This week’s Crypto Biz looks at Binance’s ongoing efforts to curb declining profits, Ripple’s expectation that U.S. banks may soon adopt XRP, and the first signs of venture capital returning to crypto.
Global cryptocurrency exchange Binanceamid reevaluation efforts at the firm. The company reportedly stopped offering reimbursement to employees for certain expenses, including using mobile phones, fitness and working from home. Binance cited the “current market environment and regulatory climate,” which led to a decline in profit, suggesting more cost-cutting measures may be needed. The report follows a massive layoff in June that affected over 1,000 employees in the exchange.
in crypto projects as Polychain Capital raised $200 million for a new investment fund and Coinfund secured $152 million for a seed fund. Polychain still intends to raise $400 million in total for the new fund. It currently operates three funds with approximately $2.6 billion in assets under management. As for Coinfund, its CEO Jake Brukhman said the company set a goal of raising $125 million but managed to rake in an additional $27 million due to a resurgence of interest in the industry.
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