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Coinbase has significantly increased the pace of investment in recent quarters, hiring 3,200 staff over the last year, with 1,200 hired in the first quarter alone, the note said. This is a huge amount of recruitment for the exchange, which now has around 5,000 employees, the note added. Source
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On Monday, the cryptocurrency lending company Blockfi announced that “market conditions” have had a “negative impact” on the firm’s business and it will be laying off “roughly 20%” of its staff. The message written by Blockfi co-founders Zac Prince and Flori Marquez follows a slew of well known crypto firms
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Crypto exchange and custodian Gemini said that it will cut about 10% of its employees, citing “turbulent market conditions that are likely to persist for some time.” Original Source
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The company will focus on its current operations in Argentina, Mexico and Peru, and freeze previous plans to expand into other countries. Source
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As per the official report published on May 18, Tether, the issuer of the world’s most used stablecoin, USDT, has cut 17% of its commercial paper holdings and increased United States Treasury bills with this reserve amount to back its stablecoin, USDT. Tether made the reduction over Q1 2022 and
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Despite the news, shares of the miner were up in after-hours trading. Original Source
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CEO Vlad Tenev said the platform’s rapid growth in 2020 and 2021 led to duplication of roles and functions. Original Source
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The Argentinian government is starting to inquire about the power consumption of bitcoin mining companies after some provinces in the country faced power cuts during the last days of 2021. Cammesa, the state-owned power wholesaler, has sent a memo to big power consumers to reveal whether they are mining cryptocurrency.
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National Iceland electrical company Landsvirkjun has cut the amount of power it will provide for some industries, including aluminium smelters and Bitcoin miners.A representative from the island’s power utility reported it has been forced to reduce energy allocations to southwestern Bitcoin miners and various industrial facilities due to a series
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