Crypto Biz: Crypto outflows surge, a16z’s UK office, and the silent altcoins ban
A tight regulatory environment in the United States coupled with soaring interest rates is forcing crypto companies to rethink their business strategies. A combination of escalating interest rates and a tight regulatory environment in the United States has driven a $417 million outflow from the crypto industry in the past eight weeks, with halts in trading for many altcoins draining liquidity and prolonging the ongoing crypto winter. This environment is forcing crypto companies to rethink and adapt their business strategies. Crypto exchange Binance, for instance, is moving forward with efforts to diversify its sources of revenue amid legal challenges with regulators. The company is launching a new subscription-based cloud mining product dedicated to Bitcoin (BTC), allowing users without equipment to purchase Bitcoin hash rates via Binance’s cloud mining service. Also taking a new direction is venture capital firm Andreessen Horowitz (a16z), opening its first office outside the U.S. i...