THE HASH: Crypto's Latest Wave of Layoffs; What to Expect From Ethereum’s Next Big Upgrade

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CoinDesk

News, Tech News, Daily News, Business News

4.7 • 698 Ratings

🗓️ 2 November 2022

⏱️ 27 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by minima.global and Circle. The most valuable crypto stories for Wednesday, Nov. 2, 2022. "The Hash" team discuss the latest wave of reported layoffs at cryptocurrency exchange BitMEX, crypto-focused financial-services firm Galaxy Digital, and crypto venture capital company Digital Currency Group (DCG). DCG is the parent company of CoinDesk. Plus, more details on Ethereum's next major upgrade, dubbed "Shanghai." See also: Crypto Exchange BitMEX Cuts Staff as It Pivots Back to Derivatives Strategy The Next Major Ethereum Upgrade, Shanghai, Now Has a Testnet This episode has been edited by Michele Musso. Our executive producer is Jared Schwartz. Our theme song is “Neon Beach.” - Minima is a new layer 1 blockchain, designed to run in full on a smartphone. Join over 300,000 Minima node runners on the Incentive Program today, to start earning $MINIMA every day until Mainnet launch. Get your node setup and earn $MINIMA at minima.global/get-involved. - Circle, the sole issuer of the trusted and reliable stablecoin USDC, is our sponsor for today’s show. USDC is a fast, cost-effective solution for global payments at internet speeds. Learn how businesses are taking advantage of these opportunities at Circle’s USDC Hub for Businesses. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0	This episode is sponsored by Minima.global and Circle.
0:12.5	This is the hash podcast.
0:15.4	Stay informed with the latest on Bitcoin, ETH, the Metaverse, Web3, and more,
0:20.1	with stories that matter to the crypto world,
0:22.5	all on the hash for your ears. You're listening to the Coin Desk Podcast Network.
0:31.5	Hello, welcome to the hash, beautiful Wednesday morning. I got Adam B. Levine and Wendy O joining me today to talk about
0:38.6	what's happening on the crypto beat out there. We're going to start off with some depressing news.
0:43.6	Layoffs coming to town. We saw layoffs in the spring and the summer. And now we have our first
0:48.4	set of stories for the fall for some technology layoffs hitting the crypto sector. DCG, the parent
0:53.8	company of CoinDesk,
0:55.1	laid off approximately 12% of its staff, or 13% of staff, rather, yesterday, cutting down
1:00.9	about 10 jobs. And then we've also found out that Bitmex has cut off reportedly 30% of jobs,
1:06.2	the number is still being accurately defined at this point. And then Mike Novagrats' Galaxy Digital laid off
1:11.7	about 20% of its staff yesterday as well. What we're seeing here is just kind of following the
1:17.2	general tech sector, right? There's been a boom and now there's a bust. We're going to see like
1:22.2	a little bloodletting on the streets, which is unfortunate, but it is typically how these cycles go.
1:27.1	We see the peak, or we have trough, and then people lose their jobs in between.
1:31.2	It's building season.
1:32.3	Adam, I want to throw this one over to you.
1:33.5	I wouldn't say this is necessarily unexpected.
1:36.0	All the companies we just listed there are larger.
1:39.2	They typically grow a lot during the bull cycle, and they have to downscale during the
	...

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