Crypto consolidation is here, and it’s messy
— Latest financial stability report, Overheard, Crypto miners, Cash, Rushing, Sec, Consolidation mode, Stay afloat, Perfect storm, Crypto companies — 1 min read
The value of crypto, cut by more than two-thirds, slipped below $1 trillion in seven months. Atlanta's fintech hub eToro canceled its SPAC merger deal. Some companies are scrambling for additional financing to cope with the crisis. Some third-tier exchanges are “already secretly insolvent” and are ‘basically too far gone,” FTX CEO Sam Bankman-Fried told Forbes. The process may be inevitable, but the pain is unenviable, but it's inevitable, it's hard to say goodbye to the once-fast-growing industry. Read more from Protocol Fintech on the DataStax: On the Money Stax: Looking for talent in Atlanta. Source