This Week in Cryptos: Bitfinex IEO, Bakkt, Square BTC and Nasdaq Among Major Newsmaker

Key highlights

  1. US taxpayers get refunds in BTC
  2. Square BTC revenue $65M in Q1
  3. AWS launches blockchain service
  4. Bitfinex launching $1B token sale
  5. Bakkt acquires custody company
  6. Nasdaq data adding XRP index

US taxpayers get refunds in BTC

Surprise Surprise, If you are a US taxpayer here is a crypto surprise for you. It looks like the tax regulators are embracing the future as they have announced US Tax refunds in BTC. What looks like a joint endeavor between BitPay and Refundo taxpayers can now earn their BTC through Payouts from BitPay, the world’s largest crypto payment provider. Refundo is a market leader in tax-based financial products and has put measures in place that enable taxpayers on its platform to receive in full or part of their refunds in Bitcoin through its CoinRT tool.

Square BTC revenue $65M in Q1

The effect of stable to positive Bitcoin in the first 3 months 2019 is now showing fruits for companies which have been associated with cryptos. And the leader of the pack is Jack Dorsey’s flamboyant Startup Square. According to the result reported, Square Q1 bitcoin sales topped a record $65 million, almost double Q1 volumes from 2018.  When analyzed this translates to over 17,000 in underlying bitcoin volume, up more than 70% since Q4 and 5x volumes from a year ago.

AWS launches blockchain service

Amazon has now officially released its blockchain service. According to the announcement this week, Amazon Web Services (AWS), the cloud computing platform subsidiary of retail giant Amazon, has made it’s Amazon Managed Blockchain (AMB) generally available. The product will purportedly allow customers to set up blockchain networks within their organizations and uses the Ethereum and Hyperledger open source frameworks. Notably, Amazon states that AMB can scale to support thousands to millions of transactions.

Bitfinex launching $1B token sale

Well, according to the messages released by Zhao Dong of D Group, Crypto exchange Bitfinex will conduct an initial exchange offering (IEO), aiming to raise $1 billion. Bitfinex’s exchange tokens, dubbed LEO, would first be offered to private investors, then subsequently opened to the public after May 10 if there is any allocation left, according to the white paper posted by shareholder Zhao Dong. According to Zhao Dong, Bitfinex has already raised $600 million in private, verbal commitments. Since last week, it has been rumored that Bitfinex would raise money via an IEO, a red-hot fundraising mechanism that allows crypto firms to sell tokens on an exchange to raise cash.

Bakkt acquires custody company

Well, there is some further development from Bakkt and this time the yet to release bitcoin futures exchange Bakkt has acquired the Digital Asset Custody Company (DACC), secured insurance for assets it will hold in cold storage and revealed a partnership with BNY Mellon. Adam White, the former Coinbase executive turned Bakkt COO, wrote in a blog post-Monday that it acquired DACC to continue developing a secure digital asset storage solution. DACC’s team “share [Bakkt’s] security-first mindset,” he wrote, while also bringing experience in building its own secure and scalable custody solutions.

Nasdaq data adding XRP index

This week, XRP had its share of gains as Nasdaq, an American stock exchange announced that it is adding XRP index developed by Brave New Coin (BNC) to its Global Index Data Service (GID) on May 01, 2019. With successful addition of BLX (bitcoin liquidity Index), ELX (Ethereum Liquidity Index), BNC has finally made its XRP Liquidity index or XRPLX on Nasdaq’s Global Index Data services.

The post This Week in Cryptos: Bitfinex IEO, Bakkt, Square BTC and Nasdaq Among Major Newsmaker appeared first on Coingape.