Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $1,286 trillion. Bitcoin manages to withhold the $30k level after a disappointing week. Ethereum lost almost 3% of its value over the past seven days. XRP decreased by nearly 3% this past week. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector lost over $0.3 billion from the…
2021 has been a relatively good year for crypto. More people want to buy cryptocurrencies. Companies are also expanding quite well.
Expansion tales are always good signs. They show that the market is growing and doing quite well. This week, two of the largest crypto exchanges are taking centre stage.
Rumours have started to circulate that Binance US and the Gemini Exchange are raising funds. Both companies are reportedly finalizing their fundraising rounds, with both sure of securing the “unicorn” status. They will now join names like Coinbase, Ripple Labs, Bitmain, and more companies that have confirmed the billion-dollar status.
Gemini’s Expansion Play Is Paying Off
While this is big news, it’s not surprising. The Gemini Exchange has always been a significant player. It has used its focus on regulation to get favour from regulators across the United States especially. Of course, it helps that the exchange has Tyler and Cameron Winklevoss as founders. Gemini has already expanded its capacity significantly in recent months, and a fundraising round is in order.
Just this week, Forbes reported that Gemini has been hiring aggressively. Jonathan Tamblyn, Gemini’s Director of Talent, told Forbes that the exchange is now hiring for over 200 roles. They range from engineers and software developers to sales executives and marketing professionals. Tamblyn even told Forbes that applicants don’t need to have any experience in crypto. As long as they’re passionate about the space and interested in the job, they have a chance.
Expanding will be a significant play for Gemini. The company has always been in the shadow of companies like Binance and Coinbase since it existed. However, with an injection of funds, it can ramp up its services and boost its market share.
A Big Move for Binance US
Then, there is Binance US. It is the American subsidiary of Binance, the world’s top crypto exchange. Despite just launching two years ago, Binance US has become an industry juggernaut. The business processes billions in transactions and trades daily. Also, it is a significant part of Binance’s dominance in the industry.
Binance itself has been toying with the idea of taking Binance US public. Earlier this month, Binance CEO Changpeng Zhao said they would consider an IPO for Binance US in the next three years. However, However, Zhao said that Binance US would first focus on a significant private funding round. The round will help Binance US to be more independent from Binance itself. So, it will be free to determine the best path forward.
So far, Binance has been unenthusiastic about an IPO. Despite Coinbase’s listing on the NASDAQ, Binance remains focused on growing. With Binance US going public, the company could achieve both goals.