Shopee set for mass layoffs
The job cuts will primarily affect ShopeeFood and ShopeePay workers in several markets, sources told Tech In Asia; This comes only a couple of months after news broke of Shopee’s decision to shut down its India ops, laying off over 300 workers.
What lessons can crypto investors draw from the Luna, UST episode?
Crypto investors should ensure that if they’re planning to take a long position, they’ve also taken the necessary risk management measures; e27 spoke to several crypto experts for this feature.
Krungsri Finnovate looks to step into metaverse, Web3 with new US$52M fund
The Finnoverse fund will invest in fintech startups and blockchain, and enhance Krungsri’s capacity in DeFi via incubator programmes; Thailand is one of the leading countries in the adoption of digital assets.
UST, Luna crashes: Can regulation alone restore investors’ confidence in cryptocurrencies?
Some regulations may be necessary but they won’t be the primary driver of overall investment interest in crypto v/s potential financial gains.
Coinbase to pour money into SG digital asset exchange Zipmex
Earlier this year, Coinbase was looking to acquire Zipmex but signed a term sheet committing to an investment in March, instead; Zipmex has raised a total of US$52M in Series B, raking in US$41M in Sept. 2021 and US$11M in March 2022.
Three Arrows Capital joins US$20M round of crypto firm
Orderly Network’s on-chain order book exchange is a platform for modular decentralized applications that enables them to use financial instruments, such as spot trading, margin trading, perpetual swaps, lending, and borrowing.
Mighty Jaxx acquires statue digital collectible firms Kinetiquettes, PLAYe for “multi-million dollars”
Kinetiquettes is a statue collectible firm, whereas PLAYe is a specialised DTC platform of consoles, video games, collectibles, and action figures; The deals will allow all the three companies to collaboratively evolve, develop better technical expertise, and increase product offerings.
True Global joins US$42.5M round of French crypto firm Coinhouse
Coinhouse will use the funds to develop more crypto asset management products and accelerate its international expansion to tap external growth opportunities; Coinhouse provides retail and corporate crypto-asset investment services.
Huobi Global unveils investment arm for blockchain ecosystem
Ivy Blocks is an investment unit focused on DeFi and the Web3 blockchain ecosystem; While Huobi did not disclose the fund size of Ivy Blocks, it has a “multibillion-dollar war chest”.
Zilingo board approves US$40M loan repayment
This could further pressure the financial position of the startup, which is already struggling with cash burn and lack of fresh investments; In May, Zilingo fired its CEO, Ankiti Bose, on alleged charges of financial irregularities.
Rocket Internet-backed Flash Coffee raises US$32.8M Series B1
Investors include White Star Capital, Conny & Co, and DX Ventures; Flash Coffee allows users to order and pay for their coffee via the Flash Coffee app and pick up their orders from its stores or get it home-delivered.
Indonesian Shariah bank launches VC firm with US$21M fund
Called BTPN Syariah Ventura, it will focus on Indonesian startups in Series A to pre-Series B stages; It has made its first investment by leading the US$6.6M pre-series B round of social commerce firm Dagangan.
Vietnam’s proptech firm Propzy lays off over 50% of staff
This comes amidst the SoftBank Ventures Asia-backed company is scaling down due to the pandemic and preparing to shift the business model; The layoffs are understood to have taken place in September.
Indonesian logistics firm Biteship raises seed funding
Investors include East Ventures and Beenext; Biteship helps SMEs and large companies deliver products to their customers. It creates an API that can connect users to third-party logistics and warehouse providers.
Pakistani startup 24Seven raises US$1M from Betatron Venture Group
24Seven started out as a D2C grocery store; It developed its B2B channel amid the Covid-19 lockdowns; Betatron is an early-stage tech investor based in Hong Kong and Singapore; It typically invests US$500K-US$2M in seed to series A rounds.
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The post Ecosystem Roundup: Mass layoffs at Shopee, Propzy; Krungsri Finnovate to form US$52M Web3 fund appeared first on e27.