📉Coinbase Extends Hiring Freeze - TWJ #158
The bear market is shaking things up.
In today’s issue:
The crypto market is flat with a total market cap of ~$1.2 trillion. WAVES is the best performer in the top 100 in the past 7-d. Top crypto exchanges are starting to lay off employees.
In other news, Coinbase extends hiring freeze, the CFTC sues Gemini over BTC futures case, and Binance Labs loses two top executives.
We’re continually improving our content, please reach out if you have ideas or want us to recap another market segment.
- Curated by Marco Manoppo (@manoppomarco)
📰Market News
⎆Coinbase Extends Hiring Freeze
The largest US-based crypto exchange has announced that it is extending the hiring freeze and will also rescind some accepted job offers. The initiative came as high-growth tech firms received a beating in the public market, on top of the bearish crypto environments.
⎆The CFTC Sues Gemini Over BTC Futures Case
The CFTC sued Gemini over allegations that the US-based crypto exchange allegedly misled the regulatory agency during its 2017 effort to launch a BTC futures contract. Specifically, the CFTC stated that Gemini misled the agency regarding how susceptible to manipulation the futures contract would be.
It was difficult to determine whether Gemini is fully in the wrong. That said, it is not a surprise that large investors can still affect the crypto market in some sort of capacity. However, this is also largely true with high-growth and micro-cap equities.
⎆Binance Labs Loses Two Top Executives
A few days after raising its new $500M fund, two Binance Labs executives departed the firm. Binance Labs Head Bill Qian and Executive Director Nicole Zhang left the firm said people familiar with the matter.
👨🏻💻Decentralized Finance (DeFi)
Maker Founder Proposes MetaDAOs and Synthetic ETH in 'Endgame Plan'
Balancer Launches on Ethereum L2 Network Optimism
Vitalik Buterin Muses On Crypto-Skeptic Letter to Washington
FTX Overtook Coinbase in Bitcoin Volume
Bitstamp Launches Earn Product for Ethereum, Algorand in the US
Alchemy Launches Solana Developer Platform
A16z Says DAOs May Be Better Off Filing Legal Papers, Paying Taxes
Beanstalk Stablecoin Protocol 'Barn Raise' Aims to Restore $77M in Lost Funds
Qredo Adds Blockchain Analytics to FATF ‘Travel Rule’ Offering
Staked Ether Discount After Terra Collapse
Boba Network Integrates with Fantom and Moonbeam
🏛Governance - Active Proposals
Babylon Finance - BIP-20: Idle Finance Bounty
Babylon Finance - BIP-21: Security Bounty- Rewards
PoolTogether - PTIP-73 300k PTaUSDC for Project Optimism and Greater Prize Reserves
🦮NFT & Metaverse
Johnny Depp Ethereum NFTs Surge After Actor Wins Defamation Suit
Binance and The Weeknd Launch a ‘Crypto-Powered’ World Tour
OpenSea ‘insider Trading’ could See NFTs Labeled Securities
South Korean Government Becomes an Early Investor in the Metaverse
Apple's Upcoming Developer Conference Sparks Rumors of NFT
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
WAX - $10M Unknown Round
TRIPP - $11.2M Unknown Round
Playdex - $2M Seed Round
Laevitas - $2.5M Seed Round
SealCred - $3.8M Seed Round
SIZE - $6M Seed Round
Revoland - $10.6M Seed Round
FinTron - $6.5M Series A
Canonical Crypto - $20M Inaugural Fund
⚖️Regulatory Update
CFTC Sues Gemini Over Bitcoin Futures Case From 2017
New York Senate Passes Bitcoin Mining Moratorium
Japan Passes Landmark Stablecoin Bill For Investor Protection
CoinSwitch Kuber Unveils Crypto Rupee Index
US Labor Department Sued After Warning 401(k) Providers About Allowing Crypto Investments
📚Noteworthy Reads
Justin Bons’ Thread on Why BTC is Doomed to Fail
Sanjay Shah’s Thread on Rollup Configurations
Jump Crypto’s Read on The Depegging of UST
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.