TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Coinbase CEO declares $200 million a week of institutional investment is pouring into crypto. Binance US launches in the next two months. Walmart files blockchain drone patent. Bitcoin hits peak power consumption levels. Blockstream CSO Samson Mow continues to assert Bitcoin is bad for payments, and NVIDIA revenue numbers come back to normal after crypto craze.
Coinbase CEO Says Institutional Investment is $200 Million a Week in Crypto
Whether institutions were going to adopt crypto or not was an open question about 12 months ago. I think it's safe to say we now know the answer. We're seeing $200-400M a week in new crypto deposits come in from institutional customers.
— Brian Armstrong (@brian_armstrong) August 16, 2019
Coinbase CEO Brian Armstrong declared the exchange/bank is receiving from $200 to $400 million weekly in institutional investment by way of deposits. To Armstrong, “trusted/safe infrastructure for institutions is just one small step on the journey to building the #cryptoeconomy.”
Binance US to Launch in the Next Two Months
Binance US, the American branch of Binance of the biggest cryptocurrency exchange in the world, will launche in the next two months according to declarations its CEO Changpeng Zhao offered to Cheddar. Zhao said they would not make any promises, but he is convinced the work they are doing will let them launch within the declared period. Binance US will not be available for residents of the state of New York, however, due to the BitLicense requirement.
Walmart Files Patent for Blockchain-Based Drone Communication
Walmart is slowly but steadily focusing its future to the use of blockchain and cryptocurrency tech in its operations. It filed an application for a patent called “Cloning drones using blockchain.” The patent features Bitcoin as a communication channel between drones, where these vehicles will deposit part of their information and status to be seen and analyzed by other drones. Walmart has also filed for a patent to create its own cryptocurrency to be used for purchases in their stores.
Bitcoin Hitting Peak Levels of Energy Consumption
According to numbers from the two most important power consumption indices, it seems Bitcoin mining has touched ATH levels last month. The Cambridge estimation, if correct, insists the whole Bitcoin network uses a quarter percent of the world’s energy, as much as a country like Colombia with 50 million inhabitants. However, these estimations don’t appear to take into account renewable energy nor other associated uses.
Blockstream CSO Stresses Bitcoin is “Bad For Payments”
Samson Mow, CSO of Blockstream, stressed again Bitcoin is “bad for payments,” and that payments should be made using Bitcoin’s Lightning Network. While it has lost much of its value as currency to acquire goods and services, Bitcoin is still being used as a payment method around the world. Despite this, Mow declared “it’s not something you would use every day in payments.” Furthermore, Mow believes bitcoin serves as a “store of value and a medium of wealth transfer,” with Lightning Network solving all other uses.
NVIDIA Numbers Return to Normalcy After Crypto Craze
It is undeniable the cryptocurrency bull market of 2018 influenced peripheral booms, like this case with GPUs. NVIDIA, a GPU leader, was one of the manufacturers that were affected positively due to the increase in demand of their GPUs used to mine different cryptocurrencies. However the company posted much more frugal numbers this quarter, with $2.58 billion revenue compared to $3.12 billion last quarter. NVIDIA’s CFO Collette Kress saw this in a positive light, declaring, “Essentially our business is normalized.”
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