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Why TransUnion led blockchain fintech Spring Labs’ $30M Series B

TechCrunch now has specific details on that round and correlation size.

Why TransUnion led blockchain fintech Spring Labs’ M Series B

TransUnion, a consumer credit reporting agency, recently announced that it has invested an undisclosed sum in Spring Labs, which is setting up a blockchain data-sharing platform.

TechCrunch now has specific details on that round and correlation size.

First of all, the fact that TransUnion, a public company with a market capitalization of $ 20 billion, has chosen to revert to a four-year-old partnership with Spring Labs is significant and personal. Several types of fintech emerged at the end of the year that was meant to disrupt traditional credit tests.

Spring Labs is one of those startups using blockchain to create rich data network effects that allow credit bureaus and others to predict the worthiness of credit for those, not in the traditional credit bureaus. It earned $ 30 million in Series B, led by TransUnion, one of the largest positions in the Spring Labs industry.

Adam Jiwan, founder and CEO of Spring Labs, told TechCrunch that the two companies’ partnerships just emerged from a series of talks that began a few years ago.

“We know that this relationship with TransUnion, in particular, has the potential to significantly accelerate our business,” he stated, “and they said,” If we’ll assist develop what you are promoting into one thing extra necessary, we would like to have it. There are skins on this sport.

Although Jiwan did not disclose the value of Series B (which has not been officially closed, although most of the rounds have already been sponsored), he said it was. “A sensible move” of the $ 23 million participating in Series B.

“We believe that we have created a better channel for exchanging sensitive information as well as products and services that help lenders and others better secure ownership, prevent fraud and prevent fraudulent activity,” said Mr. “Fraud and Fraud” The trade decision was “a scam,” Jiwan said.

In particular, Spring Labs hopes to “define” how consumers’ financial information is stored and shared in financial services organizations that use financial services known as the Spring Protocol. Data Exchange promises confidentiality. In which the competitor can “Work together for the common good”

The partnership with TransUnion will give Spring Labs the power to harness the company’s sales force (four versus 100) and reach more than 10,000 financial institution customers, according to Jiwan.

“They see a lot of opportunities in our technology,” he talked about. “They see it as one factor which will open up the information being despatched and convey new information to the needle on points like investing. We examined the development of various information-sharing networks.

He said there was an interest in how to use Spring Labs technology to shut down the world, digital assets, and regulated financial systems.

ALSO READ:  Jamf snags zero trust security startup Wandera for $400M

U.S. Markets president Steve Chaouki is part of sponsorship at TransUnion.He sits on the board of Spring Labs. Brian Brooks, former OCC chief, and former Coinbase advisor, recently joined the company as the first independent director.
Chaouki told TechCrunch there were “many reasons” to work with Spring Labs investing.

“The financial situation is important. But strategically, the time we’re willing to work with them is a very valuable asset, ”he said.“ This is a very good step for us. We are not a strong PE company. Partners that we have invested in “

TransUnion vice president Marko Ivanov said the credit reporting giant was impressed with the “Practical requests” presented by Spring Labs.

“We want to work together to expand our existing network and register more customers, which is critical in solving fraud-related issues,” he informed TechCrunch. With them to build new networks and adopt the protocols they’ve built so that companies can share information anonymously or protect consumers’ privacy.

TransUnion sees more use cases than fraud, it is “use cases involving all sorts of risks,” according to Ivanov.

Rather than trying to build its own technology, TransUnion recognizes the importance of investing in companies that are building technology talent in areas that haven’t invested much, according to Chaouki.

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Investors tense up as fears of post-election gridlock rise in Canada

Investors tense up as fears of post-election gridlock rise in Canada
(Photo: Reuters )

TORONTO, Sept 16 – Foreign investors are worried that Monday’s Canadian government election could lead to a halt to Ottawa’s response to the COVID-19 epidemic and further delay economic recovery.

He voted for Prime Minister Justin Trudeau’s Liberal allies to form a coalition with the opposition ahead of the September 20 election, raising hopes that no party will be able to form a stable minority government. Uncertainty was added to the expected increase in postal voting, which could delay the counting of votes in certain important elections.

Financial markets often look at elections in Canada as to which major parties may be the easiest for investors, but this trend at this time could lead to the other side of the desire to get the government quickly into trouble.

Canada’s election results are usually announced a few hours after the election. Although no party has won a majority of seats, it is often clear who will form the government and what general policy objectives it will have.

“The result” leading to a disbanded government will be difficult to recover in the future and I think that’s why you’ll probably see (investors) doubt before the election, “said Edward Moya, chief marketing analyst at OANDA in New York.

“Right now, we are in the process of reviving an economy that needs all the right balance.”

Trudeau, who has been Prime Minister for six years, is relying on the support of the New Democrats after failing to secure a majority of seats in the House of Commons in the 2019 election. if they want to stay in power.

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U.S. issues advisory to businesses warning of Hong Kong risks

U.S. issues advisory to businesses warning of Hong Kong risks
(Photo: Reuters )

U.S. issues advisory to businesses warning of Hong Kong risks-

WASHINGTON, July 16 – The Biden government issued a warning Friday to warn US companies of the dangers to their businesses and operations in Hong Kong following a new Chinese law there last year.

Advice from the Department of State, Treasury, and Homeland Security warns Hong Kong businessmen to be subject to local laws, including the National Security Act, where immigrants are detained, including U.S. citizens.

It states that companies face risks related to electronic hiring without permission and the submission of company information and customer data to authorities.

He added that individuals and businesses should be aware of the potential consequences of colluding with authorized persons or organizations and warned that they could face Chinese repression in line with US and other international sanctions.

The advice comes more than a year after former President Donald Trump ordered the end of a special Hong Kong state under US law to punish China for what it called “repressive actions” against the former British colony.

The consultant said companies should be aware of potential rumors, financial and legal risks to retaining their presence or staff in Hong Kong and should work with due diligence.

“Developments in Hong Kong over the past year have highlighted the obvious operational, financial, legal and dignified risks to international companies,” said a senior Biden chief executive.

“The policies followed by the DRC and Hong Kong governments undermine the legal and regulatory environment that is so important for individuals and businesses to operate freely and legally in Hong Kong,” the official said, using a slogan from the People’s Republic of China.

The warning came just days after Washington’s warning to businessmen about the growing dangers of money laundering and investment links with China’s Xinjiang region.

Last week, management added 14 Chinese companies and other agencies to the list of financial terrorists for alleged human rights abuses and high-tech surveillance in Xinjiang.

Sources told Reuters on Thursday that Washington was preparing to impose sanctions on seven Chinese officials on Friday in its latest attempts to hold the Chinese government accountable for what Washington called a legal erosion in the former British colony in 1997.

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Linkedin is the reason Apple made the M1 chip

Linkedin is the reason Apple made the M1 chip

Linkedin is the reason Apple made the M1 chip

Apple-made M1 chip: This week was fun, not just because we had the whole team together to record. But also because we were still stepping into Webby’s never-ending triumph earlier this week. To be honest, we’re still shocked but happy – shocked, like when you get a new toy and it’s covered in static electricity.

Anyhoo, we have a full show with a lot of rest on the floor as we try to do the whole week in our slot machines:

The World of Connections: Fave raised $ 2.2 million to connect fans, Somwhere Good raised $ 3.75 million to build a smaller community, and both Spokn ($ 4 million) and Spot ($ 5 million) hope to use the word. Speak to connect companies and their employees.

We actually think the world of all connected communities is extremely exciting.
Piano, one of these startups, we were lucky enough to use, raising $ 88 million in analytics, subscription, and personalization tools. Let’s take a look at why this round makes sense and why one investor stands out from the others.

Also Read: Why did Elon Musk suddenly collapse with bitcoin?

Corporate Media: Coinbase created a media organization (Alex writes about it here on his personal blog, Scrawler.co has more information on the topic), and with TheSkimm hoping to find the corporate home and The So does Hustle, we have to find it out.

Our view is that content marketing is a response to expensive and okay social advertising, and that’s not new.
Shout out to Forbes and the reunification effort is doing well.
Uptrust has raised $ 2 million, which allows us to talk about the opportunity of a business-size to combat the billions of dollars wasted in massive waste incarceration.
And then we talk about public procurement.

Monday.com’s IPO was filed, Marqeta ip archives, Squarespace direct listings, and more. It was a stir for startups.
The show doesn’t seem to be a little too focused on the latest episode just because it’s fun and informative. And we have to make a joke about our listeners and the Monday.com press schedule, so what else can we ask for? Talk to you again!

Equity drops every Monday at 7:00 AM PST Wednesday morning and Friday 7:00 AM PST, so subscribe to us on Apple Podcasts, Overcast, Spotify, and All the Cast.

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Why did Elon Musk suddenly collapse with bitcoin?

Why did Elon Musk suddenly collapse with bitcoin?
image credit: getty image

A love affair between Elon Musk and Bitcoin? It’s complicated

For about two days in the world of cryptocurrencies, prices for most of the major cryptocurrencies have fallen, especially Bitcoin trading at $ 59,500 last Tuesday, down just $ 42,000 on Monday.

While the Tesla CEO could not be held responsible for all price movements, Musk may have contributed to the tweet, where he initially announced that Tesla would stop accepting Bitcoin as payment due to environmental concerns. He was looking for the meme coin DOGE to replace Bitcoin at Tesla and eventually threaten that Tesla could sell its own bitcoin.
Tesla announced in March that it would begin accepting Bitcoin as a payment, and it had bought $ 1.5 billion worth of Bitcoin as an investment to push the crypto market forward. It’s a new era of digital currency, an era when big companies might start accumulating them on their balance sheets. Unsurprisingly, the market reacted so badly when Musk went the other way.

For those who have been in space for a long time (for example, 2014), it might be thought of a time when large retailers began accepting Bitcoin as a specific payment for the trend toward further declines along the line, largely due to Bitcoin’s volatility. In fact, though, the coding market has evolved considerably over the past six or seven years. But many of the aspects of Musk’s unusual approach to the Bitcoin complex are just repetitions in history.

It’s impossible to know what’s in Musk’s head, perhaps the guy knows more than he left on Twitter, however, his public comment shows a superficial understanding of the coding space, according to experts. Many people pointed out and it was secret.

He scored three points. First, he was concerned about the environmental impact of Bitcoin. It is true that Bitcoin is a hog of energy. Today, the bitcoin mining process consumes a lot of electricity, and part of the electricity comes from “dirty” sources like coal, but this is not new. It was known in March when Tesla bought Bitcoin for the first time worth $ 1.5 billion, which, in fact, has been known, documented, and controversial for years.

Musk also said that Bitcoin is “extremely centralized with goodwill governed by a handful of large mining companies.” It has also been a problem and has been known for years. These two points and the surrounding arguments have never been resolved. The Bitcoin deceased will tell you in a nutshell that none of the problems are as bad as they seem, and there are ways to improve them. Others will tell you that there are green alternatives – although Bitcoiners will tell you again that they are. He’s not as secure or decentralized as Bitcoin.

Another point that Musk has made is what makes up the chaotic and somewhat ridiculous response of the pasta copy. If we can fix DOGE faster and cheaper, he argued it would be a better encoding.

The problem is that the entire cryptographic space has been affected by this problem for more than a decade – Litecoin, Ethereum, Cardano, Dfinity, Ripple, Polkadot, Avalanche, Solana, Polygon, Cosmos – here is a small sample of the best projects at Musk. Mentioned with different degrees of success. They’ve hired the smartest coders to solve some of the toughest problems in this field. And they have succeeded – although no one has yet been a clear winner.

Also Read: Upsie’s direct-to-consumer swing at the warranty space nets $18.2M

Hayden Adams, a founder of the Uniswap decentralized exchange, has mocked Musk’s tweet with an example that everyone can understand. If we could make a Tesla battery that lasts 10 times longer with 10x faster charging time at a fraction of the cost, wouldn’t that be good? Yes, but this is very difficult to do and it can take years of research to get there.
Musk’s comments on DOGE block sizes (referring to the blockchain’s building blocks, files that list transactions on the network) reminded me of the massive debate over Bitcoin’s block size that erupted in 2017. In other words, you can not just speed up the block time and increase the block size and “modify” the blockchain. You cannot modify the parameters and receive them.

Another funny story (Or sadly, if you have Bitcoin and are considering the price), this kerfuffle is that Tesla accepting bitcoin as payment was never a good idea. It might be fine for the area as a good choice, but Bitcoin is still quite volatile and most people aren’t even pretending to be used for payment. But I suspect that many Tesla cars have been bought with bitcoin in the past two months. While it’s important in terms of publicity, Tesla’s no longer accepting Bitcoin for payments is largely irrelevant at the moment.

All indications are that Musk is superficial about his coding research, which is worrying. The fact that his tweets seem to be a big boost to the market isn’t always a good thing for crypto.

Everything is not so bad Again, that man might know more than he left. And in the past, he has shown that he is a fast learner. One thing to go wrong for sure is to fall into a rabbit hole to disagree with crypto Twitter, a notorious tax effort. But we hope he will meet the smartest on the pitch and discover what he can do to improve it.
Oh, and if you’re wondering – as I write this, Musk has made it clear that Tesla hasn’t sold bitcoin yet. The love affair between Musk and Bitcoin continues even if they decide to watch one another.

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Legionfarm, pairing pro gamers with amateurs, raises $6 million Series A

Legionfarm offers these benefits of making a living by playing their favorite games.

Legionfarm, pairing pro gamers with amateurs, raises  million Series A

Legionfarm, pairing pro gamers with amateurs, raises $6 million Series A

Legionfarm, a gaming platform that lets gamers play with professional players in their favorite games, today announced the closure of the Series A circuit, with investors in this round including SVB, Y Combinator, Scrum VC, Kevin Lin. , Altair Capital, Ankur Nagpal, and others.

Legionfarm was introduced at Y Combinator earlier this year with the aim of providing top players with a means of generating income and amateurs the opportunity to excel by playing with coaches who Qualified It started with à la carte business model, but since then it has added a subscription product.

It may cost $ 12 / hour to play per session. (One Hour Play) Or you can pay $ 25 or $ 50 / month that allows players to get a discount and unlimited time with new professionals on the platform, which Legionfarm calls “Beginners”.

The company was founded by Alex Beliankin, a former gamer and previously ranked. 01% of World of Warcraft players have many top players in the world who can earn a living. They must be signed by the organization (limited offer) or play as many tournaments as possible. (Unreliable) or broadcast on Twitch.

Also Read: Upsie’s direct-to-consumer swing at the warranty space nets $18.2M

Legionfarm offers these benefits of making a living by playing their favorite games.
At the moment, gamers are always looking for the best. But there’s not really a place in the game to do that, especially in Battle Royale. Legionfarm, which supports a few major BR (Call of Duty: Warzone and Apex Legends), allows these players to share their beauty and learn from. They got

Starting and running a hardware support program that allows platform providers to successfully hire equipment by paying on time in installments, deducted directly from their salary each month.

“We’ve recently learned that a professional player can get seven or more new clients on the platform if we work closely with professionals,” Belinankin said. It’s big to us and it’s a big challenge. We don’t need to find a way to work. But with the offers that are available If we can build a sustainable process here, I think we will move forward because we see the best here. ”

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Upsie’s direct-to-consumer swing at the warranty space nets $18.2M

Clarence Bethea (pictured below) founded Upsie after noticing a major brand that the retailer offers warranties.

Upsie’s direct-to-consumer swing at the warranty space nets .2M
Image Credits: Upsie

Upsie’s direct-to-consumer swing at the warranty space nets $18.2M

Upsie, a consumer assurance startup, raised $ 18.2 million in Series A funding led by True Ventures. Funding takes the theme chosen by St.Paul, a $ 25 million Minnesota startup since it was founded in 2015.

A large group of investors has participated in this circuit, including Concrete Rose VC, Avanta Ventures, Kapor Capital, Samsung Next, Massive, Backstage Capital, Awesome People Ventures, Draft Ventures, i -Matchstick Ventures, M25, Silicon Valley Bank, and Uncommon VC; and Other angels put money around them too.

Clarence Bethea (pictured below) founded Upsie after noticing a major brand that the retailer offers warranties.

His goal is not just to focus on the seller. Instead, it focuses on the end-user and makes the process more transparent and accessible. For example, Upsie claims to retain customers anywhere from 50% to 90% compared to most other competitor warranty schemes in this area, for example. SquareTrade offers a warranty when it is sold by its retailers.

“I am sure you enter Best Buy or Target and if you check out the people in the register for a guarantee. But what many customers don’t know is that you pay 900% more for that warrant than you have to pay, ”says Betha. Is it included and what is not covered or what to do if you want to apply?

Like many other companies, Upsie experienced an explosion of business last year due to the COVID epidemic and resulted in an increase in consumer sales (17%, according to the NPD Group’s retail tracking service), especially in demand. Laptops, desktops, and tablets for more distance learning and remote work. As a result, Upsie’s earnings have increased 2.5 times over the past 12 months, although Betha declined to disclose the numbers for her hard-earned money.
“For people who work from home, devices are no longer a luxury. But it’s essential, ”he told TechCrunch.

Instead of selling, Upsie gives consumers the opportunity to purchase product warranties via their website or mobile app after the transaction takes place. The company offers protection for thousands of devices, from smartphones to gadgets to sports consoles. So far, lawn and garden tools, or roughly 60% on the market, are guaranteed according to Betha.

Also Read: DataRobot expands platform and announces Zepl acquisition

Consumers have up to 120 days to purchase smartphone protection, 11 months to purchase TV equipment and body protection, up to 60 days for other consumer products, full warranty details, including a copy of the product’s receipt. It is stored and accessible if needed, Upsie said, it also intends to carry out day-to-day maintenance on multiple devices.

The process, according to Betha, is straightforward. Buyers are required to upload receipt photos and provide the purchase price with serial number / IMEA when they want to file a claim. It’s a matter of pressing a button. And to make the process much easier, it will allow consumers to take their products directly from the Apple store for repairs and will be paid later by Upsie.

“We want more people to be able to protect their purchases with their hard-earned cash,” said Betha, to eliminate the worry of having to pay for the repair, said their children’s laptops. You are too big for a family to study in a distant place where the system doesn’t make it easier for everyone. ”

Upsie plans to use the new capital to increase customer awareness and continue to build a guaranteed product supply and business type, as well as double its current value to 15.

“We want to continue to increase our online presence through digital channels like Facebook and Google for one thing,” Beta told TechCrunch.

True Ventures partner Puneet Agarwal said his company has doubled its investment in Upsie after seeing strong growth over the years (True Ventures led a $ 5 million seed round in the month). April 2019)

True Ventures initially caught the eye of the gargantuan warranty industry (roughly $ 100 billion worldwide) and the way it “breaks down from the consumer experience.” The company also viewed Betha as a “very special businessman”. That “proves to be true”, which should be refreshing for VCs to perform on stage.

“We love to invest in a very old and robust industry where companies can distract from their business model and product perspective,” said Agarwal.

 

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