Run From Justin Sun: Steem Forks to Hive; Institutions Crashed Crypto Markets; Square Loans

TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Steem community hard forks into Hive to escape from Justin Sun. Chainalysis reports institutional investors crashed cryptocurrency markets. Square gets limited permission for loan banking business. Argentinian gas distributor leverages blockchain for certification purposes. ShapeShift adds stablecoin support, and Jack Dorsey gives cash on Twitter using Cash App.

Steem Forks Into Hive

Hive

The drama surrounding the recent acquisition of Steemit by TRON CEO Justin Sun continues. The community behind STEEM proposed to fork away from their original chain to a new project called Hive. Hive will be a hard fork of STEEM that will include all the governance methods of the original chain. All STEEM holders will receive an airdrop of THE Hive original token, with the exception of the Steemit address owned by Sun and the addresses that lent their tokens for the takeover Sun executed over STEEM’s blockchain.

Chainalysis Report States Institutions Crashed the Market

Hive

Chainalysis, a cryptocurrency analysis and forensics firm, stated institutional investors were responsible for the big cryptocurrency market drop that happened this month. Professional and institutional traders sold most of the bitcoin entering exchanges last week, with transactions between 10 and 1,000 bitcoin accounting for 70% of the total of bitcoin changing hands. Now, quantities sent to exchanges have returned to normal numbers, and prices have maintained relative stability over the last four days after the drop.

Square Gets Limited Chart for Lending

Hive

Square, the cryptocurrency-friendly payment processor, will foray into the banking activities sector now that the Federal Deposit Insurance Corporation approved its deposit insurance application. The business will be called Square Financial Systems and is set to launch in 2021, offering loans to businesses and companies. Jacqueline Reses, Square Capital Lead, declared how with this new direction Square is “uniquely positioned to build a bridge between the financial system and the underserved,” focusing on small customers.

Argentinian Gas Distributor to Use Blockchain for New Point Certification

Gasnor, an Argentinian gas distributor, will use a permissioned blockchain called Gasnet to accelerate the certification and paperwork of new gas connections in the field. The system, developed by IOV Labs and software builder Grupo Sabra, has been approved for its use by national gas regulator, Enargas. The certification for a new gas connection in Argentina can take up to three months, and with the implementation of this new project, authorities expect to bring such wait times down to more manageable lapses in the near future.

ShapeShift Adds Stablecoin Support

ShapeShift, a very popular cryptocurrency instant exchange platform, added stablecoin support in their system, allowing users and traders to park their funds easily. The announcement was made by Erik Voorhees, founder and CEO of the exchange, who stated, “If you want the stability of fiat, at least avoid the banks.” Tether (USDT), Circle Dollar (USDC), TrueUSD (TUSD) and Paxos Standard (PAX), the four most important stablecoins in the market, are already available to trade with zero commissions.

Jack Dorsey Giving Out Cash On Twitter

Jack Dorsey, Twitter’s CEO and founder of crypto-friendly Square, started giving cash on Twitter via Cash App, the Square owned mobile payments network. Dorsey invited people to post their Cash App handle to receive free money. His tweet was retweeted 4,000 times and collected more than 20,000 Likes. This is likely Dorsey’s way of helping people hit by the economic crisis caused by coronavirus.

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