Global News: Venture-Backed Startups Going Bankrupt at Alarming Rate
Nigeria’s SEC to Licence Crypto Exchanges as Adoption Surges
Data from Carta, a provider of services to private companies, reveals that 254 venture-backed clients went bankrupt in the first quarter of 2024, a rate more than seven times higher than in 2019. Notable casualties include Tally, a financial technology company valued at $855 million, and desk rental company WeWork, which had raised $16 billion in debt and equity.
Our thoughts
Data shows that less than 30% of businesses hit the 10 year mark and if we could tell exactly which ones would collapse we simply would not touch it. But the fact is that some of them have shut down due to poor strategy but for some it is simply bad timing, they were unable to raise fresh capital because no one is really funding projects right now. it is what it is!
So seeing that everything always seems to look good at the start your best option is to spread your risk as much as possible! Don't put all your eggs in one basket.
Some things never go out of fashion.
African News: Kenya to bring back some scrapped tax plans, risking more unrest
John Mbadi told Citizen TV in an interview broadcast on Sunday night that some of the measures would be tweaked and not all would be revived, but they were needed to pay for expenditure including wages for teachers.
Our thoughts
So it's not surprising as much as citizens wouldn't want increase taxes, there truly is a limit to how much the country can borrow to fund the economy and the only quick option they would be able to explore is increasing taxes.
Our only concern is the social implication we hope that the sitting engagement will be better this time for a smoother implementation
Nigerian News: Nigeria’s SEC to Licence Crypto Exchanges as Adoption Surges
Nigeria’s top finance regulator plans to license providers of virtual assets including cryptocurrencies to tap opportunities and protect investors as adoption rates surge in the West African nation.
Our thoughts
This is interesting news coming out of the SEC, we would like to see what the regulation would actually look like but it is in tune with what is happening globally where cryptocurrency is gradually becoming mainstream as regulators, business leaders, and politicians are beginning to look more towards it.
For us, in Nigeria we will be curious to see how the SEC is going to align their own policies with the central bank stands on cryptocurrency, but fundamentally we are looking forward to it.
Digital currency in whatever form is here to stay!
What’s happening at the Money Wit Club…..
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