Daily Crunch: Bitcoin as Religion, Web3 and Greed

Daily Crunch: December 21, 2021 – A Year-End Message

A daily summary of TechCrunch’s most significant and impactful news is delivered to inboxes each day at 3 p.m. PST. You can subscribe to receive this roundup here.

Greetings, and welcome to today’s Daily Crunch for December 21, 2021. This marks my last Daily Crunch dispatch for the year.

Allow me to express my gratitude for your readership since I began authoring this newsletter’s news summaries. The transition could have been met with resistance, considering people’s general aversion to changes in their email subscriptions.

Positive Reception to the New Daily Crunch

However, with open rates reaching record levels, you have embraced the New Daily Crunch team wholeheartedly, for which we are thankful.

We anticipate an even more successful 2022, filled with continued insightful reporting and, of course, more humor. —Alex

Meet the Team

We encourage you to follow the talented individuals who contribute to this newsletter’s success:

• Miranda (Experts)
• Walter (TC+)
• Annie (Editing)
• Richard (Editing)

Richard has chosen not to provide a direct link, remaining somewhat elusive. Nevertheless, he is a valued and amicable member of the team!

TechCrunch's Leading Three Stories

Bitcoin is often likened to a faith-based system, while web3 is increasingly associated with financial opportunism. This observation arose following comments made by Jack Dorsey, which sparked considerable discussion.

TechCrunch investigated the ensuing debate, recognizing its significance within the current technological landscape. The analysis aims to present perspectives that may challenge both staunch bitcoin proponents and enthusiastic NFT collectors.

Microsoft's Acquisition of Nuance Approved

The European Commission has granted approval for Microsoft's $19.7 billion acquisition of Nuance, a company specializing in medical transcription. This signifies a positive outcome for the Redmond-based technology firm.

Notably, this deal has successfully navigated regulatory scrutiny, unlike some other large-scale tech mergers that have faced obstruction and eventual cancellation.

Via's Plans for Public Offering

Via, a provider of public transit software and shuttle services, is preparing to become a publicly traded company in early 2022. The company has confidentially submitted its initial public offering (IPO) filing.

Further details will become available upon the release of the S-1 document. Via joins Reddit on the list of anticipated public debuts expected in the first quarter of the upcoming year.

The company’s move towards a public market listing represents a significant step in its growth trajectory.

Startups and Venture Capital Updates

Beyond the broader public market activity, several noteworthy developments have emerged in the startup world. Snapdeal, a New Delhi-based company backed by SoftBank, has recently filed for an initial public offering. According to its prospectus, the company is aiming to secure approximately $165 million during its debut on the public market.

As we previously noted, Snapdeal once held a competitive position against Amazon and Flipkart in the Indian market, though its market share has diminished in recent years. Furthermore, the situation surrounding Better.com and its CEO, Vishal Garg, continues to draw attention. We are currently investigating the circumstances surrounding his continued employment.

Recent Fund Launches:

• Array Ventures Secures $56M for Enterprise Tech Investments: Shruti Gandhi’s fund will allocate its new capital to approximately 30 startups focused on core, technical enterprise technologies. The fund’s size suggests investments will be made at a very early stage.
• Calibrate Ventures Raises $97M to Focus on AI Automation: Having increased its capital base by 25% compared to its first fund, Calibrate is prepared for further investment. Previous investments include Built Robotics, Embodied, FarmWise, Soft Robotics, Talage, and TruckLabs, as reported by TechCrunch.
• Chapter One Gathers $40M for Web3 Investments: Despite concerns, funding for web3 projects persists. Chapter One, led by solo investor Jeff Morris Jr., is launching a $40 million fund, supplemented by a potential $20 million opportunity fund.

Startup News in Brief:

• NFT Platform Faces Security Breach: Justin Kan’s NFT platform experienced a problematic launch, with a scammer absconding with $150,000 in user funds. This incident casts a negative light on the cryptocurrency space.
• Patreon Anticipates Significant Growth: The company’s Chief Product Officer forecasts a doubling in size throughout 2022, indicating continued strength in the creator economy.
• eVTOL Industry Trends in 2021: Despite advancements, electric vertical take-off and landing vehicles are not yet readily available for public transportation during the holiday season.
• Ubiquitous Platform Connects with Influencers: While the headline may be playful, the startup itself appears promising.
• Ampla Raises $40M Series A for Commerce Credit: Ampla has secured $40 million in Series A funding to provide credit solutions to commerce brands, addressing a historical reluctance from traditional banks to offer sufficient funding.
• Airtable Acquires Walrus.ai Team: The practice of acqui-hiring, once prevalent, is making a comeback, as Airtable integrates the founding team of Walrus.ai.
• Tackle Secures $100M Series C to Revolutionize Software Sales: Newly designated as a unicorn, Tackle intends to utilize its $100 million Series C funding to accelerate innovation and gain a competitive edge in the software sales market.

The Ahrefs Homepage: A Demand Curve Analysis of Conversion Strategies

The primary function of a well-designed homepage is to stimulate customer interest and facilitate the purchasing process by minimizing complexity and effort.

As Joey Noble of Demand Curve points out, a confusing homepage will quickly lead to visitor abandonment due to limited attention spans.

Noble provides a detailed breakdown of Ahrefs’ SEO platform homepage, offering practical tactics for startups to improve their own conversion rates.

These strategies encompass addressing potential concerns, leveraging social proof to create a sense of urgency, and building trust with the target audience.

Key Strategies for Homepage Optimization

The analysis focuses on how Ahrefs effectively communicates value and guides prospects toward a purchase decision.

Understanding how to handle objections proactively is crucial. Ahrefs anticipates common questions and provides clear answers directly on the homepage.

Social proof plays a significant role in establishing credibility. Ahrefs showcases testimonials and highlights its user base to instill confidence.

Creating a sense of urgency encourages immediate action. The homepage subtly implies the benefits of acting quickly to secure access to Ahrefs’ tools.

Audience-Centric Design

Ahrefs’ homepage is carefully tailored to resonate with its specific audience – SEO professionals and marketers.

The messaging and features highlighted are directly relevant to the needs and pain points of this demographic.

This targeted approach ensures that visitors quickly understand the value proposition and are more likely to convert.

(Access to exclusive insights and resources is available through TechCrunch+, our membership program designed for founders and startup teams. Sign up here.)

Big Tech Inc.

Navigating the complexities of maintaining positive relations with the Chinese Communist Party while also sustaining a successful international business is becoming increasingly challenging.

Microsoft’s experiences in China demonstrate these difficulties, as highlighted by TechCrunch’s analysis of the trajectories of both LinkedIn and Bing within the country.

LinkedIn's Challenges

The professional networking platform, LinkedIn, faced significant hurdles operating within China’s regulatory environment.

Despite initial efforts to comply with local laws, LinkedIn ultimately decided to halt operations in China in 2021.

This decision stemmed from a more stringent regulatory landscape and challenges in managing content according to Chinese censorship requirements.

Bing's Situation

Microsoft’s search engine, Bing, also encountered obstacles in the Chinese market.

It operated under significant restrictions and faced competition from domestic search engines like Baidu.

In 2024, Microsoft announced it would discontinue Bing’s search services in China, effectively withdrawing from the market.

Broader Implications

Microsoft’s retreat underscores the growing tensions between big tech companies and the Chinese government.

Maintaining operations requires substantial concessions regarding data control, censorship, and compliance with local regulations.

The situation presents a difficult balancing act for multinational corporations seeking to access the vast Chinese market.

The Increasing Difficulty

Successfully navigating this landscape is proving to be exceptionally difficult for international companies.

The demands for compliance are escalating, and the risk of falling afoul of Chinese regulations remains high.

Microsoft’s experience serves as a cautionary tale for other tech firms operating in or considering expansion into China.

TechCrunch Experts

Startup founders are being contacted to share their preferred sources for current growth marketing strategies.

Participation in a survey to gather this information is available here.

A sample testimonial received is presented below.

Expert Profile

Marketing Professional: Brent Payne, Loud Interactive SEO

Referral Source: Brad Schnitzer, Techstars Chicago

Testimonial: Payne is considered a leading SEO specialist in the Midwestern region.

His expertise was previously applied to SEO initiatives at the Tribune.

Currently, he leverages these skills to assist early-stage founders in replicating similar achievements.

Schnitzer states that Payne has significantly impacted the growth paths of approximately 42 startups within his Techstars Chicago investment portfolio over the last four years.

He has demonstrably altered the course of numerous ventures.