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India’s Central Bank says cryptocurrency ‘may even be worse’ than Ponzi schemes – TechCrunch

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Hello and welcome to Daily Crunch for Tuesday, February 15, 2022! We have a busy slate for you immediately, together with information positive to bother the blockchain trustworthy, new funds, Facebook’s newest rebrand and extra.

But first, in an essay on TechCrunch, former Homeland Security Secretary Michael Chertoff argues against “the unfettered ‘side-loading’ of apps.” It is an attention-grabbing argument towards Windows and the bigger Web (we child), however does elevate notable factors relating to cell safety and client expectations. It’s price studying no matter your priors. – Alex

The TechCrunch Top 3

  • India continues to debate the fate of cryptocurrencies: A nation’s regulatory and banking our bodies debating blockchain know-how and its associated tokens is a day by day incidence. But when an official from India’s central financial institution compares cryptocurrencies to Ponzi schemes, we take notice. That the most recent broadside towards crypto comes after the country discussed a new tax proposal for the asset/forex class is a slight shock.
  • Goodbye News Feed, hello Feed: Facebook is shaking up its branding round its information feed product, now recognized by the straightforward moniker “Feed.” TechCrunch additionally notes that the corporate is rolling out a Facebook News product within the French market, so we might see a divergence between feed and information on the firm. How you are feeling about this set of modifications will rely in your view of the corporate, I reckon, however it didn’t ballot properly on Twitter, at the very least to this point.
  • Intel shells out $5.4B for Tower Semiconductor: As extra capital flows into the marketplace for designing and manufacturing chips, the announcement of latest offers isn’t an enormous shock. This time chip firm Intel intends to pay billions for Tower, which, we notice, suits into the U.S. big’s bigger manufacturing objectives that it had beforehand introduced.

Startups/VC

What’s a startup really worth? Data from PitchBook signifies that 2021 turbocharged the tempo at which startups raised capital, sure, but additionally pushed the costs paid for startup shares to the stratosphere. The consequence? Oddly sufficient, extra worth creation between rounds than earlier than, which suggests nice markups for enterprise capitalists, regardless of their having to pay extra, earlier. We chewed on the information and questioned: If enterprise traders are keen to pay a lot extra for startup fairness immediately now that there’s extra competitors, had been the identical traders undervaluing firms for years?

Today in mega-rounds: Veho and Swappie. The tempo at which big rounds – and particularly these within the nine-figure vary – are put collectively continues to impress in 2022. Today TechCrunch has notes on Veho ($170 million, just a few months after it raised $125 million) and Swappie ($124 million in its newest), investments that underscore simply how a lot capital there’s out there for yet-private tech firms immediately, regardless of the general public market selloff, inflation considerations and central-bank tightening.

  • FitOn raises $40M, acquires Peerfit: I like a startup deal, so was excited to dive into this one. FitOn, what TechCrunch calls a “digital fitness and wellness company,” has raised a brand new spherical and bought Peerfit’s “corporate wellness platform.” You can spot the synergy from orbit – now Peerfit can provide FitOn to firms, which is probably the app equal of vertical integration?
  • Can Shortwave make email less terrible? Many people miss Google’s ill-fated Inbox experiment. It is within the Sad Graveyard with Wave and Reader. Anyway, some former Big Tech workers wish to mix an Inbox-like experiment with some Slack-like parts. It’s referred to as Shortwave. And since electronic mail can’t get any worse, possibly give it a attempt?
  • Postpartum depression care for Black women: The well being tech market has been busy in latest quarters, which signifies that extra firms are taking swings at bettering holes in our bigger care system. One such hole has been psychological well being look after Black girls combating postpartum despair. Happily, She Matters has been constructed to deal with the precise drawback. Ron Miller has our story.
  • AmEx <3 Airbase: The company spend market is pink scorching all over the world, however maybe nowhere extra aggressive than within the United States, the place Ramp, Brex and Airbase are battling it out. Airbase simply landed a test and a partnership with AmEx, the company credit score big, on the again of its software program. Could the deal shift the tides within the aggressive startup class?
  • This cool-kid Ethereum wallet just raised: If you’re within the blockchain world, you would possibly be accustomed to Rainbow, which TechCrunch writes “feels more like the crypto wallet app that a Snap or TikTok would design with rainbow gradient buttons, emojis galore and overall a much less sterile feel than reigning competitor MetaMask.” It simply picked up funds from Seven Seven Six.

And a lot extra: Homebound raised $75 million from Khosla, MoneyHash picked up $3 million to build a fintech super-API for the Middle East and Africa, and Better Tomorrow Ventures raised $225 million for a brand new fintech fund. Basically, it’s busy on the market, so be sure you are following TechCrunch here and TechCrunch+ here.

Our startup’s first rent was a fractional Head of Remote

A businesswoman, using a tape measure, reaches up to measure her piece of the pie on a large pie chart that is projected onto a concrete wall.

Image Credits: DNY59 (opens in a new window) / Getty Images

By this level, most startup workers have labored remotely. Even so, few managers have any significant expertise with regards to overseeing distributed groups.

With that in thoughts, SaaS startup Wingback made a fractional head of distant its first rent, “and it was the best decision we made,” stated Yann Leretaille, co-founder and CTO.

“A head of remote is not just a glorified HR manager. They make sure that the right processes are set up and that the right tools are selected and used to make remote work successful.”

(TechCrunch+ is our membership program, which helps founders and startup groups get forward. You can sign up here.)

Big Tech Inc.

And to shut out, I’m out there for a pal with $450,000 they need to present me, for no particular reason.

TechCrunch Experts

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Image Credits: SEAN GLADWELL / Getty Images

TechCrunch is recruiting recruiters for TechCrunch Experts, an ongoing venture the place we ask high professionals about issues and challenges which can be frequent in early-stage startups. If that’s you or somebody you recognize, you possibly can tell us right here.

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