Many brands are starting to see a recovery despite the challenges initially brought on by the pandemic. Some businesses, especially ones that focused efforts on expanding e-commerce ventures, have even seen profits rise even higher than before.
HYPEBEAST has rounded up the top business and crypto stories of the week so you can stay in-the-know about trends across industries.
Business
1. A bizarre legal battle over broken McFlurry machines is underway
In May, a lawsuit was filed against the machine’s manufacturer, Taylor, alleging “flawed code that caused the machines to malfunction.” A tech company called Kytch has developed software to repair the machines.
On May 10, 2021, legal representatives for Kytch, Inc. filed a complaint in Alameda County Superior Court.
Read the complaint: https://t.co/48e67tXqrg1/2 pic.twitter.com/caNrjxVz30
— Kytch (@getKytch) May 18, 2021
2. Amazon is offering customers up to $1,000 USD in compensation for faulty products
Amazon has announced a new process to compensate customers up to $1,000 USD if they were sold a defective product that caused property damage or personal injury. The policy change is an extension to its existing A-to-Z Guarantee program.
3. Online watch marketplace Chrono24 gets a $1 billion USD valuation
The company raised approximately $117 million USD in a Series C fundraising round, attracting the interest of LVMH backed Aglaé Ventures. The move signals continued growth for the second-hand watch market.
4. Reddit is now valued at $10 billion USD
In an interview with The New York Times, the online forum’s co-founder and CEO Steve Huffman said that the company raised $410 million USD in funding, helping boost its valuation. This round of funding was led by Fidelity investments.
5. Sony‘s Funimation Global Group has officially acquired Crunchyroll from AT&T
Funimation’s purchase of the leading anime streaming platform cost $1.175 billion USD and was paid in cash at closing. AT&T is expected to use proceeds from the sale for its debt reduction efforts.
Great day for anime! We’re thrilled to announce that Sony Pictures has completed its acquisition of @Crunchyroll through the @Funimation Global Group.https://t.co/13yln6gngC
— Sony Pictures (@SonyPictures) August 10, 2021
Crypto
1. AMC is accepting Bitcoin as payment
AMC CEO Adam Aron said during an earnings call that the movie theatre chain plans to start accepting bitcoin as payment by the end of 2021. “Many of our new shareholders are also quite enthusiastic about cryptocurrency,” he said on the call.
2. Jack Dorsey thinks Bitcoin will unite the world
Twitter CEO Jack Dorsey took to Twitter to air his thoughts on the benefits of Bitcoin. Dorsey previously said that he hoped Bitcoin "creates world peace."
#Bitcoin will unite a deeply divided country.
(and eventually: world)
— jack⚡️ (@jack) August 9, 2021
3. Coinbase $1.6 billion USD in net income in Q2
The cryptocurrency exchange said it now has 60 million verified users. “In Q2, we saw many crypto asset prices reach new all time highs,” the company said, noting the volatility of the crypto market.
4. Hackers stole over $600 million USD in cryptocurrency
Decentralized finance platform Poly Network reported that $600 million USD in various cryptocurrencies had been stolen by hackers, considered to be one of the largest cryptocurrency heists in history. Less than a day later, the hacker began returning the stolen cryptocurrency.
5. A Dogecoin music festival called Dogepalooza will take place in October
The event was created as an “all-around global celebration and movement of: Do Only Good Everyday (DOGE).” In addition to live entertainment, the event will include food and drink, merchandise, vendors, charities and educational resources on the popular cryptocurrency.
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