F|T: The FinTech Times – FTX clustercuss has ties to Canadian tech

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FTX’s fall could have implications for more Canadian organizations than just Ontario Teachers (BETAKIT)

Ontario Teacher-backed crypto exchange FTX has filed for bankruptcy in the US, after the proposed Binance deal fell through. The rapid fall of FTX has been felt around the world, with Canadian organizations not immune to the fallout.

Bankrupt crypto exchange FTX investigates unauthorized transactions (THE WALL STREET JOURNAL)

Bankrupt cryptocurrency exchange FTX is investigating a potential hack and asked customers to stay away from the FTX website, the company said. More than $370 million worth of crypto assets appear to be missing, according to crypto analytics firm Elliptic Enterprises Ltd.

‘The Devil In Nerd’s Clothes’: How Sam Bankman-Fried’s Cult of Genius Fooled Everyone (FORBES)

Crypto insiders paint a picture of a charismatic tech entrepreneur who became the darling of high-powered investors, even as he was brash about the cryptocurrency exchange’s volatile business model and kept his books closed to all but a few confidants.

Hopper closes $96 million USD from Capital One at more than $5 billion valuation (BETAKIT)

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.

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GoTo plans to cut more than 1,000 jobs to turn a profit (BNN BLOOMBERG)

The reduction, which equates to more than 10% of the workforce, will affect all divisions, said the people, who asked not to be identified as the discussions are private. Shares in the company rose as much as 9.6% in Jakarta, the biggest intraday gain in almost two months.

How Poseidon Ocean Systems pivoted internationally as domestic opportunities dried up (BETAKIT)

Speaking with BetaKit, Clarke explained Poseidon’s journey, how she stumbled upon her big opportunity, and how she navigated the process of commercializing two products globally.

Thomson Reuters buys tax automation company SurePrep for $500 million (TECHCRUNCH)

The transaction, which Thomson Reuters said it expects to close in Q1 2023, values ​​SurePrep at $500 million, which will be paid entirely in cash.

Founded in 2002, SurePrep is one of many software providers that help tax professionals and accountants collect and file 1040 tax returns on behalf of their clients.

FinTech investor Holt Xchange launches fund at the intersection of Web3, sports media, entertainment (BETAKIT)

Through the newly announced fund, Holt Xchange plans to invest in Web3 startups at the seed and Series A stages that use digital collectibles, blockchain technology, smart contracts and non-fungible tokens (NFTs) to disrupt existing business models across sports media and the entertainment industry.

Fintech Investor Quona Closes Oversubscribed $332M Fund (CRUNCHBASE)

This latest fund was Quona’s third, and it far exceeded the company’s original goal of $250 million. Quona began raising the fund a year ago, and spent an extra quarter closing the deal. The last Fund 2 was announced in 2020 at $203 million.

Market watch: Lightspeed, Nuvei increase revenue but report shares may fluctuate (BETAKIT)

Lightspeed and Nuvei’s revenue gains as they played against the backdrop of losses appeared to overwhelm investors who, during the current tech downturn, are eager for good news of any kind but are quick to react when it falls short of their expectations.

Meet Aquanow, The Company Quietly Running Canadian Crypto Behind The Scenes (THE LOGIC)

Aquanow says it works with the majority of Canadian cryptocurrency trading platforms to provide crypto to clients in global markets. The firm’s role highlights the interconnectedness and borderless nature of crypto.

Louis Têtu explains how Coveo tackles technology trends ahead of SAAS NORTH keynote (BETAKIT)

Ahead of his SAAS NORTH talk on the BetaKit Keynote Stage, we sat down with Têtu to discuss why Coveo continues to buck tech trends, and tease some of the predictions the CEO will make in Ottawa next week.

Columbus company Root to cut 20% of its jobs (THE COLUMBUS DISPATCH)

“To further improve cash flow, we are prioritizing resources that support Root’s secondary strategy,” Root CEO and co-founder Alex Timm said in a letter to shareholders as part of the company’s release of its third-quarter financial results. “As a result, we have made the difficult decision to reduce our workforce by approximately 20%.”