Značka: Airbnb

Sequoia Capital marks down entire $214M FTX stake to zero

Venture capital firm Sequoia Capital tweeted out a letter sent to its partners on Nov. 10 revealing the firm had marked its $213.5 million investments in FTX and FTX US down to $0, claiming them as a complete loss.The letter said that the crisis facing FTX has “created a solvency risk” but claimed its exposure to the exchange is “limited” in its Global Growth Fund III, where its cost basis for the FTX portion of the fund totaled $150 million.Here is the note we sent to our LPs in GGFIII regarding FTX. pic.twitter.com/Cgp1Yxk1pz— Sequoia Capital (@sequoia) November 10, 2022Sequoia also reassured its partners that the writing off of FTX wouldn’t have a detrimental impact on the fund, saying it accounted for less than 3% of the capital committed to it, adding:“The $150M loss is offset by ~$7.5B in realized and unrealized gains in the same fund, so the fund remains in good shape.”The venture capital firm also reported to have invested $63.5 million into FTX and FTX US from its Sequoia Capital Global Equities Fund, however, the holdings represented less than 1% of the entire portfolio.Sequoia’s investments into the now cash-strapped cryptocurrency exchange came as part of FTX’s $900 million Series B investment round in July 2021 — which was the largest crypto investment ever recorded at the time. As for the investment decision, Sequoia reassured its partners that it extensively researches each and every investment with thorough diligence, and FTX was no different:“At the time of our investment in FTX, we ran a rigorous due diligence process. In 2021, the year of our investment, FTX generated approximately $1B in revenue and more than $250M in operating income.”“We are in the business of taking risk. Some investments will surprise to the upside, and some will surprise to the downside,” the letter explained. Related: Breaking: FTX’s Binance rescue deal falls apart in less than 48 hoursSequoia added that it would communicate its next movements to its partners when more information becomes available. Sequoia Capital currently has about $85 billion of assets under management, and has previously made early investments in tech giants Apple and Google and more recently Airbnb.

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Polygon taps Airbnb’s director of HR to spearhead its decentralized workforce

Ethereum layer-2 scaling solution Polygon (MATIC) has announced the hiring of Bhumika Srivastava in a bid to consolidate its strategy and cultural ambitions for the company’s 500-employee global workforce.Serving as the head of human resources and director for employee experience at Airbnb for the past five years, Srivastava arrives with an illustrious portfolio and plethora of experience from her work in Web2, having occupied senior roles at Adobe, Yahoo, Tesco PLC, and Snapdeal.Srivastava’s appointment marks a consistent trend in Polygon’s hiring strategy of prominent figures within the Web2 space, such as the former head of gaming at Youtube, Ryan Wyatt, being hired as CEO of Polygon Studios in January and, more recently, Tyler Sellhorn being brought on to promote Polygon’s decentralized working model as head of remote. In an interview with Cointelegraph conducted on Zoom, Srivastava spoke candidly about the necessities of leadership, Polygon’s parabolic employee growth over the past year, and her ambitions to cultivate a thriving decentralized culture which operates with sustainable high-performance. The weekly stats:• #Polygon network TVL maintains a solid $2.5Bn. • The @PolygonStudios & @BoomLandGames collab will bring 33MM users to blockchain gaming.• Avg gas fees saved using #Polygon: $26.58MM daily ($10 per txn)#PolygonInsights https://t.co/aFOZztq68N— Polygon Ecosystem Updates (@0xPolygonNews) June 8, 2022Cointelegraph: Albeit only being in the role for two days, how do you expect your position with Polygon to differ from that of Airbnb? And what are your anticipations in transitioning into the Web3 space? Srivastava: “I would say that Web2 to Web3 is very redefining for HR. […] The teams are distributed, remote-first, working in a hybrid space, and everyone is responsible for their own piece of work.What will be different is creating an employee experience for distributed teams, a sense of engagement belonging to the teams which are working in silos, and also empowering teams to take decisions to work in an agile fashion, and not just, you know, ingrained in a very structured way of processes.” CT: What do you believe are your best qualities as a leader, and what’s your timeline of achievement? Srivastava: “I think short-term results and motivation [are] definitely required, especially in a startup. We have a line of sight for about two to three months. How do you create clarity on the priority-setting for your employees? You pay for their performance – rewarding them in the short term is going to be critical. As for the long term, how do you engage the workforce to retain [them]? How do they get a sense of purpose in defining and achieving the vision for the organization in the long run?” “So, it’s going to be a combination of both. How do we achieve both short term in terms of attraction and retention, and long term in terms of belonging and engagement?” CT: Are you planning to interact and engage your employees in the Metaverse space, or will it be solely via video conferencing platforms such as Zoom? Srivastava: “I don’t have to have that experience. It’s new for me, and a transition, but I’m really excited to try out new things in the Web3 space.” CT: Polygon has recorded an employee increase of 400% over the past year to 500 team members. Do you believe that’s a sustainable strategy moving forward bearing in mind the current crypto bear market, and increase in layoffs we’re seeing at companies such as Coinbase and Gemini? Srivastava: “We are very conscious of the way we are operating. We want to scale the organization, and not just the number of people that we want to hire, [but] to create high-performing, lean teams. For now, I won’t say that we are going to continue with a 400% growth rate, but whatever makes sense for us to create a sustainable Web3 platform, we will definitely do that.” Related: Polygon launches ‘Supernet’ chains, pledges $100M to Web3 developersCT: What do you believe will be your biggest challenges in the role, and what are your biggest ambitions? Srivastava: “I would say in terms of the biggest challenge, […] how do we create an ecosystem where we are able to employ people, keeping in mind the legality and regulations of a particular country? “The second one is bringing together all the teams who are based across the world in a remote-first environment and create a sense of teamwork, cohesiveness, engagement and a sense of purpose.” So, these are two top-of-mind things at the moment. And then later on, how do we re-look at HR technology for a Web3 organization, especially given how distributed platforms are working?” 

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Airbnb users want crypto payment options, according to CEO Twitter poll

Airbnb CEO Brian Chesky tweeted a poll on Monday asking his roughly 400,000 followers what they wanted from the rental platform in 2022.Chesky has today revealed that the majority of respondents want to be able to pay with Bitcoin (BTC) or other popular digital currencies when renting their next house or apartment on Airbnb. Other requests included clear pricing displays, a loyalty program for visitors, up-to-date cleaning charges, and enhanced customer service.Got 4,000 suggestions. Here are the top 6:1 – Crypto payments (top suggestion)2 – Clear pricing displays3 – Guest loyalty program4 – Updated cleaning fees5 – More long-term stays & discounts6 – Better customer serviceAlready working on most, will look into others now! https://t.co/rxEM4BXZci— Brian Chesky (@bchesky) January 5, 2022Chesky also added that he has seen a number of token ideas, implying that Airbnb’s potential cryptocurrency payment selection will not be confined to one or two digital assets. Airbnb currently accepts Visa, MasterCard, Apple Pay, Google Pay and PayPal as payment methods. The CEO also noted that the accommodation company has processed $336 billion in transactions since 2013.Chesky has been vocal regarding the potential of new technologies. In September, he told Fox Business that the company had received a lot of inquiries regarding crypto payments:”We get a lot of requests, I’ve been getting it for years, I have nothing to announce on it today.”During a November interview with Nilay Patel of The Verge, he was asked about his thoughts on the future of crypto and metaverse:”We are definitely looking into it. Absolutely. Like the revolution in travel, there is clearly a revolution happening in crypto. Airbnb and crypto both have interesting relationships with trust.”Related: Crypto exchange lists Airbnb derivatives contract ahead of IPOHe went on to note that Brian Armstrong, the CEO of Coinbase, was a former employee of Airbnb. The crypto buzz surrounding Airbnb comes amid a rise in competition from decentralized blockchain-based alternatives like Travala.com’s Dtravel, which provides a holiday rental service.

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