Daily Crunch - Quibi might be shutting down

TechCrunch Newsletter

Wednesday, October 21, 2020 • By Anthony Ha

The end is in sight for Quibi, PayPal adds cryptocurrency support and Netflix tests a new promotional strategy. This is your Daily Crunch for October 21, 2020.

The big story: Quibi might be shutting down The much-hyped streaming video app led by Jeffrey Katzenberg and Meg Whitman, which raised nearly $2 billion in funding, is shutting down, according to reports in The Information and The Wall Street Journal. Katzenberg, a longtime Hollywood executive, had blamed the coronavirus pandemic for a lackluster launch in May — an app designed for on-the-go viewing didn’t have much appeal when people were largely stuck at home. And whatever the reason, none of Quibi’s shows ever became a breakout hit. Quibi did not respond to requests for comment, but Katzenberg is reportedly notifying investors that the company is shutting down. Read more Image Credits: Daniel Boczarski / Getty Images

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The tech giants PayPal to let you buy and sell cryptocurrencies in the US — In partnership with Paxos, PayPal plans to support Bitcoin, Ethereum, Bitcoin Cash and Litecoin at first. Facebook is working on Neighborhoods, a Nextdoor clone based on local groups — Facebook said that Neighborhoods currently is live only in Calgary, Canada. Netflix to test free weekend-long access in India — The streaming service recently stopped offering a month of complimentary access to new users in the United States. Image Credits: Dan Kitwood / Getty Images

Startups, funding and venture capital Syte, an e-commerce visual search platform, gets $30M Series C to expand in the US and Asia — Launched in 2015 to focus on visual search for clothing, Syte's technology now covers other verticals, like jewelry and home decor. June's third-gen smart oven goes up for pre-order, starting at $599 — It’s been two years since the smart oven’s last major update. Mine raises $9.5M to help people take control of their personal data — Mine scans users' inboxes to help them understand who has access to their personal data. Image Credits: Syte / Syte

Advice and analysis from Extra Crunch Founders don't need to be full-time to start raising venture capital — John Vrionis and Sarah Leary of Unusual Ventures told us that lightweight investing matters in the early days of a company. Dear Sophie: What visa options exist for a grad co-founding a startup? — The latest edition of immigration lawyer Sophie Alcorn’s column answering immigration-related questions about working at tech companies. Lessons from Datto's IPO pricing and revenue multiple — How do you value slower, more profitable software growth? (Reminder: Extra Crunch is our membership program, which aims to democratize information about startups. You can sign up here.)

Everything else Sam's Club will deploy autonomous floor-scrubbing robots in all of its US locations — Sam's Club parent company Walmart is already using robotics to perform inventory in its own stores. AOC's Among Us stream topped 435,000 concurrent viewers — The purpose of the stream, which drew a massive crowd, was to get out the vote as we head into the general election. Coalition for App Fairness, a group fighting for app store reforms, adds 20 new partners — The coalition claims that both Apple and Google engage in anti-competitive behavior. Image Credits: Brain Corp.

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