| 9.1.2023–15.1.2023 |
Second round of layoffs at Coinbase will result in another 20% staff reduction — On January 10, Coinbase CEO Brian Armstrong made it official that the exchange would slash 950 jobs as part of its efforts to lower operating expenses by about 25% in the midst of the current crypto winter. Coinbase is “well capitalized,” according to Armstrong, and cryptocurrency “isn’t going anywhere,” but the company must continue with layoffs to maintain “appropriate operational efficiency.” The CEO also mentioned that Coinbase will discontinue some projects with “lower possibility of success” as part of a workforce reduction.
Wyre places a maximum withdrawal cap of 90% on all users — Just days after two ex-employees allegedly suggested a shutdown, cryptocurrency payment company Wyre amended its withdrawal policy to only allow users to withdraw up to 90% of their funds. Wyre implemented a withdrawal cap on its platform on January 7 in the name of “the best interest of our community.”
Gemini and Genesis’ legal issues could further shake up the sector — Due to the recent spate of insolvencies, investor trust appears to be at an all-time low, and a new story appears to be currently playing out in real-time. The Winklevoss twins of Gemini, a cryptocurrency exchange, and Barry Silbert, CEO of Digital Currency Group (DCG), the company that owns cryptocurrency market maker and lender Genesis, are involved in this case.
Read about Highlights from Bitrue Community Talks | Flare Network on Twitter Space here. In conjunction with the Flare Token Distribution Event on 9th January 2023, we have invited Hugo Philion, Co-founder and CEO of Flare Network to sit down for an interview with our Chief Strategy Officer, Mr. Robert Quartly-Janeiro. In case you have missed out, we have noted down important parts of the Q&A in text for you to read.. You can also listen to the recording here.