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Goldman Sachs Launches New Ethereum Derivative, Layoffs at Crypto.com, Binance vs. Private Litecoin + More News

Linas Kmieliauskas
Last updated: | 2 min read
Source: Adobe/piter2121

 

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.

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Investments news

  • Goldman Sachs executed its first trade of ethereum (ETH) non-deliverable forwards, a derivative that pays out in cash based on the price of ETH, Bloomberg reported, citing Marex Financial, Goldman’s counterparty in this transaction. This derivative gives institutional investors exposure without having to hold ETH.

Exchange news

  • Crypto.com decided to cut almost 5% of its workforce, or about 260 employees, CEO Kris Marszalek said in a tweet. This was done in order to “ensure continued and sustainable growth for the long term” amid the market downturn, he added.
  • Binance announced they will not support the deposits and withdrawals of litecoin (LTC) that utilize the MimbleWimble Extension Blocks (MWEB) function, which provides users with an option of sending confidential LTC transactions without revealing any transaction information.
  • Coinbase CEO Brian Armstrong responded to an online petition purportedly coming from one or a group of Coinbase workers calling out the management team for numerous mistakes and demanding the exits of Chief Operating Officer Emilie Choi, Chief Product Officer Surojit Chatterjee, and Chief People Officer L.J. Brock. He urged the anonymous petitioners to “quit and find a company to work at that you believe in,” and later added that “if you get caught you will be fired.”

Legal news

  • Binance.US is facing a class-action lawsuit from investors for the sale of terra (LUNA) and terraUSD (UST) tokens. The lawsuit alleges that Binance.US is not registered as a broker-dealer in the US and that it sold the tokens as unregistered securities and misled investors into buying them.

Regulation news

  • The European Union might reach an agreement on key legislation to regulate the crypto sector this month, which would set common rules across its member states, Bloomberg reported, citing people familiar with the matter. Negotiators are expected to meet on June 14 and June 30.
  • Crypto firm BlockFi tapped a five-person policy team with law and lobbying firm Arnold & Porter Kaye Scholer to work on “regulatory and tax policy for financial service providers in digital assets,” according to Reuters.

Adoption news

  • Money transfer service MoneyGram and the Stellar Development Foundation (SDF), a non-profit organization that supports the development and growth of blockchain project Stellar (XLM), announced the initial roll-out of their on/off-ramp service for digital wallets that provides cash users access to crypto via any participating MoneyGram location. The service is now available in a number of “key remittance markets,” including Canada, Kenya, the Philippines, and the US for the first wave of users, with global cash-out functionality expected to be available by the end of June 2022.

Web3 news

  • Institutional crypto gateway Elwood announced it is using blockchain oracle project Chainlink (LINK) to help bring Web3 market data and analytics to smart contracts. Elwood will be contributing its asset pricing data to Chainlink decentralized oracle networks to generate tamper-resistant oracle reports, they said.