#CryptoCorner: Central Banks of Canada and Singapore Successfully Pilot CBDC Cross-Border Payments, Square (NYSE: $SQ) Reports Highest #Bitcoin Profits in Q1 Report
#CryptoCorner: Central Banks of Canada and Singapore
Successfully Pilot CBDC Cross-Border Payments, Square (NYSE: $SQ) Reports
Highest #Bitcoin Profits in Q1 Report
Point Roberts WA, Delta BC, May 2, 2019
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May 2
Crypto Corner
Stocks discussed: (NYSE:SQ)
The central banks
of Canada and Singapore have successfully piloted cross-border and
cross-currency payments with central bank digital currencies (CBDCs), according
to a statement published today. The CBDCs are based
on payment networks developed by each country – Project Jasper from the Bank of
Canada and Project Ubin from the Monetary Authority of Singapore (MAS).
Sopnendu Mohanty, Chief FinTech Officer, MAS, said:
“Project Jasper and Project Ubin have built on previous
innovations in the payments area to demonstrate that cross-border payment and
settlement can be made simpler and more efficient. Together these projects have
addressed many technical questions and brought the technology to a higher level
of maturity. The next wave of central bank blockchain projects can make further
progress by bringing technology exploration together with policy questions
about the future of cross-border payments. It is challenging work, and we
welcome other central banks to join us in this global collaboration, to bring
benefit to consumers, businesses and the broader financial industry.”
The results of a survey conducted on behalf of
venture capital firm Blockchain Capital reveal that a considerable majority of
Americans are aware of Bitcoin (BTC). The percentage of people in the U.S.
that have “heard of” Bitcoin rose from 77 percent, when the survey was conducted
in October 2017, to 89 percent as of April 2019. Perhaps most interestingly,
positive perception of Bitcoin as a financial innovation has increased from 34
percent in the 2017 survey, to 43 percent as of last month. A conclusion drawn
from the data reads:
The results highlight that Bitcoin is a demographic
mega-trend led by younger age groups. The only area where older demographics
matched younger demographics was awareness: Regardless of age, the vast
majority of the American population has heard of Bitcoin.
Payments company
Square, Inc. (NYSE:SQ) published its Q1 earnings report, revealing
record-high Bitcoin revenues at $65.5 million. This was tempered somewhat,
however, by the Bitcoin costs reported, which stood at $64.7 million. This puts
profits from Bitcoin transactions at about $830,000, still the highest figure
so far reported from the company.
CoinDesk reports that crypto exchange giant
Binance has partnered with Elliptic, a blockchain analytics startup, to enhance
its regulatory compliance and security. This follows a similar partnership Binance made with security
firm CipherTrace last month to boost their anti-money laundering compliance.
The Elliptic partnership will give Binance access to software which will allow
them to identify potential transactions linked to illicit activities such as
money laundering and terrorist financing.
Sam
Mowers, Investorideas
Read other editions of the Crypto Corner
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