F|T: The FinTech Times – Coinsquare breaks up with CoinSmart, vindicates WonderFi?
Plus: Nuvei signs $1.7 billion CAD deal to buy Paya.
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Nuvei enters into $1.7 billion CAD deal to acquire US payment technology company Paya (BETAKIT)
On Monday, Nuvei announced its intention to acquire Paya for $9.75 USD per share as the former looks to expand in the US and enter new verticals. Nuvei said it expects to finance the acquisition with a combination of cash on hand, and an existing as well as a new US$600 million credit facility.
Stripe cuts internal valuation by 11%, implying a $63 billion valuation (THE INFORMATION)
Stripe has cut the intrinsic value of its stock by about 11%, valuing it at $63 billion, according to a person familiar with the matter. It’s at least the third time since June that the payments startup has cut its internal valuation, following a smaller cut in October, bringing the total reduction to around 40% over the past six months.
WonderFi Releases Public Statement After Coinsquare Merger Report (BETAKIT)
In a public statement, WonderFi neither confirms nor denies BNN Bloomberg’s Coinsquare crypto merger report, saying it is both looking at potential acquisitions and being acquired. This comes days after Coinsquare moved to end its previously agreed deal to acquire CoinSmart.
What needs to happen before the IPO window opens again in 2023? What trends will affect the world’s largest economies? And how likely is the risk of a global recession or energy crisis?
Find out in RBC’s Global Market Outlook
FTX Says It Has Found More Than $5 Billion in Cash, Liquid Assets (THE WALL STREET JOURNAL)
The bankrupt cryptocurrency exchange also said it hopes to sell additional investment holdings with a book value of $4.6 billion.
Coinsquare Moves to End CoinSmart Acquisition Agreement (BETAKIT)
“The termination notice surprised the CoinSmart board and management as they had been given assurances by Coinsquare that the final regulatory approvals would be obtained this week,” CoinSmart co-founder and CEO Justin Hartzman told BetaKit.
Correctly pivots away from the home sale guarantee when the real estate market falls (BETAKIT)
A digital real estate agency, Properly differentiated itself in the Canadian market by promising listing homeowners a “near-instant offer” on their home, with the option to sell directly to Properly. After “pausing” its home buying guarantee, Properly now looks more like a typical digital real estate agency.
Coinbase to Cut 20% of Workforce in Second Major Round of Job Cuts (CNBC)
The exchange plans to cut 950 jobs, according to a blog post published Tuesday morning. Coinbase, which had roughly 4,700 employees at the end of September, already cut 18% of its workforce in June citing a need to manage costs and growing “too quickly” during the bull market.
Interac’s CTO on How to Hire for Technical Roles (BETAKIT)
Speaking to BetaKit, Henderson explained how he approaches tech hiring from a process perspective and his advice to other CTOs or chief talent officers looking to recruit.
Crypto.com Cuts 20% Jobs Amid ‘Significant Damage’ To Industry From FTX (TECHCRUNCH)
This is the second major layoff at Singapore-headquartered Crypto.com, which cut 250 jobs in the middle of last year — although a report suggested more than 2,000 people were either let go or left voluntarily.
JP Morgan says startup founder used millions of fake customers to dupe it into an acquisition (FORBES)
The finance giant is suing the founder of a Mark Rowan-backed startup it bought, claiming the fintech, Frank, had sold the finance giant on a “lie”.
BMO, Georgian partner on access fund as venture firm secures almost half of other adaptation funds (BETAKIT)
SEC filings dated October 11, 2022 show that Georgian has secured $466 million of the target to date.
LendingClub cuts 14% workforce to cut costs (REUTERS)
Tech firms and Wall Street titans have cut thousands of jobs recently to rein in spending as the U.S. Federal Reserve’s steep interest rate hikes and the fallout from the Ukraine war increase the chances of the economy tipping into recession.
