As this cryptocurrency exchange-turned-investment platform makes an attempt to climate a bout of market volatility and declining asset values, it’s shedding almost a 3rd of its staff.
As part of cost-cutting measures introduced in response to the shaky market local weather, Peter Thiel-backed Bitpanda GmbH would trim headcount from over 1,000 to roughly 730. The most important cryptocurrency, Bitcoin, has misplaced roughly 70% of its worth since hitting an all-time excessive in November.
“We have to make elementary adjustments in how we function and sharpen our focus by getting again to the fundamentals,” Bitpanda stated in a letter to workers posted on its web site. The corporate stated it is going to deal with “security and compliance, person expertise, training and neighborhood, whereas deprioritizing every part else.”
The employment cuts observe comparable ones made throughout the trade, notably at BlockFi Inc., Gemini Belief Co., and Coinbase International Inc. When the Vienna-based enterprise raised $263 million in August, it included funding from Thiel’s Valar Ventures, billionaire investor Alan Howard, and REDO Ventures, valuing it at $4.1 billion.
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In gentle of the hazy future, Bitpanda acknowledged that it was trying to take care of its monetary stability and wished to proceed being self-funded.
“There’s a lot of uncertainty within the monetary markets proper now and, whereas we do know that the trade is cyclical, no one is aware of when the market sentiment will change.”
In keeping with a weblog put up printed this week, Indian cryptocurrency change CoinDCX has banned crypto deposits and withdrawals for a lot of customers attributable to compliance, threat, and monitoring wants.
CoinDCX has been bolstering its compliance and threat construction in response to stricter standards for providing seamless rupee deposits and withdrawals.
“This was finished in a sequence of steps, together with bettering KYC protection, enhancing the danger framework for crypto deposit & withdrawal, and integrating with compliance and monitoring instruments like Coinfirm, Solidus Labs, Signzy, Digilocker, and so on., over the past six months. Over the previous month, we’ve got been step by step proscribing crypto deposits & withdrawals for a number of customers,” it added.
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Each person should full their KYC on CoinDCX’s platform, in keeping with the corporate’s clarification. Cryptocurrency withdrawals & deposits are nonetheless by default disabled for everybody. To allow crypto deposits and withdrawals, one should adhere to an enhanced due diligence process. The identical coverage might be made public within the upcoming 14 days.
The worldwide crypto market stoop has left the Indian web3 trade on edge, and companies have gotten cautious with regards to hiring. Whereas native cryptocurrency exchanges insist they will not be shedding workers, in contrast to US-based cryptocurrency change Coinbase, not less than 4 high executives indicated the sector is reevaluating its employment plans for the 12 months.
Executives declare that cryptocurrency corporations hold a large portion of their treasury in cryptocurrencies, which have misplaced worth on account of the market stoop. Moreover, companies that depend on enterprise capital will want to consider their runways through the downturn.
TOKEN2049 Singapore Exhibition Opportunities Sold Out: Limited Tickets Remain for the World’s Largest Web3 Event With 20,000 Attendees and 500+ Side Events – Press release Bitcoin News
TOKEN2049 Singapore Exhibition Opportunities Sold Out: Limited Tickets Remain for the World’s Largest Web3 Event With 20,000 Attendees and 500+ Side Events – Press release Bitcoin News
I’d expect that it would take investors a long time to try to find assets that performed better than Bitcoin(CRYPTO: BTC) has. In the past decade, the world’s most valuable cryptocurrency has skyrocketed 121-fold. If you’d invested $1,000 10 years ago, you’d have a jaw-dropping $121,000 today.
Here’s why Bitcoin, even after its monumental performance in the past decade, is still the ultimate cryptocurrency to buy with $1,000 in August.
Bitcoin is a game-changing concept
When the Bitcoin whitepaper was released in October 2008, it introduced a method for two parties to directly send money to each other digitally without the use of an intermediary. This just wasn’t possible before.
The fact that Bitcoin is decentralized and borderless with no single entity in control is a game-changing breakthrough in and of itself. But what’s truly special is the fixed supply cap. There will only ever be 21 million coins in circulation, thanks to a pre-determined inflation rate that’s etched into the software. Plus, Bitcoin has never been hacked, which might make it the most secure computer network on Earth.
Bitcoin’s characteristics are definitely compelling. But they stand out even more if we view the blockchain network in relation to the current financial system.
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Look at the U.S., the world’s dominant economy. Despite this leading position, the government continues to operate with a massive fiscal deficit that is likely never going to change. That has resulted in a federal debt burden of $35 trillion. Consequently, the money supply has also climbed rapidly in the past 20 years, with no end in sight.
This unfavorable situation isn’t unique to the U.S. And it leads to the constant debasement of fiat currencies. This alone shows why Bitcoin is potentially a better financial asset.
Bitcoin’s long-term upside
I’ve seen some very optimistic scenarios for Bitcoin’s ultimate upside. Cathie Wood of Ark Invest believes in her firm’s bull-case outlook that Bitcoin’s price will rise to $3.8 million by 2030 — provided that the crypto commands a higher allocation in investment portfolios, whether that’s for individuals, institutions, central banks, or corporations and their balance sheets.
I can’t predict the future, but I think this lofty projection isn’t probable. Going forward, it’s reasonable to expect that Bitcoin’s returns won’t be nearly as wonderful as they were in the past. That’s just the nature of an asset that starts to mature.
A more apt comparison pits Bitcoin side-by-side against gold. Both are viewed as commodities, with one being purely digital and one being physical. Gold has been used as a store of value for thousands of years and is still perceived as a safe-haven asset today. Bitcoin aims to be something similar.
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In my opinion, the top cryptocurrency possesses more favorable traits than gold. Because Bitcoin is digital, it’s more portable, verifiable, and divisible.
Bitcoin is also easier to transact with, as there are services set up to facilitate its use. Try using gold to pay for anything. That’s not practical. As the world continues to move toward a more tech-enabled and connected future, Bitcoin is poised to become a more important part of the global economy.
Assuming that Bitcoin’s market cap of $1.2 trillion one day matches gold’s market cap of $16.9 trillion, there is 1,300% upside. It’s not unreasonable to expect that Bitcoin can eventually exceed the value of the precious metal.
Of course, the only way for any investor to even have the chance to capture this potential upside is to be able to handle the inevitable volatility and have a very long-term mindset. Investing $1,000 in Bitcoin in August and holding for a decade or beyond could prove to be a very lucrative financial decision.
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The Ultimate Cryptocurrency to Buy With $1,000 in August was originally published by The Motley Fool
Telegram Founder Pavel Durov's Arrest In France Sparks Reactions From Ethereum Creator Vitalik Buterin And Tron Founder Justin Sun – Grayscale Ethereum Mini Trust (ETH) Common units of fractional undivided beneficial interest (ARCA:ETH)
Prominent voices from the cryptocurrency space reacted to the arrest of the popular messaging app Telegram‘s CEO and founder Pavel Durov in France.
Ethereum co-founder Vitalik Buterin has expressed concern over the future of software and communication freedom in Europe, following recent developments involving Telegram.
What Happened:Ethereum ETH/USD co-founder Vitalik Buterin expressed concern over the future of software and communication freedom in Europe via an X post on Sunday.
Buterin said that he had been critical of Telegram’s encryption previously. Still, the charges brought by the authorities for being “unmoderated” and refusing to hand over user data made the issue appear “very bad.”
I’ve criticized Telegram before for not being serious with encryption.
But (given the info available so far: the charge seems to be just being “unmoderated” and not giving up people’s data), this looks very bad and worrying for the future of software and comms freedom in Europe.
Another well-known blockchain entrepreneur, Justin Sun, also weighed in. The Tron TRX/USD founder proposed a decentralized funding initiative to help Durov in his legal struggles. Sun pledged to donate $1 million to the cause if it garnered sufficient community support.
We should show the cryptocurrency industry’s unity by organizing a #FreePavel DAO to help Telegram founder Pavel Durov legally gain freedom. I’ll donate $1 million if it’s created in a decentralized way with enough community support. @elonmusk@MarioNawfal
— H.E. Justin Sun 孙宇晨(hiring) (@justinsuntron) August 25, 2024
Some users called out Sun’s proposal as a gimmick, saying that money was not the problem for Durov, whose net worth is estimated to be more than $15 billion.
See Also: Powell’s Rate Cut Signal Sparks Crypto Optimism: Experts Eye Potential Bitcoin Rally
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Why It Matters: These responses came after Durov’s arrest shocked many in the corporate world and those advocating for free speech.
Durov, a Russian-French billionaire, was apprehended on Saturday evening while traveling on his private jet. The arrest is linked to an ongoing police investigation in France, which is reportedly focused on the lack of moderators on Telegram, allowing criminal activity to persist on the platform
Tesla CEO Elon Musk, who also runs social platform X, described the developments as “super messed up.”
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
