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, Pilgrim isn’t into scuba diving, leaving the rest of us to pick up the pieces of Twitter and FTX. No worries, we’re here for you. Mary Ann starts us off by reporting on SoftBank writing 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 reach: That’s right reports on what’s going on with a young company that holds some assets on FTX and now can’t access them because of, well, you know. This time, African web3 startup Nestcoin said it had to lay off employees as a result of not having that access.
  • A real comparison: Now people in Europe can know the joy and wonder that the Klarna price comparison tool, which Paul Writings can be a “credible alternative to Google and Amazon.”
  • Oops: Bird, a micromobility company, told the Securities and Exchange Commission that it included unpaid customer rides in its revenue, thus overstating that particular number for two years. Jaclyn more.
Also Read :  How This Startup Went From Zero Funding To a Leading Crypto Marketing Agency

Startups and VCs

At this point, we all expect our data to be moving pretty fast, but there’s so much it’s still a headache. This is where Quix comes in, Mike writing The real-time data startup secured $12.9 million in Series A funding, not to do it with ksqlDB, Java-based solutions or any of the fancy schmancy SQL-based analytics solutions. Alas, Quix builds event-driven applications using Python.

And we have five more for you:

  • The show must go on: Just because FTX is having issues doesn’t mean other companies are shunning the association. Jacquelyn reports Joepegs NFT marketplace, which has raised $5 million in a round led by FTX and Avalanche.
  • “Adult friendships are fickle beasts”: They are real, but fear not, 222 will help you find the perfect friend who doesn’t care that you earn more than them or who is “lazy,” if that’s what you want, Kyle writing
  • Singapore, prepare your unique taste: Vow, an Australian-based cultured meat company, has raised $49.2 million in Series A funding to bring the first cell-based meat product to restaurants in Singapore, Christine writing
  • Spring into action: Electric vehicle startup Faraday Future has signed a $350 million funding deal to hopefully get it out of past financial challenges and to launch its first car, Jaclyn reports.
  • “The sun is a ball of buttah”: Butter, now with $9 million in funding, led by Gradient Ventures, helps smaller food distribution businesses comply with food safety rules, Catherine writing
Also Read :  Merck Foundation’s ‘Sugar Free Jude’ aims to promote a healthy lifestyle & fight Diabetes for African children and youth in three languages

Preparing for the second decade of fintech: 4 steps your company should take now

Close-Up Of Chess Pieces

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

According to consultant Grant Easterbrook, fintech startups hoping to succeed in the next few years must be prepared to deal with:

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

“Your company needs a very strong value proposition to compete with all four types of competitors,” writes Easterbrook, who shares his ideas for navigating the next decade of fintech in a TC+ guest post .

Two more from the TC+ team:

  • Look, Mom? Layoffs can teach us something: Big tech layoffs haven’t been great, but Natasha M wrote that while we’re still seeing more, entrepreneur Nolan Church, who helped lead Carta’s 2020 layoffs as its chief people officer, has some insight into the recent layoffs on Twitter.
  • If VCs aren’t investing in you, who are they investing in?: That’s right Becca discusses in his latest piece looking at all the dry powder in the VC world, and why it hasn’t been deployed yet.
Also Read :  7 Signs You're Ready to Be an Entrepreneur

TechCrunch+ is our membership program that helps founders and startup teams get ahead of the pack. You can sign up here. Use code “DC” for 15% off annual subscription!

Big Tech Inc.

And just like that, VLC download ban lifted in India, Manish reports. Nine months ago, the country’s electronics and IT ministry initiated a ban on the popular media playback software, something VLC tried to reverse, stating that the ban was “implemented without any prior notice” and was not VLC allows a chance for rejection.

Natasha L has more on our favorite social media channel, this time writing that “Twitter is no longer fulfilling the basic obligations required for it to claim Ireland as its “so-called principal establishment under the General Data Protection Regulation of European Union.” Can’t wait to see where it goes.

And we have five more for you:


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