Prominent crypto hedge fund going bust could cause the whole market to collapse 🤯; PayPal's vision for the future is the checkout 💳; Despite Crypto Winter, some crypto firms are hiring like crazy 🤑

Good Morning FinTech, 16 June

Good day Everyone,

And happy Thursday! Today’s issue might be one of the most important ever as we’re going to look at whether the bust of Three Arrows Capital (3AC) could collapse the whole crypto market, understand why PayPal's vision for the future is all about the checkout (and why it could be huge), and look at some crypto companies that are hiring like crazy despite the crypto winter (& what can we learn from them). Let’s jump straight into the good stuff:

Prominent crypto hedge fund going bust could cause the whole crypto market to collapse 🤯

The (breaking) news 🗞 Dubai-based crypto fund Three Arrows Capital, popularly known as 3AC, is facing possible insolvency after incurring at least $400M in liquidations, The Block reported yesterday.

More on this 👉 3AC’s founders, Su Zhu & Kyle Davies, were two of the most vocal participants in the crypto markets in the past few years, making bets on NFTs, DeFi, and Layer 1 blockchains, and cryptocurrency companies. The firm managed approximately $10B at the market peak and counts the likes of options exchange Deribit and financial services firm BlockFi among its venture bets.

3AC is now liquidated by crypto lending firms and is currently in the process of repaying lenders and other counterparties.

Should you worry? I think it’s a definite YES, but let me break it down for you and then you decide. Here’s the takeaway: