Kategorie: Crypto News

FTX will not be scaling back on its staff, according to CEO Sam Bankman-Fried. The company is “going to keep pushing forward,” he said.

FTX CEO Sam Bankman-Fried says the cryptocurrency exchange will “zag” where other crypto firms “zig.” In short, he does not see the crypto platform freezing its hiring process or laying off staff as has happened in recent months across the industry.

This, he noted in a Twitter thread, is “regardless of market conditions” that has most crypto firms nursing losses in line with the bear market.

FTX to ‘keep pushing’

Bankman-Fried notes that FTX can continue to grow because it adopted a careful hiring approach, and over the last couple of years, scaled its revenue and productivity – not expenses.

“A lot of reporters have reached out asking if we’re going to be scaling back. And our answer is the same as always: We’re going to keep pushing forward,” the FTX chief wrote.

He says instead of cutting jobs, the platform looks to employ more. However, this will be done at a more sustainable rate. Bankman-Fried and team will also look to uphold the same high standards adhered to during previous hiring.

And again, FTX never froze hiring. It just slowed down after hitting 250 employees to have enough time to fully integrate the new staff into the company’s culture.

19) Sometimes, when others Zig, you Zag.

— SBF (@SBF_FTX) June 6, 2022

Bankman-Fried’ thoughts on hypergrowth companies

Several crypto firms have announced job cuts amid the crypto winter, including Gemini and Coinbase. Past bear markets, notably in 2018, also saw several companies send employees packing – many after a hiring spree during the bull market.

According to Bankman-Fried, this kind of hypergrowth does not always lead to more productivity or growth. Instead of having the 10x productivity targeted, it all backfires to a point nothing gets done.

Why?

Because “coordination becomes really hard,” with diffusion of responsibility also hitting as more people join. 

When it becomes hard to align incentives to employees, then the firm is in trouble. He explained further why some of the most successful companies then end up decaying.

“It’s a race–between how quickly new employees understand the company’s culture, and how quickly people are hired. The faster you hire, the harder it is to keep everyone on the same page.”

And this is how a company can quickly descend into a Moloch, he added.

The post FTX to hire more people ‘regardless of market conditions’, CEO say appeared first on CoinJournal.

Ripple, a prominent business blockchain solutions provider, has partnered with Lunu, a crypto-terminal operator and a payment provider that deals with premium retailers to enable German luxury and high-end retailers to receive payments using cryptos.

With the new partnership, the retailers will be able to exchange cryptos for fiat money where the Ripple Liquidity Hub platform will be used. The platform was created by the Ripple team to aid mass crypto adoption.

The platform can also be integrated on a turnkey basis as well as feature an intelligent order routing that will enable the retailers to receive their digital assets at the best prices. 

Additionally, companies that have integrated the platform will be able to access cryptocurrencies seamlessly across the globe including decentralized and centralized exchanges and also OTC venues.

The combined use of Lunu’s point-of-sale (POS) terminals and RippleNet will also help a great deal in providing opportunities to the luxury and high-end retailers in the United Kingdom and Europe to embrace crypto payments in their stores. 

Ripple in Europe

Ripple has continued to strongly establish its presence in the majority of the continents and after gaining traction in the Middle East, it’s now on its mission to dominate in Europe.

However, 2021 was one of the most successful years for Ripple after it managed to double its transactions on RippleNet, now, the average annual payment volume on the network is $15 billion. Besides, the company’s blockchain and other technological use, in general, have contributed to its expansive partnership networks.

The post Ripple partners with Lunu to expand into the European luxury markets appeared first on CoinJournal.

Checkout.com, a global payments processor currently handling billions in online payments for merchants, has announced a new stablecoin settlement solution that will offer 24/7 payments processing for customers.

The settlement system will be powered by crypto payments technology from blockchain security platform Fireblocks, and will see merchants enjoy seamless and flexible access to cash flow – all in real-time.

The technology, according to details shared by the UK-headquartered company, will offer merchants the benefit of automatic conversion of funds received from customers – in this case from received stablecoin into fiat.

Merchants will also benefit from faster, on-chain and borderless payments settlement.

Initial support for USD Coin (USDC)

Checkout.com will use USD Coin (USDC), a fully collateralized stablecoin pegged on the US dollar and which is currently the second-largest in the sector in terms of market capitalization.

 Checkout.com said it has processed over $300 million via USDC during the new system’s beta program.

Jess Houlgrave, Head of Crypto Strategy at Checkout.com noted that the company was “investing heavily to ensure we can fulfil our mission to enable businesses and their communities to thrive in the digital economy – which we believe includes Web3 and as we see the market reaction, we hope to see more merchants, both crypto native and non-crypto native adopt this.”

Apart from USDC, the firm plans to support other digital assets and has a pilot project involving multiple crypto exchanges and merchants. 

Crypto exchange FTX is reportedly at the forefront of its plans to expand the initiative globally, with other players including Binance and Crypto.com.

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