Thursday, Jun 16th 2022
“Life is like riding a bicycle. To keep your balance, you must keep moving.” — Albert Einstein
1) Circle to introduce euro-backed stablecoin: Circle is set to create a coin backed by euro-denominated reserves held by financial institutions regulated in the U.S. The new coin, which will be comprised of just cash and euro government debt, joins Circle’s growing portfolio of stablecoins which includes USDC, the world’s second-largest stablecoin.
Titan’s Takeaway: With USDC and now their entry into EU-back stablecoins, Circle is quickly becoming one of the more trusted issuers of digital currencies. It’s unclear how a stricter EU regulatory environment will play into the release of this new coin, but we remain optimistic about the efficacy of this new coin.
2) Binance, FTX, Kraken ramp up hiring despite layoffs in rivals. Over 3,000 open positions are up for grabs in major crypto exchanges Binance, FTX, and Kraken. Onboarding is happening in the midst of an industry-wide job cut with Crypto.com slashing its workforce by 5%, BlockFi by 20%, and Coinbase’s 18% global staff cut.
Titan’s Takeaway: It is a welcome sign to see crypto companies move forward with hiring plans even amidst this tumultuous period for the industry. People make great companies and those that can sustain their workforce in this difficult time instill confidence.
3) Former NYSE President joins Uniswap as an advisor: Stacey Cunningham, the first female to serve as President of the New York Stock Exchange, is stepping into the digital asset space as an advisor to Uniswap – the biggest decentralized cryptocurrency exchange. In her role, Cunningham is expected to focus on regulations for Uniswap’s role in DeFi.
Titan’s Takeaway: Uniswap has been making strides in crypto as it surpassed $1T in trade volume in May. More importantly, the company behind the platform, Uniswap Labs, appears to be betting on experienced traditional finance executives that can advance the mission for fairer and democratized markets.
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