Square rebrands as Block following Dorsey leaving Twitter

Square

Square, Jack Dorsey’s digital payments company, is renaming itself as Block in a move towards broadening its cryptocurrency and blockchain offering.

Effective as of December 10, the name change marks a recategorisation of the apps under Square’s portfolio.

Block will incorporate Square, which remains the same credit card reader business, as well as payment platform Cash App and Jay-Z’s music streaming service Tidal.

“We built the Square brand for our...

Bitcoin processes $187bn more in transactions per quarter than PayPal

Canary Wharf, London

The Bitcoin (BTC) network is now processing more volume in terms of transactions than payments platform PayPal, according to blockchain analysis firm Blockdata.

Looking at average transaction volumes, Blockdata says that the Bitcoin network outshone PayPal by $187 billion (£140.4bn) per quarter this year. An impressive overtake for a payments system twelve years younger than PayPal.

Blockdata reported that: “The Bitcoin network processed an estimated average of $489...

MoonPay: the ‘PayPal for crypto’ raises $555m in first ever funding round

To the Moon

MoonPay, a start-up that lets users buy cryptocurrency through conventional payment methods like credit cards, has raised just over half a billion dollars in its first ever funding round.

The whopping $555 million (£414.7m) comes off the back of record funding for blockchain start-ups this year. Just last week, the Winklevoss twins’ crypto exchange Gemini raised $400 million whilst Ethereum co-founder Joseph Lubin’s ConsenSys landed $200 million.

Led by Tiger Global...

ConsenSys raises $200m from HSBC and Third Point to fund Web3 vision

Fox - MetaMask / ConsenSys

ConsenSys, a leading Ethereum software company, has raised $200 million (£149m) from investors including HSBC and US hedge fund Third Point, bringing its valuation to $3.2 billion (£2.38bn).

The New York-based start-up provides a whole host of products and services for the decentralised Web3 ecosystem, most notably the app and web browser extension MetaMask.

MetaMask allows users to hold, send, and manage digital assets in a flexible wallet that can connect with other...

Twitter Crypto formed to explore decentralisation on Dorsey’s platform

Twitter Crypto

Twitter Crypto is the name of the social networking giant’s new dedicated team being formed to work with crypto, decentralised apps (Dapps), NFTs, and other ledger technologies.

The latest push by CEO Jack Dorsey to bring digital assets into the mainstream, Twitter has hired Tess Rinearson to lead the team. An experienced software and crypto engineer, Rinearson has worked for Tendermint, Chain.com, and the Interchain...

Alchemy valued at £2.5bn following Series C funding led by a16z

Cobweb

Alchemy, a leading infrastructure provider for blockchain and Web3 developers, has raised £183 million in its Series C funding round, bringing its valuation to £2.56 billion.

The round was led by venture capital firm a16z, with Lightspeed and Redpoint also joining as new investors. Existing investors Coatue, DFJ, and Pantera also participated with additional investment.

The company, which compares its role in blockchain and Web3 development to Amazon Web Services’...

EV Battery Tech to acquire CryptoPlug for EV crypto payments solution

EV Electric Vehicle Charging

EV Battery Tech, a Canadian battery solutions provider, is set to acquire cryptocurrency app developer CryptoPlug for £4.4 million.

Through CryptoPlug’s app, electric vehicle (EV) drivers will be able to make payments in crypto at EV Battery Tech’s charging station infrastructure.

Aside from payments, the app will also allow users to personalise their electric vehicle’s power requirements around existing infrastructure.

Whilst EV Battery Tech and its...

Fluency valued at £17m with CBDC interoperability solution

Bank

Fluency, a CBDC blockchain enterprise platform, has raised £940,000 in seed funding to give it a £17 million valuation.

The company’s Aureum solution is being created to help build and interconnect national CBDC networks with cash retail banking, supporting the transition from cash to a CBDC.

Its smart contract platform enables issuance, distribution and exchange of multiple CBDCs between central banks, commercial banks, merchants, and consumers.

Having...

Mastercard buys blockchain analytics start-up CipherTrace

Mastercard - blockchain

Mastercard has entered into an agreement to purchase blockchain analytics start-up CipherTrace for an undisclosed amount.

The deal marks the latest sign that major corporates are warming towards cryptocurrencies, following similar trends amongst companies like Amazon and PayPal.

Based in California, CipherTrace develops tools and solutions to help government agencies and businesses detect and stamp out illicit digital currency transactions.

The company sits...

DigitalBits signs £73m deal with Inter Milan FC

Inter Milan DigitalBits Partnership

DigitalBits has signed a €85 million (£73m) multi-year partnership with Italian Serie A’s reigning champions Inter Milan FC.

The partnership marks the second Italian top-flight team to sign a major deal with the cryptocurrency company in recent months, with AS Roma FC agreeing to a €36m deal in July.

As part of this partnership, DigitalBits becomes the ‘Official Global Cryptocurrency’ and Zytara Labs becomes the ‘Official Global Digital Banking Partner’...