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.
\nThe big story: Quibi is shutting down
\nThe 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.<\/p>\n
Katzenberg, a longtime Hollywood executive, had blamed the coronavirus pandemic for a lackluster launch in May \u2014 an app designed for on-the-go viewing didn\u2019t have much appeal when people were largely stuck at home. And whatever the reason, none of Quibi\u2019s shows ever became a breakout hit.
\nQuibi executives confirmed the news in a post on Medium.
\nThe tech giants
\nPayPal to let you buy and sell cryptocurrencies in the US \u2014\u00a0In partnership with Paxos, PayPal plans to support Bitcoin, Ethereum, Bitcoin Cash and Litecoin at first.
\nFacebook is working on Neighborhoods, a Nextdoor clone based on local groups \u2014 Facebook said that Neighborhoods currently is live only in Calgary, Canada.
\nNetflix to test free weekend-long access in India \u2014 The streaming service recently stopped offering a month of complimentary access to new users in the United States.
\nStartups, funding and venture capital
\nSyte, an e-commerce visual search platform, gets $30M Series C to expand in the US and Asia \u2014 Launched in 2015 to focus on visual search for clothing, Syte\u2019s technology now covers other verticals, like jewelry and home decor.
\nJune\u2019s third-gen smart oven goes up for pre-order, starting at $599 \u2014\u00a0It\u2019s been two years since the smart oven\u2019s last major update.
\nMine raises $9.5M to help people take control of their personal data \u2014 Mine scans users\u2019 inboxes to help them understand who has access to their personal data.
\nAdvice and analysis from Extra Crunch
\nFounders don\u2019t need to be full-time to start raising venture capital \u2014 John Vrionis and Sarah Leary of Unusual Ventures told us that lightweight investing matters in the early days of a company.
\nDear Sophie: What visa options exist for a grad co-founding a startup? \u2014\u00a0The latest edition of immigration lawyer Sophie Alcorn\u2019s column answering immigration-related questions about working at tech companies.
\nLessons from Datto\u2019s IPO pricing and revenue multiple \u2014\u00a0How do you value slower, more profitable software growth?
\n(Reminder: Extra Crunch is our membership program, which aims to democratize information about startups. You can sign up here.)
\nEverything else
\nSam\u2019s Club will deploy autonomous floor-scrubbing robots in all of its US locations \u2014 Sam\u2019s Club parent company Walmart is already using robotics to perform inventory in its own stores.
\nAOC\u2019s Among Us stream topped 435,000 concurrent viewers \u2014\u00a0The purpose of the stream, which drew a massive crowd, was to get out the vote as we head into the general election.
\nCoalition for App Fairness, a group fighting for app store reforms, adds 20 new partners \u2014\u00a0The coalition claims that both Apple and Google engage in anti-competitive behavior.
\nThe Daily Crunch is TechCrunch\u2019s roundup of our biggest and most important stories. If you\u2019d like to get this delivered to your inbox every day at around 3pm Pacific, you can subscribe here.<\/p>\n