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Paxos Trims Workforce by 20%, Shifts Focus to Stablecoins
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3 weeks agoon
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Paxos, a stablecoin issuer, has reduced its workforce by approximately 20%, to 65 positions.
According to an internal email from Charles Cascarilla, the CEO, this decision is made even though the company has strong financial backing, with more than half a billion dollars on its balance sheet.
Paxos Trims Workforce by 20%,
In an email sent to the company’s employees and obtained by Bloomberg, Charles Cascarilla, the chief executive officer of Paxos, assured the employees that the company is financially sound, with its balance sheet having more than $500 million. However, the company still decided to cut down its workforce to enhance efficiency in its operations especially on tokenization and stablecoin projects.
”This is a difficult day. I accept the consequences of this decision, and I apologize for having made it,” Cascarilla stated in the email. The cut is believed to help the firm strengthen its position and take advantage of the vast opportunities that are expected in digital currencies.
Subsequent events such as halting a Binance-related stablecoin due to regulatory pressures, Paxos is readjusting its strategy. The firm is also withdrawing from the commodities and securities settling services while focusing more on stablecoins and the asset tokenization services.
Expansion and Innovation in Stablecoins
Last week, Paxos debuted the Lift Dollar (USDL) in the United Arab Emirates, which is regulated by the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM). This new stablecoin also comes with a yield-generating feature that provides a programmatic daily rate that is similar to the returns on U. S. Treasury bonds.
‘We have enhanced programmatic daily yield so this is more looking like a savings product and less like a checking account,’ said Cascarilla in a conversation about the new product.
USDL’s launch is an important move in the Paxos’ plan to expand and create new products within the stablecoin niche. This move is particularly important for markets such as Argentina where Paxos has entered into agreements with local companies to increase the ease of use and adoption of the product.
Read Also: 56% of Fortune 500 Executives Are Testing On-chain Projects: Coinbase
Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Multicoin Capital To Fund Crypto-Friendly US Candidates In Solana
Published
40 mins agoon
July 5, 2024By
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Through Solana (SOL), crypto hedge fund Multicoin Capital has extended a hand of goodwill to pro-crypto Republican lawmakers in the United States.
Multicoin Capital Supports Sentinel Action Fund
Kyle Samani, a managing partner with Multicoin Capital, announced the news of the firm’s special contribution to match up with the donation of SOL to Sentinel Action Fund. The blockchain investment company is looking to donate up to $1 million over the next 10 days. Cryptocurrency exchange Gemini is charged with processing the donations.
0/ Today, Multicoin Capital is proud to announce a special contribution to match all donations of SOL tokens to the Sentinel Action Fund (@sentinelaction) up to $1M for SOL donations made over the next 10 days.
Let’s talk about the who, what, why and how.
— Integrated Kyle e/acc (@KyleSamani) July 5, 2024
Notably, the Sentinel Action Fund is a conservative super-political action committee whose focus is to sit crypto-friendly politicians in the United States Senate. The group is led by Jessica Anderson, the former executive director of Heritage Action.
Currently, the Sentinel Action Fund supports Sam Brown in Nevada, Dave McCormick in Pennsylvania, Bernie Moreno in Ohio and Tim Sheehy in Montana.
Additionally, Moreno is contesting against Sherrod Brown in Ohio. Brown is the Senate Banking Committee Chair who has remained critical to crypto, seeking the crackdown of the burgeoning sector. In his recent X post, Samani explained that Multicoin Capital is taking this step because of a realization that political engagement matters.
“….and it starts with supporting the candidates who believe America needs to remain free for innovation,” He said. “By making contributions, we’re giving @sentinelaction the tools to increase the number of pro-crypto senators like @BillHagertyTN — an innovator who understands and speaks our language.”
US Politicians Accept Bitcoin And Other Crypto Donations
Meanwhile, Senator Bill Hagerty, R-Tenn., is known for his apt crypto stance. Over time, he remains one of those pushing for crypto acceptance and regulation through the few bills that he has introduced. Explicitly, one of his bills from last year was focused on saving crypto exchanges like Binance, Coinbase and Kraken from the claws of the U.S. Securities and Exchange Commission (SEC).
Apart from candidates for the Senate position, other top politicians have also been receiving donations and contributions via digital assets. Presidential candidate Donald Trump opened a campaign for crypto donations in May. From that time till now, he has received millions of dollars in cryptocurrencies. He has received crypto donations from the likes of Winklevoss brothers and even Kraken exchange.
Similarly, President Joe Biden followed suit with a crypto campaign but he received severe backlash for accepting Bitcoin and other crypto donations. Though there has not been full acceptance of crypto in the government house, the advent of crypto donations suggest that the wait may soon be over.
Read More: Bitcoin Price To Crash $42,000? Here’s What To Watch Out For
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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MATIC Price Crash: Reaching A Two Year Low
Published
4 hours agoon
July 5, 2024By
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The last two days have not been easy on the investors, as the crypto market crash has wiped $260 Billion from the market cap. Additionally, based on the Coinglass data, around 230K traders have lost around $662.90 Million in liquidation in the last 24 hours. Out of which, $565.08 Million liquidation is from the long-position crypto investors. Overall, the investors have lost most of their profits due to cryptocurrencies hitting rock bottom. Polygon (MATIC) is among those cryptocurrencies that are struggling the most today. Officially, MATIC’s price has hit a two-year low after a 20% loss over the week.
MATIC Price Maintains Loss Throughout The Year
Despite being among the most popular blockchain networks, Polygon’s position in the market has continuously declined since the last year. Polygon was in trend when the market was down last year, but with the bullish conditions this year, other cryptos took over, limiting the MATIC price.
The MATIC price charts clearly show the continuation of the loss from a day to a year interval, Out of which the last 24 hours have been the most crucial as an 11% value dropped during this period, whereas over the year, it has maintained a 33% decline. It is currently trading at $0.4565, hitting the two-year low, despite its March rally to $1.2714.
This decline is the result of the drastic change in the daily active addresses over time. The token price-DAA Divergence return, which is at -35.59%, clearly indicates the declining network activity as the main reason behind this drop. The last time the value went below the zero mark was on October 24, 2023, which later led to an uptrend.
The MATIC Price Might Continue To Drop
Based on a few crypto analysts’ predictions, it is just the start of the MATIC price crash and might continue to decline another 15-20%.
#MATIC Weekly Chart Update
After reaching a local high of $1.29 in March 2024, MATIC has been on a downtrend for almost 112 days. With the current market scenario, it is likely to see MATIC dropping a further 15% to 20% from the CMP.
The lower support ranging between $0.316 and… pic.twitter.com/6F9nssm53m
— Cryptorphic (@Cryptorphic1) July 5, 2024
The technical indicators hint at the strong selling zone for the altcoin as the MACD (12,26) is −0.0357, followed by Momentum (10) at −0.1084. The Moving averages are indicating the same, as the time frames from 5 to 200 intervals are in the selling zone. Only the Williams Percent Range (14) is in the buy zone, which is a sign of the overselling of the token and upcoming trend reversal. However, the Relative Strength Index is at 25.0396, which is neutral, indicating the continuation of the ongoing trend.
Lastly, the MATIC price has already crossed the second support level at 0.4656 and is moving towards the third at 0.3788. If it fails to bounce from that, the downtrend will likely continue.
Continue Reading Is Bitcoin Price Crash Far from Over? Here is the Untold Story
With years of love for reading and 5 years of content writing experience, I’m here, working on my favorite writings about cryptocurrency. I’m actively looking for trending topics and informational statistics to curate the best content pieces for crypto enthusiasts. Staying updated with trends and learning the basis and advancements of this field is the best part of the day.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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FTX Founder Sam Bankman-Fried’s Family Accused Of $100M Illicit Political Donation
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7 hours agoon
July 5, 2024By
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New allegations have surfaced surrounding Sam Bankman-Fried (SBF), the founder of the now-collapsed crypto exchange FTX. SBF’s family is now accused of being involved in a $100 million illicit political donation scheme. Moreover, these claims can lead to intense legal trouble for the accused.
Sam Bankman-Fried’s Family Accused Of Illegal Political Donation
Emails disclosed by The Wall Street Journal (WSJ) have brought to light the extensive involvement of SBF’s family in orchestrating these political contributions. Furthermore, an important point to note is that these donations were allegedly funded by misappropriated FTX customer assets.
Prosecutors asserted that Bankman-Fried orchestrated a sprawling influence campaign ahead of the 2022 election, leveraging stolen customer funds to the tune of over $100 million. The newly revealed emails suggest that key family members played pivotal roles in the scheme. These include SBF’s parents, Joe Bankman and Barbara Fried, along with his brother, Gabriel Bankman-Fried. They managed these funds and directed donations to various political causes and candidates.
Moreover, Joe Bankman, a Stanford University law professor, is accused of advising on financial strategies to facilitate these political donations. The WSJ reports that emails show Joe Bankman’s direct involvement in the illicit operations, indicating he was well aware of the illegal straw-donor scheme.
Barbara Fried, who co-founded the political action committee (PAC) Mind the Gap, allegedly used her position to channel funds towards progressive groups and initiatives. Meanwhile, Gabriel Bankman-Fried is accused of directing donations to pandemic prevention efforts. This coordinated effort to disperse funds across the political spectrum aimed to amplify their influence and support favored causes without drawing attention to the origin of the donations.
Also Read: Fmr Obama Solicitor Says Regulators Are “Deliberately Debanking Crypto”
Former FTX Execs Also Involved
David Mason, ex-chairman of the Federal Election Commission (FCE), weighed in on the matter. Mason highlighted that the evidence presented in the emails constituted “strong evidence” of Joe Bankman’s knowledge and participation in the scheme.
The political donation scheme, as detailed by the WSJ, also involved Ryan Salame and Nishad Singh, two former FTX executives. They have already pleaded guilty to participating in the illegal straw-donor scheme. According to prosecutors, Salame directed funds to Republican candidates to dissociate the contributions from Bankman-Fried, while Singh supported liberal candidates.
The allegations have led to several legal proceedings, with the potential for significant legal liabilities for those involved. Moreover, Mason’s remarks underscore the gravity of the situation. It suggests that Joe Bankman could face direct legal consequences under campaign finance laws if the allegations are substantiated.
Despite the mounting evidence, a spokesperson for Joe Bankman has refuted claims of his involvement. They stated that Bankman had “no knowledge of any alleged campaign finance violations.” This defense, however, stands in stark contrast to the detailed emails that have surfaced.
Also Read: Just-In: Mt. Gox Starts Repaying Creditors, Bitcoin To Dip Further?
Kritika boasts over 2 years of experience in the financial news sector. Currently working as a crypto journalist at Coingape, she has consistently shown a knack for blockchain technology and cryptocurrencies. Kritika combines insightful analysis with a deep understanding of market trends. With a keen interest in technical analysis, she brings a nuanced perspective to her reporting, exploring the intersection of finance, technology, and emerging trends in the crypto space.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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