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Binance to acquire FTX🛒; BSNL deals with TCS🤝; Snap launches Sounds Creator Fund🎵
Binance to acquire rival FTX, BSNL deal will boost TCS’ global telecom offerings, Snapchat launches Sounds Creator Fund in India, Funding Deals and more.
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World's largest crypto exchange Binance to acquire rival FTX👛
Binance chief executive Changpeng Zhao (CZ) said on Tuesday the company had signed a non-binding agreement to buy rival FTX to help tide over a "liquidity crunch".
The dramatic twist followed a public spat between the world’s two largest crypto exchanges, which caused the prices of several digital tokens to fall on Tuesday.
Binance founder Changpeng Zhao and FTX founder Sam Bankman-Fried have faced off for months on social media, and their clash escalated earlier this week.
Now, the two have struck a deal that unites two crypto powerhouses.
BSNL deal will boost TCS’ global telecom offerings, says COO📶
The $2 billion telecom deal between state-owned BSNL and a consortium led by Tata Consultancy Services (TCS) will enable the IT service provider to take its telecom offerings to potential global clients and compete with network gear makers such as Nokia, Ericsson and Samsung, a top executive told us.
It will also provide alternative telecom solutions to countries that have traditionally depended on these large players, TCS chief operating officer N Ganapathy Subramaniam said.
With the addition of companies like Tejas Networks and Saankhya Labs to the Tata group, this deal will potentially pitch the Tata consortium as an indigenous telecom network solutions provider against global players like Ericsson, Nokia, and Huawei, among others.
Hot Shorts 🔥
Masai School, a JobTech institute, raised $10 million in a Series B round led by Omidyar Network India, with existing investors including India Quotient and Unitus Ventures, as well as Alteria Capital. Mithali Raj and Bhaichung Bhutia both participated in the round as investors and partners.
Digital gaming marketplace Driffle has raised $3.4 million in its seed round led by BEENEXT and other investors, including JAFCO Asia, Taurus Ventures, Better Capital and White Venture Capital.
Venture capital firm Quona Capital has announced the final close of its third fund – Fund III – at $332 million, exceeding its initial target of $250 million.
Snap launches its Sounds Creator Fund in India🎶
Snap Inc, the parent company of photo and video-sharing app Snapchat, on Tuesday, announced the launch of its Sounds Creator Fund in India.
Details: The company will provide monthly grants of up to $50,000 to emerging, independent artists through the fund.
“Beginning in mid-November, Snap will provide monthly grants of up to $50,000 to emerging, independent artists distributing music on Snapchat via DistroKid, and driving the creation of content on the platform,” the company said in a statement.
DistroKid is a digital music distribution service through which artists can distribute their licensed music to streaming platforms such as Spotify and Apple Music, and to social media apps like Snapchat and Instagram.
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"The essence of strategy is choosing what not to do."
- Michael Porter
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