Crypto platform Bitvavo has lost €280 million

1. Twitter boycott promote competing platforms, Musk can go

Twitter, the social media company owned by Elon Musk, released a remarkable message to the world during the World Cup final. The social media company prohibits now campaigns at both the account and tweet level to certain other social media platforms, including Facebook, Instagram and Mastodon. A link aggregator like Linktree is also not allowed. These are accounts created for promotional purposes only. How Twitter will assess this has not been disclosed. Meanwhile, Musk has asked in a Twitter poll whether he should step down as CEO of Twitter. At this point, the majority choose to leave.

2. Bitvavo has lost 280 million

Amsterdam crypto trading platform Bitvavo has (temporarily) lost 280 million euros. CEO Mark Nuvelstijn’s company is an indirect victim of the FTX debacle. For its staking services, where cryptos are pooled to receive interest, Bitvavo used the services of Digital Currency Group (DCG). This company got into trouble after the collapse of FTX. DCG was unable to pay some customers, including Bitvavo.

Remarkably, Nuvelstijn does not know exactly how long the money will be gone. “I don’t remember the exact date – hopefully you understand that I had several things on my mind,” he tells Quote. According to Nuvelstijn, there is no man left because the company has sufficient resources to cover the gap.

3. The painting robot maker Qlayers wants to raise 1 million

Qlayers, which has developed a painting robot to coat ships and planes, wants to raise a minimum of 500,000 euros and a maximum of 1 million euros through a bond issue. The start-up of Josefien Groot and Ruben Geutjens wants to use the money to expand the team, increase the stock and establish service and maintenance services.

The startup that was MT/Sprout Challenger in 2021 is not yet profitable. During the first nine months of 2022, the company had a turnover of 1.7 million euros. A solid interest rate of 9 percent is paid on the bond loan via NPEX.

Also read: Qlayers can grow faster with its painting robots: ‘We are opportunistic’

4. Operation of Otravo chains

Otravo, the parent company of, among others, Vliegtickets.nl and WTC.nl, has ceased its activities on 15 December. The ticket broker says that it has informed customers and employees about the situation. Customers who already have a ticket need not worry. According to RTL, customer service is unavailable, and a spokesperson also provides little clarity on the situation. ‘We work hard to create clarity for customers, employees, suppliers and business partners.’

5. Kees Verpalen leaves as CEO of decision.nl

After eighteen years, Kees Verpalen is leaving as CEO of the price comparison website Beslist.nl. Verpalen tells Quote that he wanted ‘something else’. Verpalen moves on to the advisory board and travels solo. ‘Asia. South America looks beautiful to me too. No, not with a backpack on. Fortunately, I have a bit more budget.’

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6. And then this: ‘SBF stops opposition to US extradition’

Sam Bankman-Fried, founder of bankrupt crypto exchange FTX, will no longer challenge his extradition to the United States, Reuters reports. Bankman-Fried is currently being held in the Bahamas. US authorities suspect the former entrepreneur of eight offences, including misuse of customer funds and misleading lenders.

What we also read:

  • NRC Handelsblad spent a day in Amazon’s sorting center. “In the morning, some people arrive as zombies.” (NRC Handelsblad)
  • Peekabond, which runs a video app that lets children connect with distant relatives, has raised an undisclosed amount. Among other things at Joanna Invests. (silicon channels)
  • For example, two 23-year-olds built a successful TikTok agency with For You Agency. (Adformation)
  • Private equity giants like Carlyle and Apollo are having more trouble getting money out of investors. (The Financial Times)
  • In many cases, remote treatment turns out to be a big flop. (The Wall Street Journal)

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