TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. China could use digital yuan for the 2022 Winter Olympics. ConsenSys to lay off 14% of its staff. Heifer International joins Facebook Libra Association. dY/dX announces perpetual contracts. BitMEX operators donate $2.5 million to COVID-19 Response Fund, and Coinbase hires a former Barclays executive.
China to Use Digital Yuan for Next Winter Olympics
The People’s Bank Of China, China’s central bank, is considering the use of a digital yuan (called DCEP) for the next Winter Olympics to be celebrated in 2022. According to a report from state channel CCTV, an unnamed officer of the Digital Currency Research Institute of the PBOC said the system, currently in development and testing stages, could be used by the next Winter Olympics. This move indicates DCEP would be ready for 2021, to give officers time to test it thoroughly before the Winter Olympics event in Beijing.
ConsenSys Will Lay Off 14% of Its Staff
ConsenSys, the Ethereum software company, announced it will lay off 14% of its staff as a result of the coronavirus backslash the economy is facing all around the globe. Joseph Lubin, founder and CEO of ConsenSys, made the announcement on a Zoom conference, stating he “considered many levers we could pull to weather this storm,” seeking to avoid the layoffs, but in the end he declared it was not possible. This is the second round of layoffs ConsenSys executes this year, with 14% of the staff being fired in February.
Heifer International Joins Libra Association
Heifer International, a hunger-battling worldwide non-profit, joined the Libra Association, the cryptocurrency project backed up by Facebook. Heifer stated it feels “the Libra project has the potential to deliver a lower-cost, more accessible and more connected global financial system.” Heifer works with poor farmers around the world who face serious difficulties to enter the traditional credit market, and it believes Libra will give these people an opportunity to connect to an effective alternate finance system.
dY/dX Announces Perpetual Contracts
dY/dX, an Ethereum-based decentralized finance platform, launched Perpetual Contract markets, allowing for several cryptocurrencies different than Ethereum to be traded on its platform. The first Perpetual market is the BTC/USD pair, offering users 10X level leverage, with no expiry, and settlement and margin in USDC. The market is already live in a private alpha rollup, and it will be opened to new users next week. The whole operation is managed by an open-source smart contract deployed in Ethereum.
BitMEX Operator Announces COVID-19 Response Fund
HDR Global Trading Limited, operator of the popular BitMEX cryptocurrency exchange, launched its COVID-19 Response Fund with a donation of $2.5 million dollars directed to help the world effort against coronavirus. BitMEX will issue several philanthropy grants to four non-profits that have been battling coronavirus on different fronts: Gates Philanthropy Partners, Nuclear Threat Initiative (Biosecurity Program), OpenMined, and Our World in Data, each one getting between $300,000 and $1,000,000.
Coinbase Hires Barclays Former Head of Sales
Coinbase, the most popular US based cryptocurrency exchange, hired Brett Tejpaul, Barclays Capital former head of global sales, to further expand the institutional bet of the company. Tejpaul will be head of institutional coverage in Coinbase, and his task will be to entice more institutions to invest in cryptocurrencies. However, Tejpaul states stablecoins could be the first point of contact for many companies with the market. “Stablecoins could drive institutional clients becoming active in this space,” he stressed.
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