A Long, Strange Trip for the ‘Uber for Nurses’Read more

Art by Mike Sullivan

Bankrupt Crypto Lenders Aren't a Blockchain Problem

Photo: Art by Mike Sullivan

Crypto has been really quiet this week (sarcasm!), so let’s get the headlines on paper first:

  • Voyager Digital, a New York-based crypto lending company, filed for Chapter 11 bankruptcy on Wednesday. The company has $654 million in outstanding loans to Three Arrows Capital, the crypto hedge fund that a British Virgin Islands court ordered to liquidate last week. 
  • Crypto exchange FTX extended an additional $400 million revolving credit facility to BlockFi in a deal that also includes the option to acquire the crypto lender for up to $240 million.
  • Vauld, a Singapore-based crypto lending company, froze customer withdrawals on Monday and said it was in talks to be acquired by rival lender Nexo.

In aggregate, it’s really easy to look at those headlines and say to yourself “see, crypto ain’t all it’s cracked up to be!” But the truth is, just about every major crypto tragedy that’s come up in the past week isn’t at all a function of the decentralized blockchains the assets sit on. Rather, it’s a function of the web of lending and speculation that people build around them. 

Access on the go
View stories on our mobile app and tune into our weekly podcast.
Join live video Q&A’s
Deep-dive into topics like startups and autonomous vehicles with our top reporters and other executives.
Enjoy a clutter-free experience
Read without any banner ads.
CareRev co-founder Will Patterson stepped down as CEO last week. Art by Clark Miller
Exclusive startups venture capital
A Long, Strange Trip for the ‘Uber for Nurses’
Will Patterson was on a hot streak. As the co-founder and CEO of CareRev—a gig-work platform sometimes described as an “Uber for nurses”—he saw his company’s business surge during the pandemic as hospitals and clinics scrambled to find healthcare workers.
Instacart CEO Fidji Simo. Photo by Getty.
Exclusive startups Finance
Growth Wanes at Instacart, Gopuff
Grocery upstarts Instacart and Gopuff haven’t been able to deliver two things at once this year: growth and profits.
Nvidia CEO Jensen Huang. Photo by Bloomberg
semiconductors ai
Why Nvidia Aids Cloud Rivals of AWS, Google and Microsoft
Nvidia’s business of selling chips for artificial intelligence is going gangbusters, but the company faces a looming problem.
Introducing The Information’s Generative AI Database
OpenAI’s ChatGPT launched six months ago, igniting a boom in generative artificial intelligence.
The Port of Los Angeles, where Next Trucking has a significant presence. Photo by David McNew/Getty Images.
Exclusive startups Finance
Logistics Startup Next Trucking Tries to Sell Itself
Sequoia Capital–backed logistics startup Next Trucking, facing a slowdown in the trucking sector, is trying to sell itself, according to people familiar with the matter and a pitch deck reviewed by The Information.
Adam D'Angelo photograph by Ko Sasaki. Art by Clark Miller
The 1:1 ai
Adam D’Angelo’s Endless Quest to Answer Everything
Adam D’Angelo is basking in an “ endless summer ” of artificial intelligence. A few weeks before he and 350 industry peers released a bizarre, one-line statement warning that AI could herald a nuclear-level extinction event, the 38-year-old co-founder of Quora told me he actually sees more upside in AI than downside.