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Shopify Joins Libra Despite PayPal, Others Pulling Out

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  • Shopify Joins Libra Despite PayPal, Others Pulling Out

Shopify Inc, an online commerce company with head office in Canada, has announced its decision to join the Libra Association to further enhance its offering and payment gateway.

In a statement released on its website on Friday, the company said: “it’s easy to forget that payments and the value exchange of goods are not a solved problem everywhere. Much of the world’s financial infrastructure was not built to handle the scale and needs of internet commerce.

“Our mission is to make commerce better for everyone and to do that, we spend a lot of our time thinking about how to make commerce better in parts of the world where money and banking could be far better. That’s why we decided to become a member of the Libra Association. This is one step, but not the only step we’ll be taking to be a part of the solution to this global problem.”

This was coming months after the likes of PayPal, Visa, Mastercard, PayPal, Booking Holdings, eBay, Stripe, Vodafone and Mercado Pago pulled of the Libra Association following U.S parliament scrutiny on Facebook’s past security issues and degree of involvement in a new global payment that could expose users data.

Libra association members are Coinbase, Xapo, Anchorage, Bison Trails, Creative Destruction Lab, Andreessen Horowitz, Thrive Capital, Ribbit Capital, Union Square Ventures, Illiad, Farfetch, Uber, Lyft, Kiva, Mercy Corps, Women’s World Banking, Spotify, PayU and Mark Zuckerberg’s Breakthrough Initiatives.

Shopify explained that as a member of the Libra Association, it would work with other members of the association to create a payment network that makes money easier to access and supports merchants and consumers everywhere.

“Our mission has always been to support the entrepreneurial journey of the more than one million merchants on our platform. That means advocating for transparent fees and easy access to capital, and ensuring the security and privacy of our merchants’ customer data. We want to create an infrastructure that empowers more entrepreneurs around the world,” the company stated.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Top 10 Most Traded Cryptos in July

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Cryptocurrency - Investors King

The growing number of investors continues choosing digital coins as an investment asset, with some cryptocurrencies drawing much more attention than others.

According to data presented by BlockArabia, besides Tether, Bitcoin, and Ethereum, as the world’s three most traded cryptocurrencies, some other crypto coins also witnessed an increased trading volume last month. Here is the list of the ten most traded cryptos in July.

Bitcoin Trading Volume Almost Halved, Ethereum Down by 43% in a Month

The CoinMarketCap data showed Tether still represents the most important coin in the crypto space, with a monthly trading volume of $1.48trn in July, nearly the same value as in June. Still, its market cap slightly dropped last month to $61.8bn, compared to $62.4bn on the first day of July.

Other top cryptocurrencies witnessed a significant drop in their 30-day purchase volume. During July, the price of the world’s most expensive cryptocurrency, Bitcoin, jumped by 26% reaching $41,963 last week. However, the trading volume of the leading crypto coin almost halved in the last 30 days, falling from around $1.2trn in June to $642.7bn in July.

Ethereum also witnessed a significant drop, with its monthly trading volume falling by 43% to $505.9bn in July. However, its market cap increased by almost 30% in this period, rising from $237.8bn to $303.5bn.

EOS, the fourth most-traded crypto in June, didn’t make it to the top 10 list last month. In fact, statistics show its trading volume plunged by 92% compared to June, falling from a massive $288.9bn to only $21bn.

Although its trading volume dropped by 25% to $194.4bn in July, Dogecoin still climbed one spot to the fourth most-traded crypto globally. Binance USD rounds the top five list with $125.2bn in monthly trading volume.

PlayDapp and WETH Trading Volume Surged in July

Statistics show significant changes in the other half of the list. Polygon, Bitcoin Cash, Chainlink, and Stellar, which all witnessed impressive trading volume in June, also didn’t make it to the top ten list last month.

The trading volume of XRP, the ninth most-traded crypto in June, plunged by 53% to $76.7bn. Still, the native cryptocurrency for products developed by Ripple Labs ranked as the seventh most-traded crypto in July.

The CoinMarketCap data showed that, compared to June, two new cryptos entered the most-traded list. With $92.8bn in monthly trading volume, PlayDapp ranked sixth on the list of most popular coins. Furthermore, statistics show the price of the token used in the PlayDapp Blockchain gaming ecosystem to purchase and sell NFT items within games, surged by 233% in this period, jumping from $0.1681 to $0.5608. WETH, or Wrapped Ethereum, ranked seventh on the list, with $61.7bn in 30-day purchase volume.

USD Coin and Ethereum Classic close the top ten list, with $55.8bn and $52.7bn in monthly trading volume, respectively.

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Cash App’s Quarterly Bitcoin Revenue Triples Despite BTC Impairment Loss For Square

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Jack Dorsey’s Square made more than 90 percent more gross profit than the same period last year, with $546 million coming from Cash App’s Bitcoin services.

Jack Dorsey’s Square has reported a 200 percent increase in Bitcoin revenue for the second quarter year-on-year (YoY).

The company announced the impressive earnings figures in its second-quarter shareholder letter on August 1. In the report, Square revealed its total gross profit grew 91 percent YoY to $1.14 billion.

Bitcoin services drove $2.72 billion in revenue for the app, with a gross profit of $55 million, respective increases of 210 percent and 223 percent respectively year-on-year. Cash App generated a gross profit of $546 million overall, up 94 percent YoY.

“Bitcoin revenue and gross profit benefited from year-over-year increases in the price of bitcoin and bitcoin activities, and growth in customer demand.”

However, compared to the first quarter of this year, Bitcoin revenue and gross profit decreased and is down 22.3 percent from 3.5 billion.

Square attributed the weaker performance to the more than 50 percent retracement suffered by the broader crypto markets during May and June.

Square also reported an impairment loss of $45 million on the Bitcoin it holds. As Tesla holds its Bitcoin (BTC) as an “intangible asset,” accounting rules require the firm to report an impairment loss when the asset’s price drops below its cost basis. Square is also not required to report increases in the value of its intangible asset holdings until the position is realized through a sale.

According to Bitcoin Treasuries, Square currently holds 8,027 BTC worth an estimated $320 million at the time of writing.

Square recently bought 3,318 BTC in February for $170 million, adding to its initial purchase of 4,709 BTC in October 2020.

On July 30, Cointelegraph reported that mobile software firm MicroStrategy pledged to buy more BTC despite an impairment loss of $425 million on its Bitcoin stash for Q2. Tesla also reported an impairment loss of $23 million for the quarter.

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Yele Bademosi Steps Down as CEO of Bundle Africa

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Bundle Africa- Investors King

Yele Bademosi, the founder and CEO of the Nigeria-based crypto payments app Bundle Africa, is stepping down as the head of the company.

Bademosi announced his decision to step away from his current role in a blog post on Friday. He wrote that he intends to focus on driving digital currency adoption across Africa. He will be succeeded by Binance Africa director Emmanuel Babalola, at least on an interim basis.

“My focus for the next 12 to 18 months is really building infrastructure that can allow the inflow of capital to support innovation beyond the buying and selling of crypto,” Bademosi told said.

Bundle Africa launched last year with backing from global cryptocurrency exchange Binance, which contributed $450,000 in seed funding for the creation of the payments app. According to Bademosi, the app has about 350,000 users now. Bademosi, who grew up in Nigeria, was a former director of Binance Labs before creating Bundle.

Babalola is not only familiar with Africa’s crypto market. but he also knows how to navigate the global crypto sector comfortably, Bademosi said of his successor.

“[Babalola] is someone that I trust because we have the same mission and values, and I basically can’t imagine anybody else taking over,” Bademosi said.

Bademosi did not specify his future projects but said he has seen a lot of innovation in Africa’s crypto market in the last few months and there is a lot of room for innovation in social tokens, non-fungible tokens and peer-to-peer payments.

“I’m very excited,” Bademosi said.

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