Plus: Canadian tech layoffs continue.
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Properly, TealBook, D2L, Symend, and League have all made layoffs in recent weeks. Along with recent cuts by Apollo Insurance, Faire, Swift Medical, VanHack, and Koho, these moves indicate that Canadian tech companies across verticals and geographies continue to feel the pressure of challenging market conditions.
As FTX’s ties in Canada grew, was due diligence done by regulators and the Ontario Teachers’ Pension Plan? (THE GLOBE AND MAIL)
The stunning implosion of FTX Ltd. has derailed its plans to officially launch in Canada, but it’s unclear if regulators in this country were even able to peer into the books of the cryptocurrency exchange as part of their due diligence on the company that now faces potentially criminal liability.
In collaboration with venture capital firm Highline Beta, the Prosperity Accelerator is an equity-free program created to support startups whose mission is to improve the financial prosperity of consumers and small businesses. The four-month program is focused on startups based in the Greater Toronto Area.
FTX’s new CEO said on Saturday that the bankrupt crypto exchange is looking to sell or restructure its global empire, even as Bahamian regulators and FTX squabble in court filings and press releases about whether the bankruptcy filing should proceed in New York or in Delaware.
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Canada’s 2022 Developer 30 Under 30 (BETAKIT)
The Developer 30 Under 30 is a recurring list that recognizes some of the top developers based in Canada. WeaveSphere also added a new award for this year’s conference, which honours 20 technology leaders in the country.
Wall Street Sours on Coinbase, Signaling Broad Crypto Doubts (THE WALL STREET JOURNAL)
Nonetheless, Coinbase has been burning through its cash and losing the confidence of investors. Its shares are down 81% since the start of the year, its market capitalization has shrunk to $11 billion, and its bonds are trading at a little more than half their face value.
Named Tech Titans: Top 20 of 2022, this new award honours people in the tech ecosystem that have disrupted the industry through technology, led a digital transformation to deliver business value, and enable growth in client relationships.
Klarna Says Investor Mood Is Holding Back Expansion Plans (BNN BLOOMBERG)
“The consequence of the new environment is that investors price companies differently,” CEO Sebastian Siemiatkowski said in an interview at the Slush conference in Helsinki this week. “It means that money isn’t as cheap as it was a year ago. It doesn’t allow you to invest as much into the future as you’d like to.”
Juni declined to answer why the layoffs were divided into two sets but a spokesperson said: “We have 217 employees at Juni and roughly a third will be impacted by these changes. We are restructuring our organisation and operating model, and all areas are therefore impacted.”
GSoft is one such centaur, hitting $100 million ARR in 2021 and on track to grow that revenue base in 2022, with plans to hire over 200 new employees across Canada this year.
But hitting this rare startup milestone required making a lot of painful and difficult decisions.
Regulations for stablecoins—digital assets whose value is pegged to a government-issued currency—are in the works as part of the federal government’s legislative review of digital assets.
In an interview with BetaKit, Hopper president Dakota Smith said the firm plans to invest in a few areas, including Hopper Cloud, social commerce, and international market expansion. Capital One is also extending the length of its existing strategic partnership with Hopper.
Speaking in an interview with CNBC earlier this week, Ripple General Counsel Stuart Alderoty said that “effectively, Ripple is operating outside of the U.S.” today due to the fallout from its extensive legal fight with the Securities and Exchange Commission.
DIY investors make worse decision when platforms ‘gamify’ trading, study says (THE GLOBE AND MAIL)
In a research report scheduled to be released on Thursday, the Ontario Securities Commission in collaboration with British-based Behavioural Insights Team found that investors who received rewards from trading platforms – such as digital points or online badges for buying or selling stocks – made almost 40 per cent more trades than those who were not exposed to the same gamification rewards.