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Investment in Crypto Market Hits 32-month Lows with Exchange Volumes Down
In May 2022, the total amount of money being invested in the cryptocurrency market hit 32-month lows, with monthly exchange volume down over 27% from the previous month of April. According to data from The Block, cryptocurrency monthly exchange volume was $439.42 billion in May, which is the lowest level since October 2020 at $222.7 billion. The same data showed Binance, which is the largest exchange, saw about $218 billion in monthly exchange volume during May, dropping about 26% from $293.83 billion in the previous month. The exchange has shared that it’s reevaluating the headcount of its workforce ahead of future market cycles.
Binance Reevaluates Workforce amid Market Slump
As a result of the decreased demand and bear market, Binance, the largest cryptocurrency exchange, has reevaluated its workforce headcount ahead of future market cycles. According to a spokesperson from Binance, the workforce density across the organization needs to be optimized to ensure that it remains flexible and dynamic enough to respond to new developments in the market. This reevaluation will also include looking at certain products and business units to ensure our resources are allocated properly to reflect the evolving demands of users and regulators. Recent tweets from reporter Colin Wu claimed that Binance had started layoffs. Even with the volatility of the current market and exchange volumes down substantially, Binance’s spokesperson confirmed that it is not laying off 20% of its employees as a cost-cutting measure.
Web3 Developments: Solana’s Co-founder and SEC Settles with Coinbase Employee
In this week’s news highlights, Solana’s co-founder, Raj Gokal, describes his vision for the blockchain to be the ‘Apple of crypto.’ The SEC settles charges with former Coinbase employee, Ishan Wahi, and his brother over insider trading charges.
Chain Reaction Podcast: Interview with Gary Vaynerchuk
Chain Reaction Podcast interviews Gary Vaynerchuk, the CEO of VaynerMedia and VeeFriends, an NFT collection. Gary Vee is a die-hard New York Jets fan and an investor in major companies like Twitter and Facebook. In this episode, they discuss the NFT ecosystem, intellectual property, mainstream adoption of NFTs, and the future of the sector.
Follow the Money: Investments in Crypto Sector
This section highlights a recent fundraise by some of the major blockchain-based companies. Among them were illuvium, a blockchain-based game, which raised an additional $10 million, Magic, a PayPal-backed crypto wallet that raised $52 million, and Metaverse-focused MetaZone, which raised $3 million.
FAQs
What is the status of the cryptocurrency market in May 2022?
The total investment in the cryptocurrency market hit 32-month lows in May 2022, with monthly exchange volume down over 27% from the previous month of April.
What is Binance’s response to the current market slump?
As a result of the decreased demand and bear market, Binance is reevaluating the headcount of its workforce ahead of future market cycles.
What recent developments have taken place in the web3 industry?
Solana’s co-founder, Raj Gokal, sees its blockchain as the ‘Apple of crypto.’ The SEC has settled with a former Coinbase employee over insider trading charges.
What was discussed in the latest Chain Reaction podcast episode?
Chain Reaction Podcast interviewed Gary Vaynerchuk, the CEO of VaynerMedia and VeeFriends, an NFT collection. They discussed the NFT ecosystem, intellectual property, mainstream adoption of NFTs, and the future of the sector.
What companies have recently raised funds in the crypto sector?
Illuvium, a blockchain-based game, raised an additional $10 million, Magic, a PayPal-backed crypto wallet, raised $52 million, and Metaverse-focused MetaZone raised $3 million, among others.
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