Daily Crypto News | June 3rd, 2022

2022.06.03 News

1. Major Crypto Firm cut down about 10% staffs dur to Fear of Crypto Winter.

Coinbase, with the $430M loss in Q1.2022, will freeze hiring amid a tumultuous recent market for both cryptocurrency and tech stocks. Furthermore, the firm will turn down some job offers for employees who had accepted positions but had not yet started working.
Gemini, a cryptocurrency trading platform founded by brothers Cameron and Tyler Winklevoss, is the latest industry firm to lay off a significant part of its staff due to unfavorable market conditions.

Previously, the major crypto-friendly trading platform Robinhood also cut down 9% of its employees. The layoffs came amid Robinhood’s HOOD stock touching all-time lows as part of a longer-term bear market on crypto markets.

2. ‘Crypto-Powered’ World Tour by Binance and The Weeknd.

Binance, the global largest crypto exchange, will sponsor musician The Weeknd in his upcoming world tour. The partnership will feature multiple NFT initiatives, as well as a $2M donation to the artist’s XO Humanitarian Fund.
The Weeknd first dove into the NFT early last year as the market was heating up, and he’s continued to be active since then. His latest activity is enlisting Binance to back his upcoming world tour and launch NFTs around it. Literally, this event is descibed as a crypto-powered tour, and will be the first global concert tour to tap Web3 technology for fan experiences.

3. Johnny Depp NFTs Surged After winning the Suit.

The Johnny Depp’s NFT collection named ‘Never Fear Truth’ featuring artwork has seen its price jump after the actor won a defamation suit against Amber Heard. The collection first launched in January with a starting price of 0.70 ETH.
The 3,850 NFTs is now at the price of 0.52 $ETH (about $944). The collection had not seen much transaction since March 11, which is before the televised defamation trial. On Jun 2nd, sales volume of the collection reached 212 NFTs on Open Sea.

4. El Salvador faced human rights violations, Bitcoin Bonds Pending.

The country’s finance minister Alejandro Zelaya has announced Bitcoin bond will will further be delayed citing price volatility and uncertain market conditions resulting from the ongoing Russo-Ukrainian war. This news comes right in the crisis on human rights of El Salvador’s government.
El Salvador’s government has been buying Bitcoin since September 2021 with Bukele announcing the country purchased a further 500 BTC on May 9, El Salvador is estimated to have lost more than $35.6 million from its BTC investments so far.

5. Crypto Exchanges keep Expanding Globally.

Crypto.com in Dubai and FTX in Japan are the 2 next moves of famous crypto exchanges in expanding worldwide.

Crypto.com announced on June 2 that the Dubai Virtual Assets Regulatory Authority (VARA) provided the exchange with provisional approval of its Virtual Asset License giving the company the go-ahead based on initial compliance checks.
FTX, the second largest centralized exchange in terms of volume, has launched FTX Japan to service its Japanese customers after it acquired the local Liquid crypto exchange.