Crypto Winter started feeling even colder in June – numerous crypto companies are downsizing amid the bearish market. BlockFi announced a reduction of nearly 25% of its staff; Coinbase nearly 20%, while Winkleboss-led Gemini had to cut 10% of its workforce The list goes on and on. Not only US companies, but firms all over the world are also feeling the pain of the bearish market. Argentina’s BuenBit slashed over 50% of its staff; Mexico’s BitSo laid off over 80 employees.

On a more positive note, the majority of central banks worldwide are in a race to explore and launch their own CBDCs, and several institutions have already rolled out the digital version of their country’s fiat currency, such as the digital Yuan or Nigeria’s e-Naira. When asked about a future CBDC pegged to the US dollar, Jerome Powell, chairman of the Federal Reserve, believes “it’s something we really need to explore as a country, and it should not be a partisan thing.” 

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