good morning. Welcome to Protocol Fintech. This Friday: Cryptocurrency crash survivor, Celsius attack and USDT redemption.
Off the chain
Next is Tron? It’s like the question crypto traders are asking because the USDD Stablecoin pegs keep slipping. Like the fateful Luna and UST pair, Tron relies on algorithms to balance TRX and USDD. However, unlike UST, Tron also has a significant reserve of other stablecoins to back it up, and the Tron DAO reserve is strengthening those funds. Still, TRX has fallen by nearly 30% in a week. The pegs seem to be wobbling.
— Owen Thomas (Email | twitter).
Against the gravity of the code
Crypto has crashed, forcing major players like Coinbase to withdraw aggressive expansion plans. However, some companies seem to be against gravity. Despite the recent gaining momentum in asset price declines, they are still trying to hire, raise money and expand. The recession is overturning a pioneering and once fast-growing industry. Some are sticking to that old saying. Don’t waste a good crisis.
Hiring of some people has not stopped. Coinbase, Gemini, BlockFi and Crypto.com may have quit their jobs, but Binance, Kraken and Ripple are still looking for talent.
- Binance has 2,000 openings. CEO of Changpeng Zhao Announced on Twitter. Binance.US in the United States is in the process of launching new products and services that “need talented people,” CEO Brian Shroder told Protocol.
- The company is willing to hire employees from “various sectors,” Schroeder said.
- Kraken has announced that it can fill more than 500 jobs, even if it arises from public debate about what has been criticized as a toxic corporate culture.Ripple CEO Brad Garlinghouse The company said in a tweet that it was looking for “hundreds” of new employees, but “dislikes” don’t have to apply.
Expanding companies have something in common. They were ready for the meltdown. Cryptocurrencies were a hot market until then. Some companies did a much better job in preparing for the crash than others.
- One way was simply to be smart about spending, said Shroder of Binance.US, citing a recent crypto marketing blitz. “There’s a reason we don’t have a Binance Stadium. There’s a reason Coinbase spent more on 30-second Super Bowl ads than the entire 2021 marketing budget.”
- Binance.US is trying to strengthen its financial position by extending the funding round it raised this spring, Shroder told Protocol.
- Melody Brue, an analyst at Moor Insights & Strategy, said:
- LVL Chief Compliance Officer Mike Fasanello told Protocol that companies like Binance and Ripple understand that the bear market is “expected, planned and healthy.” Has “experienced leadership to take the lead”.
Not all crypto companies are created equally. It’s a diverse sector, with revenue sources far beyond transactions, and a recession offers companies an opportunity to differentiate themselves.
- Blue said companies like Ripple are “just ready to survive the storm” because their core business isn’t tied to crypto trading.
- Cryptocurrencies have gone through a “fat-reducing period,” including “over-leveraged funds, Ponzi-style protocols, and other digital assets that lack proper risk management,” according to Fasanello.
Even through future shocks, you can see the future of cryptography. The distribution of pain and benefits is not uniform and is in favor of those who are smart enough to think ahead. “We were in a good position to enter the winter of this cryptocurrency, because we were very wise to our capital,” Schroeder said.
— Benjamin Pimentel (Email | twitter).
Message from the Star Development Foundation
Learn about the new first service launched on the Stellar network that bridges the gap between the physical and digital worlds. It will pave the way for blockchain as a tool to promote financial inclusion by creating liquidity to move cash to cryptocurrencies, and more people will benefit from the digital economy.
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With money
About the protocol: The circle has announced that it will issue a second stablecoin fixed to the euro this time. Euro coins will be available on June 30 and are reported to be “fully backed by euro-denominated reserves under the control of major financial institutions” in the United States.
State regulators are investigating the suspension of the Celsius Network’s withdrawal. Securities regulators in Alabama, Kentucky, New Jersey, Texas and Washington are allegedly investigating crypto lenders about concerns about consumer access to account funds due to suspension.
Elon Musk and his company are accused of pushing Dogecoin. Musk, SpaceX, and Tesla were sued on Thursday by investors claiming that Musk was part of a plan to inflate the value of Dogecoin.
India has lifted the ban on Mastercard. After last year’s indefinite ban on the issuance of new debit or credit cards by Mastercard, American Express and Diners Club, regulators have now shown that Mastercard is “fully compliant” with local data storage rules. As a result, the prohibition has been lifted.
Cryptographic lobbyists are running for house seats in New York. Michelle Bond, CEO of the Digital Asset Markets Association, announced the launch of the campaign on Thursday. She will run for the seat currently held by retired Congressman Lee Zeldin.
I heard
Bill Gates Not a stranger to be critical of cryptography, he has recently turned his attention to NFTs. Spoilers: He doesn’t consider them to be valuable assets that contribute to the world. “Obviously, expensive digital images of monkeys will greatly improve the world.” He said, Boring Ape Yacht Club business.
Hester Perth, SEC The most crypto-friendly commissioners say they aren’t happy with the agency’s approach to finding Bitcoin-listed trading commodities applications. “Resistance to Spot Bitcoin ETP is becoming almost legendary.” What the SEC has added “Cryptographic hurdles” In her view, it should be a simple approval process.
later Lumis-Gillibrand Bill Mainly cryptographic regulation CFTCSome people wonder if it can carry luggage. CFTC Commissioner Kristen Johnston Had a ready retort: “In response to the argument that the CFTC is vulnerable in some jurisdiction battles, my suggestion is that I like being vulnerable.”
chart
USDT Stablecoin, also known as tether, temporarily lost its pegs due to the collapse of Luna and UST. The loss of dollar parity was short-lived, but pressure has not eased as traders have become more concerned about their reserves. The slump in market capitalization points to a recent wave of redemptions.
Message from the Star Development Foundation
At Stellar, wallets and fintech allow users to easily convert digital assets to cash or cash to digital assets in thousands of participating locations in an ever-growing number of countries around the world. let’s start.
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Thank you for reading — see you on Tuesday!
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