Square’s Cash App Seeks Bitcoin Operations Manager to Forge ‘New Revenue Lines’

Twitter CEO Jack Dorsey’s Square continues to delve deeper into Bitcoin. After a $50 million investment in the leading digital asset, creating an entire crypto division, and forming COPA, Square’s Cash App, which has over 24 monthly active users, is now hiring for a Bitcoin operations manager.

The person will be responsible for managing certain aspects of its bitcoin business, including liquidity management, trading, and custody/cold storage while mitigating security and financial risks.

Additionally, the individual will be responsible for optimizing strategic Bitcoin partnerships and collaborating with internal and external partners.

“Drive financial performance of our rapidly scaling bitcoin business, which includes forging new revenue lines,” further mentions the job responsibility of the person who is required to have over 10 years of experience in the payments field and 2-5 years of Bitcoin knowledge.

“Entrepreneurial drive is key.”

Besides driving operational efficiency, the person would have to collaborate across cross-functional constituents, including the Cash App engineering, design, product, finance, legal, compliance, customer support, data science, and risk operations.

Identifying and remediating operational issues together with managing key external partners, participating in cross-functional projects, and supporting product development, and analyzing and leveraging multiple sources of data to make informed business decisions are also required from this full-time position.

This makes sense given that Cash App users consume more than 8% of Bitcoin’s daily issuance, and every quarter the Bitcoin sales record a significant increase. With the BTC price on the move amidst monetary stimulus, Cash App may even see more growth.

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Author: AnTy

Bitcoin Decoupling from The Stock Market is Here as BTC Eats Up Altcoin and DeFi Market

Bitcoin 2, everything else 0.

This is the tally after Bitcoin continues to move up following yesterday’s jump above $11,800.

Today, the leading cryptocurrency actually hit $12,000 on Bitfinex, last seen on Sept. 1st.

Since yesterday, BTC/USD has jumped over 5% on the back of $1.7 billion in real trading volume.

Interestingly, altcoins are not following this move up; as a matter of fact, they are recording losses, which means money is flowing out of the altcoins and into Bitcoin.

“Bitcoin about to consume the entire DeFi market and all the alts in the greatest consolidation crypto has/will ever see,” noted analyst Mati Greenspan.

Among the top cryptos, Chainlink is down the most, 5.43%; however, according to IntoTheBlock data, the number of LINK holders keeps on growing to hit a new record of 249.55k.

Ether is also down about 3% to just under $373.

“Eth is really lagging now but I think this recent move was probs some derivs bears tryna get out of their underwater btc shorts by nuking alts lol, waiting for eth derivs to give me more market info but honestly might actually punt an eth long soon,” said trader Loomdart.

DeFi tokens are experiencing even more severe losses between 5% to 15%, and in the past week, it has been up to 35%.

Besides altcoins, everything else is also not feeling as good or as bullish as BTC.

The equity market started with greens but soon dropped with S&P 500 trading at 3,448. The same is the case for tech-heavy stocks Nasdaq at 11,532 and Dow Jones Industrial Average at 28,370.

Unlike yesterday, today, gold is making some moves as it rises to $1,910. The USD Index actually went under 93 and is currently trading around this level.

“The decoupling is upon us. Makes sense that BTC will continue to be correlated in short timeframe trading; but not in the longer timeframes. BTC is a safehaven, just that “risk-on” (meaning it’s very new) is skewing this fact,” said on-chain analyst Willy Woo.

Meanwhile, for Bitcoin, the ongoing spike in the price is resulting in millions in liquidations, with the largest single liquidation order happening on Bitmex-BTC value $5.57 million.

The good thing for the Bitcoin market is that the BTC exchange balance continues to fall ever since March 15th. During this period, the net outflow has been 450,000 BTC, and the total exchange balance has reached the lowest point since November 2018.

On the other hand, the number of addresses holding at least $1 worth of BTC topped 24 million for the first time last week.

Additionally, institutional sized traders on CME, although don’t make up much of the open interest (OI), were only holding long positions last week. Overall, CME futures OI rose sharply yesterday, adding nearly 1,500 contracts on the October expiry.

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Author: AnTy

Interest in DeFi Falls to Pre-Mania Level, Uniswap Volume on a Decline Despite CEX’s Issue

The DeFi market continues to see strong growth, with the total value locked (TVL) in the sector above $11 billion. While a record of almost 160k BTC is locked in DeFi, the locked Ether is also approaching the peak at 8.7 million ETH.

The mid of June was the “turning point” for DeFi finance, as per LunarCRUSH’s report confirmed by Google Trends when a steady upward trend in the US searches for the term DeFi was seen, which peaked in August only to fall sharply in September.

image2
Interest in term DeFi over time, Source: GoogleTrends

But the current scenario could further accelerate this growth.

The ongoing investigation into popular crypto derivatives platform BitMEX, and now issues at OKEx is likely to spur on further flow out of CEX and into DEX venues.

Already, as we reported, the trading volume on decentralized exchanges has rushed to new high thanks to DeFi and yield farming hype in Q3.

Monthly trading volumes for top 10 DEX increased 700% from July to $30.4 billion in Sept. while CEXs recorded $300 billion, the same as the previous month. The market share of DEXs that continues to increase is expected to grow further, that too, at the expense of CEXs.

The most popular DEX, which accounts for more than 60% of the volume, is Uniswap. The hottest trading platform was launched less than two years back and raised millions from venture capitalists, including Paradigm, Andreessen Horowitz, and Union Square Ventures LLC.

In the overall crypto space, it is the fourth-biggest exchange after Binance, OKEx, and Huobi. Paul Veradittakit, a partner at California-based Pantera Capital Management LP, which is considering investing in Uniswap’s governance tokens UNI said,

”It’s just phenomenal. We can really see decentralized exchanges make a huge dent in the market and potentially overtake centralized exchanges.”

Since dropping to half a billion dollars after its clone SushiSwap sucked the liquidity, the liquidity on Uniswap has been surging, surpassing $3 billion on Thursday. However, it is currently averaging a daily trading volume of $220 million, on a constant decline from Sept. 1st’s ATH of nearly a billion dollars.

Uniswap Volume
Source: Uniswap Info

It is rather a blessing for crypto projects as Uniswap, which generates revenue through transaction fees, doesn’t charge the issuers to list new tokens. Users don’t have to provide documents for KYC or AML measures as required by traditional crypto exchanges because of regulatory pressure.

Trading on Uniswap also means a bigger market to trade as it currently has 845 tokens listed while the leading spot exchange Binance only has 820 coins.

However, while Binance had over 15 million users at the end of last year, Uniswap is used by only 50k to 100k people, Kyle Samani, co-founder of crypto hedge fund Austin, Texas-based Multicoin Capital Management told Bloomberg. He said,

“This competition is just getting started. We are in the first inning.”

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Author: AnTy

Coinbase Custody Exploring 39 Crypto’s Including DeFi Tokens for Listing

Coinbase continues to take its altcoins and DeFi listing spree one step further every other day. Today, the San Francisco-based exchange announced a slew of other tokens its exploring to add support for.

After adding FTX (FTT) and Serum (SRM), Coinbase Custody that offers features such as staking, governance, and decentralized finance (DeFi) and serves institutional clients across the Asia-Pacific region, announced a total of 39 new digital assets that are up for listing.

Coinbase’s crypto custodian has released the latest list of all the digital assets that it is exploring for listing, including some known DeFi tokens and some unknown ones that are heard for the time here only.

Aave (AAVE), Amp (AMP), Ampleforth (AMPL), Ankr (ANKR), ArCoin (ArCoin), Audius (AUDS), Barnbridge (BOND), BitTorrent Token (BTT), Centrifuge (RAD), Conflux Network (CFX), Curve (CRV), DFI.Money (YFII), Elrond Gold (EGLD), JUST (JST), JUST Stablecoin (USDJ), Meta (MTA), MovieBloc (MBL), mStable (MUSD), Neo (NEO), Nervos (CKB), Nexus Mutual (NXM), NKN (NKN), NuCypher (NU), Ontology (ONT), Paxos Gold (PAXG), Paxos Standard (PAX), Reserve (RSV), Reserve Rights (RSR), Request Network (REQ), Skale (SKL), SUN Token (SUN), tBTC (TBTC), Terra (LUNA), The Graph (GRT), Tron (TRX), VeChain (VET), WING (WING), WINK (WIN), and Wrapped Bitcoin (WBTC).

Some of these tokens like WBTC have already been supported on Coinbase’s other platform Coinbase Pro.

According to Coinbase, support for any digital asset is subject to its “significant technical and compliance review,” which in some cases may also be subject to regulatory approval in some jurisdictions.

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Author: AnTy

Wrapped Bitcoin (WBTC) Beats Aave & Curve to Become the Third Largest DeFi Project

Bitcoin on Ethereum continues to grow at warp speed, reaching above $1.6 billion, on pace with 145k BTC.

Several projects like renBTC, imBTC, HBTC, TBTC, pBTC, and sBTC are putting BTC on the second largest network. Wrapped Bitcoin (WBTC) dominates this growth by accounting for 73.6% of the BTC on Ethereum.

105,132 WBTC worth $1.2 billion has been minted so far, which has increased a whopping 9,380% since the beginning of 2020.

With this, WBTC has jumped past the likes of Yearn.Finance, Synthetix, Compound, Curve Finance, and Aave to become the third-largest DeFi project.

Uniswap, with a record of $2.73 billion in total value locked (TVL) and dominance of 24.12%, and Maker with nearly $2 billion of crypto funds locked are the only ones bigger than Wrapped Bitcoin.

wbtc
Source: DeFiPulse

WBTC is one of the fastest-growing DeFi projects, much like the overall sector, which is hitting new highs of $11.4 billion in TVL.

Interestingly, yesterday, the largest WBTC was minted in a single day by CoinList. This largest mint of 5,000 WBTC was made in two separate transactions — the first one involved 1,299.48 WBTC while the second transaction involved 3,697.5 WBTC.

This record breaks the last one made by FTX CEO Sam Bakman-Fried’s crypto trading firm Almeda Research that one-upped the previous record with 2,316.5 WBTC.

WBTC is an ERC-20 token backed by bitcoin in a 1:1 ratio, where the BTC is held in the custody of BitGo.

With this, DeFi users can participate in various applications without actually using their Bitcoin. It further brings Bitcoin’s vast liquidity, with a $210 billion market, to the $42 billion market cap Ethereum network.

Demand for WBTC continues to soar, as seen in its growth as this allows Bitcoin holders to take part in exciting DeFi apps like yield farming and earn income on their BTC without giving it up.

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Author: AnTy

Grayscale Bought 17,100 BTC Last Week, Now Holds 2.4% of Bitcoin’s Supply

As the bitcoin price continues to remain under $13,000 for over a year now and around $10,000 for more than the past month, there is no better time to stack some sats.

With the leading digital currency still 45% away from its peak of $20,000, ‘buy the dip’ opportunities are being taken advantage of not just by small players but also big ones.

Grayscale Bitcoin Trust (GBTC) added 17,100 BTC to its coffers the past week, increasing its aggregate bitcoin position to 449,900 BTC. With this, Grayscale now holds 2.4% of the current bitcoin supply.

September has been a dull month, not just for the price of bitcoin but also for Grayscale. While BTC price is down -8% this month, Grayscale barely saw any change in its total bitcoin position up until Sept. 22nd, as per the data provided by Bybit.

This latest accumulation could be why bitcoin price didn’t dip further despite strong bearish market expectations.

“What’s interesting about Grayscale Bitcoin Trust is it’s Hotel California, those coins are free to come in, but they can never leave. It’s quite brilliant to perpetually drive more coins into the Trust, at the sacrifice of decentralisation,” said on-chain analyst Willy Woo.

“Investors can sell. Doesn’t mean coins in the Trust get released, just means the Trust becomes undervalued, attracting new investment. It’s a smart “one way valve” to ensure assets grow, including the fees over the long run,” he added.

More and more institutional players are taking an interest in bitcoin this year, especially after the central bank started printing money. Just last month, we saw MicroStrategy added bitcoin as an inflation hedge to its reserve. Then this month, it added more BTC, bringing the total to 37,800 BTC.

Interestingly, with this, MicroStrategy’s biggest investors that include major asset managers BlackRock and Vanguard and Norway’s $1 trillion oil fund — having a combined holding of about $100 million — also have indirect exposure to bitcoin.

As Micah Erstling, a trader at crypto market maker GSR, said, “Institutional curiosity and explorations continue to increase.”

Also Read: Bitcoin Scales Just Fine As A Store Of Value Says MicroStrategy CEO

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Author: AnTy

Cryptocurrency Community Makes a Shift; Betting Big on NFTs

DeFi continues to rage, approaching a $10 billion peak. But the latest talk of the town is NFT. In 2017, it was CryptoKitties; this time, it is digital art.

Non-fungible tokens are a special type of token on the Ethereum network that are using ERC-71 and ERC-155 standards to create verifiable digital scarcity.

The crypto community is betting big on digital art, as evident from the fact that the sales on NFT marketplace Rarible surpassed $5 million this month. One such art, a bronze Bitcoin Bull by Trevor Jones, was sold for $55,555.

“Collectibles are a billion-dollar industry. And this is a digital era in the world. Just look at social media crypto and our phones,” said trader Josh Rager who believes NFTs are here to stay and compared them to investing in digital money.

The potential of NFT is in the fact that it has a wide market. With the potential to make intellectual property liquid, from music, podcasts, videos, anything can be tokenized and traded on verifiable marketplaces. Having a stake in the dominance platform can be valuable.

There is already massive demand for centralized gaming items, and as AR/VR worlds accelerate, the same will be the case for scarce digital art, said Ari Paul of BlockTower.

Bitcoin proponent Anthony Pompliano is also betting big on this relatively new market. He believes, “Digital art is the next evolution of art,” where the traditional art market has a market cap of $65 billion.

A Growing Sector

According to NonFungiable.com, the NFT space recorded around 33,000 transactions of around $3.5 million over the past month.

Amidst this NFT craze, MEME token exploded in popularity, and its price jumped to an all-time high of $1,962 yesterday, up from mere $6.37 just over a month ago, only to crash to $773 today.

Meme basically enables users to stake tokens to farm limited edition NFTs or crypto art. This art can then be resold on the market on platforms like OpenSea and SuperRare. The SupreRare NFT marketplace has “grown at an impressive rate” this year, noted Mason Nystrom, a research analyst at Messari.

Rarible, however, is currently the dominant force in the NFT space, where one can create and sell their digital collectibles. By introducing rari rewards for buying and selling collectibles, it overtook other NFT marketplaces.

RARI tokens also give the holders a right to vote in the governance process and currently trades at $5.71, down from its ATH of nearly $11 on Sept. 10.

Before July 15th, the sale of Rarible NFTs was mostly non-existent, but with the launch of RARI token and a liquidity mining incentive program, the sales on the platform surged to over $6 million, becoming 10x of OpenSea.

Another token with liquidity mining in the form of NFTs where creators can stake their talents for tokens is Whale. This social token has a market cap of $16 million, which is backed by a $1 million portfolio of NFTs.

“This transition to a digital art world is not a question of if it will happen, but rather when. In fact, I personally believe that the digital art market cap will grow to become larger than the physical art market cap,” said Pompliano.

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Author: AnTy

Over 100k Bitcoin Worth Nearly $1.2 Billion Tokenized on Ethereum; WBTC & RenBTC Leading

The number of Bitcoins locked on Ethereum continues to hit new records. It has already surpassed $1 billion.

Currently, nearly $1.2 billion worth of Bitcoin has been tokenized on the second-largest platform. At the beginning of 2020, only 1,110 BTC worth less than $7 million were tokenized.

Now, 108,240 BTC are tokenized on Ethereum, representing 0.51% of fully diluted BTC supply, as per Dune Analytics.

The biggest contributor to this is Wrapped Bitcoin (WBTC) that has minted 77,586 tokenized BTC since the project’s launch in early 2019. The largest tokenized bitcoin project represents over 71% of the total tokenized BTC supply at $825 million.

The second-largest tokenized bitcoin project, with dominance, is RenBTC, which has issued 20,766 BTC, worth $224 million, since May.

Other projects contributing to this success include HBTC (4,810 BTC), sBTC (3533 BTC), imBTC (1,408 BTC), and pBTC (136 BTC).

In the growing DeFi sector, which has yet again surged to $9.77 billion (TVL), WBTC is the 6th largest protocol with $827 million in deposits, grown from just $175 million at the beginning of August.

The yield framing mania in the decentralized finance world is driving this demand, and the same is the case for BTC, for which much of the demand is from over the counter. Interestingly, a whopping 70% of WBTC is being minted by FTX CEO Sam Bankman-Fried’s Alameda Research. The firm also lobbied for increasing the amount of collateral, from 0% to 40%, placed on WBTC to earn interest on the DeFi project Compound in July.

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Author: AnTy

Aave & Synthetix Dominate FTX’s DeFi Index; Replacing Maker & COMP

  • Aave (LEND) continues to lead the decentralized financial (DeFi) sector, accounting for the highest 17.82% share of the marketplace.
  • This dominating DeFi lending protocol, which has a total locked value (TVL) of $1.52 billion, is now the second most weighted digital asset in the derivatives platform FTX’s DeFi Index.

FTX’s DeFi perpetual contracts were launched in mid-June with Compound (COMP) and Maker (MKR) having the dominant position with 20% share each, which has now fallen to 11.2% and 6.1%, respectively.

It makes sense, given that while COMP and Maker were hot at the beginning of this DeFi craze but now as the market grows, other projects are gaining strength.

While Maker saw the biggest reduction in its weightage in FTX’s DeFi Index, Kyber Network (KNC), 0x (ZRX), Augur (REP), and Bancor (BNT) also recorded a lower end single-digit decrease.

Meanwhile, emerging projects like Kava, Loopring (LRC), and REN registered a jump in their weightage.

However, the biggest gainer has been Synthetix (SNX), the 6th largest DeFi project with just over $745 million in deposits, as per analyst Ceteris Paribus.

Together LEND and SNX account for 46.6% of FTX’s DeFi Perpetual contracts.

Since the launch of the DeFi futures contract in mid-June, LEND and SNX are the biggest gainers while Maker has actually suffered losses.

The DeFi PERP is currently trading at $2,607 with a volume of $3.2 million, up from around $1,200 level it was at during the launch but down from nearly $3,500 high on Sept. 1st.

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Author: AnTy

Decentralized Finance Drives Ethereum to Eat Up $675 Million Worth of Bitcoin

Ethereum is making bitcoin more and more scarce as it continues to eat up the largest digital currency.

Today, the second-largest digital asset is leading the market, surging to a new 2-year high. Also, Ethereum miners are raking in 3x more transaction fees than bitcoin as the cost to transact on the network skyrockets to a new all-time high.

Now, over $674 million worth of Bitcoin, 59,378 BTC, has been moved to Ethereum this year, thanks to the DeFi mania. In the DeFi sector, yield-bearing opportunities have people putting in lots of money, which will continue to increase as such options continue to rise.

Source: Btconethereum.com

Stablecoins have already migrated to Ethereum en masse; now bitcoin is drawn by the allure of Ethereum’s booming DeFi ecosystem.

Also Read: Ethereum Network Needs ‘Drastic Increases in Scalability’ to Tackle the Skyrocketing Fees: Vitalik Buterin

“With only 0.3% of all bitcoin on Ethereum and DeFi booming, the opportunity for decentralized bridges between the two chains is hard to ignore,” noted Messari.

Source: Messari

A good chunk of this BTC contribution comes from wBTC, which has BitGo, the undisputed leader in bridging bitcoin to Ethereum. In this wrapped Bitcoin token’s case, users simply send their BTC to BitGo, which custody’s it on their behalf and, in turn, mints BTC pegged ETC-20 tokens on Ethereum (wBTC).

These BTC-pegged tokens can be used in various DeFi protocols for different purposes, such as lending and liquidity provision. Currently, $444 million in wBTC has been minted on Ethereum, as per Btconethereum.com.

A total of 97% of wBTC is cloaked in smart contracts; 37% as collateral in Maker CDPs, 21% in providing lending liquidity in Aave, 15% are acting as liquidity on DEX Curve, and the remainder on other DeFi protocols including Compound, Balancer, and Set.

Unlike BitGo’s centralized solution, decentralized custodian networks RenVM and Keep Network have also emerged.

RenVM had over $162 million worth of BTC locked, and it has facilitated about $400 million in volume between chains. Meanwhile, Keep Network that was launched in May, had to pause the user deposits after a vulnerability was found in its codes a few days after the launch.

“This presents an interesting quandary for bitcoin. While it clearly has more utility after being converted onto the Ethereum blockchain, its underlying value ostensibly comes from the 68 TWh of power that go into securing the Bitcoin blockchain each year,” noted Glassnode.

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Author: AnTy