TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Rand Corp finds bitcoin is still widely used in darknet markets. Facebook Libra nabs HSBC CLO as its new CEO. Square Cash App revenue coming mostly from BTC sales. Justin Sun gets coronavirus relief program money for TRON. Ukraine considers mining with nuclear energy, and Bitfinex launches bitcoin dominance futures.
Rand Corp Finds Bitcoin Still King in Dark Web Markets
A Rand Corp study commissioned by the Electric Coin Company found bitcoin is still the main cryptocurrency used on so-called dark web markets. The Rand Corp report, titled “Exploring the use of Zcash cryptocurrency for illicit or criminal purposes,” states that even with its operative advantages, “Zcash has only a minor presence on the dark web.”
Facebook Libra Association Nabs HSBC CLO to Serve as CEO
Facebook’s Libra Association, the organization in charge of overviewing the development of Libra, the eventual Facebook-sponsored cryptocurrency, appointed Stuart Levey, former Chief Legal Officer of world-renowned bank HSBC, as its new CEO. According to a PR statement, Mr. Levey “will help ensure our vision for innovation, inclusion, compliance and competition can be realized.” Levey stated he was honored to join Libra “as it charts a bold path forward to harness the power of technology to transform the global payments landscape.”
Square Cash App Revenue Coming Mostly From Bitcoin Sales
Cash App, the mobile payments service, is now getting more revenue from bitcoin sales than from fiat related services, according to the last earnings report from the company. The Q1 shareholder letter informed bitcoin sales accounted for $306 million of their $528 million in revenues. However, gross profit is still majorly dominated by fiat related services overall, including transaction fees from Cash App Instant Deposit and Cash Card, which contributed $176 million compared with bitcoin operations that only yielded $7 million.
Justin Sun Gets Coronavirus Relief Money for TRON
We need to talk about this. In China Justin Sun appears to be claiming that Tron successfully applied for COVID-19 small business relief money from the United States government. pic.twitter.com/B3EKQHJLpD
— Matthew Graham (@mattysino) May 6, 2020
Justin Sun, CEO of TRON, received part of the coronavirus relief help directed for small businesses and intended to protect the payroll of these companies. According to a post published by the company on their official WeChat account, TRON got $2 million dollars as a part of the US Paycheck Protection Program. While this could have been taken as some kind of endorsement for the company based in China, the news caused indignation on social media.
Ukraine Considers Using Nuclear Energy for Cryptocurrency Mining
Ukraine is considering the power generated by nuclear plants to mine cryptocurrencies, according to a post from its Ministry of Energy. Using the surplus of energy as result of a slowdown due to the coronavirus pandemic, cryptocurrency mining could be a good option to “not only allow to maintain the guaranteed load on the nuclear power plants, but also ensure that companies can attract extra funds.”
Bitfinex Launches Bitcoin Dominance Perpetual Futures
Cryptocurrency and derivatives exchange Bitfinex released Bitcoin Dominance, a futures contract allowing traders to speculate on the percentage of the market cap bitcoin dominates against a basket of other cryptocurrencies (ETH, EOS, LTC, XRP, BCH, XTZ and XLM). This would offer traders a more potentially stable value to speculate, given that bitcoin dominance volatility has been immensely lower than the volatility of its spot price. This is the first contract of its kind and it is already available for trading on Bitfinex’s platform.
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