The Ledger: Gemini cuts workforce, Australian banks shun crypto

The market is still clearly weighed down by the lasting impact of the cryptocurrency crash in May, and this is likely to continue for some time.

In fact, Gemini, one of the largest cryptocurrency exchanges owned by the Winklevoss twins, announced that it will reduce its workforce by around 10%, or 100 people.

The crypto winter has not stopped crafty criminals trying to use cryptocurrencies to conduct their illicit operations. In the case of one father and son duo, the Department of Justice found John Rhule and son Kenneth Warren Rhule guilty of using cryptocurrencies to launder money and distribute marijuana. They will now spend five years behind bars.

Meanwhile Coinbase is back in the news. The cryptocurrency exchange followed an example similar to Gemini’s earlier this year and cautioned that it won’t be hiring as aggressively as before.

However, the company is nowhere near done with the cryptocurrency sector and is in fact backing it up by increasing its own holdings by twice the current number.

The company is investing $500m to accomplish this ambitious task, with the ultimate goal being to bring more security to the industry.

After all, the most recent cryptocurrency bullish run begun with institutional investors rapidly backing cryptocurrencies and Coinbase wants to make sure that it does its fair bit to prop up the industry.

A token sporting the name Optimism (OP) lost 65.6% from its listing price this week, and went from trading at $1.57 to just $0.79. The token was announced back in April, but it has not been able to make  investors any more upbeat, despite its name.

Meanwhile, casinos have continued to innovate the gambling experience for everyone. Lucky Crypto has launched a dedicated NFT slot game in the Decentraland-based Lucky Degen Embassy.

As this happens, Switzerland is getting closer to becoming a true capital for cryptocurrencies in Europe. Already a financial hub, Switzerland is planning to become a crypto one as well.

Earlier this week, Australian mainstream banks announced that they remain skeptical of cryptocurrencies. Several established financial institutions in the country said that they would not launch retail crypto products in a hurry, citing the most recent uncertainty about the markets.

If you are looking for a relaxing weekend ahead with cryptocurrencies, you may try using them to game, not invest. Check out Bitcasino, 1xBit and FortuneJack as viable choices to do just that.


Updated: 06/03/2022 — 05:00