Today in Crypto: Voyager starts restructuring

The cryptocurrency exchange KuCoin is reportedly looking to hire 300 employees over the next few months, which goes against the fear that a recession will get worse, Seeking Alpha wrote on Monday (July 11).

The report quoted KuCoin CEO Johnny Lyu as saying that the company has no plans to cut employees. He added that the company wants to continue to grow and will focus on “releasing new products and maintaining a healthy atmosphere in our team.”

In other news, nearly all of Texas’ industrial-scale bitcoin miners have turned off their machines, and companies are preparing for a heat wave that could strain the state’s power grid to the breaking point, according to a Bloomberg report on Monday.

Several miners, including Riot Blockchain and Argo Blockchain, ended up moving to Texas due to low energy costs and liberal crypto regulations. Now the miners will probably see less profit, with the heat waves making them have to keep their machines off.

Furthermore, Bank of England Governor Andrew Bailey said that crypto can have a certain value due to people’s desire to collect the assets, Bloomberg reported on Monday.

Bailey has previously been critical of crypto. He qualified these comments, given in a testimony to British lawmakers, by saying that there were still risks associated with crypto.

In addition, Coinbase announced on Monday that it has updated its Coinbase Prices application, now called Coinbase Explore, which will help provide users with a unique platform for researching crypto.

This will be an upgraded version of Prices, which gave users detailed research on cryptocurrencies. Explore will cover more than prices and will be able to examine “all aspects” of things, including basic educational content, detailed data on decentralized financial protocols (DeFi) or searches for chain transactions and addresses.

In several cryptocurrencies, Celsius Network has paid down $ 95 million of its debt to the Aave and Compound DeFi platforms, weeks after having to stop customer withdrawals due to liquidity problems, CoinDesk wrote on Monday.

This has released $ 172 million in security that was locked on the platforms.

Finally, Voyager has started a voluntary restructuring process under Chapter 11, which will help it resume account access, according to a company blog post.

The company has clarified some concerns for users. For those wondering how this will affect their cash, Voyager said they are working to restore USD deposits, which will return to customers after a reconciliation and fraud prevention process.

In addition, some users have questioned whether their money is safe and whether they want everything back. Voyager has said that USD for customers is held in a special account called a For Benefit of Customers account with the Metropolitan Commercial Bank of New York (MCB). The company said that the amount of USD in that account is equal to the amount in customer accounts.

The company also confirmed that the USD in MCB’s Voyager cash account is FDIC-insured, which means it is covered in the event of an MCB error of up to $ 250,000 per person – although this does not protect against Voyager’s error. However, the company said it has no customer money.

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