Etsy CEO is against BTC, and Kraken will reimburse losses to Ethereum holders

Etsy CEO: Bitcoin is not sufficiently developed to be used as a means of payment

osh Silverman, CEO of the famous vintage and craft marketplace Etsy, is confident that the main cryptocurrency is not yet developed enough use it as a means of payment.

“I don’t think it’s quite ready yet to be tender. You need a lot of people holding it before it is actually useful as a form of tender. Never say never, but I don’t think 2021 is a year when we would prioritize that, ” Silverman said.

The company’s top manager also stated that Etsy is not ready to buy bitcoins or invest in other digital assets. In particular, due to the high energy consumption of the bitcoin network, while one of the missions of the marketplace is to maintain the environment.

“I don’t think that it’s our job to speculate with our shareholders’ cash. The cash that Etsy has on its balance sheet stays in very safe securities, ” Silverman said.

Kraken will partially cover losses of customers affected by the drop in ETH

Jesse Powell, CEO of the Kraken cryptocurrency platform, said that the platform is ready to partially compensate for the losses of users affected by the sharp decline in the price of Ethereum. On February 23, the crypto coin rate fell to $700 on the platform.

According to the company’s own data, on February 23, the trading engine “processed orders correctly”, and a significant drop in the price of ETH on the exchange is due to too strong pressure from sellers. Affected Kraken customers will receive between 5% and 50% of the amount of lost assets.

Jesse Powell noted that the company is ready to distribute some of its funds to customers in order to maintain their loyalty. However, large damages will be considered on a case-by-case basis.