Crypto profit – pressnews

[ad_1] The digital-assets industry has shed more than 2,000 jobs in the first two months of 2023, as companies continued to retrench even as crypto prices staged a partial recovery.US cryptocurrency exchange Coinbase Global Inc. this week indicated that more layoffs could be in store, after cutting 20% of its workforce in January. Other trading venues including Crypto.com, Huobi Global, Gemini and Luno also announced job cuts in the past two months. Exchanges' revenues are reliant on retail trading, which has been slow to pick up after a wave of failures and scandals ripped through the sector last year. Layoffs have been widespread among other types of crypto businesses too. Chainalysis, a company that specializes in tracking digital-asset transactions and counts Singapore's GIC among ...

[ad_1] A lucrative corner of crypto that's fast becoming the lifeblood of the way many networks operate got a shock to the system this week. The US Securities and Exchange Commission on Thursday signaled a crackdown on platforms offering rewards to their customers via a process called staking, as it reached a settlement with trading platform Kraken for $30 million and won agreement from the exchange to shut down those offerings domestically. It's possible other providers such as larger rival exchange Coinbase Global Inc. may feel the heat and follow suit in discontinuing their own staking services, experts said — or move them offshore. Staking allows users to lock up their coins on blockchains and help order the transactions that keep the protocols running, earnin...

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Crypto Retrenchment Persists With Over 2,000 Jobs Lost in 2023

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