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#CryptoCorner: Central Banks of Canada and Singapore Successfully Pilot CBDC Cross-Border Payments, Square (NYSE: SQ) Reports Highest Bitcoin Profits in Q1 Report

 

Point Roberts, WA and Delta, BC - May 2, 2019 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.'s (subsidiary of NXT-ID (NASDAQ: NXTD) crypto payment tech, Flip and the Genesis Exchange and Wallet App bring you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.

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#CryptoCorner: Central Banks of Canada and Singapore Successfully Pilot CBDC Cross-Border Payments, Square (NYSE: SQ) Reports Highest Bitcoin Profits in Q1 Report

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Crypto Corner

Stocks discussed: (NYSE:SQ)

The central banks of Canada and Singapore have successfully piloted cross-border and cross-currency payments with central bank digital currencies (CBDCs), according to a statement published today. The CBDCs are based on payment networks developed by each country - Project Jasper from the Bank of Canada and Project Ubin from the Monetary Authority of Singapore (MAS). Sopnendu Mohanty, Chief FinTech Officer, MAS, said:

"Project Jasper and Project Ubin have built on previous innovations in the payments area to demonstrate that cross-border payment and settlement can be made simpler and more efficient. Together these projects have addressed many technical questions and brought the technology to a higher level of maturity. The next wave of central bank blockchain projects can make further progress by bringing technology exploration together with policy questions about the future of cross-border payments. It is challenging work, and we welcome other central banks to join us in this global collaboration, to bring benefit to consumers, businesses and the broader financial industry."

The results of a survey conducted on behalf of venture capital firm Blockchain Capital reveal that a considerable majority of Americans are aware of Bitcoin (BTC). The percentage of people in the U.S. that have "heard of" Bitcoin rose from 77 percent, when the survey was conducted in October 2017, to 89 percent as of April 2019. Perhaps most interestingly, positive perception of Bitcoin as a financial innovation has increased from 34 percent in the 2017 survey, to 43 percent as of last month. A conclusion drawn from the data reads:

The results highlight that Bitcoin is a demographic mega-trend led by younger age groups. The only area where older demographics matched younger demographics was awareness: Regardless of age, the vast majority of the American population has heard of Bitcoin.

Payments company Square, Inc. (NYSE:SQ) published its Q1 earnings report, revealing record-high Bitcoin revenues at $65.5 million. This was tempered somewhat, however, by the Bitcoin costs reported, which stood at $64.7 million. This puts profits from Bitcoin transactions at about $830,000, still the highest figure so far reported from the company.

CoinDesk reports that crypto exchange giant Binance has partnered with Elliptic, a blockchain analytics startup, to enhance its regulatory compliance and security. This follows a similar partnership Binance made with security firm CipherTrace last month to boost their anti-money laundering compliance. The Elliptic partnership will give Binance access to software which will allow them to identify potential transactions linked to illicit activities such as money laundering and terrorist financing.

Sam Mowers, Investorideas

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