Equity Monday: China hates crypto, and the Vision Fund's vision lives on
Jun 21, 2021
China's clampdown on cryptocurrency shakes the market, forcing mining operations to rethink their future and impacting global crypto values. The rise of live audio events heats up, with Facebook jumping into the mix against Clubhouse and Spotify. Meanwhile, Revolut shows signs of turning the financial tide, boasting reduced losses. Significant funding rounds highlight optimism in the crypto and supply chain sectors, with Amber Group securing $100 million and Forto landing a hefty $240 million from investors.
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insights INSIGHT
China's Crypto Crackdown
China's crackdown on crypto mining is impacting global crypto prices.
This highlights the tension between decentralized crypto and China's centralized control.
insights INSIGHT
Live Audio Competition
Facebook and Spotify are entering the live audio market, challenging Clubhouse.
This raises questions about Clubhouse's future and Facebook's audio strategy.
insights INSIGHT
Revolut's Improving Financials
Revolut's losses are decreasing, suggesting potential profitability soon.
This could be a positive sign for the neobank sector's financial viability.
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Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast where we unpack the numbers behind the headlines.
This is Equity Monday, our weekly kickoff that tracks the latest private market news, talks about the coming week, digs into some recent funding rounds and mulls over a larger theme or narrative from the private markets. You can follow the show on Twitter here and myself here.
Our live show is this week! And we're very excited about it! Details here, and you can register here. It's free, of course, so swing by and hang with us.
Back on theme, we had a lot to get through this morning, so inside the show you can find the following and more:
The Chinese cryptocurrency clampdown is a big damn deal: With lots of the nation's mining capacity heading offline, there's a scramble to relocate rigs and generally figure out what a crypto market sans China might look like.
In the wake of the news, the value of cryptocurrencies fell. As did shares of Coinbase this morning in pre-market trading.
Facebook's Clubhouse rival is out. The American social giant follows Spotify into the live-audio market. You have to give it to modern software companies, who thought that they could be both leading tech shops and Kinko's clones at the same time?
Revolut is unprofitable as hell but increasingly less so. That could be good news for fintech as a whole.
Credits: Equity is produced by Theresa Loconsolo with editing by Kell. Bryce Durbin is our Illustrator. We'd also like to thank the audience development team and Henry Pickavet, who manages TechCrunch audio products.
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