#445
Hiring: Chief Of Vibes

Crypto exchange FTX has "a few billion" to support industry - Sam Bankman-Fried, head of one of the largest cryptocurrency exchanges, FTX, said he and his company still have a "few billion" on hand to shore up struggling firms that could further destabilize the digital asset industry, but that the worst of the liquidity crunch has likely passed. Bankman-Fried has become crypto's white knight in recent weeks, throwing lifelines to digital asset platforms which have faltered as cryptocurrencies prices have cratered. Read more

Fidelity to open direct indexing to the masses - Asset manager Fidelity plans to roll out a direct indexing tool in the US that will require investment of as little as $1 per stock, in a significant move to open up the concept to small investors. The direct indexing concept, which allows investors to create bespoke portfolios tailored to their personal preferences, is widely seen as a long-term threat to traditional pooled vehicles such as mutual and exchange traded funds. Read more

Troubled payments startup Bolt reaches settlement in customer suit - Authentic Brands Group has settled its lawsuit against Bolt Financial - the agreement ends months of legal wrangling between the troubled payments startup and its largest active customer, which had claimed that Bolt’s technology was faulty. ABG was awarded an undisclosed stake in Bolt and the companies will continue to work together, with Bolt’s technology powering online checkouts for ABG brands Forever 21 and Lucky Brand. ABG also said it will explore using Bolt’s software for other brands. Read more

Voyager Digital commences financial restructuring process to maximize value for all stakeholders - Last week, Voyager Digital suspended all trading, deposits and withdrawals from its platform, citing market conditions and a notice of default it issued 3AC. The firm said that, through the reorganization plan, customers with crypto in their accounts would receive some combination of crypto, common shares in the newly reorganized Company, Voyager tokens, and proceeds of funds recovered from 3AC. Customers with USD deposits would receive access to those funds after a reconciliation and fraud prevention process. Read more

Toronto-Dominion Bank explores takeover of US brokerage Cowen - A transaction would extend the reach of Toronto-Dominion’s investment banking arm, TD Securities, deeper into equity and debt offerings as well as research. Toronto-Dominion, one of Canada’s biggest lenders, has been aggressively looking to grow via acquisitions, agreeing to buy First Horizon in February for about $13.4b. Read more

Crypto lender Nexo offers to buy embattled rival Vauld as market consolidates - Nexo said Tuesday it had signed a term sheet with Vauld giving it 60 days of exclusive talks to explore an all-equity acquisition of the company. If successful, Nexo said it plans to restructure the company and pursue an expansion in Southeast Asia and India. Vauld on Monday paused operations and said it was exploring restructuring options due to “financial challenges” posed by a sharp plunge in cryptocurrencies. Read more

Revolut takes on Square, PayPal in UK with POS reader - Revolut announced this week the launch of Revolut Reader, a pocket-sized card reader designed to let merchants accept payments in person and on the go. Launching in the U.K., Revolut Reader offers instant and secure transactions for debit and credit cards, along with contactless payment methods. Read more

EToro SPAC deal for public listing canceled as transaction becomes 'impracticable' - When first agreed, the merger was set to form a combined entity worth $10.4b, reflecting an implied enterprise value for eToro of about $9.6b. However, the closing conditions agreed upon when the merger was proposed in March last year have not been met, the companies said, rendering the transaction impractical. Read more

Amazon pins hopes on influencers to crack livestream shopping market - The group has been increasing investment in Amazon Live, a platform it quietly launched in 2019 but is now a central focus as it fights to grab a slice of a growing market that is viewed as the future of shopping by social media platforms. Amazon’s goal is to establish itself as the main destination for live online shopping, ahead of competing efforts from YouTube, Instagram and TikTok, but also a host of smaller start-ups backed by prominent venture capital firms, such as Andreessen Horowitz-backed WhatNot. Read more