Popular crypto lender Celsius Network has hired Citigroup in “an advisor capacity” to offer possible solutions following the platform halting all withdrawals last Sunday. According to the source, Citi had previously advised Celsius on its  IPO plans and its mining subsidiary's business.

Binance, Kraken, and Polygon are looking to accelerate hiring and bolster their ranks amid the wider market downturn. The news follows announcements from Crypto.com, BlockFi, and Coinbase, who disclosed they would be cutting roughly 5%, 20%, and 18% of their workforce respectively. 

According to a report released by technology consulting company Capgemini on June 14th,  71% of high net worth individuals (HNWIs) have invested in digital assets. It polled 2,973 HNWIs from across the globe, with 54% reporting a wealth band ranging from $1 million to $30 million and 46% reporting wealth of $30 million and over.

Top stories in the Crypto Roundup today:

• Citigroup Advising Celsius Following Withdrawal Freeze
• Binance, Kraken and Polygon Accelerate Hiring
• Capgemini Survey Shows 71% of HNWI Invested in Digital Assets

Citigroup Advising Celsius Following Withdrawal Freeze

Popular crypto lender Celsius Network has hired Citigroup in “an advisor capacity” to offer possible solutions following the platform halting all withdrawals last Sunday. According to the source, Citi had previously advised Celsius on its mining subsidiary's business and IPO plans.

On June 12th, Celsius announced the imminent halting of withdrawals, swaps, and transfers between accounts on the platform, due to extreme market volatility. As a result, Celsius users have been unable to access their funds. On Tuesday, Celsius tweeted that it is “working around the clock for our community" and will share information “when it becomes appropriate.”

The source revealed to The Block that the investment banking giant is also advising Celsius on offers such as one from rival platform Nexo, which tweeted on June 13th that it had “extended a formal offer to acquire qualifying assets of Celsius Network.” 

According to an article from the Wall Street Journal, Celsius has hired restructuring attorneys from the law firm Akin Gump Strauss Hauer & Feld LLP to advise on possible solutions.

Binance, Kraken and Polygon Accelerate Hiring

Binance, Kraken, and Polygon are among the companies looking to bolster their ranks amid the wider market downturn. The news follows announcements from Crypto.com, BlockFi, and Coinbase who disclosed they would be cutting roughly 5%, 20%, and 18% of their workforce respectively. 

A Binance spokesperson told Coindesk that it has over 2,000 open positions across Europe, Asia, South America, Africa, and the Middle East. "We will continue to grow our team as planned and see this moment in time as an opportunity to gain access to some of the industry's best talent," CEO Changpeng Zhao (CZ) said in a comment shared with CoinDesk.

He continued: "Our business strategy was to position Binance for sustained growth over the next decade through multiple market downturns or even a prolonged multi-year declining market. We believe that cooler markets offer the best opportunity for organizations to invest in or acquire great projects at a more favorable price point. We are going to have a very active pipeline in the months ahead.”

Rival digital asset exchange Krake, also revealed it intends to hire over 500 staff to increase its headcount, and Polygon has already "hired at least 50, senior folks." 

Capgemini Survey Shows 71% of HNWI Invested in Digital Assets

According to a report released by technology consulting company Capgemini on June 14th,  71% of high net worth individuals (HNWIs) have invested in digital assets. It polled 2,973 HNWIs from across the globe, with 54%  reporting a wealth band ranging from $1 million to $30 million and 46% reporting wealth of $30 million and over.

In the survey, participants were asked about their investment preferences for emerging asset classes such as cryptocurrencies, related exchange-traded funds (ETFs), NFTs, and other metaverse-related projects. 

Of those surveyed, the highest concentration of investors interested in digital assets was those under the age of 40, with more than nine in ten in this age group reportedly investing in digital assets. 

Nilesh Vaidya, Capgemini’s head of retail wealth management said: “The influx of new investment avenues such as sustainable investing and digital assets is having a crucial impact on the wealth management industry. Wealth management firms must prioritize providing timely education around this trend to retain their customers.”

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