The essentials of cryptosphere news



Graduated from Montpellier Business School and Paris 1-Sorbonne, with experience in the banking and insurance world, Laurent Pignot maintains such a passion for cryptocurrencies that one day he aims to launch a vehicle dedicated to the disclosure of these alternative assets. What attracts this sports and gastronomy enthusiast? As a good representative of his generation, the decentralized and disintermediated dimension of these currencies. What drives him? Adrenaline is linked to the investment game.

The cryptosphere is filled with fresh news every day. To keep you updated on the main information revolving around this sector, I have condensed for you the essentials of the most important news of the last few days.

  • Coinbase, one of the leading cryptocurrency exchange platforms announces to reduce its workforce by 18% e lay off 1100 employees to cope with extreme market conditions. Crypto.comannounces another cryptocurrency exchange reduce your payroll by 5% (or 260 employees) in order to reduce costs. BlockFiannounces a finance company that offers loans and loans on decentralized protocols lay off 20% of its workforce to grow from 850 employees to 600 employees. Meanwhile, the Binance CEO announces he plans to recruit 2,000 people for new positions. Same room, two atmospheres.
  • Celsius network, a leading decentralized finance (DeFi) cryptocurrency lending and lending platform, risks collapsing. On the night of June 12, the company announced that it would suspend withdrawals and transfers for its one million users in order to cope with “extreme market conditions”. A kind of Bank Run 3.0. The company is suspected of being in default right now during the steep fall in the cryptocurrency market. It must be said that the attractive 20% annual rate of return on loans was likely only sustainable during a bull market and not a slump where users massively withdraw their assets. Result: panic on board, both for the company and for 3.0 members. Celsius invited key financial group Citigroup to consider exit options.
  • The Dubai Crypto Fund Three capital arrows (3AC) even faces a risk of default. The fund, which has managed billions of dollars in user funds, may not be able to repay lenders and other counterparties due to massive ongoing user withdrawals. The fund’s activity on the blockchain suggests that the company is currently selling existing positions in order to reduce liquidation risk on certain positions. The domino effect of decentralized finance may not be over for gamers who are too greedy …
  • After Binance last month, it’s the online broker’s turn eToro to win the precious sesame of PSAN (Digital Asset Service Provider). The Financial Markets Authority (MFA) is updated regularly the list of PSANs in France and this list now contains 38 registered companies. The broker will therefore be able to extend its marketing and commercial operations (custody, purchase / sale and exchange of digital assets) on French soil within the strict framework of the regulatory framework imposed by the MFA.
  • MasterCardthe payment giant said Thursday in a Press release that the holders of their Bank cards now can get NFT in different markets without the need to buy cryptocurrency first. To do this, Mastercard is working with various players such as Immutable X, Candy Digital, The Sandbox, Mintable, Nifty Gateway, and MoonPay to develop its Web3 infrastructure. The company had already shown its interest in NFTs in the past by filing numerous brands related to the metaverse and digital assets. The company continues to consolidate its position as an actor crypto-friendly.
  • the Brazil take a step towardsadoption of bitcoin. Federal deputy Paulo Martins presented a bill that allows citizens in regards to cryptocurrencies to be “used as a financial asset, a means of exchange or payment, or an instrument of access to goods and services or an investment”. The bill is far from being definitively adopted as it is in the initial phase of the discussion in the Chamber of Deputies of the country’s legislator. A proposal that arises at a time when the country is suffering from inflation close to 12%. Keep on…
  • He returned to France with Lacostethe famous French crocodile brand launches into Web3 offering a first collection of NFT called “UNDW3” and pronounced “Underwater”. Collectors will be able to “access a pioneering ecosystem and digital, physical and experiential advantages in the world of the crocodile, as products co-created exclusively for them”. In its wake, the essential French radio station, NRJwill also offer a collection of NFTs which, among other things, will unlock concert tickets or an artist’s gold records.
  • We stay in vibrations music with Jay Z, the Brooklyn rapper, with whom he collaborates Jack Dorseythe founder of Block and Twitter, to fund a new financial education program: The Bitcoin Academy. The program aims to offer free financial education classes (revolving around Bitcoin) to residents of the Mancy Houses council houses in Brooklyn, where Jay-Z grew up. Children will also benefit from the “Crypto Kids Camp” which will offer cryptography lessons.
  • Nothing new purely unusual this week. But let’s finish this Crypto Recap by taking a look at the dissolution of the fortunes of crypto billionaires Between November 2021 and June 2022. With a digital asset market losing 70% of its capitalization between these two dates, the cryptosphere giants’ jackpot has sold out at breakneck speed.

Ranking of cryptocurrency billionaires
Source: Bloomberg

Changpeng Zhao = CEO of Binance (crypto platform)
Samuel Bankman-Fried = CEO of FTX (Crypto Platform)
Brian Armstrong = CEO of Coinbase (crypto platform)
Mike Novogratz = CEO of Galaxy Investment Partners (Crypto Investment Company)
Fred Ehrsam = Co-founder and Managing Partner of Paradigm (Crypto Investment Firm)
Tyler Winklevoss = Co-founder of Gemini (crypto platform)
Cameron Winklevoss = Co-founder of Gemini (crypto platform)

The evolution of the Top 20 cryptocurrencies in terms of capitalization in one week.
(Click on heat map below to better visualize the variations)

Source: quantify 2022

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