F | T: The FinTech Times – Klarna and Stripes fall in value, Three Arrows in free fall

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Goeasy plans to leverage 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 car trading platform. The investment is made in four installments and is structured as a convertible certificate that will convert to preference shares.

Klarna in talks to raise fresh money at a reduced value of 6.5 billion dollars (THE WALL STREET JOURNAL)

Klarna Bank AB is approaching an agreement to raise new money worth around 6.5 billion dollars, according to people familiar with the case, a humiliating downturn and evidence of the punitive environment start-ups face.

FinTech chatbot startup Finn AI is acquired by former partner Glia (BETAKIT)

“Until now, none of the financial services bot providers have been able to achieve widespread use on their own,” said Glia CEO Dan Michaeli.

Crypto Hedge Fund Three Arrows Files For Chapter 15 Bankruptcy (BNN BLOOMBERG)

Crypto hedge fund Three Arrows Capital, which managed an estimated $ 10 billion in assets as late as March, has filed for Chapter 15 bankruptcy. The move comes after Three Arrows Capital defaulted on a loan worth more than $ 670 million from Voyager Digital. Meanwhile, Genesis Trading is also facing losses of “hundreds of millions” given the exposure to Three Arrows Capital.

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Huobi Global could cut more than 30% of workforce as China crashes lead to declining revenues (COINDESK)

“Due to the current market environment, Huobi Global is reviewing both its employment policy and current workforce, with the goal of adapting them to its operational needs,” said a company spokesman. “In addition to such a review, layoffs are an option.”

Canadian technology companies expand support for US employees in the wake of the Roe v. Wade ruling (BETAKIT)

Canadian companies have been slower than their US counterparts in offering abortion support to their US employees, as more than a dozen large US companies announced plans within hours of the ruling. In the week following the ruling, several Canadian companies have taken similar measures.

Brex withdraws from SMBs, UK increases BNPL regulation as Wealthsimple cuts employees (FINTECH INSIDER)

BetaKit editor-in-chief Douglas Soltys joins the UK Fintech Insider podcast to discuss Wealthsimple’s recent layoffs.

Fidelity cuts Stripe’s valuation for second month in a row, marking 35% so far this year (BUSINESS INSIDER)

Fidelity, which invests in privately owned Stripe through several different mutual funds, reduced the value of its initial holdings to $ 27.15 per share at the end of May, according to the asset manager’s latest submission. The valuation is down 15% from April, when Fidelity valued Stripe’s shares at $ 32.05 apiece.

Three trends that define the future of cybersecurity (BETAKIT)

Larger organizations with cyber security protocols with fortress strength and hundreds of cyber security employees may still be affected by attacks on one of the thousands of suppliers and partners in their supply chains.

FTX US agreement with troubled cryptocurrency lender BlockFi floats acquisition with “up to” $ 240 million purchase price (TECHCRUNCH)

Sam Bankman-Frieds FTX has an agreement in place with troubled cryptocurrency lender BlockFi that gives them the opportunity to buy the startup, recently valued at $ 2 billion, for up to $ 240 million based on the company’s performance. According to Bankman-Fried, some other crypto exchanges are already “secretly insolvent” in the midst of cryptocurrency. Meanwhile, FTX is also exploring a way to buy Robinhood brokers.

Cryptocurrency Titan Coinbase Provides “Geo Tracking Data” to ICE (THE INTERCEPT)

Coinbase Tracer allows customers, both in the public and private sectors, to track transactions through the blockchain, a distributed ledger of transactions integrated with the use of cryptocurrency. While blockchain logs are usually public, the sheer volume of data stored there can make it difficult to track money from user to recipient without the help of software tools.

With crypto underwater, Ripple strikes out and announces Toronto’s first Canadian office (BETAKIT)

Ripple intends to hire 50 engineers initially for its Canadian office. However, Ripple’s SVP for People, Places and Communications, Kiersten Hollars, told BetaKit that the startup’s long-term plan is to expand to hundreds of blockchain software engineers, including applied machine learning researchers, computer scientists and product managers.

Crypto Crash expands a distinction: “Those with money will end up being fine” (THE NEW YORK TIMES)

No crypto investor has completely escaped the downturn. But a small group of industrial titans accumulated enormous wealth as prices rose over the past two years, giving them an enviable cushion. Many of them bought Bitcoin, Ether and other virtual currencies years ago, when prices were a small fraction of their current value. Some locked in their winnings early, and sold parts of the crypto stock. Others run listed crypto companies and paid out shares or invested in real estate.

NFT giant OpenSea reports major email data breach (TECHCRUNCH)

“We believe this was a result of the actions of an employee who had role-specific access privileges that were abused,” a Customer.io spokesman told TechCrunch. “We do not believe that any other clients’ data has been compromised, but we continue to investigate. The employee in question has had all access removed and has been suspended pending the conclusion of our investigation.”