Terraform Labs CEO releases strategy to re-anchor slippery UST stablecoin – TechCrunch

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It’s Wednesday, May 11, the start of GooglePalooza, which the company insists is calling the far less entertaining “Google I/O 2022.” Our “GoogleCrunch Team” has prepared a slew of stories about Google’s hardware and software lineup, including Pixel Watch, Pixel 6A – a preview of the Pixel 7 – and a new tablet. All the details are below in the Big Tech section. – Christina and haje

TechCrunch’s top 3

  • Currency “stable”: Jacqueline has all the details on the dramatic downfall of Terra USD, a “stablecoin” known as UST, and its founder’s plans to avoid a UST crash. Jacquie then collected thoughts from crypto market participants on what the collapse of the UST means for the broader crypto market and other stablecoins.
  • The hits keep coming for crypto: I laugh; Coinbase’s first quarter results not only depressed its stock price, but informed us that the number of monthly transacting users is likely to continue to decline. What does this mean for crypto? Well, it might just have to weather the storm for a while. To make matters worse, Coinbase revealed that it had to halt its business operations in India after pressure from the Reserve Bank of India.
  • Airbnb predicts a hot summer: Like Jordan reports today in a pair of very enjoyable stories – including a Q&A with Brian Chesky, who thinks “a new era of travel is about to begin” – the company is preparing its beach body for the summer with new features, category search, the ability to book two accommodations in one feed for stays longer than a week, and AirCover travel insurance for guests.

Startups and VCs

Few things astonish us as much as the scale of Tiger Global – the company has been battered with $17 billion in losses. Connie reports that he has exhausted most of his last venture capital fund. Yeah.

As tech reporters, we love the rapid rise and watch with occasional glee the unpredicted descent of the startups we cover. Natasha and alexander remind us on today’s episode of the Equity podcast that while the founders couldn’t have seen a pandemic coming, they should have been better prepared for the world’s return to all that “normal” means. Or, as they say: layoffs affect people, not companies.

Sure, go ahead, I’ll have another one:

  • Remote work or no remote work? Rumor has it that Deel just raised a $12 billion valuation fueled by the remote work revolution.
  • Well, I will say: You know change is on the way when Harris reports that climate change company Carbon Clean is able to raise a $150 million funding round, led by famous climate change activists Chevron?
  • Property and unicorns: Real estate tech startup Habi says it has become the second unicorn in Colombia and the only LatAm unicorn with a founder and CEO, Mary Ann reports.
  • You must stumble: While startups like Lemonade have arrived to attack the insurance-weary world, the travel insurance market is getting the same treatment from Safetywing and Battleface – and now, Mike reports that Faye enters the fray.
  • The Three Rs of Education: Reading, Writing and Math: Educapital has raised a fund of 160 million dollars to focus on edtech and the future of work, Roman reports.
  • I want to lift my bike, I want to lift my bike: Berlin-based GetHenry, which provides last-mile delivery e-bikes to couriers and logistics companies, has raised a $17.4 million funding round to expand its business across Europe, Rebecca reports.
  • A little less fret and a little more spark: Traditional commercial trucks are terrible for the environment. Xos, an electric vehicle company specializing in commercial trucks, unveiled two new vehicles tonight, Harris reports.

Finding the value of your startup: 5 factors to consider

Picture credits: Avier Zayas Photography (Opens in a new window) / Getty Images (Image has been modified)

In her latest TC+ column, angel investor Marjorie Radlo-Zandi addresses a question that’s on the minds of all founders these days: What’s my current valuation?

For early-stage startups, finding that number requires more art than science, as pre-revenue companies are still collecting data and tweaking their products.

“Many traditional valuation methods, such as discounted cash flow, aren’t as useful for valuing early stage startups,” she writes. “That means investors have to weigh other factors that aren’t so easily measurable.”

(TechCrunch+ is our membership program, which helps founders and startup teams grow. You can join here.)

Big Tech inc.

  • Everything about Google I/O: Excuse us while we OH to catch this I/O. Sorry, Michigan fans, it had to be done. Moving on to Google, where it’s hardware, software and wallets, oh my! News so far includes language additions to Translate, a multi-search feature that makes us think AR glasses could be in Google’s future, a virtual credit card, and certain personalization features regarding ads.
  • Everything EV: Today we unplug a few things in the hope of giving you a boost on electric vehicles. Jaclyn outlines some guidance for Rivian’s first-quarter earnings. There’s a lot hammering at this company right now, but analysts expect to hear news about the supply chain, the relationship with Ford and its Georgia plant. In the case of Canoo, it is already warning that it may not have enough funds to market its electric vehicles. Additionally, the company sued one of its major shareholders for selling shares. Driving to Tesla, Jaclyn points out some comments Elon Musk made about the automaker’s demand (he can stop taking orders so he can catch up) and other things he’s thrilled about.
  • iPod, how we will miss you: The day started with RonApple’s obituary to Apple’s iPod, which turned into fodder on where some of us keep those reminders of how we consumed music in the early 2000s, and how the ‘Apple Store would sell you one without telling you that they were dropping a brand-spanking-new version the next day. Oh, memories.

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