The essential news of the cryptosphere

• Coinbase, one of the main cryptocurrency exchange platforms announces to reduce its workforce by 18% and lay off 1100 employees to cope with extreme market conditions. Crypto.comanother cryptocurrency exchange, announces reduce its payroll by 5% (i.e. 260 employees) in order to reduce its costs. BlockFia financial company offering borrowing and lending on decentralized protocols, announces dismiss 20% of its workforce to go from 850 employees to 600 employees. Meanwhile, the CEO of Binance announces that he wants to recruit 2,000 people to new positions. Same room, two atmospheres.
• Celsius Network, one of the leading decentralized finance (DeFi) crypto borrowing and lending platforms, threatens to collapse. On the night of June 12, the company announced that it was halting withdrawals and transfers for its one million users in a way to deal with “extreme market conditions”. A sort of Bank Run 3.0. The company is suspected of being in default at the moment during the vertiginous fall of the cryptocurrency market. It must be said that the enticing 20% ​​annual rate of return 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, as much for the company as for the subscribers 3.0. Celsius called on the essential financial group Citigroup to evaluate the exit options.
• The Dubai Crypto Fund Three Arrow Capital (3AC) also faces a risk of insolvency. The fund, which has managed billions of dollars in user funds, may not be able to repay lenders and other counterparties amid ongoing massive user withdrawals. The fund’s activity on the blockchain suggests that the company is currently selling existing positions in order to reduce the risk of liquidation on certain positions. The domino effect of decentralized finance may not be over for players who are too greedy…
• After Binance last month, it’s the online broker’s turn eToro to win the precious sesame of PSAN (Digital Asset Service Provider). The Financial Markets Authority (AMF) regularly updates the list of PSANs in France and this list now contains 38 registered companies. The broker will therefore be able to extend its marketing and commercial operations (custody, purchase/sale and exchange of digital assets) on French soil within the strict framework of the regulatory framework imposed by the AMF.
• MasterCardthe payments giant, said Thursday in a Press release that the holders of their Bank cards can now get NFT in different markets without the need to buy cryptocurrency first. To do this, Mastercard is working 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 displayed its 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 Deputy Paulo Martins presented a bill allowing citizens vis-à-vis cryptocurrencies to be “used as a financial asset, a means of exchange or payment, or an instrument of access to goods and services or investment.” The bill is far from being definitively adopted since it is in the initial phase of discussion in the Chamber of Deputies of the country’s legislature. A proposal that arises at a time when the country is affected by inflation close to 12%. To be continued…
• Back in France with Lacostethe famous French crocodile brand is launching into Web3 by offering a first collection of NFT called “UNDW3” and pronounced “Underwater”. Collectors will be able to “access a pioneering ecosystem and digital, physical and experiential advantages in the world of the crocodile, such as products co-created exclusively for them”. In its wake, the essential French radio station, NRJwill also offer a collection of NFTs that will, among other things, unlock concert tickets or an artist’s gold record.
• Let’s stay in the vibes music with Jay Z, the Brooklyn rapper, who partners with Jack Dorseythe founder of Block and Twitter, to fund a new financial education program: The Bitcoin Academy. The program aims to offer free financial education classes (revolving around Bitcoin) to residents of the Mancy Houses public housing in Brooklyn where Jay-Z grew up. Children will also be able to benefit from the “Crypto Kids Camp” which will offer lessons 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 Between November 2021 and June 2022. With a digital asset market that shed 70% of its capitalization between these two dates, the jackpot of the cryptosphere giants dried up at breakneck speed.

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

Source: Quantify