CRYPTO NEWS

CZ believes crypto winter is here to stay until 2026

Speaking to Fortune, Binance CEO Changpeng Zhao (CZ) shared his thoughts on crypto winter and said he expects it to be a long one.

However, he added that as the losses and platform closures stack up, he prefers to focus on the positives of a market downturn. CZ said:

“I’m not debating that it is disastrous. It is bad.

But when this disaster is happening, there is also opportunity.”

Crippling crypto outflows sink token valuations

Since November 2021’s market top, over $2 trillion in capital has exited the crypto space, representing a 70% drawdown in total valuations.

Market leader Bitcoin is down 56% YTD and hovering close to the 2017 bull market top of $20,000. Analysis by Glassnode expects BTC to fall up to 64% from here, which would give a bottom price of approximately $7,500.

Meanwhile, @WatcherGuru tweeted that almost three-quarters of the top 100 projects are down by more than 90% from ATHs at current prices.

According to CZ, the outlook is dire, but there is opportunity in the carnage. He said the situation is ripe to bring on board the best talent and acquire leading companies at rock bottom prices.

CZ sees opportunity in the bleakness

On Wednesday, CZ threw shade at the competition by tweeting that Binance is looking to fill 2,000 vacancies at the firm. Elaborating further, he said he wants to complete hiring by the year-end, which would increase its staff to 8,000.

Many crypto exchanges, including Coinbase, Gemini, and Crypto.com, have recently announced staff cuts to stave off the harsh trading conditions.

However, by keeping a tight reign on advertising spending, CZ implied that Binance is in a strong cash position and can hire when others are cutting numbers.

As crypto winter bites down hard, CZ described the situation as a necessary cull, in which weak projects die off, leaving only the strong, who will flourish when the good times return.

“Although it is painful for a lot of people, it weeds out the weak projects, and only the strong ones stay.

Everyone who lasts, who survives, will be stronger”

As for when that is, the Binance boss thinks the downturn could last for around four years, taking us into 2026.

The post CZ believes crypto winter is here to stay until 2026 appeared first on CryptoSlate.

CoinShares Announces the Acquisition of Napoleon Asset Management

CoinShares, a European cryptocurrency investment firm, said on Monday that it had acquired Napoleon Asset Management following approval from the Autorité des Marchés Financiers (AMF). According to the press release, the transaction was completed on June 30, following the Napoleon Group acquisition in December 2021. Napoleon Asset Management has been licensed under the Alternative Investment::Listen

CoinShares, a European cryptocurrency investment firm, said on Monday that it had acquired Napoleon Asset Management following approval from the Autorité des Marchés Financiers (AMF).

According to the press release, the transaction was completed on June 30, following the Napoleon Group acquisition in December 2021. Napoleon Asset Management has been licensed under the Alternative Investment Fund Manager (AIFM) Directive since March 2019.

As a crypto exchange-traded product (ETP) issuer, CoinShares is now able to offer AIFM-compliant products and services through Napoleon Asset Management.

With the AIFM license, the company is able to provide and market services and products across the European Union under a passporting regime. As a result of the acquisition, CoinShares will be able to leverage active investment strategies based on algorithmic trading and artificial intelligence for digital assets developed by Napoleon Asset Management quant teams.

Statements from the Companies’ Management

“We have continued to build upon the synergies between our two businesses since CoinShares acquired the Napoleon Group last December. The integration of Napoleon Asset Management into the group was anticipated at that time but necessarily needed to await consideration by and approval of the change of control by the AMF. Now that approval has been granted, this acquisition by CoinShares will further strengthen the ties between us,” Jean-Charles Dudek, Chief Executive Officer of Napoleon Asset Management, commented.

Moreover, Jean-Marie Mognetti, Chief Executive Officer of CoinShares, pointed out: “After the recent events in the digital asset sector, it has never been more clear that strong regulation is needed for crypto to thrive. As such, we are very pleased to have received this approval from the AMF to acquire Napoleon Asset Management. Bringing the company into our group is a further step in the right direction towards investor protection. We are proud to be one of the most regulated digital asset investment firms in the industry. Our regulated status in a growing number of jurisdictions is one of CoinShares’ principal strengths; it reassures our clients and demonstrates our plans to lead Europe’s digital asset sector.”

This article was written by Felipe Erazo at www.financemagnates.com.

CZ believes crypto winter is here to stay until 2026

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