Daily Crunch: Nigerian startup that stores its 'daily operating budget' on FTX announces layoffs

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Hello and welcome to the start of another week. As we mentioned last Friday, Hadje is out of the dive, leaving the rest of us to pick up the pieces from Twitter and FTX. Don’t worry, we are here for you. Mary Ann starts us off by reporting on SoftBank signs nearly $100 million investment in FTX. And with that, let’s dig in! — Christine

TechCrunch’s Top 3

  • This FTX business has a wide scope: Tage reports what’s happening with a young company that holds some assets in FTX and now can’t access them due to, well, you know. In this case, 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 understand the joy and wonder of the Klarna price comparison tool which gender says it might just be “a reliable 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, thereby overstating that particular number for two years. Jacqueline there is more.

Startups and VCs

At this point, we all expect our data to move pretty quickly, but there’s so much of it that it’s still a headache. Here comes Quicks, Mike write. The real-time data startup grabbed $12.9 million in Series A funding rather than doing this with ksqlDB, Java based solutions or any of those fancy schmancy SQL based analytics solutions. Oh no, Quicks develops event-driven applications with Python.

And we have five more for you:

Preparing for FinTech’s Second Decade: 4 Moves Your Firm Needs to Make Now

Close-up of chess pieces

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

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

  • Major banks and financial service providers with loyalty programs and “super apps”.
  • Emerging DeFi protocols “that can offer financial products that incorporate 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 firm will need a very strong 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:

  • Do you see, mom? Abbreviations can teach us something: The big tech cuts weren’t bigbut Natasha M writes that while we could have seen more, entrepreneur Nolan Church, who helped lead Carta’s 2020 layoffs as its chief people officer, has some perspective on Twitter’s recent layoffs.
  • If VCs don’t invest in you, who do they invest in?: This is what Becca discusses this in his latest piece looks at all the dry dust in the VC worldand why it is not implemented yet.

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

Big Tech Inc.

And just like that, VLC download ban in India lifted, Manish reports. Nine months ago, the country’s Ministry of Electronics and IT imposed a ban on the popular media player software, something VLC tried to overturn, saying the ban was “imposed without notice” and did not allow VLC a chance to rebut.

Natasha L has more on our favorite social media channel, this time saying that “Twitter is no longer performing key duties necessary to claim Ireland as its “so-called principal place of 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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