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Verra Mobility may not be the only customer taking issue with Vena’s SOC compliance. One source familiar with Vena’s operations, speaking on condition of anonymity, claimed that Vena has misled multiple customers about its SOC compliance, and alleged that Vena is currently undergoing audits to rectify the situation.
Voyager account holders likely won’t get all their crypto back (BNN BLOOMBERG)
The crypto brokerage and lender filed for Chapter 11 bankruptcy late Tuesday, renewing unresolved legal questions about how digital assets will interact with US insolvency law.
As crypto crashes, WonderFi closes deal to acquire another regulated crypto trading platform in Coinberry (BETAKIT)
“It’s basically [WonderFi’s] thesis playing out in real time, which is being compliant and regulated,” said WonderFi co-founder and CEO Ben Samaroo. “We wouldn’t have been able to do something like that with being regulated by the [Ontario Securities Commission].”
Rogers and Coinsquare are involved in a legal battle over who bears responsibility for a hack that left a technology consultant out $200,000 worth of Bitcoin.
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In partnership with Mozart Data, BetaKit will present a livestream panel conversation on how startups can use data to survive the current downturn. Featuring both US and Canadian VCs, the panel will identify the metrics your company needs to keep a close eye on in a downturn, and how to take action based upon what the metrics tell you.
How Wall Street Escaped the Crypto Meltdown (THE NEW YORK TIMES)
BNP Paribas, a French bank with a Wall Street presence, pulled together a list of 50 stocks they thought were overpriced. They nicknamed this collection the “cappuccino basket,” a nod to the frothiness of the stocks. The bank then spun those stocks into a product that essentially gave its biggest clients an opportunity to bet that the assets would eventually crash.
Simply put, the makeup of project teams, who they consult with, and what their values are can be the difference between a model that is inclusive and respectful, and one that isn’t.
Ailing crypto lender Celsius to lay off a quarter of its employees (CALCALIST TECH)
Crpyto lender Celsius laid off 150 employees amid the ongoing crypto crash. At the same time, a former asset manager for Celsius has sued the company for fraud, saying it ran a Ponzi scheme.
Goeasy plans to leverage its LendCare acquisition with online car sales startup Canada Drives (BETAKIT)
Goeasy intends to leverage its 2021 acquisition, Fintech startup LendCare, as a preferred non-bank financing provider on Canada Drive’s online automotive retail platform. The investment is being made in four installments and is structured as a convertible note that will convert into preferred shares.
The investment, backed by Allianz X, Valor Equity Partners and Kinetic Partners, comes less than a year after the company’s $205 million Series E raise in September, which valued the company at $3.5 billion. Since then, the company has more than tripled its customer base, from 52,000 to 160,000, Joshua Motta, CEO and co-founder of Coalition, tells TechCrunch, and has seen an almost 200% increase in revenue growth.