Binance has completed the Bitcoin Lightning Network integrations; Binance allegedly laid off more than 1,000 people; Cathie Wood has sold over $50 million worth of Coinbase shares!
Crypto exchange Binance has completed the long-awaited Bitcoin Lightning Network integrations. Investors will now be able to use the Lightning Network for withdrawals and deposits.
Binance, which has been in the grip of US and European regulators for a while, confirmed in its blog post on July 17 that platform users will now be able to use the Tier-2 scaling solution for withdrawals and deposits.
As it is known, Binance started to give the first hints about Lightning Network integration in May. The exchange made the Lightning Network integration decision after it had to temporarily halt withdrawals due to disruptions in the BTC network that resulted in massive increases in gas fees.
Bitcoin Lightning Network on Binance
In early 2023, meme token issuances on Bitcoin received a lot of attention as BRC-20 tokens, a new token standard. With this intense interest, there was an incredible increase in transaction fees.
Later, Binance confirmed that they started working on Bitcoin Lightning Network integrations on June 20, as users began to notice their Lightning nodes.
Binance allegedly laid off more than 1,000 people
Leading cryptocurrency exchange Binance has allegedly laid off more than 1000 people.
According to The Wall Street Journal, the stock market has laid off more than 1,000 jobs in recent weeks. Sources stated that if this process continues, one-third of all Binance’s staff could be laid off.
According to former employees, the department most affected by the situation was the customer service department. It was stated that all Binance branches globally were affected by the wave of layoffs.
The WSJ announced last week that there were some layoffs and resignations, including in the United States. However, there was no information about its scope.
A Binance spokesperson confirmed there were layoffs but declined to reveal how many staff were laid off.
“As we prepare for the next bull rally, it has become clear that we need to focus on talent concentration across the organization to ensure we remain agile and dynamic.”
8000 employees were involved
Before the layoffs began, the company had 8,000 employees worldwide. The stock market has also become the target of many regulators after the lawsuit filed by the US Securities and Exchange Commission.
Binance has denied all of the charges against it. The news last week that the US Department of Justice could also sue Binance, caused concern in the community.
Allegedly, Changpeng Zhao, the CEO of Binance, does not want to cede control of the company and these efforts are resisting.
Cathie Wood has sold over $50 million worth of Coinbase shares
Coinbase stock exchange’s COIN stock price is at its highest levels in the last 52 weeks. Ark Invest, the investment management company of Cathie Wood, has been selling COINs heavily lately.
Ark Invest, which carried out intensive selling transactions while Coinbase share prices were falling, has now started to make profit sales.
After Ark Invest significantly bought Coinbase shares during the bear market, investment firm Coinbase has sold its holdings for the second time in the past week. In addition to the COIN sales, Ark Invest continues to actively invest in Meta Platforms (META) and Robinhood Markets (HOOD) shares in this process.
It has divested a total of 478,356 Coinbase (COIN) shares worth $53 million in Cathie Wood’s Ark Invest funds. Also, the data revealed that the company sold at the year’s high of $114.43 in COIN.