On October 30, Kraken, a prominent cryptocurrency exchange, revealed significant organizational changes, including layoffs affecting approximately 15% of its workforce. This move comes at a time when the crypto industry is grappling with heightened volatility and challenges in market conditions, prompting companies to reevaluate their operational structure and strategic focus. The last round of staff
Exchanges
In a significant move for the cryptocurrency landscape, the Optimism Foundation and Kraken have forged a partnership involving a substantial commitment of 25 million OP tokens. This collaboration focuses on integrating Kraken’s new layer-2 blockchain, aptly named Ink, into the burgeoning Superchain ecosystem. At the current valuation of OP tokens—approximately $1.72—this partnership carries a financial
In a significant move aimed at accelerating the integration of traditional finance (TradFi) with cryptocurrency, Visa has announced a groundbreaking partnership with Coinbase. This collaboration, detailed in an official announcement on October 29, focuses on introducing instant deposit services for users employing eligible Visa debit cards. Cuy Sheffield, Visa’s Head of Crypto, expressed enthusiasm regarding
In a significant development amidst its ongoing bankruptcy proceedings, FTX has reached a $228 million settlement with the cryptocurrency exchange Bybit and its affiliates. This settlement, announced in November 2023, was born out of a lawsuit filed by FTX aimed at recovering approximately $1 billion in digital assets. The agreement allows FTX to access $175
In an effort to bolster credibility amidst a turbulent landscape, Indian cryptocurrency exchange WazirX has unveiled its proof-of-reserves (PoR) report. Released on October 25, this initiative is part of WazirX’s broader strategy to enhance transparency and fortify trust among its user base. The report reveals that a substantial 40% of customer assets are held on
In the unfolding drama surrounding FTX, one name stands out amid a cast of executives and legal battles: Nishad Singh. As a former executive of the now-defunct cryptocurrency exchange, Singh finds himself in a unique position following his cooperation with US prosecutors. A recent court filing reveals a narrative of remorse and critical assistance that
In a strategic shift that signals the future of blockchain transactions, Kraken has announced the emergence of its new Ethereum layer-2 network, Ink. This ambitious endeavor, revealed on October 24, heralds a transformative approach for users to engage with decentralized finance (DeFi), allowing them to trade, borrow, and lend tokens independently of traditional intermediaries. The
In a significant development for the cryptocurrency landscape, the Nigerian government has officially abandoned all charges against Tigran Gambaryan, an executive at Binance Holdings. Gambaryan’s ordeal began when he was detained in February 2024 upon his arrival in Nigeria. The charges stemmed from the accusation that Binance, a major player in the crypto exchange industry,
In a case that continues to intrigue the cryptocurrency community, Ripple Labs finds itself at the center of regulatory scrutiny from the United States Securities and Exchange Commission (SEC). The recent filing by the SEC, which consists of a Civil Appeal Pre-argument statement (known as Form C), solidifies the agency’s position to contest certain facets
The fall of FTX sent tremors through the cryptocurrency world, exposing systemic vulnerabilities within the exchange and triggering a shift in regulatory scrutiny. As leaders within FTX face the consequences of a monumental collapse, several executives have animatedly sought to lessen their punishments in light of their cooperation with investigations. Nishad Singh, a former executive