Byju's clears Aakash payments🤝🏻, Vauld freezes operations🤕, Chinese tech giants to ban NFTs🚫

Byju's clears Aakash payments, Vauld suspends operations, Tencent and Ant Group pledge to ban NFTs, crypto marketplaces, Funding Deals and more.

Jul 05, 2022

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Byju's clears Aakash payments, says $800-million fundraise almost done🎓

Edtech giant Byju's said on Monday it has completed pending payments for the acquisition of Aakash Educational Service Ltd. (AESL) and received the majority of an $800-million fundraise announced in March.

We reported on June 29 that Byju’s had delayed payments to Aakash, which it acquired in a cash-and-stock deal in April 2021. It was supposed to close the transaction this June but sought an extension till August.

The company is estimated to have paid around $950 million for AESL.

"Our fundraising efforts are on track and the majority of the $800 million has been already received. The balance is also expected soon. Our payments to Aakash are closed and the audited financial results are going to be announced in the next 10 days," Byju's said in a statement.

Crypto-trading platform Vauld suspends operations🤕

Crypto platform Vauld has suspended withdrawals and trading and is seeking new investors as the 2022 crypto winter takes its toll.

In a blog post on Monday, Vauld CEO Darshan Bathija said it was facing “financial challenges” because of volatile market conditions, financial difficulties at its key business partners, and the current market climate.

Founded in 2018 by Bathija and Sanju Kurian, Vauld provides a suite of products to crypto investors, including ‘fixed deposits’ and asset-backed lending and borrowing. It said customers have withdrawn crypto worth more than $197.7 million from the platform since June 12.

In June, Vauld announced it had laid off 30% of its workers, most of whom were based in India.

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Chinese tech giants Tencent and Ant Group pledge to ban NFTs, crypto marketplaces🚫

Chinese internet and tech giants have signed an initiative to ban cryptocurrency and digital collectibles (NFTs), along with a promise not to establish secondary marketplaces.

According to the South China Morning Post, Tencent and Ant Group joined a self-driven industry initiative to ban cryptocurrency and fight speculation.

Platforms that sell digital collectibles "shall require real-name authentication of those who issue, sell and buy" the assets and "only support legal tender as the denomination and settlement currency", according to the document signed by China's biggest tech firms.

The country banned all cryptocurrency transactions last September and barred foreign crypto exchanges from operating within the country in 2018.

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