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Jack Dorsey’s Square has revealed its Cash App has seen bitcoin-related revenue rise 200% year over year to $2.72 billion, up from $875 million, while bitcoin gross profit jumped from $17 million to $55 million.

Moody’s has downgraded El Salvador’s rating and continued to have a negative view on the country’s economy partly because of the government’s law that will make Bitcoin legal tender there.

Wealthfront has started to integrate cryptocurrency-related offerings to its robo-advisory offerings, starting with a pair of Grayscale funds.

Sponsored: Buy bitcoin and 100+ cryptocurrencies with 20+ fiat currencies. New users can enjoy 0% credit/debit card fees on all crypto purchases made in their first 30 days. Join 10 million users and download the Crypto.com App now.

Top stories in the Crypto Roundup today:

  • Square’s Cash App Bitcoin Revenue Rose 200% in Q2
  • Moody’s Downgrades El Salvador’s Rating Partly Over Bitcoin Bill
  • Wealthfront Adds Crypto-Related Funds to its Robo-Advisory Offerings
  • Daily Movers – LTO, LUNA, KAVA
  • Sponsored: Crypto.com - The World’s Fastest Growing Crypto App

 
24 hours chart of the price of BTC
 

Square’s Cash App Bitcoin Revenue Rose 200% in Q2

 

Jack Dorsey’s Square has revealed its Cash App has seen bitcoin-related revenue rise 200% year over year to $2.72 billion, up from $875 million, while bitcoin gross profit jumped from $17 million to $55 million.

In its Q2 financial letter to shareholders, Square said its Bitcoin-related revenue and gross profit rose YoY thanks to BTC’s price rise and growing customer demand. They declined from Q1, mainly because of price stability, which affected trading activity.

The letter adds future quarters may see fluctuation in BTC revenue and gross profit as a result of customer demand and market price changes.

Bitcoin is accounted for as an indefinite-lived intangible asset, and as such during Q2 Square recognized a $45 million impairment loss on the bitcoin the company holds.

 
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Moody’s Downgrades El Salvador’s Rating Partly Over Bitcoin Bill

 

Moody’s has downgraded El Salvador’s rating and continued to have a negative view on the country’s economy partly because of the government’s law that will make Bitcoin legal tender there.

The firm has lowered El Salvador’s long-term, foreign-currency issuer and senior unsecured ratings to Caa1 from B3 after noting there was a “deterioration in the quality of policymaking” and that the Bitcoin law and other measures reflected “weakened governance in El Salvador, raising tensions with international partners – including the United States – and jeopardizing progress toward an agreement with the IMF (International Monetary Fund).”

It added this could all increase the risk to El Salvador’s ability to “access sufficient external financing ahead of bond redemptions” starting in January 2023. El Salvador’s Bitcoin law, which goes into effect on September 7, will require merchants to accept BTC payments along with the U.S. dollar.

 
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Wealthfront Adds Crypto-Related Funds to its Robo-Advisory Offerings

 

Wealthfront has started to integrate cryptocurrency-related offerings to its robo-advisory offerings, starting with a pair of Grayscale funds.

The company has added the Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE), which allow investors to gain exposure to bitcoin and ether respectively, alongside other new options for users. In a blog post, the firm explained that GBTC and ETHE “round out our significantly expanded menu of investment options.”

The post added allocations to GBTC and ETHE are limited to 10% of users’ total portfolios, and explained:

“We limit your allocation to GBTC and ETHE because, as a fiduciary, we act in your best interests at all times, and these investments can be riskier and more volatile than most ETFs.”

 
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Daily Movers – LTO, LUNA, KAVA

 

Several tokens are leading the charge in the last 24-hour period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

LTO Network (LTO) - Using blockchain technology, LTO Network enables organizations to run B2B-workflows in a decentralized way, where parties participate via their own node. TO Network uses decentralized workflows called Live Contracts to automate these procedures. Live Contracts contain instructions for both humans and systems on the actions that need to be executed. All parties involved in the Live Contract validate each other's actions and secure data submissions.

Terra (LUNA) - Terra aims to build a new financial infrastructure that works better for everyone. The network is powered by a family of stablecoins, each pegged to major fiat currencies all algorithmically stabilized by Terra’s native token, Luna. Terra’s mission is to set money free by building open financial infrastructure.

Kava (KAVA) - Kava Chain is a decentralized, permissionless, censorship-resistant blockchain built with the Cosmos SDK. Kava Protocol is the set of rules and behaviors built into the Kava Chain that enables advanced Decentralized Finance (DeFi) functionality like permissionless borrowing and lending.

 
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