“This is very bad, especially for those holding their coins there, but also for the industry as a whole,” wrote Mati Greenspan, founder of the cryptocurrency and foreign-exchange analysis firm Quantum Economics, wrote Monday in a newsletter. “There isn’t much optimism right now. It’s been a very brutal bear market.” Source
Coinbase CEO Brian Armstrong officially announced on Tuesday that he made a “difficult decision” to reduce the size of the Coinbase team by about 18% due to a starting economic recession. “We appear to be entering a recession after a 10+ year economic boom. A recession could lead to another crypto winter, and could last for an extended period,” Armstrong wrote. He added that the trading revenue significantly declined during past crypto winters, noting that Coinbase has survived through four major crypto winters since its foundation in 2012. Armstrong emphasized…
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Coinbase has significantly increased the pace of investment in recent quarters, hiring 3,200 staff over the last year, with 1,200 hired in the first quarter alone, the note said. This is a huge amount of recruitment for the exchange, which now has around 5,000 employees, the note added. Source
ScienceMagic.Studios has raised a $10.3 million pre-seed round from Digital Currency Group, Coinbase Ventures, among others. Source
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