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Instagram Will Ride the NFT Wave 🌊
Instagram will soon have non-fungible tokens (NFTs) on its platform, said Mark Zuckerberg in a conversation at the South by Southwest Conference (SXSW).
“We are working on bringing NFTs to Instagram in the near term,” said Meta founder and CEO in a conversation with Shark Tank’s Daymond John.
“I’m not ready to announce exactly what that’s going to be today, but, over the next several months, the ability to bring some of your NFTs in, and hopefully over time be able to mint things within that environment,” Zuckerberg added.
While Zuckerberg did not provide detailed information, he characterized the integration of NFTs into Instagram as something on the way once the photo and video sharing app team works out on some of the technical challenges.
Earlier in December 2021, Head of Instagram Adam Mosseri said that the company was actively exploring NFTs to offer the technology to a wider audience.
And the company CEO’s confirmation shows Meta’s (parent company of Instagram) broader vision of offering a lucrative interconnected virtual world with a variety of digital products.
After Nvidia Deal Falls Through, UK Chipmaker Arm to Slash ✂️ up to 1,000 Jobs
British semiconductor and software design company Arm is planning to slash 1,000 jobs or nearly 15% of its workforce, just over a month after the collapse of its $40 billion deal with Nvidia.
The SoftBank-owned company, which employs more than 6,500 people worldwide, including 3,000 in the UK, said most of the job losses, totaling up to about 1,000 roles, would be in the U.S. and the U.K.
“Like any business, Arm is continually reviewing its business plan to ensure the company has the right balance between opportunities and cost discipline. Unfortunately, this process includes proposed redundancies across Arm’s global workforce,” the company said in a statement.
In February, SoftBank had confirmed that it planned to make Arm public in an attempt to recover some of the losses, following the failed acquisition.
The company said that these layoffs are part of that plan to lower costs and maximize appeal to investors ahead of its initial public offering (IPO).
Blockchain Software Developer ConsenSys Nabs $450 Million in Series D Funding 💰
ConsenSys, a creator of foundational software for Web3 and MetaMask wallet provider, has raised $450 million in its Series D funding round, at a valuation of over $7 billion.
The funding was led by ParaFi Capital and also saw the participation of new investors, including SoftBank Vision Fund 2, Temasek, Microsoft, Sound Ventures, Anthos Capital, and C Ventures. Existing investors Marshall Wace, Third Point, UTA VC, and TRUE Capital Management also participated in the funding round.
Founded in 2014 by Joseph Lubin, ConsenSys is a New York-based Ethereum software company enabling developers, enterprises, and people around the world to build next-generation applications, access the decentralized web, and more.
ConsenSys plans to convert the fresh funds into ETH to rebalance the ratio of ETH to USD-equivalents in line with ConsenSys’ treasury strategy.
The funds will also be used to support the rapid expansion and redesigning of MetaMask, in addition to the launch of a plug-in extensibility system that will allow integration with a wide variety of accounts security schemes and blockchain protocols.
Blinkit to Merge With Zomato 🤝 in Share-Swap Deal at $700M-$750M Valuation
Online food delivery platform Zomato and grocery delivery platform Blinkit (formerly Grofers) have reached an agreement for a merger in a share swap deal, which will likely value the latter at around $700-750 million.
The merger comes at a time when the instant grocery delivery platform has been struggling to raise funds from new or most of its existing investors for several quarters.
While both the companies are yet to finalize the details of the deal, it is expected that shareholders of Zomato would get 10 Blinkit shares for each held in their company.
This would value Blinkit at around $700-800 million, based on Zomato’s current market capitalization. However, this amount is lower than Blinkit’s previous valuation of a little over $1 billion.
The proposed share-swap deal would result in Blinkit's biggest investor, SoftBank Vision Fund, getting a stake in the food delivery firm. Tiger Global, which is an existing investor in Zomato, would also increase its stake after the merger.
Zomato will be approaching the Competition Commission of India (CCI) for approval of the merger soon.
Around the Web 🌐
African Fintech 4G Capital Raises $18.5 Million in Series C: 4G Capital, a Kenya-based fintech company that provides unsecured credit to micro-enterprises, has raised $18.5 million in its Series C funding round. The company plans to use the proceeds to scale its operations, invest in data science enhancements for its evaluation algorithm, and grow its management team in evolving its core banking system.
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