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Square Generates $1B in Bitcoin Revenue in Q3



On an overall scale, the third quarter’s total company revenue amounted to $3.03 billion, up from $1.27 billion in the third quarter of the previous year.

On Thursday at the market close, Square Inc (NYSE: SQ) published in its Q3 investor letter that during the third quarter of 2020, it has realized a Bitcoin revenue of $1.63 billion. This means that the revenue had surged approximately 11x from last year’s third quarter. The App has also seen an increase in Bitcoin transactions, which made it realize $32 million in third-quarter gross profit earnings – that amount is 15 times more than the figure at the same period last year.

On an overall scale, the third quarter’s total company revenue amounted to $3.03 billion, up from $1.27 billion in the previous third quarter, representing a 140% increase. Square’s net income also increased by 27% from $29 realized at the same time last year to $37 million earned in the third quarter.

600% Increase in Cash App’s Quarterly Bitcoin Revenue

In the second quarter of 2020, Jack Dorsey‘s financial services company got a revenue of $875 million from its Bitcoin (BTC) transactions via its Cash App. Compared to the revenue attained during the second quarter of last year, a 600% surge has been realized. A gross profit of $17 million was generated in the same period representing a 711% year-over-year increase. Total expenses generated during the sale of its bitcoin offering amounted to $858 million.

Customer demand growth due to the Bitcoin’s block reward halving hype, as well as extreme market volatility, contributed heavily to wonderful Bitcoin revenue and gross profit results realized in the third quarter.

In the investors’ letter, Square wrote:

“In the second quarter of 2020, we saw year-over-year and quarter-over-quarter increases in volume per active customer across our Cash App ecosystem, including peer-to-peer payments, Instant Deposit, Cash Card, bitcoin investing, and stock brokerage.”

$50 Million Investment in Bitcoin

In terms of building bitcoin services, Square has led the way amongst public traded companies after becoming the first to pilot Bitcoin purchases via its cash up back in 2017. Last month, PayPal Holdings Inc (NASDAQ: PYPL) join the trail after it announced that it would support Bitcoin, Ether, Litecoin and Bitcoin Cash for purchases at its 26 million merchants globally.

In October, Square announced in its shareholder letter a $50 million Bitcoin purchase. During the earnings call, Dorsey said the following:

“We announced two strategic investments. The second was a $50 million investment in bitcoin, which we believe will be the native currency of the internet, and help people thrive around the world and the economy.”

At that time, Bitcoin’s price had jumped 2.5% to retail at $11,000, but now at the time of writing, it is way above $15,500.

Cash App by Square Continuously Bringing More Profits in Q3

Square has often realized quite a small bitcoin sales margin over the past periods. Compared to Square’s overall business that usually generates much higher margins, the company’s Cash App generates a very thin margin of under 2% in profit from its Bitcoin sales. For instance, in the second quarter, the firm overall managed to make $597 million (a 31% profit) from a revenue of $1.92 billion.

However, as per the Q2 shareholder letter, the Cash App gave the company a revenue of $1.2 billion and a gross profit of $281 million. In the third quarter, the App has been able to bring in profits worth $385 million. Evidence now suggests that Square’s Cash App, a crucial Bitcoin entry point for a couple of investors, is increasingly delivering stronger profits.

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James Lovett is a talented crypto enthusiast who finds pleasure in sharing more knowledge on fintech, cryptocurrency as well as blockchain and frontier technologies. He likes to keep himself furnished and updated with the latest innovation in the crypto industry, blockchain technology, Internet of Things (IoT) and other technologies. As a result, he tries to furnish ardent crypto supporters with the latest news on blockchain and distributed-ledger technologies. Indeed, Blockchain and Cryptocurrency is changing the world as we know “one block at a time”. As a hobby, he also trades in small amounts of cryptos every now and then.
An author with experience writing for tech, digital, and cryptocurrency blogs!

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Crypto Gambling Market Continues to Grow in 2021




With your wallets funded, you need to choose the right games which are typically the same as traditional casino games.

Blockchain technology and digital currencies have come to stay and of the many use cases of crypto, its integration in the gambling market has continued to see impressive growths in 2021. Cryptocurrencies rank as one of the major tools that have helped the world maintain financial equality amidst the growing economic uncertainties fueled by the COVID-19 pandemic. While there is a steady integration of crypto in key industries, the online Casino world and other gambling sites have particularly designed a means to harness the full capabilities of these growing asset classes.

Per the ratings on Kriptopolis, crypto gambling sites are proliferating at a fast pace, as many seek to leverage the benefits for their platform users. Some of the inherent features of cryptocurrencies that make them ideal for gambling include privacy, low fees, fast speed of transaction, and lack of censorship amongst others. Users who embrace crypto gambling via dedicated sites can get to enjoy these benefits and more.

Choosing the Right Crypto Gambling Sites

Those familiar with online Casinos and gambling sites may have their reservations due to one or more limitations. Attempting to switch to crypto-backed gambling sites may not particularly be the recipe to attain maximum satisfaction as the market is still developing. However, the crypto gambling market has a lot to offer, and users who are explorative must have a set of features to watch out for while attempting to pitch their tents with an online crypto gambling market.

In choosing the right gambling platform, you have to look out for Casinos or other such markets that accept the digital currencies that you have. Some Casinos accept Bitcoin (BTC), Ethereum (ETH), FunFair, and others. With crypto exchanges or marketplaces around today, you can easily purchase the right cryptocurrencies a particular platform offers, and move the assets to use in playing your games.

When you have discovered the platform that offers casino games with the assets you hold, you will then need to ascertain how secure and reliable these platforms are. At the rate of growth of online Casinos today, it is not uncommon to find outfits which are prone to attack, have a series of bad practices capable of limiting user experience. To get a reliable outfit, reviews on platforms like Kriptopolis for the best crypto gambling sites may become a very great resource.

Once these aforementioned factors are in place, you may need to check out the gambling site that offers a form of reward for new customers. These rewards may come as free spins or other generous bonuses. Bonuses are a way to get more value from gambling sites and those who offer enough are often advised for starters.

The issue of regulations must also be considered. Local laws may prohibit some crypto casinos from carrying out their business in your locality. Users must do their due diligence to ensure the site of their choice have the permit to operate and provide their services in your country or region.

Examples of common Casinos that supports crypto for payment and payouts according to Kriptopolis include but not limited to:

  • BitStarz
  • Fortune Jack
  • BetChain
  • Betcasino, and;
  • 7Bit Casino

These Bitcoin-centric casinos are unique in their own way and their offerings may differ from one another. However, the advancing economy and competition in the online gaming and betting world has fueled each of these platforms to boost their offerings to gain a reasonable market share.

Getting Started with Crypto Gambling and Choosing the Right Games

The earlier section is one of the core ways to really get started on your journey into the crypto gambling world. Once you have picked the right platforms for you based on the factors highlighted earlier, the question to now answer is, where is the cryptocurrency to get started with?

Some online crypto casinos offer an avenue to buy the digital currencies they support, however, this method is not recommended. Instead, users can open an exchange account ranging from Binance, Coinbase Global Inc (NASDAQ: COIN), Kraken, Huobi Global, and others as supported in their areas. When the accounts are created, users can set up their wallet accounts and purchase their desired cryptos using credit cards or via P2P payments. These exchanges typically have guides to aid new users. Once purchased, this coin can then be transferred to the gambling site through the dedicated wallets on the platform.

With your wallets funded, you need to choose the right games which are typically the same as traditional casino games. However, some are built on the blockchain. Examples of the games on offer by the popular crypto casinos include but not limited to:

  • Slots
  • Video Poker
  • Blackjack
  • Roulette
  • Keno, and;
  • Bingo

There are provisions to bet with huge sums of money, for example, one Bitcoin, however, in order to manage risks effectively, a fractionalized units of your assets can be used to start out.

Pros and Cons of Crypto Gambling Market

As an emerging market, crypto gambling engagement comes with its benefits and woes. For the former, users get to enjoy anonymity, the safety of funds, transparency, and the potential for winnings to grow over time as Bitcoin and altcoins are bound to future growths in price.

The cons involve the risks associated with the volatility of assets, lack of diverse alternatives in choosing platforms to patronize, and the knowledge crypto is required to avoid hiccups. By and large, the pros outweigh the cons and as such, the industry is blossoming and has a positive outlook for the future.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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Elon to Put Dogecoin on the Moon by 2022




By 2022, Tony Sta… I mean Elon Musk says he will be putting a real physical Dogecoin on the moon. 

No one ever said the man wasn’t brilliant, if not a little eccentric. His backing of the cryptocurrency that was once just a joke is not just for fun.

Dogecoin holders earned 12,000% returns since January 1st of 2021.

Courtesy of Coindesk

It’s incredible how an “investment” that generated 12,000% over less than 5 months was started as a joke. Imagine how many Sheba Inu dogs can be adopted for such returns, especially after they put Dogecoin on the moon!

After all, that’s what Dogecoin’s parents, Billy Markus and Jackson Palmer did.

They created a payment system that makes fun of the crazy speculation of cryptocurrencies. Just like so many things we have seen in recent years, Dogecoin took on a life of its own! Now it’s circulating with a supply of 129.5-billion coins as of May 9, 2021. 

It’s not just a meme: Dogecoin is changing the world

On Jan 9, 2014, the Dogecoin Foundation created a community fundraising effort with the goal of raising US$50,000 for the Jamaican Bobsled Team. The team qualified but could not afford to attend the Sochi Winter Olympics. By day 2 of the fundraising, US$36,000 worth of Dogecoin. This made the BTC-Dogecoin exchange rate go up by 50%! 

On top of that, just a month ago in May, Dogecoin jumped more than 50 cents!

The motivation to get behind Dogecoin is the same as almost any crypto: Taking power away from the third parties who charge fees for people to use their own money on their platform. They’re called banks, and you may have heard of them.

The real reason for putting Dogecoin on the moon for Elon Musk is not to stick it to traditional finance. (Although that’s a great side-benefit!) I believe the real reason behind putting Dogecoin on the moon lies in the fact that Elon Musk owns SpaceX, the world’s leader in private sector space flight. In the Q1 of 2022, Canadian firm Geometric Energy Corporation will put a physical Dogecoin on the moon in a 40-kilogram CubeSat on one of SpaceX’s Falcon 9 rockets. It would be interesting to watch what happens, and if only we could invest in SpaceX! Too bad it’s not public! (Yet…)

Dogecoin’s 2% increase last week is one indication that moves like this are the right thing to ensure a bright future for not just Dogecoin, its holders, and Mr. Musk, but the entire world and anyone who will use crypto. 

Featured image: DepositPhotos

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9 NFT Galleries You Can Physically Visit in 2021




The NFT craze just keeps getting better. If you have already visited the NFT Metaverse, now is the time to become physical witnesses to these NFT exhibitions and galleries. 

Across the USA, Russia, Europe and Australia, several physical NFT galleries are emerging. If you are an NFT enthusiast, you should check out these novel art galleries. With vaccinations rolled out across countries, the restrictions put by the pandemic are slowly taking a backseat thus giving you the perfect opportunity to set out on your NFT adventure.

Before we go ahead and list down the 9 popular choices to visit, let’s recap our understanding of what exactly is an NFT. In simple words, these non-fungible tokens store digital data whose authenticity as well as ownership are defined by the blockchain technology used in their creation. Each token is unique to the digital data it stores and is not interchangeable like the regular currency.

Here are the 9 most popular galleries to visit this year.

The Museum of Art and Philosophy in Australia

With their 1st exhibition organized at 7 Campbell Street, Hobart, Australia from 16-22 June, the Museum of Art and Philosophy is the second physical NFT gallery across the world only after New York’s Superchief Gallery that opened its doors in March 2021. The gallery would put on exhibition the work of artists covered in the Museum’s print magazines – New Philosopher and Womankind. This opening would be a one of a kind event as it also coincides with the Dark Mofo Festival.

Underground Museum in Russia

The Underground Museum is located in the Russian city of Moscow in the beautiful backdrop of Zaryadye Park. Though the museum won’t be putting up NFT-specific exhibitions, one can find the artwork of a few NFT artists as part of their regular exhibitions that put on display the art of contemporary artists from Russia.

Hermitage Museum in Russia

The world-renowned and second-largest art museum in the globe, Hermitage Museum, has announced that it will be organizing an exhibition to display NFT art. The purpose of the Museum is not just to put these works of art on display, but also to research and understand the relevance of NFTs and their effect on traditional control mechanisms like copyright and patents through seminars.

Kiwie Space in Latvia

Kiwie 1001 that uses NFT to create owners of unclaimed street art is hosting a physical showroom called ‘Kiwie Space’ for displaying NFT art forms. The showroom set up in a shopping mall “Galeria Centrs” in Latvia will showcase works of up and coming NFT artists who get voted by the KIWIE 1001 community

Francisco Carolinum Linz in Austria

The Francisco Carolinum Linz is a treasure house filled with modern and contemporary Austrian art. It has planned a specific exhibition for educating and entertaining people with all that exists about the NFT world. The “Proof of Art” exhibition has already begun on June 11 and will continue till the 15th of September. To know more about NFTs and their technology, impact and relevance, you can also visit the online Museum that Francisco Carolinum Linz has created using Ethereum-based Cryptovoxels.

Museum of Modern African Art in Netherlands

If you want to check out the portraits of African kings and queens owned and managed through NFTs, you just have 4 days up to 18th June. The museum’s Modern African Art Exhibition will put on display the works of The Portraitist, from his Kings & Queens Collection, which has pushed African art further into the digital medium through the minting of the 2 African kings, King Letsie III and King Mswati III on the blockchain.

Blackdove in Florida

Miami’s Blackdove gallery will be inviting over 50 international NFT artists putting on display over hundreds of NFT digital art. The Blackdove gallery also enables enthusiasts to enjoy these digital art forms on their TV through the Blackdove NFT Display App. In addition to the viewing experience, the gallery would also make it possible for visitors to buy an NFT at the exhibition and own these NFT pieces of art.

imnotArt in Illinois

The creators of imnotArt metaverse have come down on the Chicago streets to offer NFT enthusiasts a never seen experience through their first NFT gallery. This novel initiative to merge elements of the physical world with Metaverse will be exciting for the city’s NFT fans. imnotArt will attract many visitors due to its famed online gallery and community space built by two NFT collectors and aficionados, Matt Schapiro and Chase McCaskill.

Bright Moments in California

Art lovers and artists are no strangers to the popularity of Venice Beach in Los Angeles. The Bright Moments NFT Gallery is an initiative to take the common man into the world of NFTs through a pop-up gallery that will be displaying a plethora of crypto art available on digital asset marketplaces, SuperRare or Rarible. To educate the visitors, the NFTs would have a QR code that will inform them about the piece in display and also other art forms from the creator. The event would shed light on the increasing popularity of NFTs thus assuming roles of both an educator and entertainer.

While last week these non-fungible tokens were being redeemed for a launch with FTX’s founder Sam Bankman-Fried, now you can witness the NFT digital as well as physical art in person. NFT virtual art galleries are already a thing now like the Museum of Crypto Art, but these in-person crypto art galleries will provide a novel experience. In addition to art exhibitions, the galleries will also organize speeches, shows and other special events for the visitors. Top NFT artists would be showcasing their art through the exhibitions in these galleries.

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Content specialist with interest across sectors like Finance, Politics, Environment, Technology & Education. Loves Fiction! A reader, dreamer & blogger. When not writing, you will find her enjoying solitude like her cats

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