Vancouver, Kelowna, Delta, BC – June 14, 2022 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on what’s driving cryptocurrency stocks and the crypto market.
Listen to today’s Crypto Corner Podcast:
Crypto Corner Podcast 854: Stocks discussed: (NasdaqGS: COIN) (TSXV: BNXA) (OTC: WONDF) (NasdaqCM: DGHI)
Coinbase Reduces Staff by 18% Amid Market Crash, Banxa Partners with WonderFi, and Digihost to Acquire New 55MW Site
Stocks discussed: (NasdaqGS:COIN) (TSXV:BNXA) (OTC:WONDF) (NasdaqCM:DGHI)
In the wake of the crypto market’s recent crash, exchange giant Coinbase (NasdaqGS:COIN) has reduced its staff by 18 percent. The announcement was made today in an official blog post by the company’s CEO, Brian Armstrong. Armstrong cites changing economic conditions, the need to manage spending in the bear market, and the company’s having grown too quickly as reasons for the layoffs. Regarding the latter, Armstrong wrote:
At the beginning of 2021, we had 1,250 employees. At the time, we were in the early innings of the bull run and adoption of crypto products was exploding. There were new use cases enabled by crypto getting traction practically every week. We saw the opportunities but we needed to massively scale our team to be positioned to compete in a broad array of bets. It’s challenging to grow at just the right pace given the scale of our growth (~200% y/y since the beginning of 2021). While we tried our best to get this just right, in this case it is now clear to me that we over-hired.
Banxa Holdings Inc. (TSXV:BNXA) has entered a new partnership with WonderFi Technologies Inc. (OTC:WONDF). According to the press release, this partnership facilitates the ability for WonderFi customers to “utilize local payment and banking options with less friction, fewer fees, and better fraud protection,” as well as the ability to “easily and securely convert fiat currency to cryptocurrencies and back again.” Kevin O’Leary, Strategic Advisor and Investor at WonderFi, said:
“With regulatory interest in crypto rapidly increasing around the world, it is more important than ever for Web3 to embrace best-in-class compliance and risk management. Our partnership with Banxa provides this assurance for our customers across the globe. WonderFi is committed to ensuring customers in our network can transact crypto securely and confidently, without the concerns that might come from less developed platforms.”
Digihost Technology Inc. (NasdaqCM:DGHI) has announced an agreement to acquire property in the state of Alabama in order to expand its current operational capacity. According to the press release, the site “consists of approximately 160,000 square feet of office and industrial warehouse space with initial access to 28 MW of power with total capacity of 55 MW.” Michel Amar, Chairman and CEO of Digihost, said:
“The Company has been pursuing opportunities to significantly increase the capacity of our mining operations and diversify jurisdictional risk in an environmentally conscious manner. This acquisition checked all the boxes for Digihost as the Company is now in a position to double its current hash rate by access to clean and renewable energy sources.”
Sam Mowers, Investorideas
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