Venmo will add support Crypto payments, WeWork accepts BTC and hashrate drops 25%
Venmo adds support for Bitcoin payments
Venmo announced yesterday that it will be adding support for crypto payments for its more than 70 million users. This move will allow its users to buy, hold, and sell and cryptocurrencies like Bitcoin, Ethereum, Litecoin, and BCH directly in the app.
The move is similar to Venmo’s parent company, PayPal, adding support for crypto which was announced late last year.
“Crypto on Venmo is a new way for the Venmo community to start exploring the world of crypto, within the Venmo environment they trust and rely on as a key component of their everyday financial lives.”
According to Venmo’s 2020 customer study, more than 30% of its users already purchased cryptocurrencies. Last year, the company processed around $159 billion in payments.
Source: Bitcoinist
WeWork to accept Crypto payments and will keep BTC on balance sheet
WeWork, the global office-sharing startup backed by SoftBank will begin accepting crypto payments. The company, which has locations in 118 cities, will also use it to pay some landlords and vendors, according to a company press release Tuesday.
Through partnerships with Coinbase and BitPay, WeWork will initially accept bitcoin, ether, USD Coin, the Paxos token and “several other” unnamed digital assets, and hold some portion of them on its balance sheet, according to the release.
Coinbase will be the first WeWork member to pay for its membership in cryptocurrency.
Hashrate drops 25% due to electricity blackout in Xinjiang
An energy emergency in the Chinese province of Xinjiang, where roughly 80% of the country’s Bitcoin mining facilities are located, caused a blackout to the broader mining ecosystem.
It caused a massive drop of the hashrate which secures the Bitcoin network. As a result, a lot of mining farms went offline, and since such a high percentage of them is concentrated in Xinjiang, it led to a sudden 20–25% decline in Bitcoin’s hash rate.
“On April 10th, 2021 there was a water leakage at a coal mining facility in Xinjiang. Both Central & local government acted very quickly, and tried their best to minimize the loss and ensure the safety of the workers,”
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