Crypto Lender Hodlnaut Suspends Withdrawals 🚨
Scott D. Clary | Daily Business, Tech & Finance Newsletter
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Here’s what’s happening:
- Crypto lender Hodlnaut suspends withdrawals
- WhatsApp’s 'delete’ feature gets a significant update
- Cox Enterprises acquires Axios
- Geek+ raises $100 million
- Snapchat plans to layoff employees
Crypto Lender Hodlnaut Suspends Withdrawals 🚨
Singapore-based crypto lending platform Hodlnaut has suspended withdrawals with immediate effect.
Hodlnaut has also stopped token swaps and deposits.
But why? 🤔 The crypto lender says the current market conditions 🔽 have forced it to suspend its services.
That’s very bad news for crypto users.
Hodlnaut said this difficult decision was taken to focus on stabilizing its liquidity and preserving assets, while the company will work towards finding the best way to protect users’ long-term interests.
What’s even worse is that the crypto lender has also withdrawn its license application with the Monetary Authority of Singapore (MAS).
What’s next for Hodlnaut?
Hodlnaut said it is actively working on the recovery plan and hopes to provide updates and details as soon as possible.
The lender is consulting with Damodara Ong LLC on the feasibility and timelines of its recovery plan with users’ best interests in mind.
WhatsApp’s “Delete For Everyone” Feature Gets This Major Update 👌
Instant messaging platform WhatsApp has extended the time limit for its “delete for everyone” feature.
“Rethinking your message? Now you’ll have a little over two days to delete your messages from your chats after you hit send,” the company said in a Twitter post.
Let’s recap:
- Back in 2018, WhatsApp rolled out the “delete for everyone” feature allowing users to delete messages sent on their phones as well as on the recipient’s.
- Initially, the duration of this feature was only 7 minutes.
- The platform then increased the time limit to one hour, eight minutes, and 16 seconds.
- WhatsApp has now increased the time to more than two days.
Is that bad or good? 🤔
The updated feature will extend the time limit for the “Delete for everyone” feature from one hour, eight minutes, and 16 seconds to two days and 12 hours.
WhatsApp had earlier rolled out the feature in Beta testing. However, now it has rolled out the feature to public users as well.
Cox Enterprises Acquires 🤝 Media Startup Axios
Cox Enterprises has acquired Axios Media Inc., a company dedicated to delivering vital, trustworthy news and analysis in the most efficient ways possible.
Big win for Axios. The deal values Axios at $525 million. đź’°
Big win for Cox. The deal is structured to ensure investments will continue flowing into local news đź“° when most commercial investors have abandoned local markets.
It’s a radical idea 💡
- Axios was founded in 2016; however, it began a significant expansion into local news in 2020.
- Cox got its start in local newspapers, and now it wants to ensure local news remains a part of its legacy in the digital era.
The big picture: Axios is one of a handful of digital news startups that have sold for more than $500 million in enterprise value in the past decade.
Note: The deal is expected to close within the next few weeks, following regulatory approvals.
Geek+ Raises $100 Million in Series E1 Funding đź’°
Geek+, the global leader in autonomous mobile robot technologies, has raised $100 million in its series E1 funding round.
Who provided this money? đź’µ
This big sum was provided by just three investors, Intel Capital, Vertex Growth Fund, and Qingyue Capital Investment.
What will Geek+ do with the money?
The company intends to use the funds for continued company growth in the global market 🌎.
What else? It will also invest in its AMR technology research and development for crucial product innovation.
About Geek+
Founded in 2015, Geek+ is a global technology company specializing in smart logistics. The company uses AMR (autonomous mobile robots) to realize flexible, reliable, and highly efficient warehouse and supply chain management solutions.
Geek+ is trusted by over 500 global industry leaders and has been recognized as the world leader in autonomous mobile robots. It has over 1500 employees, with offices in Germany, the UK, the US, Japan, South Korea, Mainland China, Hong Kong SAR, and Singapore.
Snapchat Plans Employee Layoff ✂️
Joining the league of big tech companies who have laid off employees, the photo-sharing platform Snapchat is also reportedly planning employee layoffs in the organization.
How many employees is Snap letting go?
The scope of layoffs is currently unclear as the planning is still under process by the managers for their teams.
But why this sudden job cut?
- The planned cuts come after the company recently delivered disappointing earnings results and didn’t forecast earnings for the third quarter.
- The company reported a net loss of $422 million compared to $152 million 🔽 in the prior year as it “substantially” reduced hiring.
That’s a wrap for today, ladies & gents. See ya next week!
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