Payments firm Square said in its third-quarter earnings letter Thursday that its peer-to-peer payment service, Cash App, generated $1.82 billion of bitcoin revenue in the quarter and $42 million of gross profit, up 115% and 29% year over year, respectively. Bitcoin revenue and gross profit decreased in the third quarter versus the second quarter, however, Square said, citing the “relative stability in the price of bitcoin, which affected trading activity compared to prior quarters. Online trading and brokerage company TradeStation Group said Thursday it will become a publicly traded company through a combination with Quantum FinTech Acquisition Corporation (NYSE: QFTA), a special purpose acquisition company (SPAC). TradeStation began offering crypto trading to its customers in May 2019, and last year partnered with exchange ErisX to integrate ErisX’s order book into its subsidiary, TradeStation Crypto. The SPAC transaction is expected to close in the first half of 2022. TradeStation will list on the New York Stock Exchange under the ticker “TRDE.” Blockchain firm Enjin has formed a $100 million fund to support projects in its ecosystem geared toward developing a decentralized metaverse. The Efinity Metaverse Fund will aim to support work on metaverse projects on Efinity – a blockchain developed by Enjin with Polkadot – as well as those involved in non-fungible tokens (NFT), decentralized applications (dapp) and gaming, according to an announcement Thursday. The fund will focus on cross-chain NFT assets, digital collectible applications, gaming that harnesses mixed reality, virtual events and building multichain infrastructure. Crypto exchange Binance and French Fintech, a nonprofit focused on promoting financial technology in France, have launched an initiative to support the development of the French and European blockchain and cryptocurrency ecosystem.
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