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Crypto Corner Podcast 606: Stocks discussed: (NYSE: SQ) (TSXV: DMGI)

Point Roberts, WA and Delta, BC – June 8, 2021 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on what’s driving cryptocurrency stocks and the crypto market.

Listen to today’s Crypto Corner Podcast:

https://www.investorideas.com/Audio/Podcasts/2021/060821-CryptoMarket.mp3

Crypto Corner Podcast 606: Stocks discussed: (NYSE: SQ) (TSXV: DMGI)

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Stocks discussed: (NYSE:SQ) (TSXV:DMGI)

After a tough enough last couple of weeks Bitcoin (BTC) has now plummeted roughly 13 percent in the past 24 hours, according to data from CoinMarketCap. At press time, it is trading for approximately $31,430 USD. Data from analytics firm CoinShares, via an article today on Cointelegraph, indicates that BTC investment products saw a record outflow of $141 million this past week. An excerpt from the Cointelegraph article by writer Brian Quarmby reads:

The data follows heavy institutional selling amid May’s dramatic crypto market meltdown, with institutions having withdrawn nearly $100 million from crypto products between May 10 and May 16 before outflows briefly slowed toward the end of last month.

However, Petr Kozyakov, the co-founder and CEO of global payment network Mercuryo, told CoinDesk:

“Investors appear to be storing their assets in hardware wallets with anticipation that the current drop in price will balance out for new price runs toward and above its previous all-time high.”

“With bitcoin in DeFi, investors get to maximize their earnings amidst dwindling prices, a better option for many who prefer not to keep their assets idle.”

Square, Inc. (NYSE:SQ) might be building a hardware bitcoin wallet, according to recent tweets from CEO Jack Dorsey:

Square is considering making a hardware wallet for #bitcoin. If we do it, we would build it entirely in the open, from software to hardware design, and in collaboration with the community.

And later in the tweet thread:

Cash App integration is obvious for us but only part of the solution. A smooth experience likely depends on a custom-built app but it doesn’t need to be owned by Square. We can imagine apps that work without Square and maybe also without permission from Apple and Google.

DMG Blockchain Solutions Inc. (TSXV:DMGI) has announced a strategic investment of $3 million into Ottawa-based cryptocurrency and digital asset custodian Brane Capital. Sheldon Bennett, DMG’s CEO, explained:

“DMG considers Brane to be a unique and promising company in the global crypto custody space, and we’re excited about the opportunities this investment will achieve for both companies. DMG and Brane share strong commitments to innovation, integrity, and sustainability. This new partnership will position both companies as setting new standards of excellence in the blockchain sector.”

Sam Mowers, Investorideas

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