Top tech startup news stories you need to know this Tuesday, July 24
Good morning! Here are some of the top tech startup news stories for today, Tuesday, July 24.
Bitcoin broke the $8,000 level for the first time since May. Bitcoin, the world’s largest cryptocurrency, climbed back above the $8,000 mark in Asian trade this afternoon for the first time since late May. The digital currency jumped above $8,000 and is now up 20% in one week following weeks of bearish sentiment and a lack of new buyers. Bitcoin surged as high as $8,342.62, and was up more than 7 percent in the last 24 hours, according to industry website CoinDesk, which tracks a number of exchanges. The last time bitcoin traded above that key level was May 23.
Bitcoin king Mike Novogratz leads $52 million investment in crypto asset lending startup BlockFi. Crypto asset lending startup, BlockFi, has raised $5 million in new funding to expand its lending platform outside the US and to support more digital assets. The funding was led by Bitcoin king, Mike Novogratz. BlockFi allows crypto investors to borrow against their holdings. Mike Novogratz is an ex-hedge fund manager, formerly of the investment firm Fortress Investment Group.
General Electric is participating in blockchain startup Xage Security new $12 million funding round. Xage Security has raised $12 million to expand security for industrial IoT worldwide. The $12 million Series A funding round is led by March Capital Partners with participation from GE Ventures as well as City Light Capital and NexStar Partners. Xage Security develops security fabric for industries from energy to building management.
Google is exploring senior as new market for its Nest smart home products. Next, a division of Alphabet that sells home automation products, is looking at seniors who want to age independently, as a big potential market for its technology. According to a report from CNBC, citing people familiar with the matter, Nest CTO Yoky Matsuoka, is scheduled to speak at the largest senior housing conference in the fall. The company has been approaching senior living facilities and experts in the aging space with a pitch about incorporating Nest’s devices.
Pinterest nears $1 billion in ad sales and valuation rises as it looks to go public in mid-2019. Pinterest, the once popular social sharing platform, is poised to almost double its revenue this year, getting close to $1 billion. The company is planning to go public by mid-2019, and has a current valuation of $13 billion to $15 billion. Pinterest is a visual bookmarking tool for saving and discovering creative ideas.