The conclusion for Quibi is approaching, PayPal is integrating cryptocurrency functionality, and Netflix is experimenting with a novel marketing approach. This is your Daily Crunch for October 21, 2020.

Leading the news: Quibi will cease operations

Reports from The Information and The Wall Street Journal indicate that the streaming video application, Quibi, spearheaded by Jeffrey Katzenberg and Meg Whitman, and backed by approximately $2 billion in investment, is preparing to shut down.

Katzenberg, a veteran of the Hollywood industry, previously attributed the platform’s underwhelming debut in May to the coronavirus pandemic—an application intended for mobile viewing experienced limited traction while individuals were primarily confined to their homes. Regardless of the cause, Quibi was unable to produce any programs that achieved widespread popularity.

Quibi’s leadership team verified this information in a statement published on Medium.

Major technology companies

PayPal will enable users to purchase and trade cryptocurrencies within the United States — Through a collaboration with Paxos, PayPal intends to initially support Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.

Facebook is developing Neighborhoods, a platform mirroring Nextdoor and centered around local communities — Facebook has stated that Neighborhoods is currently available exclusively in Calgary, Canada.

Netflix will pilot a program offering free weekend access in India — The streaming provider recently discontinued its practice of providing a complimentary month of service to new subscribers in the United States.

Startups, financing, and venture capital

Syte, a visual search platform for e-commerce, secures $30M Series C funding to facilitate expansion in the US and Asia — Since its launch in 2015 with a focus on visual search for apparel, Syte’s technology now encompasses other categories, such as jewelry and home furnishings.

Pre-orders begin for June’s third-generation smart oven, priced starting at $599 — It has been two years since the smart oven received its last significant update.

Mine obtains $9.5M in funding to empower individuals to manage their personal data — Mine analyzes users’ email inboxes to provide insights into which entities have access to their personal information.

Insights and analysis from Extra Crunch

Entrepreneurs do not require full-time dedication to begin securing venture capital — John Vrionis and Sarah Leary of Unusual Ventures explained to us that early-stage investment should be flexible.

Dear Sophie: What visa possibilities are available to a graduate student co-founding a startup? — The latest installment of immigration attorney Sophie Alcorn’s column addresses immigration-related inquiries concerning employment at technology companies.

Analyzing Datto’s IPO pricing and revenue multiple — How should one assess the value of software companies exhibiting slower, yet more profitable, growth?

(Please note: Extra Crunch is our subscription service, designed to broaden access to information about startups. You can register here.)

Other noteworthy developments

Sam’s Club will implement autonomous floor-scrubbing robots across all of its US locations — Walmart, the parent company of Sam’s Club, is already utilizing robotics for inventory management in its own stores.

Alexandria Ocasio-Cortez’s Among Us stream attracted over 435,000 simultaneous viewers — The stream, which garnered a substantial audience, aimed to encourage voter participation in the upcoming general election.

The Coalition for App Fairness, an organization advocating for app store reforms, welcomes 20 new partners — The coalition asserts that both Apple and Google are engaging in anti-competitive practices.

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