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TransferWise raised about $292 Million in the second round on investment bringing their valuation up to $3.5 Billion

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TransferWise raised about $292 Million in the second round on investment bringing their valuation up to $3.5 Billion

TransferWise which is a company based in London works on international money transfer service. TransferWise is finally disclosing their secondary round investment at $292 million, which ended up bringing the valuation of the company at $3.5 billion. Since the year 2017, TransferWise ended up doubling up their valuation.

This secondary funding did not raise any kind of money in the balance sheet of the company. This round of investment was led by growth capital investors, Lead Edge Capitals along with Vitruvian Partners and Lone Pine Capital.

Existing investors Baillie Gifford and Andreessen Horowitz ended up increasing their holdings in TransferWise. In this round, the investment was also provided by BlackRock.

The co-founder and chairman of the company TransferWise, Taavet Hinrikus said in a call that this round of investment was basically oversubscribed. About $292 million was raised because of the liquidity which existed in the shareholders.

He also ended up pointing at the existing institutional investors when he was talking about this round of investment. Along with Baillie Gifford and Horowitz, who doubled up their holdings. This event is basically a way for all the employees of TransferWise to cash in all the shares which they have invested their money on.

This company is now in contrast with all the other companies which are growing at a fast rate which are going public much earlier these days. “You’d have to ask them,” Hinrikus says, batting away my question in his usual laid back and matter-of-fact manner. When he was asked a few more questions, he ended up saying that they will be different from all other companies because their investors are not putting pressure on the company to scale their Initial Public Offering.

This company employs a total of 1,600 people all across 12 offices which are all located globally. The company has come out with an official statement where they said that they will be hiring a total of 750 people in the next 12 months. In the audit, which was made this year, it was evident the company is doing good because they have ended up scaling their business by almost 77 percent increase in revenue.

According to “You’d have to ask them,” Hinrikus says, batting away my question in his usual laid back and matter-of-fact manner. 

 They are now serving a total of 5 million customers, which is a big thing for a company of this size.

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Startups

According to the CEO of Apple Tim Cook, Silicon Valley has created a lot of chaos

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The Chief Executing Officer Tim Cook was there at Stanford University to give a speech last weekend. Along with all the motivational stuff, he ended up attacking all the big technology companies for creating chaos in the Silicon Valley.

Cook said:

“Today we gather at a moment that demands some reflections. Fueled by caffeine and code, optimism and idealism, conviction and creativity, generations of Stanford graduates and dropouts have used technology to remake our society.”

“But I think you would agree that lately the results haven’t been neat or straightforward. In just the four years that you’ve been here, things feel like they’ve taken a sharp turn. The crisis has tempered optimism. Consequences have challenged idealism. And reality has shaken blind faith.”

Tim also made sure that he names a few of the great inventions that happened in Silicon Valley so that he was able to counterbalance them. He talked about everything which included iPhones, Hewlett Packard, social media and Snapchat.

He continued:

“But lately it seems this industry is becoming better known for a less noble innovation — the belief that you can claim the credit without accepting responsibility. We see it every day now with every data breach, every privacy violation, every blind eye turned to hate speech, fake news poisoning our national conversation, the false miracles in exchange for a single drop of your blood.”

He added later:

“It feels a bit crazy that anyone has to say this, but if you built a chaos factory, you can’t dodge responsibility for the chaos. Taking responsibility means having the courage to think things through.”

Cook then ended up focused on the topic of privacy, a topic that is dear to his heart.

“If we accept as normal and unavoidable that anything in our lives can be aggregated, sold or even leaked in the event of a hack, then we lose so much more than data. We lose the freedom to be human,” he said. “The chilling effect of digital surveillance is profound and it touches everything.”

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Startups

Danke China’s housing unicorn appoints ex Baidu executive as their new Chief executing officer

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Danke China’s housing unicorn appoints ex Baidu executive as their new Chief executing officer

Danke Apartments post getting an investment of $500 million in their last funding round has been able to boost up the confidence of the company. This Monday, Danke announced that they will be appointing Gu Guodong as their new Chief Executive Officer to ramp up the companies offline operational crew.

Gu has stepped down from his previous company after working there for five years. He was one of the key members of the company Baidu. He has worked with a company like Baidu and this is the reason he will easily manage all the sales and money which has been generated by the company through funding and revenue.

Gu has joined the company just after Danke has expanded so there was no better person to take care of the company than him. The main focus of the company is to rent out well-furnished flats or apartments to working professionals so that it is easy and convenient for the people who stay there. After the last funding round of the company in the month of February, the company is valued at $2 billion.

Gu, the chief executive officer was one of the top level executives in Baidu and this is the reason he is one of the biggest assets for the company like Danke. For Gu, joining Danke would almost feel like returning home.

Danke chief executive Gao Jing said:

“We welcome our comrade and good friend Michael.”

Gu has previously worked with other executives of Danko and this is why it totally feels like home for the Chief Executive Officer. Derek Shen, the current chairman of Danke, co-founded Nuomi in 2010 is also part of the team making it very strong and efficient.

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Startups

Binance starts to restrict United States users ahead of the regulatory compliant exchange launch

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Binance starts to restrict United States users ahead of the regulatory compliant exchange launch

Finally, the largest cryptocurrency exchange is going legit. Binance is known to process a total of $1 billion on a day to day basis and for a long period of time has embodied the Wild West culture of crypto. It still implements all types of restrictions for the United States of America passport holders on a worldwide basis.

The company has grown drastically and has become one of the biggest names in the crypto industry, which basically allows everyone to use all its services so that they can trade myriad tokens. In the past year, the company has become more professional and has started to offer services in a more organized manner.

Just this week, the company announced that they will soon be pairing up with BAM Trading Services. This will surely be a level of disruption for all the customers of the United States of America. People from the United States of America cannot sign up for the Binance.com service.

“Binance is unable to provide services to any U.S. person.”

-which were confirmed to TechCrunch by a spokesperson.

All the people who are using the service will be given a period of 90 days before the company will stop receiving payments. The company has not yet mentioned that if the ban will be with the help of the geolocation or with the help of the IP address.

The 90-day period, which will be given to the customers will end on the 12th of September 2019. According to experts, people from the United States can simply browse through the website only when they will be using some kind of VPN which will show their location outside of United States of America because of their servers present outside the country.

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