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Crypto.com Carries Out Second Major Layoff as it Seeks to Navigate Ongoing Economic Headwinds

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As economic headwinds continue to worsen, Singapore-based cryptocurrency platform Crypto.com has been forced to carry out a second major round of layoff.

The crypto-asset exchange is reducing its global workforce by about 20% after it disclosed that such move was necessitated to make additional reductions in order to position the company for long-term success.

The company’s CEO and co-founder Kris Marszalek via a blog post stated that even though the company grew ambitiously at the start of 2022, the trajectory changed rapidly with a confluence of negative economic development as it seeks to focus on prudent financial management.

The blog post reads, “Several factors played into our decision to reduce headcount. While we continue to perform well, growing to more than 70 million users worldwide and maintaining a strong balance sheet, we’ve had to navigate ongoing economic headwinds and unforeseeable industry events.

“We grew ambitiously at the start of 2022, building on our incredible momentum and aligning with the trajectory of the broader industry. That trajectory changed rapidly with a confluence of negative economic developments.

“The reductions we made last July positioned us to weather the macroeconomic downturn, but it did not account for the recent collapse of FTX, which significantly damaged trust in the industry.

“It’s for this reason, as we continue to focus on prudent financial management, we made the difficult but necessary decision to make additional reductions in order to position the company for long-term success”.

Meanwhile, all affected members of the workforce have been notified.

Recall that last year, Crypto.com laid off 5% of its workforce which is about 260 employees, as it took the necessary decision to ensure continued and sustainable growth for the long term.

As economic headwinds continue to worsen, which has seen the prices of virtual assets decline, Crypto.com isn’t the only crypto company that has laid off part of its workforce.

Exchanges such as Coinbase, Huobi, and Genesis have all laid off part of their workforce as they also seek to navigate the economic downturn.

Investors King understands that the collapse of one of the world’s leading crypto exchange platform FTX, sent shocking waves to the crypto industry which has also dampened investors’ confidence.

Also, the prices of digital currencies have plummeted massively as the world’s biggest cryptocurrency Bitcoin, fell about 65% last year, which saw it trade at an all-time low of $16,500.

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Cryptocurrency

Price Forecast: Ada Eye $1 Mark as 24H Trading Volume Surpasses $600 Million

The eighth-largest cryptocurrency by market cap is up by 8% in the last 24H, trading at $0.4050 at the time of writing this report. 

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Cardano- Investors King

ADA, the native coin of Cardona Network could be on its way to $1 mark as 24 hours trading volume surpasses $600 million, data from TradingView reveals.

The eighth-largest cryptocurrency by market cap is up by 8% in the last 24H, trading at $0.4050 at the time of writing this report. 

Ada, which is often touted as the Ethereum (ETH) killer because of its perceived competition with ETH, is up by 59.82% in the last 30 days and 10.43% in the past 7 days, data from the Binance platform shows. 

A closer look at the indicators shows that Ada could be on its way to the $1 mark in the mid-term as its Relative Strength Index (RSI) shows an upswing movement, provided that bitcoin rises or stable. 

Similarly, the launch of the Cardano-based stablecoin Djed (DJED) which has caused a massive spike in demand for ADA reiterated the optimism for an upside movement. Djed already has 23.75 million Ada in its reserve with the potential to add more as the Cardano-based stablecoin continues to see more demand. 

Interestingly, it is understood that when more Ada is taken from the market and put into the reserves, it will reduce the circulation of Ada and subsequently boost its price. 

Additionally, Cardano ecosystem continues to expand considerably with its cross-chain compatibility. No less than 110 projects have already been launched on the Cardano ecosystem with more than 1000 apps and projects in the pipeline while more than 5000 smart contracts (Plutus Scripts) have also been built on its Network. 

In light of this, Investors King understands that a medium-term upswing movement of $1 for Cardano native token Ada is not out of reach. 

It could be recalled that Ada set a record high of $3.10 in September 2021 before retracing back alongside other cryptocurrencies. Nonetheless, the Cardano team continue to build a solid use case for the ecosystem.

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Bitcoin

Bitcoin Trades Above $24,000 Against Dollar as US Inflation Slows Down

The flagship cryptocurrency was accompanied by a number of altcoins in the new rally, leading to an all-round green across the crypto markets

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bitcoin to Nigerian Naira - Investors King

Bitcoin (BTC) trades above $24,000 on Thursday as inflation in the world’s largest economy, the United States slows down.

As expected, the flagship cryptocurrency was accompanied by a number of altcoins in the new rally, leading to an all-round green across the crypto markets. 

According to the Chairman of the US Federal Reserve, Jerome Powell, inflation in the United States has relatively slowed down but remains elevated. The Fed, therefore hiked the interest rate by 25 basis points (0.25). 

“Inflation has eased somewhat but remains elevated…we can now say, I think for the first time, the deflationary process has started.” Powell said during a press conference after a two days meeting of the Fed. 

Before the announcement, Bitcoin had met a strong resistance around $23,800. The news saw bitcoin trade at $24,255 according to Coinmarketcap. This is the first time BTC will tip above the $24,000 mark in 2023.

Riding on the news, a number of Altcoins including Ethereum (ETH), Binance Coin (BNB) MATIC and SAND also rose alongside Bitcoin, leading to the crypto market cap increasing by more than $40 billion shortly after the news. 

While the second most capitalised cryptocurrency, Ethereum (ETH) traded at $1,696 on Thursday, recording a single-digit gain of 8%, other altcoins such as Matic and SAND recorded a double-digit gain within a few hours after the news. Data from the Binance platform reveals. 

Furthermore, Investors King gathered that a significant number of crypto enthusiasts welcome the recent development, stating that it is a confirmation that cryptocurrency could perform well in 2023. 

Meanwhile, a well-known crypto analyst, PlanB holds the opinion that Bitcoin could be on its way to a triple top cycle which might see BTC trade above $65,000 in 2023. 

Similarly, the rising number of retail and institutional investors scooping Bitcoin and other high-cap digital currencies could help to ignite the next rally. 

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Coinbase Add Extra Layer Security to Protect Users From Scam

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One of the leading Cryptocurrency Exchange Platforms, Coinbase disclosed that it has enhanced its security measures by adding extra layers of security features. The US-based crypto platform noted that such measures will protect its users from crypto-related scams. 

From Airdrop scams to pump-and-dump schemes, Crypto-related fraud has been on the rise in recent times. Such scams have continued to go unabated because of the decentralized nature of cryptocurrency and the vulnerability of the industry. 

In February 2022, cryptocurrency exchange platform Wormhole lost $320 million after a cyber attack while thousands of Americans lost more than $1 billion to crypto fraud in 2021. A report by the Federal Trade Commission revealed. 

Speaking on the new feature, Coinbase noted that the enhanced security layer will protect its users from malicious airdrops and dangerous websites which are assessed through DApp as well as hiding fees. The enhanced security will also protect Coinbase users from phishing attacks. 

“To give you more peace of mind as you conduct swaps, mint NFTs, and transact in web3, Coinbase Wallet now shows you an estimate of how your token and NFT balances will change during a transaction before you hit confirm”. The crypto platform noted in a blog statement sent to users. 

Investors King understands that Coinbase has been improving its security after hackers drained customers’ accounts in 2021. 

A number of Coinbase users across the United States complained that their money suddenly vanished from their accounts without their knowledge. 

Coinbase thereafter introduced several security measures which include 2 Factor Authentication (2FA). This means, aside from username and password, Coinbase users will need to provide a unique verification code sent to their phones. 

Other security measures adopted by the crypto platform include Google Authenticator and Security Prompt which delivers push notifications to users’ phone anytime there is an attempt to access their wallet from a mobile device different from theirs.

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