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Heading to Collision Toronto this week! ✈️ ✈️ ✈️  and looking forward to another fun fireside chat with Binance.us CEO.  Join us!

Here's 5 great reads for this week:

  • 😔 Coinbase Layoff  - At the beginning of 2021, Coinbase had 1,250 employees and grew to 6000 in less than 12 months. This past week, Coinbase laid off 18% of its staff firing 1100 people.  More than 16,000 tech workers were let go in May, according to layoff tracker Layoffs.fyi. Companies like BlockFi, OneTrust, Bytedance and Bird have all shedded employees this month.
  • 💰 Celsius (centralized lending platform) froze all withdrawals amid a run on its deposits. Celsius claimed they have 1.7 million users, $750M in insurance and military-grade security.
  • 🙈 3AC (a $18 billion AUM crypto fund) bought 10.9M locked LUNA token for $559.6M is now worth $670.45, “ghosted everyone” in response to margin calls and is now on the verge of collapse. Many crypto lost their treasury as 3AC gave an 8% APR guarantee. The founders felt safe because ...
  • 👋 Bye Bye Facebook - Sheryl Sandberg's complicated 14-year career at Facebook. Good podcast summary by WSJ.
  • 🇨🇳 Reverse CFIUS - The US government might soon have a problem with investors making venture capital or private equity investment in China. This applies to investing in industries involved in artificial intelligence, large-capacity batteries, critical minerals, pharmaceuticals, pharma ingredients and quantum technologies.  This will be administrated by a new interagency group called the Committee on National Critical Capabilities (CNCC). Read more.

This week a total of 20 startups raised $486M in fundingM&As:

  • $58.7M goes to 6 Enterprise startups
  • $12M goes to 1 Mobile startup
  • $20M goes to 1 FinTech startup
  • $105M goes to 2 HR Tech startups
  • $5M goes to 1 EdTech startup
  • $81M goes to 2 E-Commerce startups
  • $30M goes to 1 Construction startup
  • $75.3M goes to 2 BioTech startups
  • $22M goes to 1 Aerospace startup
  • $47M goes to 2 Gaming startups
  • $30M goes to 1 Other startup
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Edith

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  Funding (300 miles radius from Silicon Valley)

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