Nigerian startup that stored its ‘day-to-day operational budget’ on FTX announces staff cuts  • TechCrunch

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Hello, and welcome to the start of another week. As mentioned last Friday, Hey He’s off scuba diving, leaving the rest of us to pick up the Twitter and FTX bits. Don’t hesitate, we are here for you. Mary Ann He starts us off by reporting on SoftBank writing down a nearly $100 million investment in FTX. And with that, let’s dig in! — Christine

The TechCrunch Top 3

  • This FTX business has a wide range: Tage reports on what happens to a young company that had some assets in FTX and now cannot be accessed because, you know. In this case, Nestcoin, a web 3 startup in Africa, said they had to lay off employees because they didn’t have that access.
  • A true comparison: Now people in Europe can know the joy and surprise that the price comparison tool Klarna, which Paul It could be a “credible alternative to Google and Amazon.”
  • Oops: Bird, a micro-mobility company, told the Securities and Exchange Commission that it had included unpaid customer rides in its revenue, and therefore exaggerated that particular number for two years. Jaclyn there are more.
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Startups and VC

At this point, we’re expecting our data to transfer pretty quickly, but there’s so much of it that it’s still a headache. This is where Quix comes in, Mike writes. The real-time data startup secured $12.9 million in Series A funding, without doing this with ksqlDB, Java-based solutions or any of the fancy schmancy SQL-based analytics solutions. Oh no, Quix is ​​developing event-driven applications with Python.

And we have five more for you:

  • The program must Continue: Just because FTX is having problems doesn’t mean other companies are shying away from the association. Jacquelyn reports on the Joepegs NFT market, which raised $5 million in a round co-led by FTX and Avalanche.
  • “Adult friendships are fickle beasts”: Indeed they are, but fear not, 222 will help you find that perfect friend regardless of whether you do more than they do or are “lazy,” if that’s what you’re into heart, Slim writes.
  • Singapore, get your exotic taste buds ready: Australia-based cultured meat company Vow has raised $49.2 million in Series A funding to get its first cell-based meat product to restaurants in Singapore, Christine writes.
  • Spring into action: Electric vehicle startup Faraday Future signs $350 million funding deal to emerge from previous financial challenges and launch its first vehicle, Jaclyn reports.
  • “The sun is a Buttah ball”: im, which is now on stream with $9 million in funding, led by Gradient Ventures, is helping smaller food distribution businesses comply with food safety rules, Catherine writes.
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Preparing for fintech’s second decade: 4 moves your business needs to make now

Close Chess Pieces

Image Credits: Emilija Manevska (opens in a new window) / Getty Images

According to consultant Grant Easterbrook, fintech startups hoping to succeed in the next few years need to be prepared to tackle the following:

  • Major banks and financial service providers with loyalty programs and “super apps.”
  • Emerging DeFi protocols “that can offer financial products involving real-world assets.”
  • Banking, invoicing, lending, payments, accounting packaged as “embedded financial products.”
  • Many countries issue their own Central Bank Digital Currency (CBDC).

“Your business will need a compelling value proposition to compete with all four types of competitors,” writes Easterbrook, who shares his thoughts on navigating the next decade of fintech in a TC+ guest post.

Two more from the TC+ team:

  • Look, Mom? Layoffs can teach us something: The high-tech layoffs were not big, but Natasha M writes that while we could see more, entrepreneur Nolan Church, who helped lead the Carta 2020 layoffs as chief people officer, has some perspective on Twitter’s recent layoffs.
  • If a VC isn’t investing in you, who are they investing in?: That’s the size Becca she discusses in her latest piece that looks at all the dry powder in the VC world, and why it’s not being deployed yet.
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TechCrunch+ Our membership program helps founders and startup teams get ahead of the pack. You can register here. Use the code “DC” for 15% off an annual subscription!

Big Tech Inc.

And just like that, VLC download ban was lifted in India, Manish reports. Nine months ago, the country’s Ministry of Electronics and IT initiated the ban on the popular media playback software, which VLC worked to try to reverse, saying the ban was “implemented without any prior notice” and VLC did not allow his chance for a rebuttal.

Natasha L There’s more on our favorite social media channel, this time writing that “Twitter is not meeting the key obligations required to claim Ireland as a so-called ‘main establishment’ under the European Union’s General Data Protection Regulation”. I can’t wait to see where this goes.

And we have five more for you:



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