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Binance CEO throws shade at exchange rivals over layoffs

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Binance CEO throws shade at exchange rivals over layoffs

Binance CEO throws shade at exchange rivals over layoffs Samuel Wan · 14 hours ago · 2 min read

Binance › Exchanges

CZ announces Binance is hiring as rival firms scramble to cuts costs through staff redundancies.

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2 min read

Updated: June 15, 2022 at 6:13 pm

Cover art/illustration via CryptoSlate

👋 Want to work with us? CryptoSlate is hiring for a handful of positions!
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On Wednesday, Binance CEO Changpeng Zhao (CZ) tweeted that his firm is actively looking to fill 2,000 open positions.

This is in contrast to rivals, many of which have recently announced staff cuts.

Binance bucks crypto layoff trend

Several crypto firms have recently announced layoffs in response to worsening economic conditions.

Coinbase CEO Brian Armstrong said on Tuesday that his firm would cut 18% of its workforce (around 1,100 staff) in a bid to safeguard the company from recessionary pressures. He also added that he takes responsibility for overhiring during the bull market, which led to overstaffing.

BlockFi announced this week that it would let go of 20% of its staff (around 170 employees) to maintain profitability under lean economic conditions.

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Crypto.com said a 5% cut of its workforce (or 260 employees) was necessary to protect the firm from the current market situation.

Similarly, at the start of this month, Cameron and Tyler Winklevoss said Gemini was cutting 10% of its workers as the market entered a contraction phase.

The firm did not confirm how many people would be affected, but its LinkedIn page states it has just over 1,000 workers, equating to the loss of around 100 jobs.

FTX CEO Sam Bankman-Fried said the company has hired carefully over the years and grown its revenue, not costs. The allows FTX to “keep pushing forward,” rather than scaling back.

12) And because we hired carefully, we can keep growing regardless of market conditions.

Because we exponentially scaled our revenue and productivity, not our expenses.

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But more importantly, because each person we add takes on a huge opportunity, and a huge responsibility.

— SBF (@SBF_FTX) June 6, 2022

CZ criticizes rivals

Going against the crowd, CZ tweeted that Binance is on a hiring spree to fill 2,000 positions at the company. He said this is possible because the firm kept a tight lid on frivolous advertising spending.

It was not easy saying no to Super bowl ads, stadium naming rights, large sponsor deals a few months ago, but we did.

Today, we are hiring for 2000 open positions for #Binance. pic.twitter.com/n24nrUik8O

— CZ 🔶 Binance (@cz_binance) June 15, 2022

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Binance’s Super Bowl strategy was to show ads around the game rather than targeting the more expensive half-time showing, which cost upwards of $6.5 million for a 30-second slot.

Meanwhile, market leader Bitcoin continues to show signs of weakness, having tumbled 28% since last Thursday.

It’s all eyes on the Fed as the U.S central bank readies to announce its rate policy decision at 2 p.m. ET on June 15.

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Argentina

Singapore Based Crypto Exchange Bybit Expands To Argentina

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Singapore Based Crypto Exchange Bybit Expands To Argentina

Bybit, a Singapore-based cryptocurrency exchange, has announced it will be expanding its operations to Argentina. The exchange wants to offer Argentinian citizens another platform on which to transact, given the popularity that the cryptocurrency industry is enjoying in the country. The exchange will also have a dedicated team to support Argentinian operations.

Bybit Lands in Argentina

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The growth of the cryptocurrency industry in Argentina has not gone unnoticed by international companies. Bybit, a Singapore-based, top-ten crypto exchange by volume traded, has announced that it will expand its trading operations to support Argentinian customers directly.

To better achieve this goal, the company will dedicate a team to attend to applicable requirements and support its upcoming Argentinian customers, allowing them to transact, purchase, and sell cryptocurrencies on Bybit’s platform. Also, the platform will be available in Spanish, the native language of the country.

Regarding this development, the exchange declared:

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Taking into account the level of penetration and the rapid growth in the adoption of cryptocurrencies in Argentina, Bybit has made this decision, which is due to the importance of the Argentinian market in the Latin American region.

Due to all of this, Bybit considers it is the right time to expand its operations to the country, given that there is an opportunity for onboarding users still new to the cryptocurrency movement.

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Argentinian Crypto Appeal

In recent years, Argentinians have been getting closer and closer to crypto, with this phenomenon starting after the government established limits to the number of dollars citizens could exchange, establishing a foreign currency exchange control, similar to the one established by the Venezuelan government before that. Inflation numbers have also influenced the interest in this new, alternative financial system.

The exchange is betting that this newfound interest in crypto, due to national and international market conditions, will power the demand of Argentinian users in the near future for new applications. About this, Gonzalo Lema, director of Bybit operations for Argentina, stated:

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Although macroeconomic conditions have become a factor in increasing the adoption of cryptocurrencies in Argentina, as the customer base grows, interest in other potential uses of these assets will increase, such as the possibility of receiving remittances or even paying for goods and services with them.

The company will offer all of its available services and investment instruments in Argentina, and an APY of 22% on Dai deposits, to Argentinians registering before July 11.

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What do you think about the new expansion plans that Bybit has for Argentinian markets? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Bitcoin

Bitcoin Whale Presence On Derivatives Still High, More Volatility Ahead?

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Bitcoin Whale Presence On Derivatives Still High, More Volatility Ahead?

On-chain data shows Bitcoin whales are transferring large amounts to derivatives exchanges right now, a signal that more volatility could be ahead for the crypto.

Bitcoin All Exchanges To Derivatives Flow Continues To Show High Value

As explained by an analyst in a CryptoQuant post, BTC whale activity on derivatives exchanges still seems to be high.

The relevant indicator here is the “all exchanges to derivatives exchanges flow,” which measures the total amount of Bitcoin moving from spot exchange wallets to derivatives.

When the value of this metric spikes up, it means whales are currently moving a large number of coins to derivatives exchanges right now.

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Such a trend usually occurs around lows in the price of the crypto as whales look to get themselves long positions.

Related Reading | Bitcoin Recovery Slows Down As Whale Inflows Remain Elevated

On the other hand, low values of the indicator show whales aren’t moving much coins to derivatives at the moment. This kind of trend has historically lead to tops in the value of the coin.

Now, here is a chart that shows the trend in the Bitcoin all exchanges to derivatives flow over the last couple of years:

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Looks like the value of the metric has been quite high recently | Source: CryptoQuant

As you can see in the above graph, the Bitcoin spot to derivatives flow has spiked up recently, suggesting that whale activity is pretty high right now.

In fact, the current value of the indicator is actually the highest ever in the history of the cryptocurrency, implying there is an all-time high rate of whales on derivatives currently.

Related Reading | Bitcoin May Have Hit Bottom According to These Indicators, BTC Targets $23K?

Historically, the price of the crypto has observed significant volatility whenever the metric’s value has been elevated.

Based on this trend, the quant believes that the value of the coin could still see further fluctuations in the near future.

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The analyst also notes that a reduction in the all exchanges to derivatives flow will need to be there, for the volatility to die down.

BTC Price

At the time of writing, Bitcoin’s price floats around $21.1k, up 4% in the last seven days. Over the past month, the crypto has lost 27% in value.

The below chart shows the trend in the price of the coin over the last five days.

The value of the crypto seems to have surged up over the last couple of days | Source: BTCUSD on TradingView

After hitting a low of below $18k a week ago, Bitcoin has been trying to recover. So far, the crypto has managed to break above $21k again, but it’s yet unclear whether this recovery will last.

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Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com

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1/100th of a bitcoin

Coinbase Derivatives Exchange Reveals Nano Bitcoin Futures Product

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Coinbase Derivatives Exchange Reveals Nano Bitcoin Futures Product

On June 27, Coinbase Derivatives Exchange (formerly Fairx exchange) announced it will launch its first crypto derivatives investment vehicle pegged to the value of 1/100th of a bitcoin. The new “nano bitcoin futures” product will be listed under the ticker “BIT.” Coinbase derivatives are regulated by the Commodity Futures Trading Commission (CFTC).

Coinbase Introduces BIT, a Futures Product Tied to 1/100th of a Bitcoin

Coinbase is getting into the world of crypto derivatives as the Coinbase Derivatives Exchange has announced the launch of BIT, a nano bitcoin futures product tied to 1/100th of a bitcoin (BTC). The news follows Coinbase acquiring the derivatives exchange Fairx in mid-January 2022 as the company said it would be leveraging Fairx’s exchange infrastructure.

“This is an important step toward Coinbase ultimately making the derivatives market accessible to our millions of customers through an industry-leading, simplified user experience,” Coinbase said at the time. While the nano bitcoin futures product will be managed by Coinbase Derivatives Exchange, investors will obtain BIT via retail stock brokers on June 27.

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The news follows a number of changes Coinbase has been making in recent times. For instance, on June 22, the company revamped the Coinbase wallet in order to make “Web3 more accessible and intuitive.” Furthermore, the day after revealing the improved wallet, Coinbase explained that it was combining Coinbase Pro (exchange) with the user’s Coinbase account.

“We plan to merge the features and fee schedule of Coinbase Pro into a new unified Coinbase account that offers our users the choice of an advanced trading experience or the simplicity of the Coinbase consumer app,” Coinbase explained. Coinbase won’t be the only one offering nano-styled crypto futures, as CME Group and the FTX-acquired Ledgerx also provide micro contracts.

CME Group launched micro bitcoin and micro ether futures at the end of March and each product is 1/10 the size of one bitcoin or ether. FTX US Derivatives (formally Ledgerx) offers bitcoin mini futures contracts and investors can participate with as little as 0.01 BTC. As far as the Coinbase nano bitcoin futures are concerned, investors will be able to obtain BIT from brokers such as Wedbush, Edgeclear, Ninjatrader, Ironbeam, Optimus Futures, Tradovate, Stage 5, and more.

What do you think about the Coinbase Derivatives Exchange product BIT? Let us know what you think about this subject in the comments section below.

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Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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