Kucoin cuts 30% of staff. ChatGPT creator launches Worldcoin. Spain's first crypto fund launches.

July 28, 2023

Crypto Market Update 28-07-23

Happy Friday everyone!

If you’ve been feeling the heat, we got you and bring you here the freshest news 😁 This is your weekly recap 📰😎

Last 7 Days Market Performance 

Bitcoin is down 1.7%, now at $ 29,360.00 📉

Ethereum is down 0.8%, now at $ 1,877.00 📉

Total crypto market cap: $ 1.23 Trillion

Fact for the week:

This one was almost unimaginable a few years ago… Seawater along the tip of Florida has exceeded hot tub temperatures of 37.8°C (100F) in recent days, making it potentially the hottest ever measured. 😟 We don’t need to tell that warming waters deadly threaten marine life and ocean ecosystems like coral reefs - and obviously all the terrible consequences for human life - so this is a very sad fact to report.

Onto this week’s updates 🚦

🔴 Kucoin Cuts 30% of Staff 🔪

Crypto exchange Kucoin - one of the most important operating in Asia - is reportedly cutting 30% of its staff, allegedly due to reduced profits from new KYC policies. The crypto exchange labels the layoffs as a "normal performance appraisal," focusing on compliance and business development. This comes as rival Binance's US arm also downsizes amid an upcoming legal battle with the SEC. Tough days for crypto players. 😐

🟡 ChatGPT creator launches Worldcoin 👁️

 The crypto project led by ChatGPT creator Sam Altman, launched its "digital passport" system, World ID, created through an in-person iris scan using their device called the 'orb'. The project has already amassed 2 million users during its beta phase and plans to expand to 35 cities across 20 countries. Altman believes Worldcoin and its World ID system, which helps differentiate real humans from AI bots, can underpin a future universal basic income system, a concept he supports in the wake of AI transforming the economy. 🧑‍💻

🟢 Spain's First Crypto Fund Launches 🚀

 Spain's First Crypto Fund Launches 🇪🇸 Spain-based private banking entity A&G, with $14B in assets under management, has launched the country's first crypto fund, available exclusively for professional investors. The fund will use CACEIS, a banking group of Crédit Agricole and Santander, as its depositary and will be audited by PwC. This initiative follows the Bank of Spain's recent steps into digital currency, including issuing licenses for virtual currency exchange services and proposing a central bank digital currency project. 🔥

🎬 Heading into August and wishing everyone nice holidays! We’ll be back next week with your weekly news of crypto 📰

Talk next week. 👋


Great job on learning something new today 🎉