Connect with us
[crypto-donation-box]

Blockchain

Judge dismisses SEC’s request to furnish Ripple execs Garglinghouse and Larsen’s financial records

Republished by Plato

Published

on

Magistrate Judge Sarah Netburn granted Ripple’s motion to keep the records of its current and former chief executives private. 

The SEC had requested the personal financial records of the past eight years of Brad Garlinghouse and Chris Larsen, Ripple’s current and former chief executives. However, in the recent ruling, Netburn ruled that the revelation of the personal financial records on SEC’s demand was irrelevant to the XRP case. 

The court order said, 

“The Court finds that the SEC’s requests for the Individual Defendants’ personal financial records, apart from those records of XRP transactions that are already promised, are not relevant or proportional to the needs of the case.” 

The SEC argued, that the personal financial records were relevant to show the extent to which the individual defendants personally funded efforts to promote a “reasonable expectation of profit” for XRP’s investors, and cited them as necessary to prove the alleged Section 5 violations. 

Netburn, however, went on to assert that the records would not reveal how the executives made that money, even though it reflected bank deposits from crypto exchanges.

Netburn’s order concluded,  

“The Court is not convinced that the personal banking records would show (or even could show) what the SEC claims they would—individual violations of Section 5.”

When the demand was filed by the SEC in March, Ripple’s executives had termed the request a “wholly inappropriate overreach.”


Sign Up For Our Newsletter


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/judge-dismisses-secs-request-to-furnish-ripple-execs-garglinghouse-and-larsens-financial-records

Blockchain

Square Reports Record-Breaking Revenue, Driven by Bitcoin Purchases

Republished by Plato

Published

on

The electronic payments fintech Square Inc. proved with numbers that Bitcoin is good for business, and its financial results are the best evidence.

Square Inc.’s quarterly sales more than tripled, thanks mainly to the recent interest in cryptocurrencies by the general public.

Bitcoin Means Business

In a letter to its shareholders published this week, Square Inc. revealed that in the first quarter of 2021, it achieved a gross profit of $964 million, representing a 79% increase year over year. The company also reported that sales processing revenues totaled $468 million, up 32% year over year and that Cash App generated a gross profit of $495 million, which was 171% more year over year.

Square Financial Report
Square Financial Results. Image: Square

The company revealed that much of its revenue is due to the growing attractiveness – and price – of Bitcoin:

In the first quarter of 2021, total net revenue was $5.06 billion, up 266% year over year, and, excluding bitcoin revenue, total net revenue was $1.55 billion, up 44% year over year.

The financial results show that Square’s bet was successful, and the risk taken was worth it, considering that it managed to generate in one year what would be expected for 3 continuous years of activity.


ADVERTISEMENT

Square’s Bitcoin gross profit was only $75 million, mainly due to the profits obtained from payment processing:

During the first quarter of 2021, we saw significant growth in bitcoin revenue year over year. While bitcoin revenue was $3.51 billion in the first quarter of 2021, up approximately 11x year over year, bitcoin gross profit was only $75 million, or approximately 2% of bitcoin revenue.

However, Square Inc. recognized that such results are not always replicable. As a result, what it earns from its bitcoin trading activities will depend mainly on its users’ price, interest, and habits.

The Love Story of Square and Bitcoin

Square is an openly pro-bitcoin company. Its CEO, Jack Dorsey, who is also CEO of Twitter (the leading social network in the crypto-verse), is a confessed bitcoiner who has assured on several occasions that Bitcoin could eventually be a globally adopted cryptocurrency in the internet of the future.

In October 2020, Square announced the purchase of 4,709 bitcoins for a total of $50 million. This decision was crucial for Bitcoin’s historic bull run that took it to new highs.

Other major companies like PayPal -which announced support for the purchase and sale of cryptocurrencies— soon replicated this move. MicroStrategy and Tesla sealed Bitcoin’s fate shortly thereafter, fueling a surge of unique dimensions in Bitcoin’s history.

Later on, in february of 2021 Square purchased an additional $170 million in Bitcoin, increasing its holdings to over 8.000 BTC —which is over $450 million today.

Pretty good eye for business opportunities.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/square-reports-record-breaking-revenue-driven-by-bitcoin-purchases/

Continue Reading

Blockchain

Ripple Reports Double the XRP Sales For Q1, 2021

Republished by Plato

Published

on

Ripple has stated that for the first three months of 2021, its total sales of XRP were $150.34 million, 97% higher than the $76.27 million reported for Q4, 2020.

The company stated that the increase in sales figures was led by the growing demand for RippleNet’s On-Demand Liquidity or ODL service.

 “Ripple continued to engage in sales to support ODL and key infrastructure partners as part of providing increased XRP liquidity to improve the ODL experience of certain customers, eliminating the need for pre-funding and enabling instant global payments.”

Ripple Token Volumes Increasing

Ripple, which is rumored to be planning an IPO, stated that in order to meet the growing demand for ODL, it agreed to acquire 40% of Asia’s leading cross-border payments specialist, Tranglo. The partnership will help Ripple expand the reach of its services to the Asia Pacific region, it added.

The report added that total XRP volume for Q1 also eclipsed the previous quarter by 37.7% with $204 billion for the period compared to $148 billion in XRP volume for Q4, 2020. The figures were compiled using CryptoCompare TopTier (CCTT) volumes.

“CCTT’s reported daily volume for XRP increased significantly in Q1 2021 from Q4 2020. The average daily volume reported was $2.26B in Q1 vs. $1.61B in the previous quarter. Notably, XRP volumes posted four of the highest volume days ever recorded.”

On the subject of escrow, it stated that 3 billion XRP were released in line with prior quarters, and the official escrow arrangement. 2.7 billion XRP were returned and subsequently put into new escrow contracts throughout the quarter, it added.


ADVERTISEMENT

GoinGecko is currently reporting that there are 46 billion XRP tokens circulating out of a maximum supply of 100 billion so the company still controls around 54% of the supply.

XRP Price Update

The report stated that Q1 has been a period of XRP accumulation with the number of whale accounts holding between 1 and 10 million tokens increasing 6.3%. This has been reflected in XRP token prices which have gained 154% over the three-month period.

At the time of writing, XRP was trading down 11% on the day at $1.53 according to CoinGecko. The cross-border exchange asset is still cooling from its 2021 high of $1.92 on April 14, but it has yet to get anywhere near its ATH of $3.40 in early January 2018.

Ripple prices were boosted in April as the company made some progress in its ongoing battle with the U.S. SEC.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/ripple-reports-double-the-xrp-sales-for-q1-2021/

Continue Reading

Blockchain

A pillar of the Civil Rights Movement, Dr. Robert J. Brown, will keynote a global blockchain leadership event.

Republished by Plato

Published

on

Blockchain and Liberty for All

Broadcast live from Washington DC, June 18-19, 2021, with contributions from chapters around the globe, GBA will virtually present its’ annual state of the union to the world. The GBA global leadership team will present their blockchain results so far and discuss where we are headed for the next decade. 

The featured Keynote speaker, Dr. Robert Brown will share his wisdom gained from decades of working with world leaders, industry titans, and civil rights leaders. The Washington Post called him a “World Class Power Broker”. Just some of his many accomplishments include:

  • Key advisor to the late Dr. Martin Luther King, Jr. 
  • Involved in the Robert Kennedy campaign
  • Special Assistant to President Richard Nixon
  • Close friend and confidant of Nelson Mandela 
  • Consulted with many prominent US corporations on race relations and crisis management
  • Worked on the committee that established the legislation creating the Office of Minority Business Enterprise within the US Department of Commerce
  • He signed the documents that increased funding for historical black colleges & universities under President Nixon
  • Serves on the boards of numerous universities and corporations 
  • He holds eleven honorary doctorate degrees from prestigious institutions of higher learning.

Dr. Brown has handled communications and race relations during pivotal moments of the civil rights movement. His ability to build bridges between Democrats and Republicans during the Civil Rights heyday, makes him an exceptional choice for blockchain leaders who will face inevitable backlash as this technology revolutionizes the landscape for many in power. How are we to move forward in a respectful and mutually beneficial manner? 

As blockchain technology continues to disrupt every industry, GBA influencers will need to hear the lessons learned from this icon of history.

The Government Blockchain Association, (GBA), is honored to have Dr. Brown as a keynote speaker for Blockchain and Liberty for All.

Political freedom must be accompanied by economic freedom for people to be truly free. Blockchain Technology is a new frontier in the economic landscape.” -Gerard Dache, Executive Director, GBA

 

You do not want to miss this event. For more information, go to

http://bit.ly/block4all

Continue Reading
Blockchain3 days ago

Mastercard adds 6 blockchain payments startups to accelerator program

Blockchain2 days ago

Major Law Firm CMS Adds Stratis (STRAX) to its Legal Accelerator Program

Blockchain3 days ago

Starcoll To Issue Limited Edition Star Wars Collectibles as NFTs

Blockchain2 days ago

Pro traders buy the Bitcoin price dip while retail investors chase altcoins

Blockchain3 days ago

eBay could add a crypto payment option, says CEO

Blockchain2 days ago

China’s Central Bank to Partner With Alibaba’s Ant Group on Digital Yuan

Blockchain3 days ago

‘This ain’t no game’ as DOGE briefly flippens Nintendo and takes #4 spot from XRP

Blockchain3 days ago

Singapore’s largest bank posts tenfold crypto volume growth in Q1 2021

Blockchain3 days ago

S&P DJI Releases Bitcoin and Ethereum Indexes

Blockchain2 days ago

Bitcoin Miners Moving Away from China, F2Pool Observes

Blockchain4 days ago

Iranian companies can now pay for imports with officially mined cryptocurrencies.

Blockchain3 days ago

S&P launches cryptocurrency indexes, debuting with Bitcoin and Ether

Blockchain3 days ago

Bybit Launches Ether (ETH) Cloud Mining Service as Demand Booms

Blockchain2 days ago

Here Is Why XRP Volume Has Recover Across Payment Corridors

Blockchain4 days ago

CBDCs Could Harm Bitcoin But BTC May Replace Gold as a Store of Value: Deutsche Bank

Blockchain3 days ago

Bitcoin and Ethereum Indices Debut on S&P Dow Jones

Blockchain2 days ago

Another XRP lawsuit update: SEC accuses XRP Holders of ‘reciting’ Ripple’s litigation position

Blockchain3 days ago

The Reason for Ethereum’s Recent Rally to ATH According to Changpeng Zhao

Blockchain3 days ago

eBay is Considering Adding Crypto Payments & NFT Sales

Blockchain2 days ago

WallStreetBets launches blockchain-powered app to decentralize indices

Trending