The Essence of Cryptosphere News



Laurent Pignot, a graduate of Montpellier Business School and Paris 1-Sorbonne, with experience in the world of banking and insurance, is so passionate about cryptocurrencies that one day he wants to launch a medium dedicated to the popularization of these alternative assets . What attracts this lover of sports and gastronomy? As a good representative of his generation, the decentralized and disintermediated dimension of these currencies. What drives it? Adrenaline is linked to the investing game.

The cryptosphere is full of bright news every day. To keep you up to date with the most important information about this sector, I have summarized for you the essence of the most important news of the past few days.

  • coin base, One of the Major Cryptocurrency Exchange Platforms Announces to Cut Its Workforce by 18% and 1100 lay off employees to cope with extreme market conditions. crypto.comanother cryptocurrency exchange, announces: reduce payroll by 5% (ie 260 employees) to reduce costs. BlockFia financial company offering loans and loans based on decentralized protocols announces: lay off 20% of the workforce from 850 to 600 employees. Meanwhile, Binance CEO announces he plans to recruit 2,000 people for new positions. Same room, two atmospheres.
  • celsius network, one of the leading decentralized financial (DeFi) crypto lending and lending platforms, threatens to collapse. On the night of June 12, the company announced that it was suspending withdrawals and transfers for its one million users to deal with “extreme market conditions.” A kind of Bank Run 3.0. The company is suspected to be currently in default during the dizzying fall of the cryptocurrency market. It must be said that the tempting 20% ​​annual yield on loans was probably only sustainable during a bull market and not in a crash where users massively withdraw their assets. Result: panic on board, both for the company and for the subscribers 3.0. Celsius called on key financial group Citigroup to evaluate its exit options.
  • The Dubai Crypto Fund Three Arrow Capital (3AC) faces too a risk of insolvency. The fund, which has managed billions of dollars in user funds, may be unable to repay lenders and other counterparties amid continued massive withdrawals of users. The fund’s activity on the blockchain suggests that the company is currently selling existing positions to reduce the risk of liquidating certain positions. The knock-on effect of decentralized finance may not be over for players who are too greedy…
  • After Binance last month, it is the turn of the online broker eToro for the precious sesame of . to win PSAN (Digital Asset Service Provider). The Netherlands Authority for the Financial Markets (AMF) regularly updates the list of PSANs in France and this list now includes 38 registered companies. The broker will therefore be able to expand its marketing and commercial activities (custody, purchase/sale and exchange of digital assets) on French soil within the strict framework of the regulatory framework imposed by the AMF.
  • MasterCardthe payment giant, said Thursday in a press release that the holders of their bank cards can get now NFT in different markets without the need to buy cryptocurrency first. To do this, Mastercard is partnering with various players such as Immutable X, Candy Digital, The Sandbox, Mintable, Nifty Gateway and MoonPay to develop its Web3 infrastructure. The company had already shown interest in NFTs in the past by filing numerous trademarks related to the metaverse and digital assets. The company continues to establish its position as a player crypto-friendly.
  • the Brazil take a step towardsbitcoin adoption† Federal Delegate Paulo Martins presented a bill that would allow citizens to use cryptocurrencies “as a financial asset, a means of exchange or payment, or a tool for accessing goods and services or investments”. The bill is far from being finally passed as it is in the early stages of discussion in the Chamber of Deputies of the country’s legislature. A proposal that comes at a time when the country is being hit by an inflation of almost 12%. To be continued…
  • Back in France with lacostelaunches the famous French crocodile brand Web3 with a first collection of NFT called “UNDW3” and pronounced “Underwater”. Collectors will gain “access to a groundbreaking ecosystem and digital, physical and experiential benefits in the world of the crocodile, such as products made exclusively for them”. In its wake, the essential French radio station, NRJwill also offer a collection of NFTs that will unlock, among other things, concert tickets or an artist’s gold record.
  • Let’s stay in the feeling music with Jay-Z, the Brooklyn rapper, who teams up with Jack Dorseythe founder of Block and Twitter, to fund a new financial education program: The Bitcoin Academy† The program aims to provide free financial education classes (around Bitcoin) to residents of the public housing of Mancy Houses in Brooklyn, where Jay-Z grew up. Children will also be able to take advantage of the “Crypto Kids Camp”, which will offer classes on cryptography.
  • No news purely unusual this week. But let’s finish this Crypto Recap by taking a look at the melting fortunes of crypto billionaires Among November 2021 and June 2022. With a digital asset market losing 70% of its capitalization between these two dates, the jackpot of the cryptosphere giants dried up at breakneck speed.

Ranking of Crypto Billionaires
Source: Bloomberg

Changpeng Zhao = CEO of Binance (crypto platform)
Samuel Bankman-Fried = CEO of FTX (Crypto Platform)
Brian Armstrong = CEO of Coinbase (crypto platform)
Mike Novogratz = CEO of Galaxy Investment Partners (Crypto Investment Firm)
Fred Ehrsam = Co-Founder and Managing Partner of Paradigm (Crypto Investment Company)
Tyler Winklevoss = Co-Founder of Gemini (crypto platform)
Cameron Winklevoss = Co-Founder of Gemini (crypto platform)

The evolution of the Top 20 cryptocurrencies in terms of capitalization in a week.
(Click on the heat map below to better visualize the variations)

Source: Quantify 2022

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