{"id":15335,"date":"2022-12-10T10:45:29","date_gmt":"2022-12-10T10:45:29","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/chipper-cash-valuation-dropped-to-1-25-billion-after-it-secured-additional-funding-from-ftx-featured-bitcoin-news\/"},"modified":"2022-12-10T10:45:29","modified_gmt":"2022-12-10T10:45:29","slug":"chipper-cash-valuation-dropped-to-1-25-billion-after-it-secured-additional-funding-from-ftx-featured-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/chipper-cash-valuation-dropped-to-1-25-billion-after-it-secured-additional-funding-from-ftx-featured-bitcoin-news\/","title":{"rendered":"Chipper Cash Valuation Dropped to $1.25 Billion After it Secured Additional Funding From FTX \u2013 Featured Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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After Chipper Cash ended 2021 as one of Africa\u2019s most valued fintechs, the FTX-backed startup\u2019s valuation dropped from $2 billion to $1.25 billion after it reportedly received a $35 million simple agreement for future equity (SAFE) grant from the now-collapsed crypto exchange FTX. Chipper Cash has also reportedly laid off 50 employees as it seeks to cope with the deteriorated macroeconomic environment.<\/strong><\/p>\n

FTX\u2019s Simple Agreement for Future Equity<\/h2>\n

Chipper Cash, one of the several African fintech startups to receive funding from FTX, saw its valuation drop from $2 billion to $1.25 billion after it secured additional funding from the now-collapsed crypto exchange, a Techcrunch report<\/a> has said. The latest revelation came just as Chipper Cash was reported to have retrenched as many as 50 employees.<\/p>\n

As previously reported<\/a> by Bitcoin.com News, Chipper Cash, which was launched in 2018 by Ham Serunjogi and Maijid Moujaled, saw its valuation rise to over $2 billion after it received $150 million in a Series C extension round that was led by FTX in late 2021. Before that, the fintech had raised $100 million via its Series C round.<\/p>\n

However, according to the Techcrunch report, the drop in the fintech\u2019s valuation stems from the $35 million it received from FTX. Chipper Cash needed the new funding, which reportedly came in the form of a simple agreement for future equity (SAFE) grant, to help it deal with a tough macroeconomic environment, the report added.<\/p>\n

Chipper Cash the Latest African Fintech to Lay Off Workers<\/h2>\n

Meanwhile, in what has seemingly become a custom adopted by fintechs when they lay off employees, Erin Fusaro, the vice president of engineering at Chipper Cash, urged tech firms looking for talented workers to consider hiring her former colleagues.<\/p>\n

\u201cThis morning [Dec. 5] a significant amount of Chipper staff were let go in a layoff. While I was not among them, many of my close colleagues and friends were. If you\u2019re looking for talented engineering leadership, engineers, technical program managers, analysts, or IT staff,\u201d Fusaro said in a Linkedin post<\/a>, \u201cplease comment here and I\u2019ll do my best to start connecting people.\u201d<\/p>\n

Quidax<\/a> and Nestcoin<\/a> are two African fintechs to have similarly asked their better-positioned industry peers to consider recruiting their former employees.<\/p>\n

Register your email here to get a weekly update on African news sent to your inbox:<\/em><\/p>\n

What are your thoughts on this story? Let us know what you think in the comments section below. <\/strong><\/em><\/p>\n

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\nTerence Zimwara <\/h6>\n

\nTerence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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