Nigerian startup that stored its ‘daily operating budget’ in FTX announces staff cuts • TechCrunch | Jobs Recent

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Hello and welcome to the beginning of next week. As mentioned last Friday, high is off the dive, leaving the rest of us to pick up Twitter and FTX articles. No problem, we are here for you. Maria Anna begins us by reporting that SoftBank has committed nearly $100 million to an investment in FTX. And with that, let’s kick! — Christina

TechCrunch Top 3

  • This FTX business has a wide reach: Tag reports on what is going on with a young company that had assets in FTX and is now unable to access them due to, you know. In this case, African web3 startup Nestcoin said it had to lay off employees due to the lack of such access.
  • A real comparison: Now people in Europe can experience the joy and delight of Klarna’s price comparison tool, which Paul he writes, it may just be “a credible alternative to Google and Amazon.”
  • oops: Bird, a micromobility company, told the Securities and Exchange Commission that it included customer free rides in its revenue, thereby inflating that specific figure for two years. Jaclyn has more.

Startups and VCs

At this point, we all expect our data to move quite quickly, but there’s so much of it that it’s still a headache. This is where Quix comes in, Microphone writes. The real-time data startup raised $12.9 million in Series A funding, not doing so with ksqlDB, Java-based solutions, or any of those fancy SQL-based analytics solutions. Oh no, Quix develops event-driven applications in Python.

And we have five more for you:

  • The show must go onA: Just because FTX has problems doesn’t mean other companies avoid 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”: They are indeed, but don’t be afraid, 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 like, Kyle writes.
  • Singapore, prepare your exotic taste buds: Vow, an Australian meat farming company, took up $49.2 million in Series A funding to bring its first cell-based meat product to Singaporean restaurants, Christina writes.
  • Get in on the action: Electric vehicle startup Faraday Future has signed a $350 million financing deal to hopefully get out of its previous financial challenges and bring its first vehicle to market, Jaclyn reports.
  • “The sun is a buttah ball”: Butter, now funded with $9 million and run by Gradient Ventures, helps smaller food distribution companies comply with food safety rules, Catherine writes.

Preparing for the second decade of fintech: 4 moves your business needs to make now

Macro Chess Pieces

Image credits: Emilia Manewska (opens in a new window) / Getty Images

According to consultant Grant Easterbrook, fintech startups that hope to succeed in the next few years need to be prepared for:

  • Major banks and financial service providers with loyalty programs and “super apps”.
  • Emerging DeFi protocols “that could offer financial products involving real-world assets.”
  • Banking, invoicing, loans, payments, accounting in the form of “embedded financial products”.
  • Many countries issue their own central bank digital currency (CBDC).

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

Two more from the TC+ team:

  • You see, mom? Layoffs can teach us something: Big tech layoffs weren’t great but Natasha M writes that while we may have seen more, entrepreneur Nolan Church, who helped lead Cart’s 2020 layoffs as chief human resources officer, has some insight on Twitter’s recent layoffs.
  • If VC funds don’t invest in you, who do they invest in?: That’s the point Becca discusses in his latest article, which is all about dry powder in the VC world and why it’s not being rolled out yet.

TechCrunch+ is our membership program that helps startup founders and teams stay ahead of the competition. You can register here. Use code “DC” for 15% off 1 year subscription!

Big Tech Inc.

And just like that, the ban on VLC downloads in India was lifted, Manish reports. Nine months ago, the country’s electronics and computer ministry banned popular media player software, something VLC tried to reverse by stating that the ban was “implemented without prior notice” and didn’t allow VLC a chance to counter-argu.

Natasha L has more on our favorite social media channel, this time writing that “Twitter no longer meets the key obligations required to recognize Ireland as its “so-called primary 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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