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Binance Reduces Expenses, Ripple Prepares for US Banks, and Crypto Venture Capitalists Make a Comeback

Binance Reduces Expenses, Ripple Prepares for US Banks, and Crypto Venture Capitalists Make a Comeback

Binance, the world’s largest centralized crypto exchange, is experiencing declining profits and has cut back on employee benefits. The company has reportedly fired over 1,000 employees and may make further cuts in response to the current market environment and regulatory climate. Despite these challenges, Binance remains the most popular exchange with over $63 billion in assets.

Ripple’s chief legal officer believes that U.S. banks may soon adopt XRP for cross-border transactions following a recent court ruling. With the label of “security” no longer hanging over XRP, partnerships between Ripple and banks could see a resurgence.

Marathon Digital, a crypto mining company, is facing a lawsuit from shareholders who allege that top management breached fiduciary duties and wasted corporate assets.

Polychain Capital and Coinfund have raised significant funds for new crypto investment funds, signaling a return of venture capital to the industry. Polychain raised $200 million and aims to raise a total of $400 million, while Coinfund secured $152 million.

In other news, BlackRock’s application for a Bitcoin exchange-traded fund is seen as the start of a new crypto bull market, with predictions of a “speculative blow-off top” in 2024.

Summary:

– Binance cuts back on employee benefits due to declining profits

– Ripple expects U.S. banks to adopt XRP following a court ruling

– Marathon Digital faces a lawsuit from shareholders

– Polychain Capital and Coinfund raise significant funds for new crypto investment funds

– BlackRock’s Bitcoin ETF application sparks predictions of a new bull market in crypto

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