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Crypto News, June 3: Vitalik Contemplates Crypto Culture, Exchanges Fire Employees

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Vitalik Buterin mused in a Twitter thread on the infighting in the crypto sector. Crypto exchanges are bracing for the crypto winter, as some freeze hirings and others lay off employees.

Crypto News, June 3: Vitalik Contemplates Crypto Culture, Exchanges Fire Employees

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Vitalik Buterin Muses on Crypto Culture, Optimism's Governance Structure 🤝

Vitalik Buterin responded to a letter by crypto critics, which asked for stricter crypto regulation, calling crypto a “disaster for financial privacy.” Buterin contemplated in his reply in a Twitter thread on why the crypto community has become so adversarial, giving several possible explanations like increased negativity through social media and crypto becoming a victim of its own success that attracts “grifters.” He called for more cooperation and cited Optimism as a positive example of a project that is not exclusively focused on pumping its token price.

Bitcoin Bond Not Coming Anytime Soon, Says Finance Minister 🙅‍♂️

El Salvador’s Finance Minister Alejandro Zelaya delayed the country’s Bitcoin bond in an interview with a local news outlet. The minister cited price volatility and uncertainty following the war in Ukraine. El Salvador originally planned to launch its bond in March 2022 but has delayed the process several times. While critics maintain that the interest is just not there, Zelaya expressed confidence in Bitcoin’s long-term prospects. El Salvador has bought 2,301 BTC to date.

Coinbase Freezes Hiring, Rescinds Existing Offers ✂️

Cryptocurrency exchange Coinbase announced a hiring freeze to deal with the macro environment and the crypto bear market. The exchange updated its previous plan announced in May, which initially foresaw a slower hiring process. It may have felt compelled to take more drastic measures in light of a stuttering crypto market and a $430 million loss in the first quarter of 2022.

Gemini, 2TM Lay Off Staff, Crypto Exchanges Brace For Crypto Winter 🪓

Other crypto exchanges went a step further. Gemini announced laying off ten percent of its employees, citing the “crypto winter” as the reason for its cost-cutting measure. In South America, 2TM, the holding company behind Brazil’s biggest crypto exchange, fired 80 staff, following several Brazilian and Argentinian crypto exchanges that had taken similar steps in recent weeks.

Binance and The Weeknd Partner for Singer's World Tour 🎤

The Weeknd’s global “After Hours Til Dawn” tour will be sponsored by Binance, according to an official announcement from the cryptocurrency exchange. The partnership includes the launch of an exclusive NFT collection and will see Binance donate $2 million to a charitable cause. Moreover, five percent of the sales from an additional NFT collection will go to the United Nations World Food Programme.
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