The world’s second largest crypto exchange by trading volume, FTX, is in expansion mode, while many others feel the pinch as the crypto winter deepens.
On June 2, FTX announced that it is launching an exchange in Japan to serve Japanese crypto traders and investors, supporting rapid deposits and withdrawals of the Japanese yen. FTX Japan KK is a licensed Japanese crypto exchange service provider that also holds a ‘Type 1 Financial Instruments Business’ license.
Sam Bankman-Fried serves as interim CEO of FTX Japan after FTX acquired its parent company, Liquid Group Inc., earlier this year. He commented:
“The acquisition not only gives us a technical advantage, but also allows us to work directly with Japanese regulators in a transparent, constructive and positive manner.”
He added that Japan is a highly regulated market with a potential crypto trading market size of around $1 trillion. The firm also plans to introduce derivatives such as perpetual contracts.
“We look forward to further revolutionizing the Japanese digital asset ecosystem through FTX Japan,” SBF said.
Earlier this week, it was reported that FTX.US was discussing derivatives product integration with Goldman Sachs.
Coinbase freezes new employees
While FTX is grabbing the bears by the fur and giving them a nice blow, Coinbase is doing the opposite. In a blog post on June 3, the firm’s Chief People Officer, LJ Brock, stated that Coinbase will be extending its hiring pause for the foreseeable future, in response to current market conditions and ongoing business prioritization efforts. He said that many approved proposals will also be rejected.
“After assessing our business priorities, current workforce and open roles, we have made the decision to hold off hiring for as long as this macro environment requires.”
The company initially put its hiring plans on hold in mid-May, but has now put them on hold indefinitely.
gemini slash staff
Coinbase isn’t the only crypto company struggling with its hatch. On June 2, Gemini announced plans to cut 10% of the company’s workforce in response to unfavorable market conditions.
In a memo sent to Gemini staff, the Winklevoss brothers wrote:
“This is where we are now, in a contraction phase that is settling into a period of stagnation – what our industry refers to as the ‘crypto winter.’ All this from the current macroeconomic and geopolitical turmoil and has become more complicated. We are not alone.”
The crypto market has currently retreated 57% from its November 2021 all-time high.
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