FTX is the world’s second largest crypto exchange in terms of trade volume. Many others are feeling the pinch as the crypto snow deepens.
FTX Japan K.K. announced on June 2 that it would launch a Japanese exchange to serve Japanese crypto traders and investors. It will allow for fast withdrawals and deposits of Japanese Yen. FTX Japan K.K. Japanese licensed crypto exchange provider. Also, FTX Japan K.K. has a Type 1 Financial Instruments Business license.
After FTX Japan acquired Liquid Group Inc. earlier this year, Sam Bankman-Fried serves as Interim CEO. He said:
“The acquisition gives us a technological edge, but it also allows us to directly work with Japanese regulators in transparent, constructive, and positive ways.”
He said that Japan is highly regulated and has a potential crypto trading market of nearly $1 trillion. It also plans to offer derivatives, such as perpetual contracts.
SBF stated that they look forward to “revolutionizing the Japanese digital asset system through FTX Japan.”
Earlier in the week, it was reported by FTX.US that they were in talks with Goldman Sachs regarding derivatives product integration.
Coinbase Freezes New Hires
Coinbase is doing the exact opposite. L.J Brock, the Chief People Officer of Coinbase, stated in a blog post that the company would extend its hiring freeze for the foreseeable future due to current market conditions and ongoing business prioritization efforts. Brock also stated that many accepted offers would be canceled.
“After reviewing our business priorities, current headcount and open positions, we have decided that hiring will be halted for as long as the macro environment allows.”
In mid-May, the company had put an end to its plans for hiring but it has since reopened them.
Gemini Slashes Staff
Coinbase isn’t the only cryptocurrency company that’s trying to downsize its workforce. Gemini announced on June 2 that it would reduce its workforce by 10% to respond to adverse market conditions.
The Winklevoss brothers wrote this in a memo to Gemini staff:
“This is where you are now. We are in the contraction phase. This is what our industry calls ‘crypto winter. We are not the only ones.
The crypto markets are currently down 57% from November 2021 highs.
Marla Brooks – Financial Analysis
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