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Equity

Equity Monday: China hates crypto, and the Vision Fund's vision lives on

Equity

TechCrunch

Entrepreneurship, Business News, News, Business, Technology

4.2372 Ratings

🗓️ 21 June 2021

⏱️ 8 minutes

🧾️ Download transcript

Summary

Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast where we unpack the numbers behind the headlines. This is Equity Monday, our weekly kickoff that tracks the latest private market news, talks about the coming week, digs into some recent funding rounds and mulls over a larger theme or narrative from the private markets. You can follow the show on Twitter here and myself here. Our live show is this week! And we're very excited about it! Details here, and you can register here. It's free, of course, so swing by and hang with us. Back on theme, we had a lot to get through this morning, so inside the show you can find the following and more: The Chinese cryptocurrency clampdown is a big damn deal: With lots of the nation's mining capacity heading offline, there's a scramble to relocate rigs and generally figure out what a crypto market sans China might look like. In the wake of the news, the value of cryptocurrencies fell. As did shares of Coinbase this morning in pre-market trading. Facebook's Clubhouse rival is out. The American social giant follows Spotify into the live-audio market. You have to give it to modern software companies, who thought that they could be both leading tech shops and Kinko's clones at the same time? Revolut is unprofitable as hell but increasingly less so. That could be good news for fintech as a whole. Amber Group raised $100 million; Forto raised $240 million. See you this Thursday at the live show! Credits: Equity is produced by Theresa Loconsolo with editing by Kell. Bryce Durbin is our Illustrator. We'd also like to thank the audience development team and Henry Pickavet, who manages TechCrunch audio products. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0

Equity is brought to you by Extra Crunch, that Prodigious Tech Ranch Paywell you keep running into.

0:05.0

You can break through that Paywell at a steep discount if you use the promo code Equity.

0:09.0

If you do, you'll get access to our best stuff and you'll make Equity look really good internally at the same time.

0:13.5

Enough of that, let numbers behind the headlines.

0:35.4

It is June 21st of 2021 and I am back.

0:39.6

Yep, this is Alex after a nice week off.

0:41.8

I learned how to kayak and even took a couple of naps. So if I owe you an

0:46.1

email or a DM, sorry about that, but I needed to recharge. It's good to be here.

0:51.6

To start this week, the cryptocurrency markets are having a hard time due to geopolitical issues, and American stocks are set to rise at the open despite declines in Asian stocks and a generally mixed European trading day.

1:03.0

Also, remember that we are recording Equity

1:05.2

live this week on June 24th at 2 PM Pacific Time,

1:09.2

which is 5 PM Eastern or 9 PM GMT. It's a free show, so please show up and heckle us as we try to bring that old

1:15.9

live show energy to the virtual world. There is a link to register in today's show notes.

1:21.1

If people like this and it's a good time and all that, we'll do more of these here and there.

1:24.5

Of course it's more fun to show about disrupt and do it in person and see everybody but this is the

1:29.0

next best thing and frankly I think it's going to be a blast. Now the big story this weekend in tech was the shuttering of cryptocurrency mining operations in China.

1:40.0

The short gist of the story is that the Chinese province of

1:43.1

Sichuan told power companies to stop providing juice to

1:45.8

crypto mining operations and sans electricity. Of course you can't run

1:49.3

computers that then mine Bitcoin souch, it's bad.

1:52.8

China has long been a hub for cryptocurrency mining

1:55.1

due in part to excess electricity in some regions,

...

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