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Square Records 1 Million First-Time Bitcoin Buyers in January

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The CFO further revealed that Square’s Bitcoin investment represents 5% of the company’s cash. She noted that Square has a long-term vision on the investment.

The chief financial officer at Square Inc (NYSE: SQ) Amrita Ahuja, said that the company’s Cash App platform recorded 1 million new Bitcoin buyers in January 2021. The CFO revealed details of the surge in first-time Bitcoin buyers while speaking on CNBC’s Squawk Alley on the 24th of February.

Square: Increase in First-Time Bitcoin Buyers Number

As stated in a CNBC report, Ahuja said that 3 million people performed Bitcoin transactions through Square’s payment platform Cash App in 2020. She added that Cash App recorded 1 million new Bitcoin buyers last month.

During the period, Bitcoin rallied to new highs amid its increasing demand among both new and existing investors.

Bitcoin has been increasing over the past year, gaining more than 400%. Since the beginning of the year, Bitcoin gained more than 70%. The price of Bitcoin hit $40,000 in the first week of January, after trading below $30,000 on the 1st. On the 21st of February, Bitcoin reached a new all-time high of $58,000. At press time, Bitcoin is trading at $49,141.83.

In Square’s Cash App, users can perform peer-to-peer transactions, which allow them to buy and sell assets like Bitcoin and stocks. Square began giving most of its users access to buy and sell Bitcoin through its payment app Cash App in January 2018. Before then, Square had announced that it was testing its support for the digital currency. In reaction to the announcement in November 2017, Bitcoin spiked 10% to reach a record high. Bitcoin saw an uptrend in December 2017, reaching record levels towards the end of the year. However, the king coin plunged significantly in the subsequent year, shedding 80% of its value.

Bitcoin recorded huge gains in 2020 as institutional investors see the digital asset as a hedge against inflation. MicroStrategy (NASDAQ: MSTR), which has been acquiring large amounts of Bitcoin, also referred to the top coin as a store of value.

As of the 24th of February, MicroStrategy said it owns 90,531 BTC after a more recent acquisition worth more than $1 billion.

Square’s Bitcoin Investment

Amid the adoption of Bitcoin among high-profile investors, Square purchased 4,709 Bitcoins, worth approximately $50 million in October. Later., the company announced that it had purchased an additional 3,318 BTC worth $170 million. Now, Square holds a total of 8,027 Bitcoins.

Commenting on Square’s investment, Ahuja added:

“We feel that bitcoin is aligned with our purpose, which is economic empowerment. Economic empowerment is about bringing access to financial tools more broadly, including to people who haven’t had it before. We think Bitcoin is a way that could enable that for the future.”

The CFO further revealed that Square’s Bitcoin investment represents 5% of the company’s cash. She noted that Square has a long-term vision on the investment.

Square stock is currently at premarket trading of $238.10, a 0.33% gain over its previous close of $237.32. Despite its recent additions over the past months, SQ has declined more than 12% in the last five days.

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Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.



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UiPath Secures Over $1.3 Billion in IPO

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After the IPO, UiPath stood at an initial market cap lower than the self-valuation of $35 billion after a funding round held on the 1st of February.

UiPath (NYSE: PATH) has secured $1.3 billion in its market debut through an initial public offering (IPO) on the 20th of April. On the day, the company sold nearly 24 million shares at $56 each. Before the public debut, the shares were marketed between $52 to $54.

UiPath IPO

Initially, UiPath said it would be offering about 24.5 million shares at $43 to $50 per share. As such, the company hoped to secure up to $1.22 billion. However, the company increased the price range to $50 to $54 per share on the 19th of April, ahead of the IPO.

After the IPO, the company stood at an initial market cap lower than the self-valuation of $35 billion after a funding round held on the 1st of February. The company’s market cap after the IPO was about $29.1 billion. UiPath said trading would begin today on the New York Stock Exchange, under the ticker “PATH.”

MarketWatch said in an earlier report that UiPath filed for an IPO on the 26th of March. At the time, the software company said it was looking to raise $1 billion from the IPO. MarketWatch revealed that 22 banks, led by Morgan Stanley (NYSE: MS), would be acting as underwriters on the deal. Some of the other underwriters are JPMorgan (NYSE: JPM), Credit Suisse (NYSE: CS), Barclays (NYSE: BCS), BofA Securities (NYSE: BAC), and Wells Fargo Securities. According to the company, the generated funds will be used generally on corporate matters, including acquisitions. 

At the beginning of this year, Coinspeaker noted UiPath’s IPO as one to look out for. Coinspeaker said that the UiPath filed for a confidential registration with the US Securities and Exchange Commission (SEC) for an IPO in December 2020. 

UiPath Customers Grew 33% During Pandemic Year

As of 31st of January, UiPath said it has almost 8,000 customers. According to the company, 63% of the total number of customers are in the Fortune Global 500. Whereas the software company claimed it had around 700 customers in 2018. 

In 2020, UiPath said its customer base grew 33% despite the pandemic. 

“As the pandemic persisted, global demand for automation continued to accelerate as automation became essential for business execution and performance in a remote working environment,” the company wrote.

UiPath specializes in software that develops a platform for robotic process automation. The company separates itself from its rivals by letting employees with no coding experience customize artificial intelligence capabilities. 

“Our platform leverages the power of artificial intelligence, or AI, based computer vision to enable our software robots to perform a vast array of actions as a human would when executing business processes. These actions include, but are not limited to, logging into applications, extracting information from documents, moving folders, filling in forms, and updating information fields and databases,” UiPath said in a filing with the SEC.

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Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.



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New Program for ICO Investors of 2017-2019

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The purpose of the GIIS program is to compensate the investors of unprofitable projects for the funds spent.

The ICO boom that took place on the crypto market in 2017-2019 is remembered by many. At that time, a huge number of token sales were held, which eventually became unprofitable for the investors. Many promising projects at the token sale stage are not developing today, others are developing too slowly. According to statistics from 2021, 95% of 2017-2019 ICO tokens lost 80-98% in value compared to the initial mark. Investors dream of returning at least part of the funds invested in projects and … such an opportunity just appeared.

Just the other day, the Global ICO Insurance System (GIIS) compensation program was launched based on the multi-financial broker LH Crypto. The purpose of the program is to compensate the investors of unprofitable projects for the funds spent. Compensation is not possible for all projects, but only for those that meet the certain criteria. There are also criteria for the program participants themselves.

For those who meet the GIIS criteria, it calculates the compensation value for each token and offers two options to follow:

  • Base. The compensation is equal to 100% of the calculated one. Reimbursement period – up to 1 month. The transfer of tokens to the broker is not required.
  • Eco. The compensation can be over 100%. The term is 12 months. A transfer of tokens to the broker is required.

Both options require passing a KYC process with LH Crypto.

The main requirement that GIIS makes to the issuer and the token holder is that neither of the two should be under the jurisdiction of the United States. A coin holder wishing to receive compensation will have to confirm their place of residence during the KYC. One also has to confirm that he/she has invested at least 250 euros in the project.

The project must also confirm that at the time of the completion of the ICO, its capitalization was at least 1,000,000 euros. In addition, the token must be listed on at least one crypto exchange. The factoring department of LH Crypto conducts its own expertise for each issuer and decides on the compensation for holders of certain tokens.

At the moment, GIIS is working with several projects: for tokens

For REcoin, LUST and CNK the compensation amounts have already been determined, the EBZ token is under consideration.

Participation in the program is free and both the coin holders and the project owners can apply. For the latter, it is a good chance to reduce their reputational losses, as well as to support their project despite the initial difficulties.

GIIS is the program that the holders of “junk” coins have been waiting for a long time. The evolving DeFi market today offers dozens of different risk insurance tools that weren’t available a few years ago. The ability to offset costs give new life to once-promising projects with good ideas, and supports token holders and coin creators can breathe new life into the already forgotten ICO market today. At the same time, only those whose projects are really interesting and worthy will be compensated for the cost of coins. And in order to calculate the amount of potential compensation in the factoring department of LH Crypto, they developed a formula that takes into account both the current exchange value of the asset and its price at the time of the public sale.

The amount of reimbursement to the holder is calculated according to the formula: (IP-CP) * T, where IP is the ICO token price, CP is the current exchange value of the asset, T is the number of tokens held by the holder.

  • For example, at the time of the ICO, the token cost 0.10 EUR.
  • Now its value on an exchange is 0.05 EUR.
  • The token holder possesses 1000 of these tokens.
  • The renumeration will be (0.10-0.05) * 1000 = 50 EUR, which in this case is 50% of the funds initially spent.

However, GIIS provides users with the opportunity to get more – this is precisely why two programs are being implemented: Base and Eco.

By default, the basic program of GIIS Base is applied to each user. It implies a 100% guarantee of refunds immediately after identification of the token holder, which takes about a month.

However, if there are many applications from users for a specific project (in total for a million euros or more), then the GIIS Eco program is initiated – it implies the transfer and freezing of user’s tokens for 12 months, but as a result, the compensation received can be significantly higher than with the basic program. This is due to the fact that a full-fledged ecosystem for this particular token is created in GIIS Eco, along with the listing, implementation of payment instruments and other time-consuming processes.

The token holder independently chooses under which program he/she wants to receive the compensation; this choice must be made within a month after identification. Large investors (with a deposit of 1000 EUR) could receive individual advice from GIIS specialists.

LH Crypto’s Global ICO Insurance System is a fresh and promising solution that can reduce risks for both token issuers and their investors. Two compensation programs allow one to choose between the speed of obtaining the “insurance” and the amount of profit made. As for the advantages for the projects themselves, such a system will provide significant assistance in preserving the reputation and implementing plans for further development. The WIN-WIN-WIN principle provides a win-win situation for all three parties – the issuer, the token holder and the insurer.

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Having obtained a diploma in Intercultural Communication, Julia continued her studies taking a Master’s degree in Economics and Management. Becoming captured by innovative technologies, Julia turned passionate about exploring emerging techs believing in their ability to transform all spheres of our life.



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VZ Stock Down, Verizon Q1 EPS and Revenue Beat Analysts Estimates

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According to the Q1 earnings report, 70% of Verizon’s revenue came from wireless business.

Verizon Communications Inc (NYSE: VZ) stock tweaked a bit during Wednesday’s pre-market but traded around yesterday’s close, $58.39. At the time of writing, at the trading session, VZ is 0.41% down, at $58.15. Although not a significant tweak, the spike in volatility coincided with the quarterly earnings results. Verizon reported its Q1 earnings per share at $1.31, up 3.97% over the past year.

Notably, the company recorded a revenue of $32.867 billion, 3.98% higher than last year’s. As a result, Verizon’s Q1 revenue beat analysts’ estimates of $32.46 billion.

According to the Q1 earnings report, 70% of Verizon’s revenue came from wireless business. The company reported that it is a wireless service provider to approximately 91 million postpaid and 4 million prepaid phone Americans. Thereby making it the largest United States wireless carrier, whereby it also connects over 25 million data devices.

Verizon Stock and Its Performance in Q1

Although Verizon is a major technology-oriented company, its stock market had not benefited significantly from the covid crisis. According to market data provided by MarketWatch, VZ stocks added approximately 0.69% last year. Notably, they are down around 0.61% since the beginning of the year.

The company has a reported market valuation of approximately $241.73 billion with around 4.14 billion outstanding shares. In the past 52 weeks, Verizon stock traded between $52.85 and $61.95. Having been rated 28 times, Verizon stocks received an average rating of Over.

In a bid to diversify its revenue collection avenues, Verizon has been expanding its wireless network to different places amid various acquisitions. The firm has agreed to acquire Tracfone, a wireless reseller that serves about 20 million prepaid customers in the US.

Notably, the firm has been losing postpaid wireless customers, whereby it recorded a loss of 178,000 postpaid wireless phone subscribers vs. analyst estimates for a 198,000 loss in the first quarter.

The business unit recorded a revenue of $7.8 billion, up 1.3% on a yearly basis. On the other hand, Verizon Media revenues came in at $1.9 billion, up approximately 10.4%.

From a technical point of view, Verizon stocks have been trapped in a horizontal consolidation for the past two and a half years. Furthermore, they have not fully recovered from last year’s stock market crash. Short-term stock traders are waiting for the next breakout to enter into the VZ market, whilst long-term traders hold as the general direction is an upward trend.

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A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies.
Mythology is my mystery!
“You cannot enslave a mind that knows itself. That values itself. That understands itself.”



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