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Hey Waivly Crew! 🌊 The Weeknd is joining forces with Binance for his upcoming “After Hours Til Dawn” world tour. Crypto exchange Gemini is cutting 10% of its total workforce due to the “crypto winter.”

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Want more from us at Waivly? Join Waivly+, the premium Waivly membership with exclusive content, resources, giveaways, events, and so much more, all blended together into one super low-cost and quick to join subscription 🎉 Head over to our website and hit “Subscribe” to get onboard!

The Weeknd partners with Binance for Web3-powered world tour

Binance, the world’s largest cryptocurrency exchange, has announced it is the official sponsor of The Weekend’s upcoming "After Hours Til Dawn" tour.

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As part of the partnership, Binance will work with HXOUSE, a think-center and community incubator for creative entrepreneurs, to launch an exclusive NFT collection for The Weeknd’s tour, as well as co-branded tour merchandise.

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"Binance is all about the community, about people, about inclusion. I was impressed by their focus on users and innovative edge," said The Weeknd. "It made perfect sense to work together and I can't wait for fans to experience crypto within a creative avenue while supporting a good cause. There are so many possibilities with crypto and I think this is just the beginning."

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To mark the launch of the tour, Binance will make a donation of $2 million to the XO Humanitarian Fund, a non-profit that The Weeknd launched earlier this year to support the United Nations World Food Programme’s emergency operations in hunger hotspots around the world.

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Additionally, Binance and The Weeknd plan to create a separate ‘specially designed NFT collection’ to donate five percent of its sales to the XO Humanitarian Fund.

The Waves

🚫 Biden administration to draft crypto mining policy recommendations

🐕 California Senate candidate is a DogeCoin advocate

🤔 Coinfund CEO Jake Brukhman’s thoughts on NFTs

🔨 Alchemy launches Solana developer platform

Crypto Special

Gemini lays off 10% of employees blaming “crypto winter”

US-based crypto exchange and custodian Gemini said that it will lay off about 10% of its workforce to prepare for the “crypto winter.”

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The firm, led by billionaire twins Cameron and Tyler Winklevoss, announced the move in a blog post on Thursday. Gemini has not disclosed the number of employees fired, but according to its LinkedIn, over 1,000 people work at the company.

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The brothers stated they believe the “crypto revolution” is well underway but said that its current trajectory has forced them to cut down the size of their workforce until the crypto market settles down to “a new equilibrium that is higher than before.”

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“We have asked team leaders to ensure that they are focused only on products that are critical to our mission and assess whether their teams are right-sized for the current, turbulent market conditions that are likely to persist for some time,” they wrote. “After much thought and consideration, we have made the difficult but necessary decision to part ways with approximately 10% of our workforce.”

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This announcement comes as the Commodity Futures Trading Commission (CFTC) is suing Gemini on allegations that between July and December 2017, the exchange’s staff omitted “material facts” and untrue information to the federal regulator in connection with a futures product certification.

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New York Senate passes moratorium on proof-of-work crypto mining

Following an early morning vote in Albany on Friday, lawmakers in New York passed a bill that imposes a moratorium on new proof-of-work crypto mining operations in the state.

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This means that all new proof-of-work mining facilities that run on carbon-based fuel will face a two-year ban. However, existing mining firms or ones undergoing the permit renewal process would be allowed to continue operations.

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During this moratorium, the state will conduct a study on the environmental impact of proof-of-work mining along with any potential “social and economic costs and benefits.”

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Members of the Senate voted 36-27 in favour of the bill, which was previously passed by the state assembly in April. The bill will be sent to New York Governor Kathy Hochul.

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“There are an increasing number of cryptocurrency mining operations in New York that are mining cryptocurrencies that use proof-of-work consensus algorithm, such as Bitcoin and Ethereum,” the new bill states. “Some cryptocurrency mining companies purchased retired fossil fuel plants and began operating at a much higher rate than the plants did previously. Those companies are essentially operating as an electric generating facility that uses fossil fuels.”

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“We must determine whether the growth of proof-of-work authentication cryptocurrency mining companies that operate their own electric generating facilities and produce energy by burning fossil fuels is incompatible with our greenhouse gas emission targets established in law.”

Own and secure your crypto with Ledger

If you’re into cryptocurrency and own crypto assets, you need a secure place to store your coins and tokens. You probably already know that you shouldn’t store your crypto on an exchange due to potential hacks, not being solely in control of crypto’s private keys, and for other reasons, and so a hardware wallet is the way to go and the best option to protect your private keys, therefore, you should make the move to a Ledger wallet.

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Ledger wallets are an extremely secure and premium way to secure, manage, and grow your crypto assets with their Bluetooth-enabled hardware wallets, and easy-to-use app which lets you manage your portfolio on the go. They let you manage multiple assets, buy, sell, grow, and exchange crypto, gain financial freedom by you being in full control and ownership of your private keys, and so much more.

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The wallets are really simple to setup, and to move your crypto over to, so there’s no reason not to secure your assets and take control of your cryptocurrency now and get yourself a Ledger device. You can manage 1800+ coins and tokens directly in the Ledger Live app once you’ve got your device up and running, so you’ll always have your entire portfolio covered.

Share The Wave

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*Waivly+ is a premium Waivly membership. Join at anytime by clicking “Subscribe” on the Waivly website, and cancel anytime by heading to your account on Waivly.

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