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dot-com code tech news. Welcome to Tech crunch daily news a roundup of the top

tech news of the day brought torought to you by Audible.

The end is in sight for Quibi.

Paypal ads cryptocurrency support

and Netflix tests a new promotional strategy.

This is your daily crunch. The big story is Quibi, the

much-hiked streaming video app led by Jeffrey Katzenberg and Meg Whitman, which raised

nearly two billion dollars in funding, is shutting down, according to reports

in the information and the Wall Street Journal.

Katzenberg, a long-time Hollywood executive, had blamed the coronavirus pandemic for a lackluster launch in May,

an app designed for on-the-go viewing didn't have much appeal when people were largely stuck at home.

And whatever the reason, none of Quibi's shows ever became a breakout hit.

Quibi did not respond to requests for comment, but Katzenberg is reportedly notifying

investors that the company is shutting down.

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