Daily Crypto News | June 25th, 2022

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1. Austria-Based Bitcoin Trading Platform Bitpanda To Lay Off Staff

In the middle of the already arrived crypto winter, many crypto-based businesses are facing new issues, with one of them being lowered budget for staff’s salary. As a result, a number of firms have come to the decision to cut down on workforce. Peter Thiel-backed Bitcoin trading platform Bitpanda is not an exception.

“We are committed to Bitpanda’s mission, therefore we need to take decisive actions now,” announced the company. “The implications hurt: we need to let part of our team go and scale down to a target organizational size of about 730 people.”

2. Solana Is Expanding Into Mobiles

Solana has been hinting at getting into mobiles, but no one could have expected it to expand this far. After a while, Solana co-founder Anatoly Yakovenko finally revealed its new mobile platform named SMS, as well as its intention to release a new Android smartphone, the Solana Saga.

Yesterday, Solana Labs revealed its Solana Mobile Stack’s software equipment, which will allow it to create apps native to Andriod, along with games, and of course, a decentralized app store. Anatoly Yakovenko, co-founder of Solana and CEO of Solana Labs, was formerly a Qualcomm engineer, so he has always wanted to incorporate the concept of Web3 into his upcoming product. The Solana Saga is expected to come out in 2023.

3. Bored Ape Founders React To Ongoing Internet Rumors

There has been a rumor, which was  probably embriodered for entertainment purposes, revolving the origin of the Bored Ape Yatch Club NFTs. It claims that these NFTs have hidden details hinting at historical stains, namely racism and Nazism, but it would take an Internet veteran to decode this.

Apparently, the team behind Bored Ape is not happy with being called Nazis undercover. “We’ve become the target of a crazy disinformation campaign accusing us—a group of Jewish, Turkish, Pakistani, and Cuban friends—of being super-secret Nazis,” Yuga Labs co-founder Gordon Goner wrote in a blog post on Friday. He expressed his discontent, calling the rumor fake, and proceeded to re-explain the meaning behind his creations.

4. Paying With Bitcoin Just Makes Sense For Average-Sized Enterprises

Within the last 6 months, the cryptocurrency market has seen an unprecedented level of volatility, with the entire market’s value dropping from $13 trillion down to $1 trillion. Despite the terrible state that the crypto market is currently in, many small and medium-sized enterprises form many countries still choose to show their support for Bitcoin payment.

To explain for this support, Igneus Terrenus, crypto exchange Bybit’s policy advocate, shared: “Bitcoin on Lightning is disintermediated, has finality built into it, faster, more secure and is many magnitudes cheaper in transaction cost than credit card’s ~3% fee. The payment does not necessarily need to be settled in BTC since the Bitcoin network can take dollars, convert them to BTC and transfer it across the network and convert it back to dollars upon arrival.”

5. Celcius Hires Advisors To Battle Potential Bankruptcy

As we already know, Celcius recently became a hot topic as it was one of, if not the first, crypto lending platform to freeze all customers’ accounts from transactions and withdrawals, in order to combat its instability in liquidity. After Terra’s crash, Lido Finance’s Staked ETH faced an even greater liquidity crisis, heavily affecting Celcius.

After the account freeze, Celcius signiicantly lost its value, and apparently the hardships have yet to go away. The crypto lender was reported to be on the edge of bankruptcy, and is currently hiring lawyers and advisors to restructure the company and reverse the situation.

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