Bankrupt commercial EV startup Arrival has sold some of its assets, including advanced manufacturing equipment to Canoo, another struggling startup trying to build and sell electric vehicles.
Canoo said the purchased assets, packed into more than 20 container ships, will be sent to the company’s facility in Oklahoma.
The company previously acquired all of the new, and “like-new” assets owned by Arrival’s business unit in the United States.
Arrival announced in January that it planned to sell off assets and IP from its U.K. division after filing for bankruptcy protection in the U.K.
Arrival never produced any commercial vehicles at scale and its market valuation is now around $7.7 million.
As an extension round, the valuation is also remaining flat, at $2.6 billion.
(Prior to that, the company raised a $100 million round in 2021 at a $1.2 billion valuation.)
“I didn’t feel the need to increase the valuation from the last round,” CEO and founder Dean Sysman, answered when asked about the decision.
Axonius is one of a group of specialist firms building platforms to help manage this.
“We’ve been a longstanding partner of Axonius, and we like to double down into our best performing companies.
Singapore-based Terraform Labs (TFL), the company behind digital assets TerraUSD (UST) and Luna, filed for Chapter 11 bankruptcy in Delaware following the collapse of its cryptocurrencies in 2022.
According to a court document filed today, Terraform Labs’ estimated assets and liabilities range from $100 million to $500 million, while the number of creditors is between 100 and 199.
Terraform Labs plans to continue expanding its Web3 business, according to its statement.
Founded in 2018, Terraform Labs wiped out at least $40 billion in market value and collapsed the crypto industry in May 2022.
The bankruptcy filing comes four days after the U.S. SEC agreed to postpone the civil trial against Do Kwon Terraform Labs co-founder over an alleged $40 billion cryptocurrency fraud to March 25 from January 29.
According to PitchBook data, VC investments in crypto companies are down by 68% in 2023 compared to 2022.
But that’s a small number compared to 2022, the year during which crypto companies raised $30 billion.
French crypto startup Kiln just closed a $17 million funding round in December 2023.
As a reminder, staking consists in locking crypto assets in a blockchain to secure a blockchain and its transactions.
Several proof-of-stake blockchains let its users stake crypto assets, such as Polygon, Solana and Avalanche.
Coinbase, one of the largest crypto exchanges globally, bit back on Wednesday during a hearing to decide whether it committed securities violations.
The U.S. Securities and Exchange Commission filed the suit in June 2023, just one day after it sued Binance, the largest crypto exchange by volume, over securities matters.
In the SEC’s claims against Coinbase, it also alleged that the 13 cryptocurrencies available for trading on the exchange were securities.
Although separate, the Binance suit also had 12 crypto assets mentioned as securities.
The judge requested that the securities-focused agency explain what elements of crypto assets constitute investment contracts.
Software delivery platform Harness today announced that it has acquired the assets of Armory, a continuous deployment startup built on top of the open source Spinnaker project.
As Harness CEO and founder Jyoti Bansal told me, the acquisition price was about $7 million in cash.
Other investors include Lead Edge Capital, Insight Partners, Crosslink Capital, Bain Capital Ventures, Mango Capital, Y Combinator and Javelin Venture Partners.
Harness will hire many of Armory’s employees and Harness will continue to support existing Armory implementations.
He does, of course, hope that many of Armory’s customers will migrate to the Harness platform over time, but he also stressed that he wants to help Armory’s existing customer base.
More than 20,000 electric scooters belonging to Superpedestrian will be auctioned off later this month, along with other equipment from the startup’s U.S. operations, after closing its doors December 31.
Two “global online auction” listings have appeared on the website of Silicon Valley Disposition, an online market for “surplus assets,” which will feature scooters and other paraphernalia from cities Superpedestrian operated in, like Seattle, Los Angeles, and New York City.
The first auction opens January 23, and will run for three days.
A successive auction is set to run from January 29-January 31.
Though it raised $125 million less than two years ago, the company struggled financially in 2023 as it operated its shared scooter fleets in dozens of cities around the globe.
Why tokenization of assets can be a key driver of growth in cryptoStartups that find product-market fit can do well in any industry, but that’s not enough if you’re a web3 company.
No, you have to go beyond and find real use cases for the emerging technology.
There’s a lot more activity during bull markets as crypto tourists enter the industry in hopes of making it big.
Many protocols and companies have taken the time to be regulated and work on bridging the real world and the world of crypto, Warden said.
“I don’t love that expression ‘real world,’ because I think crypto is part of the real world, but I think we’re seeing more and more engagement there.”Warden thinks one of the biggest avenues for real world use cases is tokenization of assets and areas that aren’t even tradable yet.
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Cryptocurrency has been in the news a lot lately and with good reason. It’s an exciting new technology that could play a big role in reshaping the global economy. But…
