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Flint Labs shuts down DeFi lending app

Flint Labs faced several regulatory challenges and obstacles, leading to the shutting down of its app with over 250,000 users.

Flint Labs shuts down DeFi lending app

Tuesday May 16, 2023 , 5 min Read

Hello,

One step forward for Microsoft.

In a huge win for the company, European Union regulators on Monday approved its proposed $69 billion acquisition of gaming firm Activision Blizzard. This was made possible after Microsoft offered free 10-year licensing deals to its cloud rivals, assuaging anti-competitive concerns. 

However, things are far from settled for the tech giant as it still has to battle legal concerns in the US and the UK. Last month, the latter's Competition and Markets Authority blocked the deal while in the US, the case between FTC and Microsoft is still going on.

In other news, all three founders of Bengaluru-based ZestMoney have resigned, ​​two months after the startup’s acquisition by Walmart-owned PhonePe fell through. In a letter to employees seen by YourStory, the founders said they will support the new management as the company transitions over the next four months. They continue to be shareholders in the company.

Walmart-backed fintech decacorn PhonePe had been in talks to acquire Zestmoney for $200 million-$300 million since November 2022. However, it walked away from the deal in March citing issues with due diligence.

Meanwhile, valuation markdowns for Indian startups continue with US investor Janus Henderson slashing PharmEasy’s valuation to $2.8 billion. This is the healthtech firm’s second downgrade this year after US-based fund Neuberger Berman cut its valuation from $5 billion to $4.4 billion last week. 

Lastly, play Google’s new odd-one-out game to see if you can spot ‘imposter’ images generated by artificial intelligence.

AI in games sounds nice…so far?

In today’s newsletter, we will talk about 

  • Flint Labs shuts down DeFi lending app
  • Biodegradable packaging trumps plastics
  • Co-founder Aditya Kothari exits Chingari

Here’s your trivia for today: What is the only country that displays the Bible on its national flag?


Web3

Flint Labs shuts down DeFi lending app

Sequoia-backed DeFi app Flint Labs has shut down the Flint Money app, which had over 250,000 users, due to obstacles including a negative regulatory climate in India. It has pivoted to another app, GasPay, a Web3 solution that allows users to pay gas fees in any token.

The pivot:

  • Besides facing high tax rates in India, Flint Money shut down its on-ramp systems, making it difficult to onboard retail users. It also couldn't advertise.
  • GasPay had nearly 5,000 users who have moved close to a million dollars in volume.
  • The company plans to launch an entire tech stack focused on solutions similar to GasPay. 
Cryptocurrency in Fintech


Funding Alert

Startup: Agilitas Sports

Amount: Rs 430 Cr

Round: Undisclosed

Startup: XYXX

Amount: Rs 110 Cr

Round: Series C

Startup: e-con Systems

Amount: Rs 100 Cr

Round: Undisclosed


Startup

Biodegradable packaging trumps plastics

After India banned single-use plastics last year, there has been a growing demand for alternative packaging solutions in the country. Dharaksha Ecosolutions is a B2B startup that converts paddy straw stubble into biodegradable packaging material.

Sustainable solution:

  • Dharaksha uses mycelium, a mushroom root, to decompose paddy straws and transform them into packaging materials.
  • The packaging materials can decompose in 60 days in normal soil and have a shelf life of more than three years.
  • It procures stubble from the farmers via a network of aggregators and aims to cut down on stubble waste burning by 40% in the next 6-7 years.
Dharaksha Team


Social media

Aditya Kothari exits Chingari

Aditya Kothari, Co-founder of Chingari, has exited the firm. The short video platform's current leadership comprises co-founders Sumit Ghosh, Deepak Salvi, and Biswatma Nayak.

"Overall, the company's success is a collective effort and Chingari is well-positioned to continue its growth and success under its current leadership," Ghosh told The Decrypting Story.

Recent developments:

  • Chingari recently partnered with Layer-1 blockchain Aptos to diversify its base beyond Solana. It will launch an updated version of Aptos by the end of this month.
  • The company recently conducted its debut token burn of GARI, its native token, in a bid to stabilise its price.
  • It also has plans to expand its reach to newer geographies including the US, Latin America, Africa, and Japan.
Chingari

Image Source: Shutterstock


News & updates

  • Caution: Artificial sweeteners may not help people lose weight, said WHO in new guidelines that warned against products like diet sodas. Its advice is based on a scientific review that found products containing aspartame and stevia likely don’t help reduce body fat in the long term.
  • Driverless: The UK’s first full-sized autonomous bus service opened to the general public on Monday. The AB1 service travels on a 14-mile route in Scotland, between the Ferrytoll Park and Ride in Fife and Edinburgh Park Transport Interchange.
  • Chapter 11: Vice Media Group filed for bankruptcy early Monday morning, marking the end of a long, strenuous effort to sell itself after its business stopped growing. Vice has agreed to an asset purchase agreement with a consortium of lenders that had previously lent it money.


What is the only country that displays the Bible on its national flag?

Answer: The Dominican Republic


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