Monat: Juli 2023

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Binance recently laid off 1,000 employees: report

  • Binance is reported to have dismissed about 1,000 of its employees recently.
  • The report cites sources close to the exchange and comes at a time Binance is battling regulatory pressure.
  • The leading crypto exchange celebrated its 6th birthday on July 14.

Binance, the world’s largest cryptocurrency exchange by trading volume, has reportedly cut its employee number by 1,000 in recent weeks.

The Wall Street Journal reported on Binance’s layoffs on Friday, citing a source as saying the crypto exchange could still dismiss more of its workforce in coming months amid staff reorganization. According to the report, the crypto company could lay off up to a third of its workforce.

Binance celebrated its sixth year since it launched today, July 14, 2023. 

Binance’s employee layoffs

Multiple crypto and mainstream companies have in the past year or so aggressively cut on their headcount, with crypto’s situation exacerbated by the debilitating crypto winter. Binance was among those to eye staff reduction as Wu Blockchain revealed in a May 31 tweet.

Prior to the expected employee cut, the Changpeng ‘CZ’ Zhao led company had an estimated 8,000 employees globally. Reports highlighted plans to send 20% of the workforce home.

Binance remains the world’s largest crypto exchange by trading volume. However, the past month has been tough for the company in terms of the myriad of regulatory challenges it has faced. 

The early June lawsuit by the US Securities and Exchange Commission (SEC), came as the exchange exited a number of countries due to regulatory reasons. It included Belgium and the Netherlands, and it ended its pursuit of a license in Austria. Menwhile, it also faced scrutiny in France and recently Australia.

There have also been exits by top executives, including exchange’s former Chief Strategy Officer Patrick Hillmann.

The post Binance recently laid off 1,000 employees: report appeared first on CoinJournal.

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BlackRock CEO says crypto will transcend international currencies

  • BlackRock CEO Larry Fink believes crypto is an international asset that can transcend any global currency.
  • Fink did not talk about Bitcoin specifically, noting he’s prohibited by virtue of BlackRock’s spot ETF filing.
  • In his interview with CNBC on Friday, Fink mentioned how gold ETF changed the gold investing market.

BlackRock CEO Larry Fink has yet again shared bullish remarks about cryptocurrencies, noting in an interview with CNBC’s Squawk on the Street on Friday that crypto has the capacity to transcend any international currency.

According to the BlackRock CEO, who recently commented on the potential of Bitcoin as digital gold and an international investment asset, repeated the viewpoint in his latest remarks. In particular, he pointed to the global demand for crypto as something that signifies its potential.

Fink on ETFs and crypto’s international appeal

BlackRock filed for a spot Bitcoin ETF last month and together with Fidelity Investments, Ark Invest and others, are convinced they have done everything required to have the SEC approve the first such ETF for the US market.

The $9 trillion asset manager’s recent outlook of crypto investing, and what its entry into the spot ETF market could mean for the broader industry continues to trigger positive vibes a month since its initial SEC filing.

Fink said:

“I can’t talk about Bitcoin because we have a SEC filing and I’m prohibited, but I can talk about crypto in general and what we have done. We believe we have a responsibility to democratise investing. And we have done a great job and the role of ETFs in the world is transforming investing. I think we’re only at the beginning of that.”

The BlackRock chief then noted that ETFs industry is set to grow into a multiple trillion dollar market as the fixed income market expands. He also highlighted what has been achieved since the gold ETF debut 20 years ago, especially in democratising gold investing and bringing down the cost of transactions for physical gold.

An ETF will democratise the crypto investing space in the same way, Fink opined, adding that BlackRock’s clients have over the last five years continually asked about crypto’s role. He says he believes crypto is an “international asset.”

“It has differentiating value versus other assets. But more importantly, because it is so international, it’s going to transcend any one currency and currency valuation.”

The post BlackRock CEO says crypto will transcend international currencies appeared first on CoinJournal.