ALSO: Binance launches $500 million bitcoin mining fund, Uniswap v3 picks zkSync and more |
The biggest crypto news and ideas of the day |
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Hello and welcome to The Node. This is Daniel Kuhn and Xinyi Luo, here to take you through the latest in crypto news and why it matters. In today's newsletter: If you were forwarded this newsletter and want to subscribe, sign up here. And click here to unsubscribe. – D.K. |
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Crypto Trading Firm NYDIG Lays Off About 33% of Staff: The New York-based bitcoin services company NYDIG has cut around 100 jobs over the past several weeks. - In late 2021, the firm raised $1 billion in funding to build an institutional-grade platform to bring bitcoin to banks and credit unions. However, the crypto market has soured since the fundraise.
- "NYDIG put all their eggs in this banking strategy, but they realized that there was no way that these banks were ready," a former employee told CoinDesk.
Uniswap to Deploy on Privacy-Focused zkSync Following Community Vote: Decentralized exchange Uniswap will soon be deployed on privacy-focused layer 2 system zkSync, allowing faster transactions at lower fees. - The proposal passed with nearly 100% of all votes agreeing to deploy Uniswap on zkSync, with over 72 million UNI staked by users.
Binance Pool Starts $500M Fund to Support Bitcoin Mining: Binance Pool started a $500 million lending facility for BTC miners amid a mining industry downturn. Miners will need to pledge security in the form of physical or digital assets for the loan, which will have a duration of 18-24 months. - The company is the latest to join the growing ranks of alternative lenders providing capital to the distressed mining industry, including mining rig-maker Bitmain, decentralized finance platform Maple Finance and crypto asset management firm Grayscale.
– D.K. and Xinyi Luo |
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Putting the news into perspective |
(Anna Moneymaker/Getty Images) Why Did Crypto Surge After Bad Inflation News? David Z. Morris looked at yesterday's market spectacle, which had crypto and stocks trading up even after a gloomy inflation print. This means the Federal Reserve is likely to continue raising rates, thereby knocking stocks and crypto down. You can never explain markets, but in the long term they should be rational. Traders seem to be doing the opposite of what is expected. Is reflexicity rational or irrational? Read the article here. |
SocialGood App - Handing Out $100s: The Ambition of a Shop-to-Earn App's Founder* How is the SocialGood App able to offer 100% back to shoppers? Why would they offer such a high reward rate when they could easily offer lower cashback percentages like their competitors? Is there any economic rationale for this business model? To answer these questions, we spoke with Soichiro Takaoka, the founder and CEO of the company that runs the SocialGood App, SocialGood Foundation Inc. Read the full interview here *This is sponsored content from SocialGood. |
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Overheard on CoinDesk TV... |
"It's going to be [about] continuing to engage on it and working productively with the ecosystem."
– Head of digital assets at WisdomTree Will Peck, on the Security and Exchange Commission's rejection of the fund management company's spot bitcoin exchange traded fund proposal, on CoinDesk TV's "First Mover"
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Celsius Exchange Data Dump Is a Gift to Crypto Sleuths—and Thieves (Andy Greenberg, Wired – soft paywall) Mark Zuckerberg's Meta Metaverse Legs Were Staged (Decrypt) Who is Avraham Eisenberg and why is he all over Crypto Twitter? (Protos) New crypto accounting guidelines could 'smooth the way' for adoption (Cointelegraph)
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