November 27, 2022

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Nigerian startup that saved its ‘daily operating budget’ on FTX announces staff cuts • Eureka News Now

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Hello and welcome to the start of a new week. As mentioned last Friday, hey is off diving and leaving it to the rest of us to pick up the twitter and ftx pieces. No problem, we are here for you. Maria Ann starts us by covering SoftBank, which has written off a nearly $100 million investment in FTX. And with that, let’s get in! — Christine

The Eureka News Now Top 3

This FTX trade has a wide reach: days reports on what is happening to a young company that held some assets in FTX and now can’t access them because, well, you know. In this case, African Web3 startup Nestcoin said it had to lay off employees because it didn’t have that access. A real comparison: now people in Europe can experience the joy and wonder of the Klarna price comparison tool Paul writes possibly only a “credible alternative to Google and Amazon”. Oops: Bird, a micro-mobility company, told the Securities and Exchange Commission that it included unpaid customer rides in its earnings, overstating that particular number for two years. jaclyn has more.

Startups and VCs

At this point, we all expect our data to be moving fairly 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, not to mention ksqlDB, Java-based solutions, or any fancy SQL-based analytics solutions. Oh no, Quix develops event-driven applications using Python.

And we have five more for you:

The show must go on: Just because FTX is struggling doesn’t mean other companies shy away from association. Jaquelyn reports on Joepegs’ NFT marketplace raising $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 boyfriend who doesn’t care that you make more than they do, or who “tends to be lazy.” “when that’s you are in, kyle writes. Singapore, get your exotic taste buds ready: Vow, an Australia-based cultured meat company, slammed $49.2 million in Series A funding to bring its first cell-based meat product to restaurants in Singapore. Christine writes. Jumping into action: Electric vehicle startup Faraday Future has signed a $350 million financing deal, hoping to pull it out of its previous financial woes and launch its first vehicle. jaclyn reports. “The Sun’s a Bunch of Buttah”: Now blessed with $9 million in funding and led by Gradient Ventures, Butter is helping smaller food distribution companies comply with food safety regulations. Catherine writes.

Preparing for fintech’s second decade: 4 steps your business needs to take now

Nigerian startup that saved its ‘daily operating budget’ on FTX announces staff cuts • Eureka News Now

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

According to advisor Grant Easterbrook, fintech startups who want to thrive in the next few years must be prepared to compete against:

Large banks and financial service providers with loyalty programs and “super apps”. Emerging DeFi protocols “that can offer financial products that involve real assets.” Banking, billing, lending, payments, accounting packaged as “embedded financial products”. Several countries issue their own central bank digital currency (CBDC).

“Your firm is going to need a very strong value proposition to compete with all four types of competitors,” writes Easterbrook, who shares his ideas for navigating fintech’s next decade in a TC+ guest post.

Two more from the TC+ team:

Do you see mom? Layoffs can teach us something: the big tech layoffs weren’t great, but Natasha M writes that while we could see more, entrepreneur Nolan Church, who helped lead Carta’s 2020 layoffs as chief people officer, has some perspective on Twitter’s recent layoffs. If VCs aren’t investing in you, who are they investing in?: That’s what becca discusses in their latest article looking at all the dry powder in the VC world and why it isn’t deployed yet.

Eureka News Now+ is our membership program that helps founders and startup teams stay ahead of the competition. Here you can sign up. Use code “DC” for 15% off an annual subscription!

BigTech Inc.

And just like that, VLC’s download ban was lifted in India, Manic reports. Nine months ago, the country’s Electronics and IT Ministry enacted the ban on the popular media player software, something VLC tried to reverse, stating that the ban was “enacted without notice” and VLC had not allowed a chance to refute.

Natasha L has more on our favorite social media channel, this time writing that “Twitter is no longer fulfilling important obligations required to claim Ireland as its “so-called principal place of business under the European Union’s General Data Protection Regulation”. I hardly can expect to see where this leads.

And we have five more for you:

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