• Elon Musk has expressed his support for a common digital currency being developed by Brazil and Argentina.
• The goal of creating the new currency is to undermine the U.S. dollar’s strength in the region.
• Robert Kiyosaki has recommended buying bitcoin and avoiding the crash of the dollar.

Elon Musk and Robert Kiyosaki have recently expressed their support for the creation of a common digital currency between Brazil and Argentina. Reports indicate that the two countries are working on the project, which is being called ‘Sur’, and they are inviting other Latin American countries to join. The goal of this new currency is to reduce the strength of the US dollar in the region.

The news has been welcomed by many, including Musk himself, who took to Twitter to express his opinion that the move is “probably a good idea.” Sergio Massa, the minister of the Economy of Argentina, has said that deep discussions are the first step in the creation of the currency.

The news has also sparked predictions from Kiyosaki, the author of “Rich Dad Poor Dad”. He believes that the US dollar is toast and that Saudi Arabia joining BRICS in October is a sign of this. As a result, he is recommending that people buy bitcoin, as it will help them to avoid the crash of the US dollar.

The creation of the new currency is likely to have a big impact on the region and the global economy. It will be interesting to see how this project develops and if it will be a success. It is clear that the initiative has been welcomed by both Musk and Kiyosaki, and it is likely that other figures in the world of finance will also express their views.

• Fidelity Investments-backed crypto exchange OSL has cut its staff in order to reduce overhead costs and stay afloat amid the crypto winter.
• Silvergate, Coinbase, ConsenSys, Huobi, Crypto.com, Wrye, Genesis and SuperRare have also been reported to have downsized their staff.
• Surprisingly, Binance has announced it currently has 700 open job positions in key areas such as account managers, software developers, and blockchain evangelists.

Amid the current crypto winter, Fidelity Investments-backed crypto exchange OSL has joined the list of exchanges cutting down their workforce in order to reduce overhead costs and stay afloat. OSL did not immediately respond to requests for comments, however, Hugh Madden, CEO of OSL’s parent company, BC Technology Group, said in a statement to Bloomberg that the major reason for the retrenchment is due to the severe effects of the crypto winter.

Silvergate, a US-based cryptocurrency bank, recently announced that it would retrench 40% (the equivalent of 200 workers) of its workforce to stay afloat in business, its shares plummeting by 46% shortly before the announcement. Coinbase, a leading US-based crypto exchange, then announced through its CEO and Co-founder Brian Armstrong that it would be laying off about 950 employees, adding to the 1,100 that were retrenched in 2022. Armstrong cited skyrocketing expenses as the major reason for its layoffs, however he reiterated the exchange’s commitment to providing quality service amidst the current market anxiety.

Reports then circulated that New York-based ConsenSys web3 company was contemplating the possibility of slashing out 100 workers from its team to cope with the gloomy market conditions. Other crypto platforms such as Huobi, Crypto.com, Wrye, Genesis and SuperRare have also been reported to have downsized their staff.

Surprisingly, Binance announced on Jan.3 that it currently has 700 open job positions that are focused on key areas such as account managers, software developers, and blockchain evangelists. The exchange’s CEO, Changpeng Zhao, stated that they were hiring in order to increase their customer support and build better products.

The effects of the crypto winter have been widespread, with many exchanges cutting down their workforce in order to reduce overhead costs and remain afloat. Although the landscape may seem bleak, some exchanges are making moves to take advantage of the situation, such as Binance, who is hiring in order to increase their customer support and build better products. It remains to be seen how the situation will pan out in the long run, but for now, it is clear that many exchanges are taking necessary steps to remain competitive in the current market climate.

• Silvergate Capital reported a net loss of nearly $1 billion at the end of Q4 2022.
• The firm experienced deposit outflows, necessitating liquidity maintenance.
• Silvergate executed a plan to sustain a highly liquid balance sheet and fortified capital position.

Silvergate Capital, a global virtual asset bank, recently released their Q4 results for 2022, showing a net loss of $949 million. This is a stark contrast to their 2021 results which showed a $75.5 million profit. The firm attributed the loss to deposit outflows and the crypto market impediments that led to various partakers initiating a change of risk-off on all virtual asset trading.

Silvergate reported that they saw $117 billion in transfers in the fourth quarter, a 4% increase from the third quarter ($112.6 billion). However, it is a 47% decrease compared to the fourth quarter of 2021 ($219 billion). A class action lawsuit was also initiated against the firm on December 16, 2022.

In response to the losses, the Chief Officer of Silvergate mentioned that they remained focused on providing value-added services for their clients. The organization also executed a plan to sustain a highly liquid balance sheet with a fortified capital position. As of Dec. 31, 2022, Silvergate had 1,620 customers.

Overall, the losses at Silvergate are a reminder of the volatility of the crypto market and its potential to cause disruption. While the company is taking steps to ensure a better future, it is still uncertain how the losses will impact their operations in the long run.