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[ Block plans to invest 10% of the gross profit of Bitcoin products in BTC every month]
Jack Dorsey ’s company Block has launched a dollar-cost averaging (DCA) plan to use 10% of its Bitcoin product gross profits for Bitcoin purchases each month. The company also said that its initial Bitcoin investment of $220 million has grown by about 160% to $573 million.
According to its earnings report, Block’s gross profit from bitcoin in the first quarter was $80 million. If this level of profit can be sustained for the rest of the year, the company under the plan will add another $24 million worth of bitcoin to its balance sheet.
Block's adjusted earnings per share were 85 cents, 13 cents higher than the consensus estimate, while revenue of $5.97 billion also beat Wall Street's expectations of $5.82 billion. Gross profit increased 22% from the first quarter of last year to $2.09 billion.
[ Coinbase's first quarter revenue was $1.6 billion, up 72% from the previous quarter]
According to the first quarter financial report released by Coinbase, Coinbase's revenue in the first quarter of 2024 was US$1.6 billion, an increase of 72% from the previous quarter and approximately 115% from the same period last year.
Overall, trading revenue from both consumer and institutional clients increased, totaling $1.08 billion for the quarter. Institutional trading revenue increased 113% from the previous quarter to $85 million. With a net profit of $1.18 billion in the first quarter, compared to a loss of $79 million in the same period last year, Coinbase also generated $1.01 billion in EBITDA. The company's consumer-facing business remains the main source of revenue for Coinbase, which generated $935.2 million in revenue from consumer trading. Coinbase said its user base grew along with revenue from subscription services.
【JITO becomes the largest TVL protocol on Solana , reaching $1.4 billion】
According to DeFiLlama, Jito has become the largest protocol on Solana, with a total value locked (TVL) of $1.4 billion, equivalent to about 10 million SOL, accounting for about 38% of the $3.7 billion TVL of the Solana ecosystem. Marinade, the Solana staking protocol, ranks second with a TVL of $1.37 billion, followed by Kamino, Raydium , and Marginfi, with $1 billion, $613 million, and $424 million, respectively.
In the entire liquidity staking market, Jito ranks in the top five among all blockchains, accounting for 3% of the $45.5 billion TVL. Lido dominates with $27.6 billion, followed by Rocket Pool, Binance, and Mantle at $3.6 billion, $2.6 billion, and $1.4 billion, respectively.
Tether and Chainalysis Collaborate to Develop Customizable Solutions for Monitoring Secondary Market Activity
USDT issuer Tether said on Thursday it has partnered with blockchain surveillance firm Chainalysis to develop a customizable solution for monitoring secondary market activity as regulatory pressure increases.
The monitoring system includes international sanctions compliance and illicit transfer detection, which may be related to activities such as terrorist financing, and will help Tether identify crypto wallets that may "pose a risk or may be associated with illicit and/or sanctioned addresses," Tether's blog said.
The move comes amid growing pressure on Tether from global regulators and policymakers for its alleged use in circumventing international sanctions and facilitating illicit financing. Venezuela’s state-run oil company has reportedly been using USDT to circumvent U.S. sanctions. A United Nations report earlier this year said stablecoins play a key role in underground banking and money laundering in East and Southeast Asia.
[ MoonPay integrates PayPal , allowing US users to buy and sell more than 110 cryptocurrencies through PayPal]
MoonPay announced that it has integrated PayPal, and users in the United States can now buy and sell more than 110 cryptocurrencies through PayPal. Currently, about half of MoonPay's customers in the country can take advantage of the PayPal integration. This integration will help prevent cryptocurrency purchases through debit cards from being rejected and increase the success rate of crypto transactions, even when using the same debit card. In addition, existing PayPal users do not need to manually enter their card information when purchasing cryptocurrencies on MoonPay.
The company plans to expand PayPal integration to users in the UK and EU “in the near future.”
[ Ethereum NFT sales in April were $241 million, the lowest since October 2023]
According to CryptoSlam, Ethereum NFT sales in April were $241 million, more than half of the $489 million in sales in March, marking the worst monthly NFT performance since October 2023.
Bitcoin NFTs performed better than Ethereum in April, leading the market with sales of more than $602 million, but down from $625 million in March. Solana NFTs ranked third with $2.54 million, with monthly sales falling from $249 million in March to $153.5 million.
Overall, NFT sales fell to $1.15 billion in April from $1.53 billion in March. NFT sales in April were the lowest since 2024, but still achieved a year-on-year increase of about 56%.
Author: BitpushNews Mary Liu
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