Crypto Trading Firm NYDIG Lays Off 33% of Staff

ALSO: Binance launches $500 million bitcoin mining fund, Uniswap v3 picks zkSync and more |

October 14, 2022 The biggest crypto news and ideas of the day  Supported by Hello and welcome to The Node. This is Daniel Kuhn and Xinyi Luo, here to take you through the latest in crypto news and why it matters. In today's newsletter:  Top Shelf: Crypto trading firm NYDIG laid off about 33% of staff, Uniswap will be deployed on zkSync soon and Binance Pool starts a $500 million fund to support bitcoin mining. The Takeaway: David Z. Morris looks at why markets are less than rational in today's economy. If you were forwarded this newsletter and want to subscribe, sign up here. And click here to unsubscribe.   – D.K. Today's must-reads Top Shelf Crypto Trading Firm NYDIG Lays Off About 33% of Staff: The New York-based bitcoin services company NYDIG has cut around 100 jobs over the past several weeks. In late 2021, the firm raised $1 billion in funding to build an institutional-grade platform to bring bitcoin to banks and credit unions. However, the crypto market has soured since the fundraise.  "NYDIG put all their eggs in this banking strategy, but they realized that there was no way that these banks were ready," a former employee told CoinDesk. Uniswap to Deploy on Privacy-Focused zkSync Following Community Vote: Decentralized exchange Uniswap will soon be deployed on privacy-focused layer 2 system zkSync, allowing faster transactions at lower fees. The proposal passed with nearly 100% of all votes agreeing to deploy Uniswap on zkSync, with over 72 million UNI staked by users. Binance Pool Starts $500M Fund to Support Bitcoin Mining: Binance Pool started a $500 million lending facility for BTC miners amid a mining industry downturn. Miners will need to pledge security in the form of physical or digital assets for the loan, which will have a duration of 18-24 months. The company is the latest to join the growing ranks of alternative lenders  providing capital to the distressed mining industry, including mining rig-maker Bitmain, decentralized finance platform Maple Finance and crypto asset management firm Grayscale.  – D.K. and Xinyi Luo  With Nexo Pro, you can do spot, margin, and futures trading, now with a 50% discount on fees. On the platform, beginners and experienced users get access to 3,000+ order books from a single interface. This guarantees you the most favorable price from over 10 liquidity providers with instant execution and near-zero price slippage.    There are 400+ crypto pairs available for which you can set up market, limit, stop loss, take profit, and TWAP orders. An API that can be used for automated trading strategies is also available.  With Nexo Pro live, you can now seamlessly transition from earning and borrowing against your crypto to trading it, and vice-versa. Get started on Nexo Pro today, and profit more by getting the best possible prices on all your trades. Putting the news into perspective The Takeaway  (Anna Moneymaker/Getty Images)   Why Did Crypto Surge After Bad Inflation News?   David Z. Morris looked at yesterday's market spectacle, which had crypto and stocks trading up even after a gloomy inflation print. This means the Federal Reserve is likely to continue raising rates, thereby knocking stocks and crypto down. You can never explain markets, but in the long term they should be rational. Traders seem to be doing the opposite of what is expected. Is reflexicity rational or irrational? Read the article here.  SocialGood App - Handing Out $100s: The Ambition of a Shop-to-Earn App's Founder*   How is the SocialGood App able to offer 100% back to shoppers? Why would they offer such a high reward rate when they could easily offer lower cashback percentages like their competitors? Is there any economic rationale for this business model?   To answer these questions, we spoke with Soichiro Takaoka, the founder and CEO of the company that runs the SocialGood App, SocialGood Foundation Inc.   Read the full interview here    *This is sponsored content from SocialGood. Overheard on CoinDesk TV... Sound Bites "It's going to be [about] continuing to engage on it and working productively with the ecosystem." – Head of digital assets at WisdomTree Will Peck, on the Security and Exchange Commission's rejection of the fund management company's spot bitcoin exchange traded fund proposal, on CoinDesk TV's "First Mover" The news in a sentence Headlines CoinShares Releases Experimental AI Bot That Tries to Calculate the Fair Price for an NFT | Popular Bitcoin Astrologer's Star Falls on Twitter Following $30K in Celsius Payments | US Judge Removes Legal Firm Roche Freedman From Class Action Against Tether, Bitfinex | Crypto Hacker Agrees to Pay $22M in AT&T SIM-Swap Case | FTX's Sam Bankman-Fried Backtracks on $1B Political Donation, Calls it 'Dumb Quote | What others are writing Off-Chain Signals  Celsius Exchange Data Dump Is a Gift to Crypto Sleuths—and Thieves (Andy Greenberg, Wired – soft paywall) Mark Zuckerberg's Meta Metaverse Legs Were Staged (Decrypt) Who is Avraham Eisenberg and why is he all over Crypto Twitter? (Protos) New crypto accounting guidelines could 'smooth the way' for adoption (Cointelegraph) The Chaser... The Node A newsletter from CoinDesk Were you forwarded this newsletter? Sign up here. See Previous Editions Copyright © 2022 CoinDesk, All rights reserved.  250 Park Avenue South New York, NY 10003, USA See all of CoinDesk's newsletters | Opt out