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Each Sunday, we breakdown the most important crypto market news from the past week for SludgeFeed Premium members, including key events and stories you might’ve missed from a variety of news outlets.

Top Headlines This Week 🔥

Square’s Bitcoin Revenue Jumped to $65.5 Million in Q1, Its Highest Ever

Payments company Square (SQ) reported its first-quarter earnings today, revealing strong growth in bitcoin (BTC) sales through its Cash app.

Square reported $65.5 million in bitcoin revenue for the first quarter of 2019. Bitcoin costs, however, were listed at $64.7 million in the unaudited quarterly report, for a bitcoin profit of roughly $832,000.

Bitfinex Plans to Raise $1 Billion With an Exchange Token Offering

iFinex, the owner of Hong Kong-based cryptocurrency exchange Bitfinex, is reportedly planning to raise $1 billion worth of Tether (USDT) through an initial exchange offering (IEO) for a new exchange token called LEO.

According to a recent report by The Block, which cites Bitfinex shareholder Zhao Dong, Bitfinex has already had over $600 million in verbal commitments from private investors. The company plans to open up the sale to the general public on May 10 if the full raise is not met.

Bakkt Announces Acquisition of Digital Asset Custody Company

Intercontinental Exchange-lead institutional cryptocurrency trading platform Bakkt has аcquired a crypto custodian service, according to an announcement on April 29.

In a blog post, Bakkt announced a number of new measures in its apparent effort to stimulate regulatory feedback, including the acquisition of Digital Asset Custody Company (DACC).

🚀  1.2 Million Tune-In for the Test launch of the TRON Virtual Machine
Coinbase CTO Balaji Srinivasan Leaves After Only a Year

Coinbase CTO Balaji Srinivasan has left the company after joining in April 2018, marking the first chief technology officer departure for the crypto giant.

In a tweet, Srinivasan stated that he is leaving due to personal reasons, saying, “Coinbase was fun and it was energizing working with so many great people. I’ll be taking a bit of time off to get back in shape — and up to speed on everything happening while I was heads down. More soon!”

Facebook’s (FB) Crypto Payment Initiative Is Reportedly Called ‘Project Libra’

The internal efforts of Facebook’s (FB) cryptocurrency initiatives continue to leak with the latest report indicating that the company is developing a stablecoin-based payment platform, which is internally known as “Libra.”

According to the report by The Wall Street Journal, Facebook is currently in discussions with major payment networks Visa (V) and Mastercard (MA), in addition to major ecommerce companies to support the launch of the platform.

Nasdaq Adding Index for XRP Cryptocurrency to Global Data Service

The company announced Monday that, through its partnership with New Zealand-based blockchain data and research firm Brave New Coin, it will offer “real-time” index information for XRP starting May 1.

Specifically, the XRP Liquid Index (XRPLX) will offer a spot or reference rate for the price of XRP, quoted in USD and “based on the most liquid ends of their markets.”

Fidelity Survey: 22% of Institutional Investors Have Digital Asset Exposure

Financial services giant Fidelity Investments, which manages more than $2.6 trillion in client assets, recently published a report detailing the institutional investor landscape as it relates to digital assets.

🚀  New Partnership Will Bring NEO (NEO) to Apple and Samsung Pay

According to the report, a notable 22% of institutional investors surveyed already have some exposure to digital assets, with the majority of investments coming in the past 3 years.

Grayscale Urges Investors to ‘Drop Gold’ and Pick up Bitcoin (BTC)

Grayscale Investments, a digital asset management firm founded by Digital Currency Group, launched a major marketing campaign on Wednesday to try and sway institutional investors to drop their investments in gold and begin positions in Bitcoin.

Video of the Week 📺

7-Day Market Performance 📊

  • Top-100 Index (ALT100): 7.39%
  • Exchange Tokens (ALTEXC): 1.38%
  • Privacy Coins (ALTPRV): 5.59%
  • Masternodes (ALTMSN): 5.46%

Market Movers 📈

Bitcoin’s (BTC) Market Cap Passes $100 Billion as the Price Hits a New 2019 High
IOTA (IOT) Jumps 20% on Jaguar Land Rover Adoption News

More Headlines 📰

Crypto Assets and Insider Trading Law’s Domain
Washington State Law Recognizes Blockchain Records as Legally Valid and Enforceable
The story of Crypto Capital’s dark past and its deep ties with the crypto industry
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