It's giving main character energy ✨

“Being a princess isn’t all that it’s cracked up to be.”

- Princess Diana

👋 Happy Tuesday, y'all! Rallie here, the newsletter serving you crypto and tech news with the same energy as a British Prince with a $35M book deal. 

On the menu today:

• 📉 More tech layoffs

• 🔒 The DOJ seizes $465M

• 🌟 Women are the main character

• 🤓 Refresh: Bitcoin basics

• 💯 Top tweets

The Rallie Recap

📉 The layoffs just keep coming...

• This morning, crypto exchange Coinbase announced it's set to layoff 20% of its workforce. CEO Brian Armstrong said the cut was due to 'recent pressure on the crypto sector' undoubtedly referring to the FTX collapse.

• Late last week, news broke that tech giant, Amazon will be cutting 18K jobs—the biggest layoff of any tech company in recent months, and the largest in the company's history.

• Things aren't pretty at Salesforce either, as the tech powerhouse recently made a 10% cut to its workforce. 

• And finally, Goldman Sachs will be slashing 3K+ jobs this week in response to the bear market. Not exactly the fresh start we were all hoping for in 2023.

💀 Looks like SBF needs to find a way to pay his lawyer.

• On Monday, the U.S. Department of Justice (DOJ) seized $465M in Robinhood shares partially owned by former FTX CEO, Sam Bankman-Fried (SBF). By doing so, the DOJ shut down his request to access the stock so that he could pay his legal fees. The audacity of this man!

• And SBF isn't the only one who wanted that stock, last month BlockFi also tried to lay claim to the shares as it seems FTX's sister company, Alameda Research had pledged the stock to BlockFi as part of a billion-dollar collateral package just days before the FTX collapse. That timing's gotta hurt.

Why We Rallie

🌟 When it comes to money, women are the main character. This week, we came across a report by McKinsey titled, Wake up and see the women: Wealth management’s underserved segment, and it didn't disappoint. So if you need any more evidence as to why women are the most important money demographic for financial companies to focus on, here you go:

• Women’s assets are projected to grow at roughly 8.1% compound annual growth rate to 2030, while men’s assets will grow much more slowly, at roughly 2.7%.

• By 2030, women’s share of investments is expected to reach 45% of assets under management (AUM) and a total of €10T.

• 61% of women say they share the same financial adviser as their partner. But when asked whether they would change their adviser if they got separated, 40% of women said yes, compared to 29% of men.

• McKinsey says that financial services companies should set up dedicated online platforms to offer women financial advice tailored to the stage they're at in life. Slay.

Rallie Refresh: Bitcoin Basics

It's a new year, so let's make 2023 the year we become crypto pros (not bros 😏). Starting with the Bitcoin basics, here's 3 quick facts about the OG of cryptocurrency:

1. The idea of Bitcoin first appeared in a white paper published in 2008 by an author using the pseudonym Satoshi Nakamoto. And who Satoshi is? Nobody knows.

2. Transactions made with Bitcoin are recorded on a public ledger called a blockchain. A blockchain is a database for recording information in a way that makes it near impossible to change or hack.

3. Bitcoin is inherently decentralized — meaning it’s not owned by any one person, corporation, group, or government. Instead, decision-making authority is dispersed across all people on the blockchain network.

Btw, here at Rallie, we think Satoshi is a woman. Shop our merch here:

Trending Tweets

Our fav funnies to get you through the day.

Congrats, you made it to the end!

That's all for today. Stay hungry & we'll catch you next time. ✌️

DISCLAIMER: This is not financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions.