to the result announcement, the company’s Bitcoin revenue benefited in part from the number one cryptocurrency’s price rally over the quarter. As a result of this price growth, there was also a correspondingly increased volume of Bitcoin, they say. This resulted in a $2 million gross profit for the company.

SEC may outsource crypto nodes

This week saw more news surrounding SEC’s decision of running leading crypto nodes. A recently published document revealed that the U.S. Securities and Exchange Commission (SEC) has plans to hire contractors to run specific cryptocurrency full nodes for the government agency. According to the SEC documentation, the regulator wants third-party contractors to run nodes for Bitcoin Core (BTC), Ripple (XRP) and Ethereum (ETH) in order to monitor compliance risks.

Walmart patenting a stable coin

After Facebook’s Libra another US Corporate giant has unleashed its plans to enter cryptos. And This time its Walmart. According to a recent patent filing by the company, Retail giant Walmart could be working on issuing a USD-pegged stablecoin. The filing, published by the U.S. Patent and Trademark Office (USPTO) this week, outlines a method for “generating one digital currency unit by tying the one digital currency unit to regular currency,” meaning a fiat-pegged stablecoin. It could also provide households with low income that find banking costly with a choice to “handle wealth at an institution that can supply the majority of their day-to-day financial and product needs,” according to the filing.

Grayscale using Coinbase Custody

Coinbase’s reputation of being safe custody for cryptocurrencies has attracted a lot of clients in the past and they continue to do so. The recent addition to this list is Grayscale Investments. According to the recent reports, Grayscale Investments has tapped Coinbase Custody to serve as the new security provider for its digital asset holdings. Grayscale claims to hold $2.7 billion in total assets under management, according to its most recent quarterly report, more than doubling its Q1 holdings of $1.2 billion. Grayscale holds bitcoin, bitcoin cash, Ethereum, Ethereum Classic, Litecoin, Stellar Lumens, XRP and Zcash. Coinbase Custody also intends to hold Grayscale’s horizon (ZEN) token, pending regulatory approval to support the asset.

South Korea starts regulation-free zone

South Korea has again proven that it is dead serious about cryptocurrencies and its future in the country. Hence it has decided to harness the budding industry in the country by offering a Partial ‘Regulation-Free’ Zone for Crypto Companies. According to the news available, Busan has been declared a “regulation-free” zone for blockchain development by South Korea’s national government, a move long expected but now formalized as part of a larger liberalization push. Zug, Switzerland is said to be one of the models for the zone. The announcement also states BNK Busan Bank, a Korea Exchange-listed local institution, will supervise blockchain management as it relates to finance and might be developing a stablecoin pegged to the won.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Abhinav Agarwal
140 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]

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