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BetaKit’s most-read March stories show #CDNtech sector struggles continue as government innovation promises continue to lag (BETAKIT)
With spring officially here, BetaKit’s most-read stories for the month of March highlight a season of transition for Canadian tech, with ongoing frustrations and challenges met by long-term optimism and an immediate need to reconcile with AI disruption.
Dive into this recap of Betakit's coverage through the turbulent month of March.
Binance.US struggles to find bank to take its customers’ cash
(THE WALL STREET JOURNAL)
The U.S. affiliate of global crypto exchange Binance has struggled to find a bank for its customers’ cash after the failure of Signature Bank left it without a key banking partner, people familiar with the matter said.
Among the reasons that some banks were reluctant to do business with Binance.US was concern over regulatory risk, the people said.
One of the largest blockchain data platforms globally is partnering with the Calgary Police Force to fight cybercrime following a rise in complaints from Calgarians over cryptocurrency scams.
With Chainalysis, the Calgary Police Service Cyber Forensics Unit has created the CPS Blockchain Investigation Team (BIT), dedicated to support cryptocurrency and blockchain-related investigations.
The economy will always ebb and flow, and there will always be times of relative prosperity and economic difficulty.
Recession-proofing your SaaS finance tech stack before a recession hits–or worsens–is one of the best moves you can make for your company. If you follow the 5 steps in this eBook, you can remain calm and confident even during a recession.
FTX says it may restart its collapsed crypto exchange (FAST COMPANY)
Five months after the spectacular collapse of crypto-giant FTX, FTX attorney Andy Dietderich said the FTC is starting to think about its future—something many did not expect the company to have—and that it’s in the process of negotiating a reboot with stakeholders.
A decision is expected as soon as the end of June.
The small proposed change would have sweeping implications for traditional financial firms and crypto — and specifically decentralized finance (DeFi).
The SEC's proposed change to Rule 3b-16 of the Securities Exchange Act would apply the definition of exchange more broadly — with the Commission arguing that the rule as originally envisioned would've otherwise covered systems like DeFi.
Round13 nabs $200 million first close for third fund as co-founders Bruce Croxon, John Eckert step back (BETAKIT)
Round13 Capital has raised $200 million CAD in the first close of its latest fund, as its co-founders Bruce Croxon and John Eckert hand over the leadership reins to Round13 general partners Brahm Klar and Wilson Lee.
Clear Street, which says it is building “modern infrastructure” for capital markets, has raised $270 million in the second tranche of a Series B funding round at a $2 billion valuation.
Growth equity firm Prysm Capital led the financing, which brings the round total to $435 million.
Despite the market uncertainty that played out in 2022, the number of down rounds fell below the three year average between 2020 to 2022. This is one of the findings in the Osler, Hoskin Harcourt LLP’s second annual report on venture capital and growth equity.
The rise and fall of Argentina’s celebrity crypto pastor
(REST OF WORLD)
Generación Zoe promised investors massive returns thanks to market-predicting “robots” and a cryptocurrency backed by gold. It sounded too good to be true.
Over 2020 and 2021, more than 10,000 people bought into Zoe, investing hundreds of millions of dollars between them. By March 2022, a handful of high-profile names involved with Zoe in Argentina had been arrested, or were wanted by the authorities.
WonderFi, Coinsquare, and CoinSmart Financial announced that the three companies reached an agreement to combine and create what they claim will be “Canada’s largest regulated crypto asset trading platform.”
Collectively, Vancouver-based WonderFi, and Toronto’s Coinsquare and CoinSmart have over $600 million CAD in assets under custody and more than 1.65 million users.
In a press conference on Thursday afternoon, San Francisco District Attorney Brooke Jenkins confirmed that an arrest has been made in the April 4 fatal stabbing of Cash App founder Bob Lee. Officials named Nima Momeni — a tech entrepreneur in the Bay Area — as the suspect.
LayerZero Labs raises $120 million at $3 billion valuation to enable more multi-blockchain apps (BETAKIT)
Vancouver-based Web3 startup LayerZero Labs is now valued at $3 billion after closing a $120 million Series B funding round. LayerZero previously had a valuation of $1 billion when it raised $135 million in March 2022.
The Vancouver startup claims its platform connects over 30 blockchains, allowing developers to create projects that can exist across several blockchains without the need for an intermediary to facilitate cross-chain interactions.