Monday, November 14, 2022

Nigerian startup that stored its 'day-to-day operational budget' on FTX announces staff cuts 

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By Christine Hall

Monday, November 14, 2022

Hello, and welcome to the beginning of another week. As mentioned last Friday, Haje is off scuba diving, leaving the rest of us to pick up the Twitter and FTX pieces. No bother, we are here for you. Mary Ann starts us off by reporting on SoftBank writing down an almost $100 million investment into FTX. And with that, let's dig in! — Christine

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Image Credits: Nestcoin

The TechCrunch Top 3

  • This FTX business has wide reach: Tage reports on what happens to a young company that held some assets in FTX and now can't access them due to, well, you know. In this instance, African web3 startup Nestcoin said it had to lay off employees as a result of not having that access.
  • A true comparison: Now people in Europe can know the joy and wonder that is the Klarna price comparison tool, which Paul writes may just be a "credible alternative to Google and Amazon."
  • Oops: Bird, a micromobility company, told the Securities and Exchange Commission that it had included unpaid customer rides in its revenue, thus having overstated that particular number for two years. Jaclyn has more.

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Startups and VC

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

And we have five more for you:

Preparing for fintech's second decade: 4 moves your firm must make now

According to consultant Grant Easterbrook, fintech startups that hope to succeed over the next few years must be prepared to go up against:

  • 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 issuing their own Central Bank Digital Currency (CBDC).

“Your firm 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 decade of fintech in a TC+ guest post.

Two more from the TC+ team:

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 a 15% discount on an annual subscription!

Read More

Preparing for fintech's second decade: 4 moves your firm must make now image

Image Credits: Emilija Manevska / Getty Images

Big Tech Inc.

And just like that, VLC's download ban in India was lifted, Manish reports. Nine months ago, the country's electronics and IT ministry instituted the ban on the popular media playback software, something VLC worked to try to reverse, stating that the ban had been "put into place without any prior notice" and didn't allow VLC a chance for rebuttal.

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

And we have five more for you:

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