By Dipo Olowookere An explosion believed to be from a detonated bomb has occurred in a cattle market in Taraba State, Channels Television has reported. The media platform said the incident was confirmed in a telephone interview by the Police Public Relations Officer (PPRO) for Taraba State Police Command, Mr Abdullahi Usman. At least three […]
Crypto Exchange Coinbase Slows Hiring Amid Market Downturn
Leading U.S. crypto exchange Coinbase is slowing hiring, citing the current down cycle in the market as a reason to rethink its staffing strategy. The company’s management believes the move will allow the trading platform to match its hiring needs with its business goals.
Cryptocurrency exchange Coinbase has announced a change in its staffing plans. After previously aiming to triple its size heading into this year, the company now feels it’s prudent to slow hiring and reassess its personnel needs against its business goals, given the current market conditions. Quoted in a press release on Tuesday, Coinbase President and Chief Operating Officer Emilie Choi explained:
Choi further elaborated that Coinbase had made the decision in order to emerge stronger from this down cycle. She emphasized the step is part of managing the business to the scenarios the company had planned for, and assured the changes will not affect its expense outlook for the second quarter and the whole of 2022.
The digital asset exchange now intends to focus on integrating its recent hires and becoming more rigorous in determining its priorities. “We know this is a confusing time and that market downturns can feel scary,” the top executive noted while pointing out that the company has been through other, similar challenges in the past.
Choi’s announcement comes after Coinbase revealed in its earnings report earlier in May that it holds $256 billion in fiat and crypto assets on behalf of its customers. It also admitted that if the company declared bankruptcy, its users can potentially lose access to the crypto funds in their accounts as these could be subject to bankruptcy proceedings.
Do you expect other major crypto companies to reconsider their hiring plans? Tell us in the comments section below.
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A16z launches $600 million fund dedicated to gaming and Web3
Venture capital firm, Andreessen Horowitz (a16z) has launched a $600 million fund dedicated to gaming startups with a focus on Web3 saying it believes “games infrastructure and technologies will be key building blocks of the Metaverse.”
The name of the fund is called “GAMES FUND ONE” and the funds will be used to invest in three main areas: game studios, consumer applications which support player communities with Discord used as an example, and gaming infrastructure providers.
The move by a16z brings the total investment the Web3 gaming and metaverse space has seen in a month to $3 billion, committed by venture funds and gaming industry giants. Venture firm White Star Capital raised $120 million for its decentralized finance (DeFi) and gaming-focused fund along with a $200 million allocation to blockchain gaming projects by Framework Ventures both taking place in April 2022.
What you should know
- Metaverse projects are gaining massive sums from gaming industry titans. Last month, Epic Games, creator of the popular Fortnite title, raised $2 billion to create a metaverse with funding from Sony and LEGO.
- The team at a16z pointed out that the billions of dollars in revenue that games such as Minecraft generate, using the open-world game as an example of a title that has retained a long-term active community which functions more like a social network.
- Minecraft is the current all-time highest-selling game and has seen 173 million average monthly players over the past 30 days according to figures from game statistics platform ActivePlayer despite it being released almost 11 years ago.
- The a16z team said, “the coming Metaverse will be built by games companies, using games technologies” and that the industry has already “solved many of the problems that need to be solved to create the Metaverse.” It believes games will become the “dominant way people spend time.”
- The fund is the first by a16z solely dedicated to games but the firm has backed successful game-related projects in the past including virtual reality (VR) company Oculus and game developer Zynga saying the investments “cemented our belief that games require a specialized focus.”
Joining the fund were founders of game development companies and popular games such as the co-founder of Riot Games Marc Merrill, cofounders Aleks Larsen and Jeffrey Zirlin of Sky Mavis which owns the popular Axie Infinity blockchain game and Kevin Lin, founder of gaming company Metatheory which received $24 million in a funding round led by a16z.
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