BitGo cuts 15% of staff to bet bigger on stablecoins and AI
BitGo cuts 15% of staff as Bitcoin holds near $60K Binance restricts EU services and OpenAI weighs delaying its IPO until 2027.
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The crypto industry is in full restructuring mode this week.
BitGo is cutting staff as it shifts its focus toward AI and stablecoin infrastructure.
Binance is preparing to exit the EU after failing to secure a license.
Tech stocks are dragging digital assets down with them in a brutal selloff.
OpenAI is rethinking its IPO timeline as markets turn less forgiving.
BitGo cuts 15% of staff to double down on stablecoins and AI
BitGo CEO Mike Belshe said the layoffs are about focus, not financial trouble.
The crypto custodian is shifting resources toward security, trading, and artificial intelligence.
When the company safeguarding $100B in digital assets changes direction, the whole industry pays attention.
Markets
Tech selloff drags crypto to its lowest levels of the year
The Nasdaq fell 2% and the semiconductor index cratered nearly 8% in a single session.
Wall Street is punishing companies that spent big on AI without showing returns yet.
Crypto followed right behind, with Bitcoin touching $58K before stabilizing.
BTC last traded near $60K, ETH slipped below $1,600, SOL held around $71, and XRP sat near $1.04.
Binance to cut off EU customers after failing to secure MiCA license
The world's largest crypto exchange withdrew its EU license application days before a July 1 deadline.
Binance filed with Greece's capital markets regulator in January but pulled out after signs of an impending rejection.
Millions of EU users now need to withdraw their funds from a platform they've relied on for years.
SoftBank stock drops 12% on fears OpenAI will delay its IPO to 2027
A New York Times report suggesting OpenAI may postpone going public wiped billions off SoftBank's valuation.
SoftBank is projected to invest roughly $65B in OpenAI by October, giving it about 13% ownership.
When your biggest bet delays its payday, investors tend to recalculate the math pretty quickly.
On Our Radar
The credit pivot: Crypto OTC desks are quietly becoming lenders, not just traders.*
Solana gets respectable: Upexi's treasury firm lands in Russell Microcap Index.
DraftKings doubles down: The betting giant launches its own prediction markets exchange.
*sponsored
ICYMI
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